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-   -   Breaking: Tax Reform Passes....We're All Gonna Die! (https://www.thevettebarn.com/forums/showthread.php?t=114258)

bill_daniels 12-20-2017 2:01pm

Breaking: Tax Reform Passes....We're All Gonna Die!
 
:hurray:

FasterTraffic 12-20-2017 2:04pm

First step...

DAB 12-20-2017 2:05pm

now that we have "racist" trees, will this also be labeled a "racist" tax cut....because most of the cuts go to whites who pay taxes? :slap:

Dan Dlabay 12-20-2017 2:06pm

It's about time.:hurray:

DAB 12-20-2017 2:09pm

who is tired of Winning? :hurray:

Jeff '79 12-20-2017 2:13pm

According to Chuck Schumer, America is being messed up.
What do you think?
We'll all sure find out when we file this coming spring.


bill_daniels 12-20-2017 2:18pm

Quote:

Originally Posted by Jeff '79 (Post 1604286)
According to Chuck Schumer, America is being messed up.
What do you think?
We'll all sure find out when we file this coming spring.


This reform isn't retroactive, it will be a change in the tax code going forward.

Jeff '79 12-20-2017 2:23pm

Quote:

Originally Posted by bill_daniels (Post 1604290)
This reform isn't retroactive, it will be a change in the tax code going forward.

So it won't be in effect until the next tax year, not when we file for this year?

OddBall 12-20-2017 2:32pm

Quote:

Originally Posted by Cryin' Chuck
This is serious stuff...

:funnier: :funnier:

DAB 12-20-2017 2:32pm

Quote:

Originally Posted by Jeff '79 (Post 1604292)
So it won't be in effect until the next tax year, not when we file for this year?

you should see smaller withholding in Feb, when the IRS issues new withholding tables. depends on how fast your employer can re-program his paycheck system.

bill_daniels 12-20-2017 2:35pm

Quote:

Originally Posted by Jeff '79 (Post 1604292)
So it won't be in effect until the next tax year, not when we file for this year?

Yes, but employees should see more in their paychecks via less withholding tax, and businesses and investors will start seeing a benefit on their quarterly tax returns.

More importantly, businesses, employees, and investors can go forth, secure in the knowledge that they can retain more of what they make, percentage wise. This should encourage more growth, as consumers buy more, investors invest more, and businesses expand. This also should encourage more foreign investment, more businesses moving to America.

Jeff '79 12-20-2017 2:49pm

Quote:

Originally Posted by bill_daniels (Post 1604297)
Yes, but employees should see more in their paychecks via less withholding tax, and businesses and investors will start seeing a benefit on their quarterly tax returns.

More importantly, businesses, employees, and investors can go forth, secure in the knowledge that they can retain more of what they make, percentage wise. This should encourage more growth, as consumers buy more, investors invest more, and businesses expand. This also should encourage more foreign investment, more businesses moving to America.

Something like what happened in 1981?
https://www.washingtonpost.com/news/...=.cde86a217c5a

Loco Vette 12-20-2017 2:56pm

Quote:

Originally Posted by Jeff '79 (Post 1604300)
Something like what happened in 1981?
https://www.washingtonpost.com/news/...=.cde86a217c5a

Typical WashPo lib hackjob. Read it up until this point:

Quote:

Originally Posted by From the Article
When Reagan took office in January 1981, the country was experiencing a mild economic recession, which continued into 1982. By the end of 1982 the unemployment rate reached an all-time high of 10.8 percent, with nearly 2.9 million jobs lost since the onset of the recession. Some of the gains Sanders cites are due to the bounce back after the decline.

So according to WaPo, the economic good times that followed were inevitable. Bet they were all about Barry's policies as being responsible for any sort of recovery after 2008, htough, slow thoug it may have been

Jeff '79 12-20-2017 3:03pm

Quote:

Originally Posted by Loco Vette (Post 1604304)
Typical WashPo lib hackjob. Read it up until this point:



So according to WaPo, the economic good times that followed were inevitable. Bet they were all about Barry's policies as being responsible for any sort of recovery after 2008, htough, slow thoug it may have been

I wasn't attempting to throw a lib cast on it, but there were a ton of factors that led up to the Regan tax cut, including 3 tax increases by him.
I just don't know how this will all play out today. That's why I'm asking.
The economic recession of the '70's was a real mofo with interest rates to the moon, the gas shortage, and numerous other factors playing into it.
Timing is everything, and things are a lot different economically right now.
Hopefully now, the economic locomotive throttles up to full speed, and we get stuck in a sweet spot for a while.

04 commemorative 12-20-2017 4:11pm

I don't like the cap on property tax deduction

bill_daniels 12-20-2017 5:21pm

Quote:

Originally Posted by 04 commemorative (Post 1604344)
I don't like the cap on property tax deduction

The underlying problem is high property taxes, and that is the fault of local government, not the federal government. What this does is gets folks in high tax states to start getting mad and demanding that those states lessen the tax burden on their citizenry.


Up until now, you had the federal government taking some of the sting out of those high taxes. Now, the people paying them will feel the full impact of them, and I would expect some changes, as a result of taxpayer revolts in those states.

Perhaps this will cause some well off people to flee those high tax states, and that's OK, too, because it's good for the low tax states that will be welcoming them. Seems like quite a few here have mentioned either leaving Illinois, or wanting to leave Illinois, for example .

Jeff '79 12-20-2017 5:24pm

Quote:

Originally Posted by bill_daniels (Post 1604357)
The underlying problem is high property taxes, and that is the fault of local government, not the federal government. What this does is gets folks in high tax states to start getting mad and demanding that those states lessen the tax burden on their citizenry.


Up until now, you had the federal government taking some of the sting out of those high taxes. Now, the people paying them will feel the full impact of them, and I would expect some changes, as a result of taxpayer revolts in those states.

:iagree: The schools around here think they have blank checks to do whatever they want.
The municipalities think the same way and waste on excessive political appointed jobs, etc..
Hopefully, the people will demand reform instead of moving out.

Thunder22 12-20-2017 5:52pm

Well, my taxes just went up as a result of this.....

DAB 12-20-2017 5:57pm

but, but, but the Dems all want to raise taxes on the rich, like those who can afford to pay high property taxes...so they get what they want too.

oh, right.

they want to raise taxes on taxpayers that don't vote for them. oops. :slap:

Millenium Vette 12-20-2017 7:24pm

Quote:

Originally Posted by Jeff '79 (Post 1604307)
I wasn't attempting to throw a lib cast on it, but there were a ton of factors that led up to the Regan tax cut, including 3 tax increases by him.
I just don't know how this will all play out today. That's why I'm asking.
The economic recession of the '70's was a real mofo with interest rates to the moon, the gas shortage, and numerous other factors playing into it.
Timing is everything, and things are a lot different economically right now.
Hopefully now, the economic locomotive throttles up to full speed, and we get stuck in a sweet spot for a while.

You could more aptly compare this to the tax reform of 1986 or the tax cuts of 1997. When they cut capital gains taxes the economy lit up.

Jeff '79 12-20-2017 7:31pm

Quote:

Originally Posted by Millenium Vette (Post 1604388)
You could more aptly compare this to the tax reform of 1986 or the tax cuts of 1997. When they cut capital gains taxes the economy lit up.

Regan was president in 1986, so I guess that I was.

VITE1 12-20-2017 7:36pm

What people fail to understand its not tax RATES that are important. It's tax revenue. And over the whole history of the federal tax plan no matter what the rate we only collect 18 to 20% of GDP.

So the real issue is will GDP grow along with revenue? And if it does will the politicans restrain themselves THIS time and not increase spending as they have done each and every time we've had tax rate reductions and revenue increases.


Demand they cut spending.

OddBall 12-21-2017 8:52am

https://www.arcamax.com/newspics/158/15891/1589163.gif


https://www.arcamax.com/newspics/158/15895/1589545.gif

bsmith 12-21-2017 2:02pm

Payments to agents can no longer be deducted...

Can't wait until Hollywood and athletes figure out that they will be affected.
And here I thought only the rich were benefiting?!?!


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