Reply to thread

Message

<blockquote data-quote="tonyexpress" data-source="post: 3257265" data-attributes="member: 1940">Investing it here should make a difference. Keep in mind that it isn&#039;t only large corporations that benefit.Owners of pass-through businesses – which include sole proprietorships, partnerships and S-corporations – currently pay taxes on their firms&#039; earnings through the personal tax code, meaning the top rate is 39.6%.The bill would create a 20% deduction for pass-through income, down from 23% in the last version of the Senate bill (the House would have introduced a new, 25% top pass-through rate). Certain industries, including health, law and financial services, are excluded, unless taxable income is below $157,500 (for single filers). To discourage high earners from re-characterizing regular wages as pass-through income, the deduction would be capped using a formula based on W-2 wages and qualified property. <a href="https://www.investopedia.com/news/trumps-tax-reform-what-can-be-done/" target="_blank">Tax reform plan</a>The bill would set the corporate tax rate at 21%, beginning in 2018, and repeal the corporate alternative minimum tax. Unlike tax breaks for individuals, these provisions would not expire.&quot;On a static basis our plan will increase the deficit by a trillion and a half. Having said that, you have to look at the economic impact. There&#039;s 500 billion that&#039;s the difference between policy and baseline that takes it down to a trillion dollars, and there&#039;s two trillion dollars of growth. So with our plan we actually pay down the deficit by a trillion dollars and we think that&#039;s very fiscally responsible.&quot;I&#039;m not saying this is a great plan, don&#039;t know enough to say that... but to say it only benefits the 1% and poo,poo it is disingenuous in my opinion.</blockquote>

[QUOTE="tonyexpress, post: 3257265, member: 1940"] Investing it here should make a difference. Keep in mind that it isn't only large corporations that benefit. Owners of pass-through businesses – which include sole proprietorships, partnerships and S-corporations – currently pay taxes on their firms' earnings through the personal tax code, meaning the top rate is 39.6%. The bill would create a 20% deduction for pass-through income, down from 23% in the last version of the Senate bill (the House would have introduced a new, 25% top pass-through rate). Certain industries, including health, law and financial services, are excluded, unless taxable income is below $157,500 (for single filers). To discourage high earners from re-characterizing regular wages as pass-through income, the deduction would be capped using a formula based on W-2 wages and qualified property. [URL='https://www.investopedia.com/news/trumps-tax-reform-what-can-be-done/']Tax reform plan[/URL] The bill would set the corporate tax rate at 21%, beginning in 2018, and repeal the corporate alternative minimum tax. Unlike tax breaks for individuals, [B]these provisions would not expire[/B]. "On a static basis our plan will increase the deficit by a trillion and a half. Having said that, you have to look at the economic impact. There's 500 billion that's the difference between policy and baseline that takes it down to a trillion dollars, and there's two trillion dollars of growth. So with our plan we actually pay down the deficit by a trillion dollars and we think that's very fiscally responsible." I'm not saying this is a great plan, don't know enough to say that... but to say it only benefits the 1% and poo,poo it is disingenuous in my opinion. [/QUOTE]

Verification