Next Up - Tax Reform:

#1
Grand Vol

Grand Vol

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#1
Personally, other than the EOs Trump issued, this should have been the first priority instead of the Obamacare repeal.

http://www.npr.org/2017/03/25/521448581/what-failure-on-obamacare-repeal-means-for-tax-reform

Even as they lick their wounds from a failed Affordable Care Act repeal effort, Republican leaders in Washington are looking ahead to the next battle — over taxes.

"I would say that we will probably start going very, very strongly for the big tax cuts and tax reform," President Trump told reporters Friday. "That will be next."
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#2
#2
LUUUUCEEEEEEEEE!!!!!!! Ju got some splainin' to do!

So we're not gonna cut spending, but we're gonna cut taxes. How does that reduce our deficit/debt?
 
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#4
#4
Not tax cuts..tax reform. Come on guys didn't you pay attention to the Obama regime and the new definition of reform they coined?
 
#5
#5
ClearwaterVol said:
I fully expect tax cuts for the wealthiest among us and I expect to have my own taxes go up.
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I'd be perfectly happy if he took a flamethrower to the entire tax code to eliminate all tax loopholes and made a flat tax across the board.
 
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#7
#7
Danl said:
LUUUUCEEEEEEEEE!!!!!!! Ju got some splainin' to do!

So we're not gonna cut spending, but we're gonna cut taxes. How does that reduce our deficit/debt?
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Oh, we are. I hear Wheels on Meals is getting axed. So many people are gonna die. NPR is going to take a hit. I guess liberals will have to reach deeper into their pockets for more of that smooth jazz.
 
#8
#8
I'd be happy if they just did away with the AMT or at least adjusted it to the income levels it was initially meant to hit.
 
#10
#10
trump has already froze fed hiring and i think he'll cut more spending. we already have record taxes going to the feds, we need to cut spending.
 
#17
#17
Grand Vol said:
I'd be perfectly happy if he took a flamethrower to the entire tax code to eliminate all tax loopholes and made a flat tax across the board.
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No, would hurt the middle class.

Still need a graduated tax rate, but i agree with you it should be the same for all kinds of income, no deductions.

For example,

Every dollar between 0 and $100,000 taxed at 10 %
Every dollar between $100,001 and $250,000 taxed at 14 %
Every dollar between $250,001 and $1 million taxed at 18 %
Every dollar thereafter taxed at 22 %

No deductions, no carried interest, all income treated the same, regardless of source or type.

Then on the corporate side, reduce the corporate rate to 20 %, but at the end of very year the net income of the corporation is considered distributed to the shareholders, at their respective rates of taxation.
 
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#20
#20
lawgator1 said:
No, would hurt the middle class.

Still need a graduated tax rate, but i agree with you it should be the same for all kinds of income, no deductions.

For example,

Every dollar between 0 and $100,000 taxed at 10 %
Every dollar between $100,001 and $250,000 taxed at 14 %
Every dollar between $250,001 and $1 million taxed at 18 %
Every dollar thereafter taxed at 22 %

No deductions, no carried interest, all income treated the same, regardless of source or type.

Then on the corporate side, reduce the corporate rate to 20 %, but at the end of very year the net income of the corporation is considered distributed to the shareholders, at their respective rates of taxation.
Click to expand...

Everything up to the last sentence is a good idea.
 
#22
#22
lawgator1 said:
No, would hurt the middle class.

Still need a graduated tax rate, but i agree with you it should be the same for all kinds of income, no deductions.

For example,

Every dollar between 0 and $100,000 taxed at 10 %
Every dollar between $100,001 and $250,000 taxed at 14 %
Every dollar between $250,001 and $1 million taxed at 18 %
Every dollar thereafter taxed at 22 %

No deductions, no carried interest, all income treated the same, regardless of source or type.

Then on the corporate side, reduce the corporate rate to 20 %, but at the end of very year the net income of the corporation is considered distributed to the shareholders, at their respective rates of taxation.
Click to expand...

I wasn't really clear on "flat tax rate", so my apology. I was meaning a flat tax rate in brackets. Maybe three of 10-20-30% or five of 10-15-20-25-30%.

If you eliminate the loopholes and tax shelters and all deductions, it becomes "fair" across the board without going all crazy with the "tax the hell out of the rich" crowd. If it's income, it gets taxed, period.

ETA: I do agree on the 20% corporate rate.
 
#23
#23
lawgator1 said:
No, would hurt the middle class.

Still need a graduated tax rate, but i agree with you it should be the same for all kinds of income, no deductions.

For example,

Every dollar between 0 and $100,000 taxed at 10 %
Every dollar between $100,001 and $250,000 taxed at 14 %
Every dollar between $250,001 and $1 million taxed at 18 %
Every dollar thereafter taxed at 22 %

No deductions, no carried interest, all income treated the same, regardless of source or type.

Then on the corporate side, reduce the corporate rate to 20 %, but at the end of very year the net income of the corporation is considered distributed to the shareholders, at their respective rates of taxation.
Click to expand...

So you want to effectively double tax investors?
 
#25
#25
I would like to hear examples of tax loopholes? Loopholes aren't underhanded tricks. Loopholes are existing statutes in tax code.
 
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