Senate Passes Sweeping Republican Tax Overhaul Bill

[TFOGGER]

This is not tax reform, it will just add more complication to the already 39000+ pages of the IRS code. No piece of legislation should be 475 pages long. Period.

[BladesNBarrels]

It will be of little avail to the people that the laws are made by men of their own choice if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood.
James Madison 1778

The IRS Code is the prime example

[Ronin13]

Just a question: and I'm not starting a fight or anything, but has anyone here read the bill? I skimmed through about 50+ pages of it over the weekend, and it lowers a lot of tax rates (most of the fluff is applying the changes to existing tax code so that it's all legit- at least within the first 100 pages or so). Analysis done on the tax bill shows that it will increase economic growth- with analysis done showing worst case as being $950B added to debt over 10 years (which is a drop in the bucket compared to what Obama did over the course of 8 years).
Here's a link to the bill if anyone wants to take the time to read it themselves:
https://www.scribd.com/document/3633...lican-Tax-Bill

[CS1983]

Haven't had a chance to read, and the few times I've attempted to read bills I wasn't sure if I was reading them correctly due to lack of knowledge on how a word might be used, its definitional boundaries, etc.

Reading these, it looks like it will be good for the poor and middle class:

https://www.marketwatch.com/story/ho...ers-2017-11-03
https://www.thebalance.com/gop-tax-p...losers-4154293

Apparently legislators in high tax states are bitching because it "hurts" their constituents with the local and state tax deduction eliminated. Ummmm, no. What hurts their constituents is the high taxes and bloated state and local governments. That the Fed is no longer going to subsidize this is the problem of the local and state govs, not the people or the Fed. It *should* kick those voters in the rear to undo the harm they've done to themselves.

[Gman]

States with no income tax are going to look a lot more appealing if it passes.

I read an article that had tables based on the current brackets, the House proposed brackets, and Senate proposed brackets. They listed both filing singly and married filing jointly. It really looks like small business owners that file jointly won't get reamed like the current taxation scheme. That should be good for business.

ETA: found the link to the brackets; http://www.businessinsider.com/tax-b...arison-2017-11

[Ronin13]

States with no income tax are going to look a lot more appealing if it passes.

I read an article that had tables based on the current brackets, the House proposed brackets, and Senate proposed brackets. They listed both filing singly and married filing jointly. It really looks like small business owners that file jointly won't get reamed like the current taxation scheme. That should be good for business.

ETA: found the link to the brackets; http://www.businessinsider.com/tax-b...arison-2017-11

Thanks for sharing that. My wife seems to be unhappy about this, as she runs a small business and is under the impression that she can no longer file taxes with losses as a deduction (I'm not keen on this, hence why I have an accountant), but says this plan is flawed. Can anyone answer that definitively?

[Gman]

From what I can find, that's false. It was basically a viral Facebook post that started the rumor. Even Snopes (the left) says it's BS.

What the Senate Tax Plan Means for Small Business

The Senate decided to give small businesses a tax break by offering their owners a deduction on a portion of the income that passes through to their individual tax returns. Under the final proposal, qualifying business owners will be able to deduct 23% of their pass-through income on their tax returns, subject to a limit of 50% of wage income in order to prevent potential abuse. Many service providers are ineligible for the deduction, with the intent being to favor more typical small businesses compared to the professional business entities that many sole proprietors and single-member LLCs use. This provision will be in place until the end of 2025, after which it would potentially disappear under the sunset provisions of the bill.

The approach that the Senate took differs fundamentally from how the House approached the issue. Rather than offering a deduction, the House suggested changing the tax rate that applied to the business income that pass-through businesses generated. A maximum tax rate of 25% would have applied to pass-through income, but limitations would have treated 70% of income as wages at the full ordinary tax rate unless a business could prove that a different percentage was appropriate. An even lower rate of 9% would apply to businesses earnings less than $75,000. Professional services companies, such as those operated by lawyers and accountants, would have been excluded from the preferential rate entirely.

[Great-Kazoo]

States with no income tax are going to look a lot more appealing if it passes.

Give them a real hard look. "Some" make up for that No Income Tax through other means such as food, alcohol, property tax, on line and overall in store sales. Looked at NV, between property taxes, on line purchases and other smaller items. I'd rather pay SIC, and save money.

[hurley842002]

Give them a real hard look. "Some" make up for that No Income Tax through other means such as food, alcohol, property tax, on line and overall in store sales. Looked at NV, between property taxes, on line purchases and other smaller items. I'd rather pay SIC, and save money.

Yup, one of my buddies at work moved here from Texas and said they hit him hard on the property taxes.

[Gman]

Then there are states like CO that hit you with income tax, property tax, insane vehicle registration fees, sales tax, libtards making TABOR pointless...

Pick your poison. Every state has its own tax package.

Those that had high income taxes that taxpayers will no longer be able to deduct from fed taxes will take a bigger bite.