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  #251  
Old 12-14-2017, 01:52 PM
Kakwakas Kakwakas is offline

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Originally Posted by Anansi View Post
Is it possible that these things are only possible because of last year's election results?
Yes. Getting rid of net neutrality is part of the RNC's platform.
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  #252  
Old 12-14-2017, 02:07 PM
Anansi Anansi is offline

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Originally Posted by Kakwakas View Post
Yes. Getting rid of net neutrality is part of the RNC's platform.
But it's so unpopular! As is/was the tax bill! Why do these things that everyone hates keep happening? Is our government really so weak that it only answers to the wealthy and corrupt?
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  #253  
Old 12-14-2017, 02:42 PM
Kakwakas Kakwakas is offline

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Originally Posted by Anansi View Post
But it's so unpopular! As is/was the tax bill! Why do these things that everyone hates keep happening? Is our government really so weak that it only answers to the wealthy and corrupt?
Systematic voter suppression, propaganda campaigns, and a culture of political apathy.
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  #254  
Old 12-14-2017, 03:51 PM
Mutterscrawl Mutterscrawl is offline

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Originally Posted by Anansi View Post
But it's so unpopular! As is/was the tax bill! Why do these things that everyone hates keep happening? Is our government really so weak that it only answers to the wealthy and corrupt?
The corruption is in the driver's seat and ripping away the checks and balances
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  #255  
Old 12-14-2017, 04:40 PM
Ol'Yoggy Ol'Yoggy is offline

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Originally Posted by Mutterscrawl View Post
The corruption is in the driver's seat and ripping away the checks and balances
Pretty much; Republicans don't care that the tax bill will kill their base off (many poor people will die) so long as their donors are pleased. And their mindless fawners will continue to lie about it

Trickle Down is what led to the crisis of 08 and still the conservatives don't realize that they turn everything they touch to shit

Honestly I think the Republicans have been going down the shitter ever since they elected Saint Ronnie (easily one of the worst presidents ever) and Newt Gingrich
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  #256  
Old 12-14-2017, 04:43 PM
Kakwakas Kakwakas is offline

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Here, this helps explain how bad people get into power:


[edit] Back to economics.

"The United Nations monitor on poverty and human rights has issued a devastating report on the condition of America, accusing Donald Trump and the Republican leadership in Congress of attempting to turn the country into the 'world champion of extreme inequality'."
https://www.theguardian.com/us-news/...mp-republicans
From the report:
Quote:
By most indicators, the US is one of the world’s wealthiest countries. It spends more on national defense than China, Saudi Arabia, Russia, United Kingdom, India, France, and Japan combined.

US health care expenditures per capita are double the OECD average and much higher than in all other countries. But there are many fewer doctors and hospital beds per person than the OECD average.

US infant mortality rates in 2013 were the highest in the developed world.

Americans can expect to live shorter and sicker lives, compared to people living in any other rich democracy, and the “health gap” between the U.S. and its peer countries continues to grow.

U.S. inequality levels are far higher than those in most European countries

Neglected tropical diseases, including Zika, are increasingly common in the USA. It has been estimated that 12 million Americans live with a neglected parasitic infection. A 2017 report documents the prevalence of hookworm in Lowndes County, Alabama.

The US has the highest prevalence of obesity in the developed world.

In terms of access to water and sanitation the US ranks 36th in the world.

America has the highest incarceration rate in the world, ahead of Turkmenistan, El Salvador, Cuba, Thailand and the Russian Federation. Its rate is nearly 5 times the OECD average.

The youth poverty rate in the United States is the highest across the OECD with one quarter of youth living in poverty compared to less than 14% across the OECD.

The Stanford Center on Inequality and Poverty ranks the most well-off countries in terms of labor markets, poverty, safety net, wealth inequality, and economic mobility. The US comes in last of the top 10 most well-off countries, and 18th amongst the top 21.

In the OECD the US ranks 35th out of 37 in terms of poverty and inequality.

According to the World Income Inequality Database, the US has the highest Gini rate (measuring inequality) of all Western Countries
The Stanford Center on Poverty and Inequality characterizes the US as “a clear and constant outlier in the child poverty league.” US child poverty rates are the highest amongst the six richest countries – Canada, the United Kingdom, Ireland, Sweden and Norway.
About 55.7% of the U.S. voting-age population cast ballots in the 2016 presidential election. In the OECD, the U.S. placed 28th in voter turnout, compared with an OECD average of 75%. Registered voters represent a much smaller share of potential voters in the U.S. than just about any other OECD country. Only about 64% of the U.S. voting-age population (and 70% of voting-age citizens) was registered in 2016, compared with 91% in Canada (2015) and the UK (2016), 96% in Sweden (2014), and nearly 99% in Japan (2014).
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  #257  
Old 12-19-2017, 02:52 PM
Kakwakas Kakwakas is offline

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As the tax bill approaches, this guy decides to try to assuage fears by showing how it will help a totally average family:

But hey, he defines "middle income" ranging from below the poverty line up to that example!

And, of course, this tax bill will help people that the RNC considers "low and middle income." Not by Cornyn's ridiculous definition, no. The definition we're going by according to the bill is people who make less than a paltry $450k.


Note that in reality, the mean income is about $85k, the median is about $59k, and the mode is about $25k.



[edit]
And it seems the latest captured agency is the CPFB, which is now protecting predatory payday loan sharks.
http://www.latimes.com/business/laza...119-story.html
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  #258  
Old 01-27-2018, 11:13 PM
Kyalin V. Raintree Kyalin V. Raintree is online now

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So I had some CPE recently about the new tax legislation. For those who are unaware, I am a CPA, and while I mostly work in audit, I also do more than my fair share of tax returns.

Are you ready for some hardcore TAX SIMPLIFICATION!?

Trump announced that he wanted to reduce the rates for pass-through entities. Now, for the uninitiated, pass-though entities are partnerships, LLCs, and S-corporations which do not themselves pay tax, but rather, distribute K-1s to their partners. Depending on their profit and loss interests, the partners owe a portion of the entity's taxes on their own 1040. So, for example, if I own 10% of Xyz, LLC, then I am liable for 10% of Xyz, LLC's income.

Now, the tax code itself is actually pretty logical, but this is the most logical part of it if you ask me. Personally, I think all entity-level taxation should be handled this way, but Trump and the GOP disagreed and thought that there should exist a preferential rate so as to incentivize small business formation.

Every CPA in the country, myself included, was salivating at the prospect of a preferential rate, but we didn't get that. Instead, there is a deduction for pass-through income, and here's how it works.

You can get a deduction of 20% of qualified domestic business income from a sole proprietorship, partnership (includes LLCs, which are taxed as partnerships), or S-Corporation. This deduction decreases your taxable income, but not your AGI (which is important because AGI determines a LOT of income thresholds, and is also important for state taxation).

Qualified business income specifically excludes dividends, interest, capital gains, commodities gains, foreign currency gains, payment or reasonable compensation from an S-corporation, and guaranteed payments from a partnership.

The deduction is limited by the greater of:
- 50% of W-2 wages paid by the qualifying business.
- 25% of W-2 wages paid by the qualifying business plus 2.5% of the unadjusted basis (i.e. before depreciation) of all qualified property.

Now, the limitation does not apply unless your taxable income is less than 157k (315k if joint). From this point, there is a $50K phase-in period (100k if joint), but it is still there.

Aha! But what if you have a loss!? Well, that loss gets carried forward! Much like an NOL, so we have yet another thing to carry forward now.

Aren't you glad that they simplified the tax code?
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  #259  
Old 01-28-2018, 12:32 AM
Mutterscrawl Mutterscrawl is offline

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So, what does that mean for those of us who aren't businessowners?
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  #260  
Old 01-28-2018, 08:14 AM
Kyalin V. Raintree Kyalin V. Raintree is online now

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Quote:
Originally Posted by Mutterscrawl View Post
So, what does that mean for those of us who aren't businessowners?
If you don't have a sole proprietorship or an interest in a pass-through entity, none of that discussion means anything to you. That said, if you ever decide to start a business, it will be relevant.

Edit: But if you were interested in what tax reform overall means for you. I'll assume that you're a W-2 employee and that you don't itemize your deductions.

First off, on itemization, only about 25% of the country itemizes their deductions. Tax reform is expected to bring that figure down to 10%. That's because the standard deduction is increasing. For a single taxpayer, you're seeing an increase from $6,500 to $12,000. Married-filing-jointly taxpayers will see an increase from $13,000 to $24,000. The Head of Household standard deduction increases from $9,550 to $18,000.

In exchange, however, you are losing the personal exemption. It's worth $4,150 per individual on your return. But the increase in the standard deduction means that you still see a net increase in your deductions assuming there are no children involved (Single taxpayers are ahead $1,350, MFJ are up $2,700).

That brings us to children, because you of course lose the personal exemptions for them as well. This is where the expanded child tax credit comes in. Under current law, it is a $1,000 refundable credit. Under the tax reform, the tax credit doubles, but only $1,400 of it is refundable.

A tax credit, of course, is more valuable than a deduction, and for that math in action, you can compute the value of a credit by dividing it by your tax rate. The $1,000 increase in the credit is more valuable than the lost exemption through the 24% rate (which ends at $315K for Married taxpayers, $157,500 for Single/Head of Household). It becomes more valuable the further down the income ladder you are. (Example: if your marginal rate is 10%, that credit could be worth as much as a $10,000 deduction)

As a reminder though, only $1,400 of the credit is refundable, so lower income taxpayers with children will need to adjust their withholdings so that the entirety of the nonrefundable portion can pay off their tax liability. It's in their best interest to do so though, because that means they will see more money from each paycheck, rather than getting the benefit in a large refund check at the beginning of the next year.

There is also a $500 nonrefundable credit for non-child dependents. (Example: your Grandmother lives in your house for the year and does not provide more than half of her own support). In that case, it is only more valuable than the lost exemption through the 12% marginal rate, which ends at $77,400 for married filing jointly, $38,700 for single, $51,800 for Head of Household. Again though, because the credit is nonrefundable, taxpayers hoping to take advantage of this new credit may need to adjust down their withholdings.

As a quick reminder when you go to compare that with what you make on your W-2, the limits I put above are on your taxable income, not your gross income. You need to add back the standard deduction to figure out where that lies.

Rates have also decreased across the board, and the proposal to reduce the number of brackets didn't make it into the final law.

So, on the whole, for individuals who do not itemize, it's hard to imagine a situation that doesn't end in a tax cut, and depending on what credits you are able to claim, that tax cut could be pretty substantial.

That brings us to the question "but what about 2025 when all those provisions are scheduled to expire?"

This was brought up by the law's critics as a reason for lower income taxpayers not to get too excited, but this is a common thing in tax law. "Temporary" provisions, like the American Opportunity Credit, were originally supposed to have expired years ago, but in end-of-year tax extender bills, Congress reliably extends them and in many cases, makes them permanent.

Why does congress do this? This video explains it:


But will a future congress really allow those tax cuts to expire? Probably not. The expiration date is an accounting gimmick (see also: a lie) to make the bill look more budget friendly.
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  #261  
Old 01-28-2018, 07:23 PM
Kakwakas Kakwakas is offline

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The tourism industry continues to tank... $4.6B and 40,000 jobs down so far.
https://www.nbcnews.com/business/tra...ng-4-6-n840326
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  #262  
Old 02-02-2018, 06:37 PM
Kakwakas Kakwakas is offline

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Looks like the market may be correcting... To the tune of the Dow dropping 666 points today.
https://www.nbcnews.com/business/mar...-years-n844176

[edit] We're also looking at an 84% jump in government borrowing this year up to $1T.
https://www.washingtonpost.com/news/...=.360453d73af8

[edit2] Aaand the Dow dropped 1,175 in two days.
http://money.cnn.com/2018/02/05/inve...nes/index.html

[edit3] The trade gap has widened to pre-Obama levels.
https://apnews.com/365e9e69cf034a1bb...&utm_medium=AP

[edit4] The president has already added $1trillion to the debt.
https://www.washingtontimes.com/news...tm_medium=push

[edit5] Our third-largest trading partner just signed a trade deal with the largest economic bloc in the world. They did not include us.
https://www.nytimes.com/2018/04/21/u...er=rss&emc=rss
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