Financial News

[StrangeSox]

This is like me scrambling to finish homework in the hallway I forgot about until I was heading to class, except the entire federal tax system and a big chunk of the healthcare system

[RockRaines]

They keep point to the Reagan era, there were hundreds of hearings on that and it still threw us deep into a recession.

[Balta1701]

They keep point to the Reagan era, there were hundreds of hearings on that and it still threw us deep into a recession.

Huh? There were hundreds of hearings on inflation and the Federal Reserve rate increases?

[ptatc]

Mnuchin said the repeal of the Estate tax will mostly help rich people t. Like this was even a question? Overall, it's really not that much of the tax pool anyway, and I personally will benefit greatly from its repeal, but why? Isn't that at least a small token you could throw out there as "we aren't catering to the rich"?

This is a discussion I had the other day and I want to hear the boards opinion. From a purely philosophical point of view, why should estates be taxed. Is there a good reason other than to limit the money that an heir gets?

[ptatc]

The tax increase triggers didn't survive Byrd, so now they're trying to rewrite the bill substantially on the floor to either automatically increase corporate taxes over time or come up with an AMT for C corps and high earning individuals to raise a few hundred billion.

 

Maybe it would be better to carefully write and consider legislation that affects every individual and company in the country before bringing it to a vote?

This doesn't seem to be the way government works anymore. It's get things passed while you have the majority. On both sides.

[Balta1701]

This is a discussion I had the other day and I want to hear the boards opinion. From a purely philosophical point of view, why should estates be taxed. Is there a good reason other than to limit the money that an heir gets?

An heir is basically earning untaxed income from who they are born from without it. I see no reason why that should not be taxable income.

[ptatc]

An heir is basically earning untaxed income from who they are born from without it. I see no reason why that should not be taxable income.

right but it's taxed much differently than income, isn't it?

[StrangeSox]

This is a discussion I had the other day and I want to hear the boards opinion. From a purely philosophical point of view, why should estates be taxed. Is there a good reason other than to limit the money that an heir gets?

 

It's unearned income for the heirs, and aristocracies are bad.

[StrangeSox]

This doesn't seem to be the way government works anymore. It's get things passed while you have the majority. On both sides.

 

When Democrats last controlled government, this was not how things were passed.

 

Getting things passed when you have a majority on a party line vote but on thoughtfully crafted legislation would be miles better than what we're seeing.

[Balta1701]

This doesn't seem to be the way government works anymore. It's get things passed while you have the majority. On both sides.

There's an old story from 2009 when the Democrats held literally hundreds of hearings on the Affordable Care Act. I believe it was Tom Coburn, though I could be wrong. He's a Republican. He strongly believes that poor people do not deserve health care, as strongly as anyone else. But the Democrats held hearings. Senator Coburn offered a number of Amendments that the committee wound up adopting, including things that won votes from Democrats. There was zero chance he was was ever going to vote for a bill that provided poor people with health care, but he and his staff asked questions of experts brought in to testify, helped build the legislation, made the bill better, and saved the taxpayers money in the process.

 

That's why you hold a year of hearings before fundamentally altering the economy. That's how my party ran their biggest legislative agenda. They worked hard and fairly.

[Balta1701]

right but it's taxed much differently than income, isn't it?

After this passes it will be not taxed at all. As of right now it is an extremely weak income tax levied only on the highest of earners.

[Dick Allen]

Can someone explain to me why, if the GOP thinks dropping the corporate rate to 20% is just going to be great for everyone, why are they delaying that drop for a year?

[Balta1701]

Can someone explain to me why, if the GOP thinks dropping the corporate rate to 20% is just going to be great for everyone, why are they delaying that drop for a year?

Because the budget reconciliation rules say they can increase the deficit over 10 years by $1.5 trillion, because they passed budgetary rules this year saying they could increase the deficit by an arbitrary $1.5 trillion over 10 years with tax cuts. If the scores that come back are over $1.5 trillion, they have to shrink the size somewhere.

[Dick Allen]

Because the budget reconciliation rules say they can increase the deficit over 10 years by $1.5 trillion, because they passed budgetary rules this year saying they could increase the deficit by an arbitrary $1.5 trillion over 10 years with tax cuts. If the scores that come back are over $1.5 trillion, they have to shrink the size somewhere.

But these are going to more than pay for themselves. It is just more proof how full of s*** they all are.

[LittleHurt05]

I had overlooked that this tax bill would greatly reduce the S-corporation tax rate from 39.6 to 25%. Now that's an idea I can support for small businesses.

 

***runs and ducks from angry liberal SoxTalk mob***

[ptatc]

When Democrats last controlled government, this was not how things were passed.

 

Getting things passed when you have a majority on a party line vote but on thoughtfully crafted legislation would be miles better than what we're seeing.

Many would disagree. This was the Obama care path.

[ptatc]

It's unearned income for the heirs, and aristocracies are bad.

I agree with it being income and taxed. I disagree that having money is bad.

[ptatc]

After this passes it will be not taxed at all. As of right now it is an extremely weak income tax levied only on the highest of earners.

I didn't realize only the wealthy were taxed.

[StrangeSox]

Many would disagree. This was the Obama care path.

 

No, it wasn't. That bill spent months being crafted with plenty of input from Republicans and numerous hearings and debates.

 

This bill is being crafted as they're voting on it.

 

The Obamacare path used reconciliation and it was a party line vote. It's fair to criticize that if you want, but the process was much different from this. They didn't rewrite major portions of the bill a few hours ahead of the final vote.

Edited December 1, 2017 by StrangeSox

[Soxbadger]

I had overlooked that this tax bill would greatly reduce the S-corporation tax rate from 39.6 to 25%. Now that's an idea I can support for small businesses.

 

***runs and ducks from angry liberal SoxTalk mob***

 

Im not an accountant but I thought the main benefit of S-Corp was that it was a pass through entity. I tried to look this up but Im not really sure its impact unless you were talking about it lowers the highest tax bracket on S-Corp income.

 

 

[Dick Allen]

Those over 100 people Mnunchin said were working around the clock for months crunching the numbers for the tax bill.....as Maury would say, that was a lie.

[StrangeSox]

I had overlooked that this tax bill would greatly reduce the S-corporation tax rate from 39.6 to 25%. Now that's an idea I can support for small businesses.

 

***runs and ducks from angry liberal SoxTalk mob***

 

That may be different between the house and Senate versions, not sure.

 

Legitimate tax reform is something that needs to be done, and maybe under a real attempt s-corp taxes would still come down but other loopholes, deductions etc would be eliminated.

[StrangeSox]

The vote is supposed to be at 10am Central but there's still no bill.

[RockRaines]

Many would disagree. This was the Obama care path.

Many apparently are too busy watching Fox than actually doing research. There were hundreds of hearings as well as bipartisan amendments.

 

Reagan's tax plan had over 800 hearings. Where are the hearing or even analysis for this piece of s*** bill?

[RockRaines]

Im not an accountant but I thought the main benefit of S-Corp was that it was a pass through entity. I tried to look this up but Im not really sure its impact unless you were talking about it lowers the highest tax bracket on S-Corp income.

I dont know what an S-corp is. But I do think tax reform is beneficial. I think SMB's and mid market companies deserve some breaks. I DO NOT think large corporations need more money and I do not think multi-millionaires and their kin need lower taxes or the ability to move and hide money without penalty.

 

This entire generation of politicians needs to go.