CDZ Tax reform: When Will Decent Tax Planning be Possible?

Discussion in 'Clean Debate Zone' started by william the wie, Dec 25, 2017.

  1. task0778
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    task0778 Gold Member Gold Supporting Member Supporting Member

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    Wasn't that specific to Puerto Rico, which is not a sovereign state? Different situation altogether for a US state, there's no applicable US law that I know of that covers bankruptcy for that.
     
  2. william the wie
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    william the wie Gold Member

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    Not just the cities. IL and CA can go into bankruptcy as early as New Year's. Posters from IL like 2aguy can give you chapter and verse likewise Zander and others for CA. Me, I can give you the comic book classics summary. We could have 12 states in chapter 3 by the mid-terms but 2-5 is much more likely.
     
  3. william the wie
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    william the wie Gold Member

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    Technically a state cannot be forced into bankruptcy however the takings clause can get so brutal that bankruptcy is the lesser evil by a country mile and it will get that brutal. For example all CA government property including the state house and governor's mansion can be forfeit if either default or downgrade triggers a breach of bond covenant.
     
  4. usmbguest5318
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    usmbguest5318 Gold Member

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    Decent tax planing is always possible. The tax code is public. The IRS issues publicly statements detailing its position on debatable aspects of the code. The body of tax court rulings too are public. One knows one's own financial situation. Those are the elements required to perform "decent" tax planning.
     
  5. william the wie
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    william the wie Gold Member

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    So far no one has claimed to have read and understood the tax bill in whole and the devil is in the details. But the size of the price jump in unsolicited offers on my house hitting 50% after the bill passing and my mostly Puts account going up nearly double digits/day over the New Year's holiday is somewhat suspicious. That means that the trading computers have analyzed the bill and have also reached conclusions that have not yet leaked.
     
  6. danielpalos
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    danielpalos Diamond Member

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    Right wing, capital planning at its finest?
     
  7. william the wie
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    william the wie Gold Member

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    It works but this is brass knucks politics at its finest
     
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  8. danielpalos
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    danielpalos Diamond Member

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    Helping the already rich, get richer by putting it on the Peoples' tab?
     
  9. william the wie
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    william the wie Gold Member

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    only the blue states.
     
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  10. usmbguest5318
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    usmbguest5318 Gold Member

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    Well, then, there is your answer: two weeks.

    It'll take as long as it takes tax accountants and tax attorneys to read the bill. Insofar as the bill is literally about 500 not-very-full-of-text pages long, it's safe to presume that they've already finished reading it. That task can be accomplished by tax professionals in a week or less, more often than not, less. After all, insofar as they're tax professionals, it's not as though they were unaware of what the code was before H.R. 1-2018; consequently, all they need to do is perform "delta" analysis, not "get up to speed from scratch" learning and analysis. The "delta analysis" would take them about another week at the most.
     

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