CDZ Wow! They are gonna pass it, so I'm going to take it, but wow, just wow!

Discussion in 'Clean Debate Zone' started by usmbguest5318, Dec 15, 2017.

  1. usmbguest5318
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    usmbguest5318 Gold Member

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    Just heard that the tax rate on pass-through income will be 20%!

    I don't know if most folks know what that means. I know what it means for me and my partners. It means that we and other tens of thousands of professionals like us and working in "high dollar" firms -- doctors, consultants, accountants, attorneys, engineers, architects, etc. -- even though we earn very handsome incomes, we'll pay federal income tax on our incomes at rates lower than will people who earn less or more and are paid as employees.

    I wouldn't have much to say about the drop in the tax rate, but for the fact that the drop amounts, for many such folks, to a 19.6% tax cut! If you think your doctor(s) are well-off now, make no mistake, they are about to see a huge bump in their after-tax income. To see what I mean, check out what the taxable income range is for folks in the current 15% and 25% brackets. Now consider that people such as those I've described above and who quite often earn or earn more than $420K/year will be paying in comparison to folks who fall into the 15% to 25% bracket range.
     
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  2. JoeMoma
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    JoeMoma Gold Member

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    You are free to donate your excess wealth to the federal government.
     
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  3. william the wie
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    william the wie Gold Member

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    As long as you are not in a high tax state you are cool.
     
  4. usmbguest5318
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    usmbguest5318 Gold Member

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    I'm not in any state. LOL
     
  5. JoeMoma
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    JoeMoma Gold Member

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    Then you are cool.
     
  6. usmbguest5318
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    usmbguest5318 Gold Member

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    I presume you are joking.

    I like most folks construe federal income tax as the price the government charges for the services it renders to the nation. I, like everyone I know, have never paid a supplier more than the price they demanded (for governments, the tax code is the way the demanded price is determined) for whatever they provided.
     
  7. task0778
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    task0778 Gold Member Gold Supporting Member Supporting Member

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    The truth is that in any tax reform change bill there will be winners and losers. The overwhelming majority of all taxpayers , especially the middle class would get a tax cut under the bill, which would also significantly improve the US business climate for corporations and small businesses, resulting in faster economic growth and nearly one million new full-time American jobs. If you are a high-dollar professional then I don't see how you will pay your federal taxes at a lower rate people who earn less. Explain please. Looks to me like you guys are going to lose some deductions that will cost you more than you get from a lower tax rate. Especially if you live in a high state income tax state.

    Here's what I do know:

    The standard deduction is doubled, meaning that all families in the country pay no tax at all on their first $24,000 of earnings. This provision alone means roughly one-quarter of American families will face no income tax liability at all, according to Census Bureau data.

    The bill also lowers tax rates across the board. The bill replaces the 15 percent income tax bracket with an initial 12 percent tax bracket for income up to $77,400. Similarly, it eliminates the 25 and 28 percent tax rates in favor of expanded lower rates.

    Finally, the bill doubles the child tax credit to $2,000 per child, helping families pay for the increasing costs of raising children.

    These changes are going to help a lot of low and middle income families. It's going to be easier to file your taxes and most of us going to pay less if anything to the IRS. Maybe you guys ought to focus less on what the top few % people get and concentrate more on everybody else.
     
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  8. jillian
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    jillian Princess Supporting Member

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    why are you so concerned for them. you'e one of the people screwed by the tax scam.
     
  9. Sunni Man
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    Sunni Man Diamond Member

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    Thank you Pres. Trump!! ..... :thup:
     
  10. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    the tax rate on pass-through income will be 20%!


    I haven't seen that. You have a link?
     

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