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

[usmbguest5318]

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.

 

[JoeMoma]

You are free to donate your excess wealth to the federal government.

 

[william the wie]

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.

As long as you are not in a high tax state you are cool.

 

[usmbguest5318]

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.

As long as you are not in a high tax state you are cool.

I'm not in any state. LOL

 

[JoeMoma]

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.

As long as you are not in a high tax state you are cool.

I'm not in any state. LOL

Then you are cool.

 

[usmbguest5318]

You are free to donate your excess wealth to the federal government.

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.

 

[task0778]

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.

 

[jillian]

You are free to donate your excess wealth to the federal government.

why are you so concerned for them. you'e one of the people screwed by the tax scam.

 

[Sunni Man]

Thank you Pres. Trump!! .....

 

[Toddsterpatriot]

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.

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

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

 

[2aguy]

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.

Good.....Doctors are great, they have saved lives in my family...I hope they get great enjoyment by keeping the money they earn saving lives and making lives better. It is better that they keep the money they earn than send it to the greedy, corrupt politicians who have spent us into 20 trillion dollars in debt.

Good for the Republicans....

 

[2aguy]

You are free to donate your excess wealth to the federal government.

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.

If that were true then we wouldn't be 20 trillion in debt....where greedy, corrupt politicians spent money beyond what we gave them to pay for our government needs.

Better the people who earn the money keep the money than to give it to politicians for their cronies and power amassing practices....

 

[usmbguest5318]

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.

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

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

Take your pick: GOP bill taxation of pass-through income.

I take it you watch only the news programs that have not been talking about this feature of the GOP tax plan? I infer that because that provision isn't new. During the 2016 campaign, Trump proposed setting the pass-through income rate at 25%. I don't know the details of how it got dropped to the even lower 20%.

I've even many times before on USMB called attention to the proposed taxation of pass-through income, as well as to many aspects pertaining to pass-through income. A random handful of those posts are linked below:

• Trump lies shamelessly about his tax-cut plan.
  
• Trump lies shamelessly about his tax-cut plan.
  
• Well, have the left wing liars admitted yet that Trump paid a higher rate in taxes yet?
  
• CDZ - Wow! They are gonna pass it, so I'm going to take it, but wow, just wow!
  
• CDZ - "The People" and the NFL

 

[Toddsterpatriot]

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.

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

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

Take your pick: GOP bill taxation of pass-through income.

I take it you watch only the news programs that have not been talking about this feature of the GOP tax plan? I infer that because that provision isn't new. During the 2016 campaign, Trump proposed setting the pass-through income rate at 25%. I don't know the details of how it got dropped to the even lower 20%.

I've even many times before on USMB called attention to the proposed taxation of pass-through income, as well as to many aspects pertaining to pass-through income. A random handful of those posts are linked below:

• Trump lies shamelessly about his tax-cut plan.
  
• Trump lies shamelessly about his tax-cut plan.
  
• Well, have the left wing liars admitted yet that Trump paid a higher rate in taxes yet?
  
• CDZ - Wow! They are gonna pass it, so I'm going to take it, but wow, just wow!
  
• CDZ - "The People" and the NFL

I take it you watch only the news programs that have not been talking about this feature of the GOP tax plan?

I read that some portion was excluded from taxation, not that the rate was dropped to 20%.


FOR BUSINESSES AND CORPORATIONS

13. Lowers tax burden on pass-through businesses: The tax burden on owners, partners and shareholders of S-corporations, LLCs and partnerships -- who pay their share of the business' taxes through their individual tax returns -- would be lowered by a 20% deduction, somewhat less than the 23% called for in the Senate-passed bill.

The 20% deduction would be prohibited for anyone in a service business -- unless their taxable income is less than $315,000 if married ($157,500 if single).

14. Includes rule to prevent abuse of pass-through tax break: If the owner or partner in a pass-through also draws a salary from the business, that money would be subject to ordinary income tax rates.

But to prevent people from recharacterizing their wage income as business profits to get the benefit of the pass-through deduction, the bill would place limits on how much income would qualify for the deduction.

GOP tax plan: Key details of the final bill, explained

I don't know the details of how it got dropped to the even lower 20%.

Because it didn't.

 

[frigidweirdo]

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.

Making sure the rich get richer and poor get more fucked.

 

[ScienceRocks]

It is sad and sicking to see poor people worship the freaking rich against their own best interest.

FUCK

 

[JoeMoma]

You are free to donate your excess wealth to the federal government.

why are you so concerned for them. you'e one of the people screwed by the tax scam.

1. I didn’t express concern in the statement you are quoting.
2. I am being screwed less by the proposed “tax scam” than the “tax scam” I am currently living under.

 

[jillian]

You are free to donate your excess wealth to the federal government.

why are you so concerned for them. you'e one of the people screwed by the tax scam.

1. I didn’t express concern in the statement you are quoting.
2. I am being screwed less by the proposed “tax scam” than the “tax scam” I an currently living under.

I doubt that.

 

[JoeMoma]

You are free to donate your excess wealth to the federal government.

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.

I am joking.....somewhat. But a funny joke usually has truth to it. In the case you feel that you are unfairly receiving a tax break compared to others, just pay more than required.

 

[task0778]

13. Lowers tax burden on pass-through businesses: The tax burden on owners, partners and shareholders of S-corporations, LLCs and partnerships -- who pay their share of the business' taxes through their individual tax returns -- would be lowered by a 20% deduction, somewhat less than the 23% called for in the Senate-passed bill.

The 20% deduction would be prohibited for anyone in a service business -- unless their taxable income is less than $315,000 if married ($157,500 if single).


Are you sure you're going to get that big tax break? Looks to me like you high-dollar professionals aren't going to get that 20% deduction. At least some of you.