I Would Have Preferred Some Help On The Tax Bill, Flake!


#21

Aah man, then my collection of Turbo Tax dvd cases finally comes to an end…


#22

OECD countries that collect under 20% of GDP in taxes grow GDP twice as fast as counties that collect over 40%. That’s not an accident.

Most of the post WW2 advantage was because the war wasn’t fought on US soil. We were the only developed country they wasn’t destroyed by it.

We had the transcontinental railroad before income taxes. Most of our top universities were founded before income taxes existed.

Also, it’s the government that’s eaten our future. The local and state government pension obligations are insane. There are massive funding gaps which don’t count as debt.

Our big 3 entitlements and interest in debt will consume every dollar of tax revenue by 2032.

The government has stolen our future by implementing fiscally irresponsible and unsustainable programs. It always starts the same way. Promise the people something amazing. Increase taxes so the revenue growth is more than the cost of the program. Use the initial surplus to fund existing budget gaps. Then dump it on the next generation when the inevitable happens and the program isn’t financially viable.


#23

Current LLC and S-Corp taxes at 39.6% while C-Corps are at 35%.

Future LLCs and S-Corp are pass through companies for which corp taxes are 5% (25%) higher than C-Corp (20%).


#24

Trump and his cronies have screwed everyone on this forum. Real estate and Californians have been sacrificed to make corporations richer… I am pissed off…
And what is worst is that corporations don’t even need the money… they won’t reinvest or hire more people… A total waste as deficits grow higher and social programs will be cut…


#25

I don’t know which part of the tax code will help that, but it makes sense that the tax cut should help make some of the US companies more competitive than before. If the majority of the US companies are already paying a tax rate lower than the new rate in the plan, then the cost to implement the new corporate tax rate should be minimal. :slight_smile:


#26

You are not alone.

The telephone survey of 1,508 voters was conducted by Quinnipiac University from Nov. 29 to Dec. 4 as the Senate pushed through its tax-cut bill, setting up conference committee negotiations on a final version with the House. It carries a margin for error of 3.1 percentage points.

The poll shows Americans oppose the Republican tax-cut effort by nearly two-to-one, as 29 percent approve and 53 percent disapprove. That’s a worse showing than Obamacare ever recorded, and more unpopular than former President Bill Clinton’s tax increase plan when it passed in 1993.

Trump and Congressional leaders say the plan will, on average, cut taxes immediately for Americans in every income category. But the Quinnipiac poll shows that three of four Americans, including most Republicans, believe the tax plan will either raise their taxes or not affect their tax bill very much.

Trump and Congressional leaders say they designed their plan to benefit middle-class families. But 64 percent of Americans, including one-quarter of Republicans, say the wealthy will benefit most.

Trump and Congressional leaders argue that their plan will create jobs and boost economic growth. But 53 percent of Americans in the Quinnipiac poll say it won’t.

How can someone make tax cut more unpopular than tax hike? You have to hand it to Trump.


#27

I’m not surprised given the media spin and misinformation.


#28

We are heading towards the 2nd Roaring 20s. Not sure this time we will fare better than the last.


#29

The Trump Bump has been a Trump slump for real estate.
Funny how a real estate guy has been bad for our industry.

Reits have done poorly compared to the S&P

http://www.lazardnet.com/docs/sp0/4915/Lazard_USRealEstateIndicatorsReport_201403.pdf


#30

Lol. This is getting funny.

The roaring 20’s were when income tax was new and only 7% of people had to pay it.

REITs won’t perform well when interest rates are being raised.

Pretending either has anything to do with Trump or current tax plan is not logically defendable.

If you hate the guy fine, but don’t let your judgment of him lead yourself to make poor decisions.


#31

#32

This is gonna be real bad. Inventory will be bone dry next year. Whatever inventory there is there will be double the number of buyers fighting over. Price will be sky high.


#33

Looks like commercial real estate will do ok


#34

What, you mean Donald was lying???


#35

The problem with all this analysis of the tax bill is it depends what state you in and whether you can become a s Corp as a landlord…I will wait till it passes till I panic and readjust.
But you can be sure the heavy hitters will figure out the best tax strategy before the ink drys on this bill…


#36

Keeping 1031 is definitely huge…But not an added benefit as the article implies…But requiring a 5 year hold for the $500k home exemption will hurt a lot of BA families and part time flippers like me…I just did one and probably will never do another thanks to the bill…


#37

How is that bad for you? Your net worth is about to go up a whole lot.


#38

Well, I am hoping the final law has a slightly watered down version, say 3 yr hold out of the 5 years…


#39

I closed one month ago… Feel like I won the lotto.
Too bad I didn’t get the max gain


#40

Nice! Go buy that prefab tiny house and add onto your rental portfolio…:grin: