I hate to be the one to bring the bad news but medicare, medicaid, and social security spending all need cut. By 2032, those 3 entitlements and interest on debt will consume every dollar of tax revenue. That’s not even close to a sustainable path, because after 2032 they are more than the total tax revenue. Cutting spending is the responsible thing to do.
The other option is to increase taxes. You see how much people here complain about that and they’re the rich ones. You can’t increase taxes on the bottom 50% of American even though their effective income tax rate is 3%. Additionally, we haven’t proven increasing tax rates leads to more taxes collected as a percent of GDP.
We have a spending problem. The sooner people realize that the better before we become like Greece. People need to realize when stuff is free to them it’s not really free. Someone else is paying the bill. People love to say they paid for their social security and medicare. That’s great. They can have what they paid for and the budget will be fine. Over 90% of people get more benefits than what they paid into the system. That’s not sustainable.
Plus, it’s a lot of hype about slowing down the growth rate. It’d go from a 6.8% compound annual growth rate to 5.8%. The 5.8% is still more than 2x GDP growth and inflation. It’s pretty easy to see how medicare could swallow the entire federal budget if spending keeps growing at 2x GDP.
already have my escape plan. Nevada here I come.
The GOP can kiss off 2018. And Trump gets impeached in 2019… Some plan Trump… watch out for the unintended circumstances and the 2019 recession
BA real estate is in deep trouble thanks to this anti Blue state attack…
Next year Medicare… Obamy can kiss my ass… The wife can go back to work for Oracle… … This corporate welfare is going to force everyone to work for the Man just to pay for health care… disgusting…
I am afraid you corporate drones on here don’t get it.
Working for corporate America is slavery. Now the GOP is giving these bastards a free ride, in addition to handicaping the rest of us with debt higher taxes and unaffordable healthcare
Isn’t small business getting a big benefit? You can S-corp and pay taxes as a business. You’d pay 25% instead of the 35% + potential Obamcare adder. That just cut 10% off the tax bill of a small business.
Healthcare got insanely expensive before they even discussed tax cuts. Americans are too sick and require too much care. The rate of chronic disease of our elderly is 2-3 times more than other countries. It’s crazy expensive to take care of those people.
I am not sure…I am basically an investor…Have to talk to an accountant…But cap gains are the way to go…
Flipping is my thing anyway…Will just 1031 out of California and or sell…Dont need to be working anyway.
And if property management is to be treated like ordinary income with SS tax I quit…Cant fight City Hall.
The government picks winners and losers…Looks like stocks will be winners and RE will be the loser…
Cest La Vie…will adjust and move forward…
Looks like this turkey will pass.
Does anyone know what business expenses depreciation can be accelerated? I know structures can’t in this anti Real Estate bill… But what about appliances, cars, tools or anything else you use in your real estate business…
I need to figure out what if any benefits there are for us Real Estate professionals…
I think these details are not finalized. These are small issues in the grand scheme and it’s not a partisan issue. If the bill is pro business, real estate business should be stimulated as well to solve housing shortage crisis
Small business does get a tax cut. I guess people are envious of the lower rate for corporations. But corporate income will be taxed twice, by corporate tax and dividend tax
To me it is not about envy. It is about giving corporations more power and money. They have too much already. But if I have to incorporate to survive I will. Definitely want to take advantage of what the new rules offer… Expensing can be a great advantage, just want to know how…
Wife wants a new car… Hopefully we can expense it next year. I remember a few years ago there was a similar tax giveaway but the car had to be a truck over 6000 GVW
It looks like I should pay the second installment of my property taxes early. They may not be deductable next year. Next year I won’t have much to deduct.
