For a fact, I don’t care about your opinion. It is not a fact to me. I was saying “well said”. Gee!
Don’t you have time to go and grab Twhitler’s balls?
At the golf course that is…
He is talking about you.
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Talking about owner-occupied only.
For those who need to borrow more than $500k, would they be rushing to buy now?
For those who’ve bought at high prices with a large mortgage, can they afford the property tax?
Who are the households that would find it hard to make ends meet once the state and local income tax is no longer claimable?
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This is long… But a good discussion about the effects of the house and Senate tax reform bills
A total disaster for California… Michael Verdone is a former client and local realtor in Samcar and a NAR Director.
He predicts an 18% drop in California real estate values.
He also said that a homeowner with a $1.5m house and income of $150k will see $10k in additional federal taxes.
Other lowlights
No deductions for student loans, healthcare, disasters, moving expenses, second home mortgage, and many others
All this pain so that big corporations get to pay less tax. And even they admit they don’t need the money and won’t share the wealth…
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There is an amendment that would negatively affect full time landlords who do their property management. They would be subjected to self employment tax if they didn’t set up a LLC.
500 pages of horsehit that none of these legislators have read… They just want a GOP win no matter what the consequences… It will guarantee a Democratic victory in 2018 and 2020… Trump may be hastening his own impeachment… This bill will drain his blue collar support including small business people 50% of whom are not incorporated…NAR is definitely against it…
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This damn bill could elect Elizabeth Warren President in 2020…
Talk about unintended consequences…
All the deductions eliminated help the middle and upper middle class… Republicans can’t afford to lose their support.
There will be no Republicans from the high tax blue states elected ever again… And yet Rep. Kevin McCarthy R Bakersfield is pushing this crap…The Republican Party will just be supported by the old south, evangelicals and corporations
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Corporations will have lower rate but pay more taxes. Someone posted the analysis. The deductions/credits corporations lose more than offset the lower tax rate. We should be pushing for everyone having the same rate with minimal deductions and credits. It’ll create the most efficient economy. It doesn’t help when lobbyists are always fighting for special treatment and the tax code is 70,000 pages. We should get to post card simple taxes, but that’s too big of change from where we are.
The change could have dire consequences… Corporations are not asking for help. So why are the vast majority of us asked to sacrifice for them? We have all structured our lives and businesses to deal with current tax code… Changing direction to deal with new one will be a nightmare…
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The hit is only on high income people in high tax state. Bakersfield does not have many 150k taxpayers.
How did the Orange County and San Diego representives vote? There were 3 California republican representives voted no
BA has no republican representives at all, so our representives voted against it unanimously
The $150k+ taxpayers in Bakersfield are the ones who bankrolled McCarthys campaign… I doubt they will in 2018.
According to Verdone the arrogant McCarthy is threatening to pull GOP money from the 6 who voted against the bill.
My guess is that will backfire… In fact a lot of GOP money comes from rich blue states… That money is gone if this bill passes
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Orange County voted no. San Diego (Vista) voted no.
Elk Grove voted no, this is a surprise since Sacramento does not have many high income taxpayers
Rep. Dana Rohrabacher, R-Costa Mesa, Rep. Darrell Issa, R-Vista, and Rep. Tom McClintock, R-Elk Grove, all voted against the bill, which passed 227-205.
The civil war in the GOP will destroy the party… Warren is laughing… They are giving her a gift…
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If the corporations are actually paying more taxes under this bill how come the rest of us are asked to pay more?
Personally I think they should pay more, not less. think we should tax their overseas $4trillion tax dodge funds also.
They are not good citizens… And
should not be rewarded…
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Corporations pay less than 10% of the total tax bill. Either way, it’s not going to move the needle much.
We have massive deficits. The deficits are only going to increase as Medicare, social security, and mediciad spending grows much faster than tax revenue. People will tak about the trust find of money owed social security and Medicare. We’ll blow through that on no time.
50% of the US is paying 3% or less effective tax rate. Politically, it’s impososble to raise taxes on them. The top 20% are paying 87% of the income taxes. They are going to pay even more, because they aren’t a big enough a voting block. There’s also too many rich saying they should pay more taxes. The middle class and below will keep voting to tax the rich more and more to protect their free social programs.
Hillary, Bernie, Warren and virtually everyone on the left wants to increase income tax rates on households earning over $250k. That won’t close the budget gap, so they’ll keep lowering the income threshold.
Income confiscation and redistribution is only going to get worse, because it’s political suicide to materially touch the big 3 entitlements that are taking over the budget. Welcome to the nightmare the founders knew would happen if everyone could vote. They only wanted tax payers to vote.
The financial strength or backbone of USA are corporations, revenue generating machines, employment generating units. They were neglected for decades and taxed one of the top/highest taxes of the world, while other countries are taxing less. Since the world is connected commercially and financially across the globe, all bigger corporations are silently moving out of USA, eventually making USA as marketing land,while moving out money, employment etc.
Unless they are given an equally good tax treatment at par with median worldwide taxation, there is no way to stop them going out.
Trump, being a corp person understands and trying to get them back. IMO, whatever he is doing will be realized by next president or government as this is taking longer time to effect and not understandable by many locally.
IMO, he is a different kind of republican focusing on low income earners and trying to bring back corporations to USA and continue growth/progress in America.
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We will see… I guess I will have to incorporate and 1031 into Nevada
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Do LLCs get the same tax treatment as corporations?
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IIRC, Pass through companies such as LLC and SCorp has 5% higher (25%) tax than regular C-Corps.
Yes, correct
“Under the September Republican tax plan, pass-through income would be taxed at no more than 25 percent — far below the 39.6 percent top individual income tax rate that now applies to pass-through income, or the 35 percent top rate that would apply to individual income under the GOP plan.”
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Please, stop defending this worthless piece of chit tax reform. It has been used, again, to show the rear ending of that old thing of adding pork to the law being debated, well, I can’t say debated because not even the entire GOP has seen what others should be debating. Isn’t that stupid? Now even the member of the GOP have seen the entire bill?
The new slogan of “throwing the establishment out of Washington DC” has failed, it was a lie, special interests returned, the people hired by you won’t discuss a law without adding pork to it. What a shame. Same o’ chit.
How soon, the dumb people forgot that the campaign was about kicking “wall street” out of W DC. Guess who was hired there? Goldman Sachs! You know, those mother…f…ers paying Hillary for speeches. Do you think they are looking out for your own interests or theirs? Guess, just dare to guess. Are you brain dead?
If you haven’t figured it out, it is a surgical movement to make the richest states into losers. Specially in CA, and NY, where some liberal and rich people, not the joke billionaire in the white house, have demonstrated they won’t bend over to the tyrant. Look at it from that point, these are vindictive moves. Or, simply put it this way, they want the entire nation to vote Democrat next time because this chit ain’t going to work.
The sad part is looking at people cheering this, when is going to bite them on their butt sooner or later.
Poor corporations, they have been neglected, to the tune of having $ trillions stashed abroad. They are so much in need of more tax cuts so the medium class is stabbed on the back for them to yet have another shot at trickle effect crap.
Whoever is going to be benefited from this crappy tax reform is not posting here, nor reading this forum. Guaranteed!
But those 70,000 pages of tax laws, being turned into a postcard has a delicious flavor. The Kool-Aid never tasted better.