Millennial math???
vim commands?
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Also the GOP, well Trump anyway, has given up the pretense of caring about deficits. This plan is all honey, free money for the rich but where are the revenue generating parts to counter balance?
Revenue neutral was a goal when the other team was in power. Not anymore.
yep
sorry. i am a Gen-Xer. as mentioned further down, VI commands. still my favorite editor.
Oh, my badā¦didnāt mean to insult you with that millennial referenceā¦
I will invest in your wife LLC just to be near her 
President Donald Trumpās administration unveiled a tax plan on Wednesday that proposes lower taxes across the board and a number of alterations to the tax code.
The devil is in the detailsā¦ But thanks! Keep playing!
Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn announced the plan during a White House press briefing.
One proposal in the plan is the repeal of the so-called alternative minimum tax. The decades-old tax, which was enacted to make sure the rich pay their fair share, cost Trump $31 million in 2005.
As Business Insiderās Jim Edwards reported, that "accounted for most of the $38.5 million in taxes" the president paid in 2005.
Save your cash and just come in everyday and buy up all of her wonderful entrees and be sure to give her 5 Yelp stars and maybe Iāll get you a signed pic. Hey, I gotta work every angle now with that crazy tax plan right???
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This will actually benefit the vast majority of Americans. Even in the current system, only 30% itemize deductions. That means the other 70% will benefit from an increase in the standard deduction. Plus, some part of the 30% that itemize benefit from the higher standard deduction being better than their itemizationā¦ A vast majority of Americans will be able to do their income taxes in 5 minutes on a post card. Based on the old code, only those above ~$180k/yr average over $24k in deductions. Eliminating state income tax and property tax would mean only those over $200k or even higher would itemize. The rich lose their state income tax and property tax deduction in exchange for no AMT and lower marginal tax rates. They havenāt specified the income levels for the 3 tax rates. That could have a big impact.
If anything, this should make more people choose to stay renters, since buying doesnāt have such tax benefits. The higher standard deduction will mean renters take more more of their pay and will have more money to spend.
This is the closest to what Iād do of any tax plan Iāve seen. Iād make the standard deduction equal to the poverty line then a flat tax rate on all income above it. Thereād be no itemization.
The business tax plans is a winner. Thereās no border adjustment. I hope they do a similar elimination of deductions/credits for businesses as part of the lower rate.
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No state income and state property tax deductions may be a political move to force state to stop collecting them either voluntarily or forced by residents. States would then depend on federal grants making states subservient to federal.
Thanks Marcus for the explanation.
I am not a tax guy, but taking away the property tax deduction is a big time no-no in our household.
I donāt know if the first $24K of income being not taxable equals to losing $6K in property taxes as a deduction. I also understood the children tax credit goes away? So confusing.
Now, who is going to pay for this? We are seeing an administration going crazy about spending like a drunken sailor. $ for the wall, for the army, bombing everywhere. And that insane golfing costing us $10+ million a month. It needs to end. Period!
Hey @buyinghouse, maybe you still have time to claim @rentinghouse as your name going forwardā¦
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But when the Tax Policy Center looked at Trumpās campaign proposal, which seems to be the basis for what the White House and Treasury Department are working on, they found that more than half of the tax cuts would go to the richest five per cent of households in the country; about two-fifths would go to the richest one per cent; and about a fifth would go to the richest 0.01 per cent.
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At this income range, donāt property and state income tax deduction disappear with AMT under current tax law anyway?
How would new tax bracket look like exactly? I couldnāt find itā¦
AMT phase out starts at $313k. but you can still claim a fair chunk of itemized deductions even under AMT.
the new brackets have not been published. but some samples have previously been put out under the older Ryan and Trump plans
I think that no matter what, we the lower or so called middle clase areā¦fā¦ed up!
sell the house now. this tax increase is going to crash the market.
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Thatās only for the personal exemption of $4050. The personal exemption starts to phase out from $313k for married couple. AMT hits people starting with much lower income brackets.
Got it. Iāve read about the religious war between vim and emacs before. Not a total stranger in that sense. 