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Thread: Details of Proposed Tax Plan

  1. #25

    Default Re: Details of Proposed Tax Plan

    Has anybody read any estimate on how much they would make on the 12% tax on the repatriation of overseas money coming back to the U.S.? Are they assuming all (or a percentage of) companies will bring the money back, or have they not factored that in yet?
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

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  3. #26

    Default Re: Details of Proposed Tax Plan

    Quote Originally Posted by tsptalk View Post
    Has anybody read any estimate on how much they would make on the 12% tax on the repatriation of overseas money coming back to the U.S.? Are they assuming all (or a percentage of) companies will bring the money back, or have they not factored that in yet?
    Some would say "why would any of it come back if their not getting it taxed overseas, or still getting it taxed at a lower rate in many 3rd world banks"?
    And if corporations are already hoarding record amounts of cash, why wouldn't that cash go into those corporate coffers, as opposed to going into economic development?

    I don't know if I trust many of the claims made on overseas cash.
    CURRENTLY 50% G and 50% F (as of COB 04/07/2021) 1st April IFT

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  5. #27

    Default Re: Details of Proposed Tax Plan

    Quote Originally Posted by FireWeatherMet View Post
    I don't know if I trust many of the claims made on overseas cash.
    I don't know if I trust many of the claims made on ... [fill in the blank].
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.


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  7. #28

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    Default Re: Details of Proposed Tax Plan

    My quick estimate is I'd get about 1500 back in my pocket vs what I'd be paying this year. better than I thought when I did earlier calculations on the subject. I read this morning (ZH again), that they were thinking of having the corporate tax cut only good for 10 years, then go back up to what it is now. Skeptical ZH commenters questioned how many business CEOs would repatriate and do cap ex for operations here if tax cut only good for 10 years. Guess we'll see if this does play out.

    Being as how I was thinking of starting 2-3 inter-related small businesses post-retirement in 2-4 years, I don't know at this point how these changes would affect those ideas. especially since I haven't figured out what kind of biz set up would work best for those ideas. single proprietorships generally end up as pass through and rate as personal income as I understand it.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  9. #29

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    Default Re: Details of Proposed Tax Plan

    I don't mind if certain deductions go away.....but there should be a correspondingly LOWER tax rate. I don't see that in the plan.
    And the oft repeated 'Individual Exemption nearly doubled' is very misleading due to other exemptions being eliminated.
    Bottom line...looks like the reduction in corporate taxes is being paid for by upper middle class.

    https://finance.yahoo.com/news/apos-...171600109.html
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  11. #30

    Default Re: Details of Proposed Tax Plan

    Sarah Huckabee gives a concise, clear cut description of how the tax plan would affect average Americans.

    CURRENTLY 50% G and 50% F (as of COB 04/07/2021) 1st April IFT

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  13. #31

    Default Re: Details of Proposed Tax Plan



    Source: Washington Post / Tax Policy Center
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

  14.  
  15. #32

    Default Re: Details of Proposed Tax Plan

    As the onion gets pealed...

    The hidden 46% tax bracket

    House Republicans claim the tax plan they introduced Thursday keeps the top individual rate unchanged at 39.6 percent—the level at which it’s been capped for much of the past quarter-century. But a little-noticed provision effectively creates a new band in which income is taxed at over 45 percent.

    Thanks to a quirky proposed surcharge, Americans who earn more than $1 million in taxable income would trigger an extra 6 percent tax on the next $200,000 they earn—a complicated change that effectively creates a new, unannounced tax bracket of 45.6 percent.
    https://www.politico.com/agenda/stor...bracket-000570
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

  16.  
  17. #33

    Default Re: Details of Proposed Tax Plan

    Quote Originally Posted by tsptalk View Post
    As the onion gets pealed...

    The hidden 46% tax bracket



    https://www.politico.com/agenda/stor...bracket-000570
    Is that to make up for not paying Social Security tax on income over 120K? The wealthy have always gotten a several percent tax cut on that, that no one ever mentions.

    From the article its on the next 200K of income (above 1 mil). So it would have a profound effect on those making just a little over a million, but be just a tiny blip on the radar for those making 2 Million or more.
    CURRENTLY 50% G and 50% F (as of COB 04/07/2021) 1st April IFT

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  19. #34

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    Default Re: Details of Proposed Tax Plan

    Quote Originally Posted by FireWeatherMet View Post
    Is that to make up for not paying Social Security tax on income over 120K? The wealthy have always gotten a several percent tax cut on that, that no one ever mentions.

    From the article its on the next 200K of income (above 1 mil). So it would have a profound effect on those making just a little over a million, but be just a tiny blip on the radar for those making 2 Million or more.
    SS Wage Base is $127K, however medicare applies to all wages with an extra .9% for those making over $200K that was added in support of ACA starting in 2012 https://www.irs.gov/taxtopics/tc750/tc751 Per the article the bubble is to make up for the lower 12% rate on the 1st $45K, nothing to do with SS.

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  21. #35

    Default Re: Details of Proposed Tax Plan

    While the corporate tax has an advertised rate of 35%, it has 2 of these "bubble rates". https://en.wikipedia.org/wiki/Corpor..._United_States

    The first bubble rate is to eliminate the benefit of the lower rates. So companies that make over $335,000 basically pay 34% of that amount. Historically the individual rates were such that the surtax or bubble tax was not in play. So they actually paid 15% on the first part of their income(whatever their bracket amount was depending on filing status). And 25% on the next and on and on. Never really paying the full 39.6% on their total income due to the lower reduced rates.

    This bubble tax on individuals seems to be a new philosophy and as stated would only touch people with taxable income of over $1,000,000.

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  23. #36

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    Default Re: Details of Proposed Tax Plan

    Quote Originally Posted by FireWeatherMet View Post
    Sarah Huckabee gives a concise, clear cut description of how the tax plan would affect average Americans.

    I'm not sure Ms. Huckabee Sanders was successful in defending the upper class getting a bigger piece of the tax cut pie.
    looks like there will be a lot of resistance to the Tax Bill. Much like the Health Care bill.

    Republicans' tax overhaul pitch faces skeptical public, Post-ABC poll finds
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!


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