Trump's Tax Plan

[zoogs]

This bill is a travesty.

[BigRedBuster]

1 hour ago, deedsker said:

The pass through tax cut being proposed is an attempt to give these people the most benefit. Notice I said X employees. If you own a business, employ no one else, and make whatever money, then the CEO (you), shareholders (you), and employees (you) all received the same benefits. 

 

I guess you could add one line that says you own this many companies and got paid through them all and cap the limit before you loose benefits. Help eliminate shell companies and the millions they are trying to siphon off.

 

I'm assuming you mean a "pass through" as in a sole proprietorship or partnership...etc.

 

I used to own a sole proprietorship.  I don't see any reason to make major changes to those rules along with partnerships...etc.....at least as far as raising taxes.  I could see some benefit to lowering taxes for these.  When I owned my SP, it was basically no different than doing an individual personal tax return.  Most SPs are not the top 1% that people think should pay way more than they do.  Most are mom and pop businesses and startups.  If a company is going to be big enough to make someone independently wealthy, they are going to incorporate in some way.  Partnerships between individuals, probably are the same way.  Now, if there are partnerships between corporations that some how are used for tax purposes...then that needs to be looked at.

 

Now, there are corporations that are set up that actually do nothing but are tax havens.  There could be major rules changes for those.  

Edited December 1, 2017 by BigRedBuster

[knapplc]

You're not going to believe this, but the Republicans aren't even giving the Democrats a list of the amendments to this Tax Bill.  They think they have the votes to get it done so they're shutting the Democrats out entirely. 

 

This is not how government should work.  This is not Democracy.

 

 

[BigRedBuster]

I think it's important to understand what we are talking about.  I think the term "pass through" is riling people up because it makes it sound like these entities are somehow some evil tax dodging for rich people.

 

In reality, yes, this can be the case.  But, most are not.

 

LINK

 

Quote

While most businesses are small, the majority of economic activity occurs in large businesses—including large pass-throughs. In 2014, almost 83 percent of all sales and 81 percent of profits accrued to businesses with more than $10 million in total receipts, even though those businesses only represented 1 percent of all firms (Figure 2, Figure 3).^[5] Large businesses are responsible for nearly all of the sales and profits of C-Corporations, and a substantial majority of sales and profits of partnerships and S-corporations. Among sole proprietorships, in contrast, only 9 percent of sales and less than 1 percent of profits came from large businesses.

 

So, while there are some large businesses that are sole Proprietorships or partnerships, the majority of entities are not large businesses.

So, I think we need to clarify what "pass throughs" we are talking about and not just make a blanket statement about them.

9 minutes ago, knapplc said:

You're not going to believe this, but the Republicans aren't even giving the Democrats a list of the amendments to this Tax Bill.  They think they have the votes to get it done so they're shutting the Democrats out entirely. 

 

This is not how government should work.  This is not Democracy.

 

 

 

Pathetic.

 

[Danny Bateman]

Is this what John McCain considers regular order?

I never want to hear Republicans complain about the ACA again.

 

Edited December 1, 2017 by dudeguyy
Garrr. Late to the party. Removed Tweet.

[RedDenver]

48 minutes ago, BigRedBuster said:

I think it's important to understand what we are talking about.  I think the term "pass through" is riling people up because it makes it sound like these entities are somehow some evil tax dodging for rich people.

 

In reality, yes, this can be the case.  But, most are not.

 

LINK

 

 

So, while there are some large businesses that are sole Proprietorships or partnerships, the majority of entities are not large businesses.

So, I think we need to clarify what "pass throughs" we are talking about and not just make a blanket statement about them.

I think the problem is more about going forward. I can't find the article right now, but what's happened when similar things have happened elsewhere, is that lots of businesses switch to being a type that allows pass through.

Edited December 1, 2017 by RedDenver

[deedsker]

7 minutes ago, RedDenver said:

I think the problem is more about going forward. I can't find the article right now, but what's happened when similar things have happened elsewhere, is that lots of businesses switch to being a type that allows pass through.

This.

 

You would be able to make yourself a contractor to your company, if you make enough, and get out of paying higher taxes. Highly simplified, but what would be expected/problem going forward.

[Fru]

 

[NM11046]

7 hours ago, BigRedBuster said:

I would have to vote no also.

 

That is just something that sounds great in a sound bite, but in reality, it would be a nightmare to police and administer.

 

Just because something sounds good, doesn't mean it is feasible in real life.

 

This was nothing but a political move by the Dems and they knew it would never get put in the bill.

Perhaps, but good politicians that cared about the government and the people of the US would have said, "No, but let's work together on something that might give that as an end result but would be easier to police and administer."

 

In the corporate world we're taught not to knock down someone's ideas unless we have a solution.  Childish to propose it?  Debatable and matter of personal opinion.  Voting it down immediately?  Defenseless and greedy.

[Danny Bateman]

2 hours ago, deedsker said:

This.

 

You would be able to make yourself a contractor to your company, if you make enough, and get out of paying higher taxes. Highly simplified, but what would be expected/problem going forward.

 

Not to mention that Trump owns over 500 pass through entities and thus stands to benefit tremendously under this proposal.

 

The more this shapes up, the more it appears Trump is mugging the average American to make a killing for himself.

[zoogs]

Wonky smart-looking Paul Ryan, torch-bearer of the Republican intellectual elite:

 

 

Brave, principled #FriendOfTheResistance #NeverTrump Senators, bought off by bold promises that will obviously be fulfilled:

 

 

[Danny Bateman]

Pennsylvania senator Pat Toomey put up an amendment sparing specifically the DeVos family-backed Hillsdale College at the expense of other colleges:

 

 

This process is disgusting. They're just lining up special interest after special interest and doing them favors. Check this out:

 

 

Any hedge funders or money managers on Huskerboard are making out great tonight.

[commando]

pay to play seems to be working in overdrive tonight.   new tax bill by morning for sure.

[BigRedBuster]

 

[GBR0988]

On 11/30/2017 at 9:56 PM, QMany said:

 

 

It’s great they voted “NO.” That’s government overreach. This is supposed to be a free country. The government doesn’t own these cooperations, the people who took all the risk to start the company or the shareholders who invested their personal wealth own them.

Edited December 2, 2017 by GBR0988