American Tax Reform

rainerann

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So the change regarding homeowners does work in the favor of the middle class, which does make me feel that the reform is somewhat balanced even if it is still imperfect and I would like to see more done. Apparently, homeowners will be able to deduct interest up to 750,000, so the change will only affect those with mortgages higher than 750,000. It used to be 1 million, which means that people who could afford really expensive homes were able to deduct the interest on their homes. This seems like an unnessary deduction. If you can afford a home over 750,000, you don't need the deduction unless we also cut spending to things that need to be cut like military.

"The mortgage interest deduction will be limited to $750,000 loans

The mortgage interest deduction has long been a huge money-saver for homeowners, and it still will be, but to a lesser extent. While homeowners could, up until now, deduct interest on a home loan of up to $1 million, that cap will be lowered to $750,000 come 2018. Now if you have an existing mortgage, you don't need to worry about this change, but if you're applying for a new home loan in 2018, you should know about the impending cap.

One thing to note about this reduction, however, is that it's not all that bad in the grand scheme of what could've been. Legislators have long been campaigning to eliminate or slash the mortgage interest deduction since it's been said to grossly favor the rich. And to some extent, that's true."
https://www.fool.com/retirement/2017/12/26/3-upcoming-tax-changes-homeowners-need-to-know-abo.aspx
 

The Zone

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I believe it was referring to both you and I. He likes to beat around the bush rather than come out and say it to who he actually means.
Ahh, but you don't really know and were assuming. I guess if it sticks we wear it? Had I wanted to confront you directly on it, then I would have. But while we are at it... why is a Canadian concerned with American taxes? I mean, it does not even apply to you nor do I see why it even interests you other than to take your usual shots in various threads which are more personal than discussion on the matter.

The bottom line is nothing concerning taxes will ever be perfect. But most Americans have no idea where their tax dollars go and why. They do not even know how to create deductions or shelters. Whether taxes stay the same or change it's always the rich who can more readily manipulate the loop holes. Taxes are legalized robbery. America fought for its independence from England because of taxes, only to turn around and do the same thing once so called freedom was achieved. Some taxes are necessary for infrastructure but some of it lines the pockets or pays for things like wasted government spending where pay offs are the norm.

Still, the new structure of taxes is designed to jump start the economy more than some seem to think. Like it or not, the country is currently doing well under Trump with concern to the economy. But the fed can crash the economy at any time. Times will never be like the they were, so get used to it, for no matter what taxes are in order, things will in time get tough for many..
 

Kung Fu

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Ahh, but you don't really know and were assuming. I guess if it sticks we wear it? Had I wanted to confront you directly on it, then I would have. But while we are at it... why is a Canadian concerned with American taxes? I mean, it does not even apply to you nor do I see why it even interests you other than to take your usual shots in various threads which are more personal than discussion on the matter.
Typical cowardice tactics. I as a Canadian am concerned because whatever America does seems to trickle down to us. Unfortunately your war-mongering of a nation is our neighbor so everything you guys do affect us in some way.

The bottom line is nothing concerning taxes will ever be perfect. But most Americans have no idea where their tax dollars go and why. They do not even know how to create deductions or shelters. Whether taxes stay the same or change it's always the rich who can more readily manipulate the loop holes. Taxes are legalized robbery. America fought for its independence from England because of taxes, only to turn around and do the same thing once so called freedom was achieved. Some taxes are necessary for infrastructure but some of it lines the pockets or pays for things like wasted government spending where pay offs are the norm.
Correction, America fought against England because they were getting taxed and not being represented in any kind of way or getting anything from it. Right now your taxes give you roads, a military, and etc. Every civilization you name had to pay taxes in some form or another. You pay taxes to receive things.

Still, the new structure of taxes is designed to jump start the economy more than some seem to think. Like it or not, the country is currently doing well under Trump with concern to the economy. But the fed can crash the economy at any time. Times will never be like the they were, so get used to it, for no matter what taxes are in order, things will in time get tough for many..
LOL. The new structure of taxes were just meant to make the rich even richer. A simpleton could see that. The only issue I have with Trump is his hypocrisy. He came in like he was some conquering hero ready to fight the establishment only to end up reducing their taxes and furthering their Zionist agenda. He's exactly the same as Obama and Bush before him.
 

The Zone

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Typical cowardice tactics. I as a Canadian am concerned because whatever America does seems to trickle down to us. Unfortunately your war-mongering of a nation is our neighbor so everything you guys do affect us in some way.



Correction, America fought against England because they were getting taxed and not being represented in any kind of way or getting anything from it. Right now your taxes give you roads, a military, and etc. Every civilization you name had to pay taxes in some form or another. You pay taxes to receive things.



LOL. The new structure of taxes were just meant to make the rich even richer. A simpleton could see that. The only issue I have with Trump is his hypocrisy. He came in like he was some conquering hero ready to fight the establishment only to end up reducing their taxes and furthering their Zionist agenda. He's exactly the same as Obama and Bush before him.
One speaks of simpletons and then makes this blanket statement in the last paragraph. You point to "obvious wholes," (a take) with zero details or elaboration via explanation. Also, you fail to see you more or less said what I did. It must be nice to have it all figured out KF. It almost makes it senseless for one so above us all to even bother with the peasants of VC. What gives me a kick is you are making the same talking points as the media you say you do not trust. Hmmm,not that is, LOL.

What are some of these trickle down tax worries by you with concern to the US happening in Canada? What are the commonalities between the US and Canada these days? The guy who runs your country goes into tear-fests and such. Give me some specifics and I will address the point. Are you aware that the housing bubble could burst in Canada and trickle down to the US? I mean, the worlds economies are made of glass right now.

I like Canada, visit there on occasion, so this is not about that. Nobody is denying that the US has its problems or arguing Captain Obvious points on taxation. So, do you want to troll, have a discussion...it is hard to tell from you other than the directed quips that come on a regular basis in every conversation you are involved in.

This is not really about taxes to you is it? It is about taking shots at the US, again and Trump or whomever is the president. Let me ask one question.

Insults will lead to what seems to drive some here, which is discourse. It as if no comment can go unchecked and is sponged at a personal level. When we start posting what we think somebody is saying or implying then we are indeed reaching.
 
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Kung Fu

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One speaks of simpletons and then makes this blanket statement in the last paragraph. You point to "obvious wholes," (a take) with zero details or elaboration via explanation. Also, you fail to see you more or less said what I did. It must be nice to have it all figured out KF. It almost makes it senseless for one so above us all to even bother with the peasants of VC. What gives me a kick is you are making the same talking points as the media you say you do not trust. Hmmm,not that is, LOL.
Has the media talked about him building a home on the nuts of Israel and his Zionist masters?

What are some of these trickle down tax worries by you with concern to the US happening in Canada? What are the commonalities between the US and Canada these days? The guy who runs your country goes into tear-fests and such.
Irrelevant. Make a thread about Canada and US and I'll join. Not willing to let you change the topic.

I like Canada, visit there on occasion, so this is not about that. Nobody is denying that the US has its problems or arguing Captain Obvious points on taxation. So, do you want to troll, have a discussion...it is hard to tell from you other than the directed quips that come on a regular basis in every conversation you are involved in.
Irrelevant.

This is not really about taxes to you is it? It is about taking shots at the US, again and Trump or whomever is the president.
Irrelevant.

Insults will lead to what seems to drive some here, which is discourse. It as if no comment can go unchecked and is sponged at a personal level. When we start posting what we think somebody is saying or implying then we are indeed reaching.
Irrelevant. Don't you tire of spewing emotional bs?
 

The Zone

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Typical avoidance. Please continue to invade every thread with one liners and insults you feel are relevant. I am as calm as a gentle breeze on a lake during a Spring day as I type this. Emotional, LOL. Keep living on that island KF where you cannot carry on two conversations at once. I will sit back as you show your tax expertise in great detail and check in on occasion for a chuckle. You made my point for me in that you are just ranting without explanation. You sort of took this conversation to America and personal bashing which was on taxes and then say you will not allow me to change the convo? Pot. Kettle. Black. Why don't you just create a thread on bashing America, people you do not like, etc where the insults and accusations can reside in a single place instead of every thread?
 
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Kung Fu

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Typical avoidance. Please continue to invade every thread with one liners and insults you feel are relevant. I am as calm as a gentle breeze on a lake during a Spring day right not. Emotional, LOL. Keep living on that island KF where you cannot carry on two conversations at once. I will sit back as you show your tax expertise in great detail and check in on occasion for a chuckle. You made my point for me in that you are just ranting without explanation.
You wrote several paragraphs and 99% of it had nothing to do with taxes or my post and you're accusing me of ranting without an explanation. When you get off Trumps nuts perhaps we can have a real discussion in the future.
 

The Zone

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Sigh. Please look at the body of your own work in this thread. You have said absolutely nothing pertinent to the intended conversation.
 

Aero

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Liberals in the US love to vilify "the rich," and act as if their "richness" somehow impedes poor people's ability to make themselves rich.
I don't think that is just a liberal thing. And the rest of it completely ignores free market economics. It ignores the mechanisms by which people actually get rich. It's very simple, there is only so much room at the top. People don't often go past the first page of Google search results. Or any search engine. Being number 1 is all that matters. In any industry.

It's called competition. So being rich has everything to do with keeping other people from taking your market. To think otherwise is simply denial, or crazy talk. Do you ever go on Itunes? Or seen any of the billion top 10 lists that exist. That's called manufactured credibility. What I'm saying is. It's all rigged from the bottom up.
 

justjess

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I disagree vehemently regarding corporate tax rates, sorry. The mobey to run this country needs to come from somewhere and imo it should be coming from the people who take full advantage of all the things those taxes make possible in order to make themselves rich... for example roads, railways, docks, bridges, tunnels, infrastructure in general which makes it posible for these businesses to function and expand. Police, fire fighters who protect these businesses and their assets, schools which educate their future employees etc etc

If a business wants to operate here they should have to pay their share to make this country run. They shpuld also have to pay their employees a living wage that is enough they dont have to rely on federal safety net/welfare prograMs to survivw. Im not talking about littlw mom and pop shops, most of those operate as llcs or sole proprieterships which are considered in a different category already.

We need to stop acting like these giant corporations are doing us a favor by gracing us with their presence basically.

Back when corporate tax rates were higher we built the most amazing large and strong middle class the world had ever seen. Look at where we are now in comparison.

As for income tax id be all for it being abolished across the board if we were actually holding these businesses to some sort of standard and ensuring they pay on their end. But u cant expect a country to function with no money, it has to come from somewhere.

While were at it.. lets do something to scale back our military please. Make congress and the president unpaid volunteer positions. Make elections publicly funded anf cap spending on campaigning period. I mean.. theres a lot we can do here if we wanted.

As for the eitc.. i dont see a problen with it so long as employers are able to get away with paying their employees poverty level wages. Its an inefficient way to help the poor but its better than nothing at this point. If it enables a poor familt breaking their backs to make ends meet and still falling short a little bit of economic relief from their nprnal day to day im all for it.

And yeah. They just capped the mortgage interest deduction. Cool whatever. The property tax deduction is more concerning because even modest homes in the north east are going to be screwex by that. My mother pays more than 10g in property taxes, she isnt a multimillionare with unlimited funds. Shes a disabled widow on a fixed income.
 
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