Trump and the Republican Tax Changes (1 Viewer)

[dtc]

Anyone notice anything? I did.

My effective tax rate went up. My wife is a CPA and there is no way she could find around it, but the changes to the laws for what can be expensed by businesses - particularly LLCs - screwed me. As what they like to call a "job creator" perhaps the idea that tax cuts increase employment was just BS. They must think that raising my tax rate will force me to employ additional people in order to make up for the additional tax burden I was handed in order to decrease the burden on the truly rich.

 

[SystemShock]

I don't have a business, but my money is in the stock market. I had to write a sizable check earlier this year because, paraphrasing my accountant, the tax code for my bracket wasn't "finalized". I should probably buy some Unilevel stock and start bending over now.

 

[lurk]

Mine went way up as well. As someone who is an independent contractor with large equipment expenses to be able to work, I got completely boned by the amount of expenses I could no longer write off. Fortunately we make enough money that it doesn't hurt us, but the new tax law was certainly not kind (and sure as hell not worth the large deficit it has created)...

 

[wardorican]

My personal tax rate for the year went down, due to having kids. One aged out for some of that credit.

I forget the amount, but I think I saved between $500 and $1000 total.

 

[JimEverett]

I thought you would be happy your taxes went up dtc.

 

[dtc]

I thought you would be happy your taxes went up dtc.

Not at all. I do well, but I'm not rich. Hell, I don't want anyone's taxes to go down. I want less spending and efficiency.

What I have said 1000s of times here is that I don't think it's reasonable for me to pay more than someone who makes 100 times what I do.

Anyway, as a CPA, my wife is able to adapt. She's had to set up a corporation to take ownership of the various LLCs and then distributions can be made as LTCG and I'll pay less.

I don't see how that benefits our country at all.

 

[JimEverett]

Not at all. I do well, but I'm not rich. Hell, I don't want anyone's taxes to go down. I want less spending and efficiency.

What I have said 1000s of times here is that I don't think it's reasonable for me to pay more than someone who makes 100 times what I do.

Anyway, as a CPA, my wife is able to adapt. She's had to set up a corporation to take ownership of the various LLCs and then distributions can be made as LTCG and I'll pay less.

I don't see how that benefits our country at all.

I just thought given that you were in the top 1% that a higher effective rate was good.

Anyways - I understand what you are saying.

 

[bird]

What does less spending mean? Not just spending less money but spending less on what?