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Biggest Reform EVER passed thread

I find most people can't figure out how deductions and exemptions really work, as well as the multiple brackets. Sticking every married couple making less than 90k in one bucket does make things easier.
Turbotax is 40 bucks
 
So the total tax cut to individuals is something like $472 billion. Of that, $172 billion is solely from the repeal of the estate tax for multimillionaires. Awesome.
 
Never understood why people who hate paying taxes prefer to tax the living rather than the dead.
 
If they're capping mortgage interest, removing state and local tax deduction and raising standard deduction then who would even itemize anymore to be able to deduct mortgage interest? Seems like this proposal effectively wipes that out as well without coming out and saying it.

It's a de facto ending of the MI deduction. Can't say I disagree with it.
 
I saw its essentially an 8% tax cut for anyone a million+ and a 2% tax cut for everyone else. Paid for through, currently unknown?
 
Turbotax is 40 bucks

Turbotax (and a bunch of the other online tax prep services) is free if you're doing nothing other than reporting 90K (or whatever) in wages. The postcard thing is so stupid.
 
So the total tax cut to individuals is something like $472 billion. Of that, $172 billion is solely from the repeal of the estate tax for multimillionaires. Awesome.

You need to accept that no matter what tax reform is made, there will never be a proposal that doesn't involve some sort of nut for the wealthy. Do you toss out meaningful tax cuts for the middle class because the wealthy are getting a cut too? Is there a magic ratio that is tolerable?
 
Yeah it seems by design to reduce the number of itemizers. You could still get there with property tax plus a lot of charitable contributions I guess.

On the whole, I think the number of itemizers would go way down. For upper-middle class folks, I think there will still be a fair amount of single itemizers, but not for married couples. I would get to $12K with property taxes, mortgage interest (even if it is capped) and charitable contributions. $24K seems like a much bigger stretch.
 
I'm really glad they found a way to specifically fuck over sick people in their tax plan by eliminating the medical expense deduction. It's not as good as taking away their healthcare but it's a start.
 
Another relevant provision for Wake: a tax on net investment income of certain private colleges and universities. The provision would only apply to private colleges and universities that have at least 500 students and investment/endowment assets valued at the close of the preceding tax year of at least $100,000 per full-time student (that seems to include undergraduate and graduate students). State colleges and universities would not be subject to the provision. This is clearly targeted at Harvard and others, but I'm pretty sure Wake would get hit by this.
 
My last comment for the afternoon - the estate, gift and generation-skipping transfer tax provisions are ridiculous. $10+ million exemption ($20+ for married couples) and estate and GST tax repeal in 6 years, but retaining the basis step-up at death. Gift tax stays in place, but you get stuck with carry over basis and pay a tax if you make a gift in excess of the exemption - not sure why anyone would volunteer for that, when they can just wait and die with it tax free.
 
You need to accept that no matter what tax reform is made, there will never be a proposal that doesn't involve some sort of nut for the wealthy. Do you toss out meaningful tax cuts for the middle class because the wealthy are getting a cut too? Is there a magic ratio that is tolerable?

It depends. Is it really a meaningful tax cut for the middle class? And if so, how are we paying for it?
 
Another relevant provision for Wake: a tax on net investment income of certain private colleges and universities. The provision would only apply to private colleges and universities that have at least 500 students and investment/endowment assets valued at the close of the preceding tax year of at least $100,000 per full-time student (that seems to include undergraduate and graduate students). State colleges and universities would not be subject to the provision. This is clearly targeted at Harvard and others, but I'm pretty sure Wake would get hit by this.

We could just up our enrollment to 10,000 or piss away more of our endowment
 
Of course they had to get weird.

 
I'm really glad they found a way to specifically fuck over sick people in their tax plan by eliminating the medical expense deduction. It's not as good as taking away their healthcare but it's a start.

Does the medical deduction even get used?
 
 
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