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Thread: Biggest Reform EVER passed thread

  1. #81
    Scooter Banks
    ConnorEl's Avatar
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    Is the idea for the new plan to be for 2017?
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  2. #82
    I would assume so. They have to realize that they may lose control of Congress in November, so I think they'll try to push it through Obamacare style.

  3. #83
    Trump tax plan=welfare for the wealthy.

  4. #84
    THE quintessential dwarf palmab03's Avatar
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    Quote Originally Posted by DEACisGO View Post
    Can you help me understand that point? I assume Alabama residents arenít literally sending money to California residents. I understand that higher state tax rate means bigger deductions so you can essentially charge higher tax rates than the residents will feel. However, as the conservative Tax Foundation annually reports, the states that benefit the most from the state tax deductions still pay more to the federal government than they get back in federal spending. So in the end, even with the state tax deductions California and other rich states are still subsidizing poorer states by paying more in federal tax dollars than they get back.
    I guess I'm saying that California has the 9th highest per capita income, so as a result of them having the highest state tax that californians pay a disproportionately less of the federal tax liability of the 8 states ahead of them.
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  5. #85
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    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    I would assume so. They have to realize that they may lose control of Congress in November, so I think they'll try to push it through Obamacare style.
    LOL. Still believe that myth?

  6. #86
    Bad plan overall. My impression is that they're throwing shit up against the wall to see what sticks and there is ample room for negotiation. The corporate tax should be the big thing. Don't GAF about income tax stuff.

  7. #87
    Fuckkkkk I was looking forward to a tax cut now looks like I could pay a lot more

  8. #88
    Economic advisor Gary Cohn told reporters on Thursday that a typical four-person American family bringing in $100,000 a year would save $1,000 under the Republicans' proposed tax reform effort, which they could use to pay for a new car or a kitchen.

    https://www.cnbc.com/2017/09/28/gary...00-a-year.html

  9. #89
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    Next Up: Tax Reform

    So a household in the top 20-25% can save 1%.

    Thanks Trump.

    "The GOP plan is expected to primarily benefit corporations as well as the wealthiest Americans, which includes various members of the White House and the Cabinet. The estate tax repeal alone would save Trump $564 million, Wilbur Ross $545 million, Betsy DeVos' father-in-law Richard $900 million, and Linda McMahon $250 million, reports Bloomberg."

    Dear Lord. Well I guess Don Jr, Eric, Ivanka, Tiffany, Betsy, Shane, and Stephanie could really use the cash.
    Last edited by PhDeac; 09-28-2017 at 11:08 PM.

  10. #90
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    Eh, I think it probably is. Because of the timing requirements, you get people who have like a $500k businesses having to spend the planning resources now in case they hit the $5mm threshold in the future. If you wait until you hit the $5mm then it is usually way too late. So the structure captures a lot more people than the actual tax.
    I admit I have self-preservation issues when it comes to the estate tax, but this is just BS. A person with a $500K business isn't doing any wealth transfer strategies with their business and it would probably be malpractice to try and convince them to do so - they need the money from that business.

  11. #91
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    Because you have to actually do them, not just read about them. Using that article as an example, #1 is fine but is obviously very limited in effect. #3 is just giving shit away to unrelated entitites, so is kind of stupid to include. #2, #4 (these aren't even really used any more), and #5 are part of what the industries I mentioned above actually do. A regular person isn't going to be able to write a compliant ILIT, and handle the annual compliance requirements. Tech has done an awful job trying to take over those components; usually the products from things like Legal Zoom and similar are absolutely horrible and make things worse than would have been without them, and the person doesn't know what they are supposed to do on an annual basis. But you never find out and can't fix them because when the time comes to utilize them you're dead, so the whole process was a waste and the heirs end up spending twice as much to try to unravel and fix it.
    People don't really use ILITs and FLPs any more? We clearly have very different practices.

    A couple points of agreement so it doesn't look like I'm trying to pick a fight (I'm really not). Legal Zoom and the like are horrible for estate planning; whether taxes are an issue or not. Repealing the AMT is a good thing.
    Last edited by Wakelaw2006; 09-28-2017 at 11:38 PM.

  12. #92
    Last nerdy T&E lawyer comment. I'm not sure how much horse trading there will be on the specifics of the proposal, but I can see the estate tax as an easy trade for something on the corporate side. The GOP loves campaigning on repealing the "death tax," but it's a rounding error in the federal budget and it just doesn't impact very many people.

  13. #93
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    Yeah but it affects many Republicans in the federal government.

  14. #94
    Quote Originally Posted by Wakelaw2006 View Post
    Last nerdy T&E lawyer comment. I'm not sure how much horse trading there will be on the specifics of the proposal, but I can see the estate tax as an easy trade for something on the corporate side. The GOP loves campaigning on repealing the "death tax," but it's a rounding error in the federal budget and it just doesn't impact very many people.
    BUT THE FARMERS!

    Actually I was cracking up listening to some Trump death tax jargon about how it helps the poor, common man. There's a farm here in the DC area they had a representative for to support the tax break... And if you play much golf in the area you know River Road well. You hit some of the most expensive subdivisions prior to Congressional Country Club. Around the corner is TPC Potomac, Burning Tree and also Bethesda Country Club a quarter mile in the other direction. Before you're even with Trump National across the river, some of the most insanely expensive mansions pop up prior to hitting a few "family farms crushed by the estate tax." That's where the farm is, the kind of 100+ year old family passing acres of priceless land down to already wealthy offspring... Well over the $11M limit, think of all the membership dues a tax cut would get them.

    What happened to Ivanka's daycare deduction? That was like the one big win for the 1% that's not in the 0.1% group.

  15. #95
    PM a mod to cement your internet status forever RJKarl's Avatar
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    Quote Originally Posted by DCDeac View Post
    BUT THE FARMERS!

    Actually I was cracking up listening to some Trump death tax jargon about how it helps the poor, common man. There's a farm here in the DC area they had a representative for to support the tax break... And if you play much golf in the area you know River Road well. You hit some of the most expensive subdivisions prior to Congressional Country Club. Around the corner is TPC Potomac, Burning Tree and also Bethesda Country Club a quarter mile in the other direction. Before you're even with Trump National across the river, some of the most insanely expensive mansions pop up prior to hitting a few "family farms crushed by the estate tax." That's where the farm is, the kind of 100+ year old family passing acres of priceless land down to already wealthy offspring... Well over the $11M limit, think of all the membership dues a tax cut would get them.

    What happened to Ivanka's daycare deduction? That was like the one big win for the 1% that's not in the 0.1% group.
    CNN did a report on the farmers and small businesses. In a country of about 330 Million. EIGHTY families would have been impacted in 2015.

  16. #96
    Scooter Banks
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    Two articles.

    FACT CHECK: Trump Misleads on Who Benefits From Tax Plan


    Trump Could Save More Than $1 Billion Under His New Tax Plan [estimated based on what limited info is available on the subject]
    Last edited by ConnorEl; 09-29-2017 at 06:53 AM.
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  17. #97

  18. #98
    Scooter Banks
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    Three missing details from Republican tax plan should raise alarms for families

    Quote:
    ----------
    Details matter, but this framework points to large corporate tax cuts, modest middle-class tax cuts, and potential increases in taxes for families that earn more than the middle-class but don't quite qualify as wealthy.
    ----------

    I'll add that the actually wealthy stand to benefit quite a bit.
    Last edited by ConnorEl; 09-29-2017 at 07:00 AM.
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  19. #99
    Quote Originally Posted by Wakelaw2006 View Post
    People don't really use ILITs and FLPs any more? We clearly have very different practices.

    A couple points of agreement so it doesn't look like I'm trying to pick a fight (I'm really not). Legal Zoom and the like are horrible for estate planning; whether taxes are an issue or not. Repealing the AMT is a good thing.
    I think you ready my post wrong regarding ILITs, ILITs get used for sure (hence why I referenced drafting one in the next sentence). But I wouldn't go near an FLP at this point in time. Can get generally the same effect with an LLC structure that doesn't draw the same level of tax-avoidance scrutiny.

  20. #100
    Quote Originally Posted by Wakelaw2006 View Post
    Last nerdy T&E lawyer comment. I'm not sure how much horse trading there will be on the specifics of the proposal, but I can see the estate tax as an easy trade for something on the corporate side. The GOP loves campaigning on repealing the "death tax," but it's a rounding error in the federal budget and it just doesn't impact very many people.
    So then why keep it? It is a big topic for theoretical arguments with minimal logic behind it and minimal fiscal impact, that causes major heartburn and planning expense for people who likely will never need it but have to act like they will. It isn't worth the trouble of defending it, hence why plenty of states (NC included, thanks gridlock Obama and commielib Bev Perdue) got rid of it at the state level.

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