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Thread: Biggest Reform EVER passed thread

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  1. #1
    THE quintessential dwarf palmab03's Avatar
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    Biggest Reform EVER passed thread

    http://www.reuters.com/article/us-us...-idUSKCN1C1154

    Hadn't considered them dropping the state income tax deduction. That really sticks it to the NYC and California crowds. Also Maine & Oregon. Something the Pubs certainly have an incentive to do.
    Last edited by palmab03; 12-20-2017 at 01:49 PM.
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  2. #2
    Scooter Banks
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    Do they care about the deficit/debt any more?
    I love mankind...itís people I canít stand!!

  3. #3
    Quote Originally Posted by ConnorEl View Post
    Do they care about the deficit/debt any more?
    when the tax cuts hit the economy will go into overdrive. this will mean we will actually have a surplus and paying other country's debt for sexual favors by the time 2020 hits

  4. #4
    THE quintessential dwarf palmab03's Avatar
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    It does make some sense to eliminate the state tax deduction in theory. States who spend too much subsidize it from those that don't.
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    Scooter Banks
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    I'd be happy if they would significantly raise the phase outs for tuition tax credits and deduction.
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    THE quintessential dwarf palmab03's Avatar
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    Quote Originally Posted by ConnorEl View Post
    I'd be happy if they would significantly raise the phase outs for tuition tax credits and deduction.
    It's shocking to me how pretty much everyone in my industry coming out of school seems to be either living with their parents or in like 4-6 people per apartment, and/or have to live a 90 minute commute away. Like $175k in debt coming out of school for a job that doesn't start paying 6 figures until you're 15 years in is absolutely nuts. What good is a $2,500 cap on student loan interest?
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  7. #7
    Quote Originally Posted by palmab03 View Post
    It does make some sense to eliminate the state tax deduction in theory. States who spend too much subsidize it from those that don't.
    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.

  8. #8
    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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  9. #9
    THE quintessential dwarf palmab03's Avatar
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    Doubling the standard deduction for most middle class people will result in $130/mo (25% bracket) or $150/mo (28% bracket) more take home pay per month per person assuming you're in that 25% tax bracket. Not bad, get her done, Pubs.
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  10. #10
    Scooter Banks
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  11. #11
    meh, only poors and rubes use the standard deduction. I would prefer they reduce the carried interest and capital gains tax rates.

  12. #12
    Quote Originally Posted by DEACisGO View Post
    meh, only poors and rubes use the standard deduction. I would prefer they reduce the carried interest and capital gains tax rates.
    Lower these!

    Taking out the state deduction is dumb!

  13. #13
    Fuck the interest, the principal on educational expenses should be deductible as well. It should be treated as a business expense like all the others. It is idiotic that I can deduct my continuing education expenses but I can't deduct my primary education expenses.

  14. #14
    My big 4 experience wasn't that bad. I did work small market

  15. #15
    Yeah I didn't mean that to sound like "selling out" just based it on what I've heard from friends who went that route and comparatively to attorneys who go medium to big law right out of law school.

  16. #16
    Quote Originally Posted by palmab03 View Post
    That really sticks it to the NYC and California crowds.
    Learn 2 business, big economy states.

  17. #17
    The phase outs on student loans is so dumb

    I've always said you should be able to pay from pre tax income like a 401k or Roth contribution

  18. #18
    Steve Lepore
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    Sadly, another clusterfuck on the way. Pass the popcorn, the show is beginning.

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    Scooter Banks
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    Scooter Banks
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