WakeandBake
Well-known member
They bought Collins by putting the SALT deduction back in.
Good
They bought Collins by putting the SALT deduction back in.
Is it really that easy for rich people to just declare themselves corporations?
https://www.brookings.edu/blog/up-f...shelter-for-wealthy-americans-c-corporations/
if stocks keep falling (-120 after an hour) after teh Flynn information, what will happen to the tax bill that only 28% of American agree with?
I find it hard to believe its terribly beneficial going from being taxed once to being taxed twice.
For years, the intricacies of the tax code have encouraged businesses to shun the traditional corporate form of business—the C-corporation—and instead to organize as what are known as “pass-throughs,” taxed not at the corporate rate but at the individual income tax rate. The incentive to structure a business as a pass-through is so strong that in 2014, 95 percent of America’s 26 million businesses were organized that way.
The pending reduction in the corporate tax rate from a maximum of 35 percent to 20 percent will flip the equation for many taxpayers, giving business owners and some wage earners a way to shelter their income and avoid paying taxes at the higher individual tax rates of up to 42.3 percent by becoming C-corporations. Because the Senate tax bill includes no rules to limit the ability of professionals—like managers, lawyers, or doctors—to incorporate and have their labor income treated as corporate profits, a non-corporate business may elect to be taxed at the corporate rate. And that election will be simple, requiring checking a box on a form, no lawyers required, no elaborate paperwork needed. This tax sheltering will not only cost the Treasury a substantial amount of money, it will benefit the highest-income and most financially sophisticated Americans in ways that do nothing to help the overall economy or create jobs.
I find it hard to believe its terribly beneficial going from being taxed once to being taxed twice
Some people apparently have a long view
We all have to lie in the bed we makeEvery day of trumps presidency must slowly kill him. Wants to be happy and gloat for tax reform passing, happens to fall the same day the russia investigation greatly intensifies. If he wasn’t such a piece of shit you might have sympathy for him.
I find it hard to believe its terribly beneficial going from being taxed once to being taxed twice
I'd love to see the wording of this "poll" which has 28% of americans approving of a bill that saves money for 90% of americans next year.
Why would it be taxed twice?
sorry 32%
The GOP’s tax bill is historically unpopular
APPROVE
YEAR POLLSTER TAX BILL YES NO DIFF.
1981 Gallup Reagan tax cut I 51% 26% +25
2001 Harris W. Bush tax cut I 49 37 +12
2010 ABC/WaPo Extending Bush tax cuts I 54 42 +12
2013 ABC/WaPo Extending Bush tax cuts II 45 38 +7
2003 Harris W. Bush tax cut II 45 39 +6
1986 CBS/NYT Reagan tax cut II 38 34 +4
1993 Gallup Clinton tax hike 34 44 -10
1990 Voter News Service H.W. Bush tax hike 41 52 -11
2017 November average* Trump tax cut 32 46 -14
*Average of surveys by CNN, Quinnipiac University, Morning Consult, ABC/WaPo and YouGov.
Note: The polls included in this table used different question wording, including variations on “support,” “approve” and “favor,” as well as “oppose” “disapprove” and “vote down.”
https://fivethirtyeight.com/features/the-gop-tax-cuts-are-even-more-unpopular-than-past-tax-hikes/
They bought Collins by putting the SALT deduction back in.
When you own a stock of a C-Corp, the Corporation pays a 20% tax rate when it's earned, and then you also pay taxes when they distribute the income to you.
You can't take the money cash free, although you can do tricky things like adjust the timing, give yourself loans, etc.
which is why you make yourself an S Corp and pass the income through that entity vs collecting a wage. everyone is a consultant
When you own a stock of a C-Corp, the Corporation pays a 20% tax rate when it's earned, and then you also pay taxes when they distribute the income to you.
You can't take the money cash free, although you can do tricky things like adjust the timing, give yourself loans, etc.
C-corporation shareholders would pay the 20 percent corporate tax, but also pay dividend or capital gains taxes on their individual tax returns at rates up to 23.8 percent. In practice, however, the effective rate on capital gains tends to be much lower than the statutory rate because shareholders can defer selling shares and because several provisions eliminate the tax entirely. In addition to the lower rate, C corporate form would allow many taxpayers the ability to deduct fringe benefits many pass-through business owners are currently unable to deduct, like health insurance premiums and fringe benefits, and to use itemized deductions, like state and local taxes paid, which would no longer be deductible for individuals. This favorable tax treatment will give some highly-paid wage earners or pass-through business owners strong incentives to turn their wages and pass-through income into corporate profits.
Well that's what I'd do, but they make that option not terribly viable for accountants/lawyers/etc. Although small (1.5%), there are also S-corp taxes. For the most part you can't justify having a wage below the SS cap of $127k, so the wage vs pass through benefit isn't that huge under the new tax rates. I mean I could maybe save a few thousand dollars if I got to the $400k income level, but the legal/accounting costs probably eat all that up.
a few thousand? you just said Americans would get a boner over $12-24,000