Politics
Out of context: Reply #28742
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- dorf2
GOP Tax Plan Released... and the Winners are:
Big corporations.
American mega-businesses would get a substantial tax reduction. The bill cuts the top rate that large corporations pay from 35 percent to 20 percent, the biggest one-time drop in the big-business tax rate ever. On top of that, companies would get some new tax breaks to help lower their bills, such as the ability to deduct all the costs of purchasing new equipment, as well as a special low rate on any money they bring back to the United States from low-tax countries such as Ireland. Many businesses have been holding cash overseas to avoid 35 percent U.S. taxes. Now they would get to bring the money home at a tax rate of 12 percent. The entire business tax system would also change from a worldwide system, in which money anywhere around the globe is taxed, to a territorial system in which it's mostly money made in the United States that is taxed. Businesses have long lobbied for this change.The super-rich.
The estate tax, often called the “death tax” by its critics, would go away by 2024, meaning wealthy families would be able to pass on lavish estates and trust funds to their heirs tax-free. At the moment, only estates worth over $5.49 million face the estate tax (the GOP plan doubles that amount immediately until the tax goes totally away). The mega-wealthy also would get to keep charitable deductions, a popular way to lower their tax bills, and they no longer would have to pay the alternative minimum tax (AMT), a safeguard against excessive tax dodging that's been in place since 1969.People paying the AMT.
The bill eliminates the alternative minimum tax, which forces people who earn more than about $130,000 to calculate their taxes twice, once with all the deductions they can find and once with the AMT method, which prevents most tax breaks. There is perhaps no better example of how much this will benefit the rich than that fact that Donald Trump would have paid $31 million less in taxes in 2005 (the one year for which we have his tax returns) without the AMT."Pass through" companies.
Some wealthy Americans who run businesses structured as sole proprietorships, partnerships or LLCs would get a sizable discount on their taxes. Under the GOP bill, these "pass through" companies would pay a tax rate of only 25 percent on 30 percent of their business income, a big reduction from the 39.6 percent rate some pay now. The bill tries to prevent "service firms" like law firms and accounting firms from being able to pay the lower 25 percent rate, but a good tax lawyer can probably make the case for these firms to qualify. Also, on the campaign trail, Trump said that hedge funds were “getting away with murder” on their taxes and that he would take away carried interest, the popular opening in the tax code these Wall Street titans use. But the bill does not change or eliminate carried interest, which is also used by some real estate developers.- you forgot robomgtronix333kkk********
- lol. "he understands us, he's different, he's anti-establishment"fadein11
- robotard3KKK & Trollomg are ecstatic ...
this will help them get out of mom's basement cave.Ramanisky2 - Your mom's basement cave is warm and cozy. A playground for fun and adventure.********
- good one you filthy troll
good oneRamanisky2 - meanwhile, Paul Ryan says you'll get $1100 big ones or $100/month to live big and live lavish. an american with avg $50k salary gets 2% tax break. #winningdorf
- only 2 kinds of people would support this bill, billionaires, and idiots.GuyFawkes
- so we can def cross out trollomg & robotard3KKK off of the billionaire list which makes them ....Ramanisky2
- hold on, so you don't want an extra $1100? That's like free service for your iPhone.********
- I wonder how many kids in poor countries get to carry computers in their pockets to access the WWW and all it provides.********
- ^ weak trolling #saddorf
- lolGuyFawkes
- oh yurimorazal
don't change man.GuyFawkes - omg will finally be able to afford classes to get that GEDzaq
- and put up some new wallpaper inside his mom's cave... spruce it up real nice.Ramanisky2
- Fuk yeeee my LLC will be buying a Maserati before EOY. Eat it poor peoples!robotron3k
- tax INCREASES for the lower and upper middle class. It's a fucking joke.formed
- lol, a maserati? you fucking peasant!dorf
- you forgot robomgtronix333kkk