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Its Official, The Tax Cuts Screwed Small Business

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Its Official, The Tax Cuts Screwed Small Business

Old 04-02-2019, 08:02 AM
  #31  
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Originally Posted by Erno86 View Post
Trump's tax cuts were all a ruse --- mean't to get the rich richer an the poor poorer --- by just giving justification for Trump an most of the Repub's, an excuse to cut-off Social Security, Medicare, social and environmental protection programs --- That would benefit the rich and do harm to our economy, jobs and the ecological systems of our planet.
how do you figure when all the tax cuts went to the lower wage earners?
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Old 04-02-2019, 08:48 AM
  #32  
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It's kind of hard to figure out as Fed tax withholding was also cut for last year (2018). So people had less money withheld and (presumably) lower taxes. Some got a refund and others paid more than expected but overall, most paid less in taxes than last year.

I'd agree with Erno on corporations getting a tax cut. But that's about all I'd agree with. Corporate tax rates going down to 21% from 35% has obviously stimulated the job market as evidenced by low unemployment figures. Which means the economy and jobs were helped, not harmed. The "ecological systems" comment is just more fluff and hot air.

I disagree with Erno about the poor getting poorer. From what I can see, anybody making less than 6 figures got a nice tax cut and a lot more job opportunities. They're not getting poorer. They're paying less taxes, have more job opportunities and a real chance at improving their lives. Unlike the previous administration.
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Old 04-02-2019, 09:26 AM
  #33  
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Originally Posted by CalHunter View Post
It's kind of hard to figure out as Fed tax withholding was also cut for last year (2018). So people had less money withheld and (presumably) lower taxes. Some got a refund and others paid more than expected but overall, most paid less in taxes than last year.

I'd agree with Erno on corporations getting a tax cut. But that's about all I'd agree with. Corporate tax rates going down to 21% from 35% has obviously stimulated the job market as evidenced by low unemployment figures. Which means the economy and jobs were helped, not harmed. The "ecological systems" comment is just more fluff and hot air.

I disagree with Erno about the poor getting poorer. From what I can see, anybody making less than 6 figures got a nice tax cut and a lot more job opportunities. They're not getting poorer. They're paying less taxes, have more job opportunities and a real chance at improving their lives. Unlike the previous administration.
We made well into 6 figures and got a nice tax cut but maybe you mean a single person making 6 figures alone?
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Old 04-02-2019, 10:49 AM
  #34  
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Originally Posted by Erno86 View Post
Trump's tax cuts were all a ruse --- mean't to get the rich richer an the poor poorer --- by just giving justification for Trump an most of the Repub's, an excuse to cut-off Social Security, Medicare, social and environmental protection programs --- That would benefit the rich and do harm to our economy, jobs and the ecological systems of our planet.
Straight out of the liberal handbook!
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Old 04-03-2019, 06:14 AM
  #35  
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Originally Posted by rockport View Post
We made well into 6 figures and got a nice tax cut but maybe you mean a single person making 6 figures alone?
Actually, I was talking about joint returns. From some of your posts, it sounds like maybe you're self-employed which is a very different tax situation than a person who just works for somebody else. My comments were about somebody who works for somebody else, not self employed or getting their income from stock investments.

I probably should have used a figure of less than $150K instead of less than 6 figures. There is, however, a definite difference in tax rates at incomes of $50K, $100K, $150K and north of $200K. As you go up, you tend to get less money back. Write-offs have been severely reduced, exemptions are gone and credits are now used instead. The standard deduction of $24K for a couple is almost 50% of a $50K income, almost 25% of a $100K income but goes down to about 12% for a $150K income and is around 6% for a $200K income. That's what I was referring to.

It's better but it's also different. If you don't adjust your withholding amounts upward, you'll find a bigger tax bill since the Trump tax plan also reduced the withholding. It's still an improvement but I expect 2019 TY will be a lot easier after adjusting withholding.
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Old 04-03-2019, 01:56 PM
  #36  
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Originally Posted by Coastal Mountaineer View Post

While I'm happy about tax cut refund, I'm not happy about it's impact on the deficit.
The tax revenues are at an all-time high to the Federal Government like it always happens after tax cuts. As always, it is not a revenue problem, it is a spending problem.

Sorry, Just saw FM made almost my identical point earlier. I guess it needed repeated.

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Last edited by C. Davis; 04-03-2019 at 01:59 PM.
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Old 04-03-2019, 02:59 PM
  #37  
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Yep, lost 30k worth of small business deductions over last year. So that's not taking into account what they would have been this year. Not a good tax bill for small businesses.
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Old 04-03-2019, 06:03 PM
  #38  
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Originally Posted by Fieldmouse View Post
no, like I said, no surprise you don't know what's really going on. I dont believe you when you claim your at the lowest tax % ever. You just want to think you are but then again, Trump did remove several from actually paying taxes. I guess you could fall into that category. Enjoy it while it lasts. When the higher rates kick back in, so does the auto-increase they tacked on to the tax rates.
However, as my thread pointed out, the new tax bill the Republicans pushed through did no favor for the small business owner and it has become very clear. While large corporations got this sweet heart deal, the number one employer in the US, the small business owner, didn't fair so good. I pointed out this issue when the bill was being debated and now the numbers are in. The bill went up because deductions were taken away. So much for the tax cuts favoring the rich.
I'm Thinking there is a LOT of pot, meet kettle here.
You post A LOT of things that you know precious little about.
And this appears to be one of those.

There are more people making more money due to reduced tax burdens then in past years. If you're paying more. You need a new accountant.
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Old 04-04-2019, 02:21 AM
  #39  
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There are more people making more money due to reduced tax burdens then in past years. If you're paying more. You need a new accountant
Why did you use the word "more" instead of the word "all"? Can you please explain why? While I have reasons to be thinking about getting a new accountant, I can assure you, it's not due to the latest tax cuts.

So because you're probably going to duck answering my question, I will go ahead and explain why you did say "all". The Republicans, including Trump, were very scared about hearing "tax cuts for the rich". "All the tax cuts went to the rich". They were so scared they played cutesy with the tax code instead of just simply give across the board tax cuts. They were a bunch of wusses. Then it comes to corporate tax cuts. While they bent over backwards for large corporations, they screwed the number one employer in the US, the small business owners. Now if I was just the average Joe, getting 12k or 24k filing jointly deduction, the average Joe made out very well. Many got most of their income dumped from the tax rules. In the end, they're still blamed for giving tax cuts to the rich.

So to sum this up, buzz off.

Last edited by Fieldmouse; 04-04-2019 at 04:20 AM.
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Old 04-04-2019, 06:52 AM
  #40  
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Now that is rich, the Champeen ducker has the unmitigated gall to accuse others of ducking .
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