My wife is a noted tax lawyer...she says we'll make out like bandits with Trump's tax plan

[brooklynite]

His voters? Not so much.

[WinkyDink]

1. Really? Lucky you. I'd go from 28% to 35%.

[radical noodle]

2. Form an LLC... n/t

[brooklynite]

3. Exactly...

My wife receives a share of partnership income, which would go from the top marginal personal rate to the 15% corporate rate.

[WinkyDink]

5. Well, seems easy to say, but WTH is that and how does one become one? My savings are diversified.

[kerry-is-my-prez]

12. I used to have one - you have to pay money to a lawyer to set one up.

[radical noodle]

14. I think you can do it online now

depending on the state you're in and the rules they have.

I had a boss who started a fake business/LLC in Montana in order to buy cheaper license plates for his motor home. He'd never lived in Montana but could do it with no problem. Trump probably has tons of fake LLCs. Granted, some of them wouldn't pass tough scrutiny, but it's unlikely they'd ever be questioned as long as they pay their fees (which are usually quite small).

I would wait until the details of what passes and what does not (in terms of tax policies) until I thought seriously about it.

[Doreen]

4. My brother, also a tax lawyer will also probably do well also.

He voted for Hillary by the way. I am curious how some of his clients are going to fare. I am not talking about the ones in his law office. He is a German consulate also and I wonder with how our relations with Germany has become strained because of trump how they are going to fare living here in the states or having a crossing business between Germany and here.

[DFW]

6. The Germans already thumb their nose at US tax law and the double taxation treaty

I'm a US citizen living in Germany, and get a part of my income from a partnership in the USA, but since it is a different form of what the Germans are used to, they are ignoring the structure and trying to tax me on the starting principle, AFTER the US tax has been taken out. Besides the Double Taxation Treaty clearly stating that this is not permissible, the Germans want 50% of the starting principle, which, after the US takes out its 35%, leaves me with a little under 15% net. A neighbor of ours is a judge on the Finanzgericht zu Düsseldorf, wrote his doctorate on double taxation, and is a full professor at the University of Bonn. He says the German government's argument is total BS, but a judge can't do anything until a case is brought before him/her. "Enteignung" is still alive and well here.

[Doreen]

8. Damn, that is a lot of lost money.

[DFW]

9. And I get zero benefits from it

No pension, no health insurance, no nothing, just the right to wake up next to my wife in the morning (which is worth anything, but that is about what I'm being asked to pay, too).

[Doreen]

11. Sorry, that sucks.

[DFW]

13. We agree!!

We have some accountants working on it, but being Germany, we are dealing with uncaring, appointed-for-life bureaucrats whose job it is to say no to anything that they feel like denying.

[Skidmore]

7. How do you determīne this? nt

[WinkyDink]

10. My guess is already having quite a bundle.