General Discussion

roamer65

(37,896 posts)

35. It's more of a tax shift.

Fri Sep 29, 2017, 12:29 AM

Sep 2017

Those who use the standardized deduction will see a tax cut. Those who itemize will probably see a tax increase through loss of deductions.

The rich will benefit greatly from the estate tax changes. Too much so.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

56 replies

= new reply since forum marked as read

Highlight:

The itemized deductions Trump plans to eliminate [View all] jmowreader Sep 2017 OP

K&R DBoon Sep 2017 #1

the wealthy need more money Angry Dragon Sep 2017 #2

swap out "all" for "more" and you're getting closer. TeamPooka Sep 2017 #18

Said this in January, Wellstone ruled Sep 2017 #3

I heard the personal exemption would go away under his plan. Ilsa Sep 2017 #4

That's actually a brilliant idea. PoindexterOglethorpe Sep 2017 #7

Don't try it without consulting an attorney well-versed in tax code. Ms. Toad Sep 2017 #23

Yeah, I'd hope the poster thinking of this does that. PoindexterOglethorpe Sep 2017 #26

Reciprocal gifts Cary Sep 2017 #27

Start a charity, fund it, PoindexterOglethorpe Sep 2017 #28

Form 1023 Cary Sep 2017 #31

The personal exemption is not going anywhere. former9thward Sep 2017 #20

Google where? creeksneakers2 Sep 2017 #32

Well the OP was certain what was in it. former9thward Sep 2017 #40

The OP read Trumps prospectus jmowreader Sep 2017 #42

Its not speculative creeksneakers2 Sep 2017 #46

Page four does not give any tax details for a real life taxpayer. former9thward Sep 2017 #48

Here's a real life situation creeksneakers2 Sep 2017 #49

Yes I need an example. former9thward Sep 2017 #50

Ummm, no. That would be tax fraud. marybourg Sep 2017 #53

Some of those are going to hit small businesses hard underpants Sep 2017 #5

Some will hit large businesses hard jmowreader Sep 2017 #9

That's actually a good one Sgent Sep 2017 #16

It Also Encourages Hyper-Consolidation ProfessorGAC Sep 2017 #38

It would discourage buying new equipment, too jmowreader Sep 2017 #43

Haven't been able to itemize for years MichMan Sep 2017 #6

how is it that the media insists on calling this a tax cut? unblock Sep 2017 #8

Doubling of the standard deduction. former9thward Sep 2017 #21

Yes ymmv and there will be winners and losers unblock Sep 2017 #22

That is the one part I do like of it. roamer65 Sep 2017 #34

Neither party will ever go for that. former9thward Sep 2017 #41

They plan to limit personal deductions to zero jmowreader Sep 2017 #44

That only hurts poor families more. moriah Sep 2017 #52

No, it will RAISE taxes for many jmowreader Sep 2017 #55

It's more of a tax shift. roamer65 Sep 2017 #35

"truly insane"---Only if one doesn't know the purpose! WinkyDink Sep 2017 #37

Raising your taxes!!!!! Left-over Sep 2017 #10

This will win the Dems the house in 2018 if it passes Johonny Sep 2017 #11

Until all forms of compensation is treated as regular income, taxes are going to be a scam. nt fleabiscuit Sep 2017 #12

I run a Business out of my home. How will this affect me? ProudMNDemocrat Sep 2017 #13

If you run a business.... Kensan Sep 2017 #15

I do that already as you stated. ProudMNDemocrat Sep 2017 #19

Because we havent seen the bill, we dont know jmowreader Sep 2017 #45

There's going to be a lot of lobbying going on.... Kensan Sep 2017 #14

With Sgent Sep 2017 #17

Never mind Yo_Mama_Been_Loggin Sep 2017 #24

The plan is also to raise the lowest tax bracket from 10 to 12 percent on taxable income. LiberalFighter Sep 2017 #25

People have already hurt people when Congress cut medical and dental deductions cut by only still_one Sep 2017 #29

So when do the trickle down benefits from the Reagan era kick in ? nocalflea Sep 2017 #30

Don't forget creeksneakers2 Sep 2017 #33

I'm so glad Trump is getting rid of the last deduction on this list. Bluepinky Sep 2017 #36

Medicare and Medicaid are going bye bye, disabled people will be .... Eliot Rosewater Sep 2017 #51

I remember how he mocked a disabled reporter at one of his rallies. Bluepinky Sep 2017 #56

Most of these don't matter for the middle class Drahthaardogs Sep 2017 #39

Medical and dental is a big deal to those on the individual market. OldHippieChick Sep 2017 #47

This need to be leaked to all the rubes. DK504 Sep 2017 #54