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11-02-2017, 07:20 PM
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#46
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Veteran
Join Date: Feb 2013
Location: Washoe County, Nevada
Posts: 2,253
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The pass through provisions allowing individuals to claim the lower business tax rate seems ripe for abuse. Or just intelligent use of the rules if you prefer.
If _______ pays a 25% rate but _______,inc. 20% who wouldn’t find a way to classify their income as business if at all plausible? Every Doctor and Lawyer in the country will just turn themselves into a LLP if they haven’t already. As will a lot of other individuals.
I understand all the wheels are still in motion and the lobbyists are just getting started but this one stuck out for me. It had been hinted at all year.
I can’t find specifics on the limits for gambling losses which I assume might be of interest to some on this board. Anyone else have better luck?
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11-02-2017, 07:45 PM
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#47
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Out-of-town Jasper
Join Date: Nov 2009
Posts: 2,364
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Quote:
Originally Posted by chadk66
there may be a hell of a lot that pay 35% via Alternative Minimum Tax
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AMT would be eliminated.
__________________
“If you want to outwit the devil, it is extremely important that you don't give him advanced notice."
~Alan Watts
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11-02-2017, 07:56 PM
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#48
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Registered User
Join Date: Jan 2006
Posts: 28,579
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Quote:
Originally Posted by _______
I can’t find specifics on the limits for gambling losses which I assume might be of interest to some on this board. Anyone else have better luck?
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I would have to guess that the gambling-loss rate for most players is about 100%.
__________________
"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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11-02-2017, 08:06 PM
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#49
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Registered User
Join Date: Jan 2015
Posts: 1,973
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Quote:
Originally Posted by _______
I can’t find specifics on the limits for gambling losses which I assume might be of interest to some on this board. Anyone else have better luck?
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Found this older link on earlier versions of the plan. If accurate, it would be a game changer for horseplayers. Illinois was like this when I was a resident.
https://www.nmcpa.com/blog/deduction...proposal/42502
Quote:
Gambling Losses – Currently, gambling losses are only deductible in an amount equal to gambling winnings. Under Trump’s plan, these losses would no longer be deductible, meaning that taxpayers would have to pay taxes on all their winnings – even if they have net losses. Senior citizens and others who gamble recreationally could be hit with significant taxes even when they actually lose money.
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11-02-2017, 10:33 PM
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#50
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by _______
The pass through provisions allowing individuals to claim the lower business tax rate seems ripe for abuse. Or just intelligent use of the rules if you prefer.
If _______ pays a 25% rate but _______,inc. 20% who wouldn’t find a way to classify their income as business if at all plausible? Every Doctor and Lawyer in the country will just turn themselves into a LLP if they haven’t already. As will a lot of other individuals.
I understand all the wheels are still in motion and the lobbyists are just getting started but this one stuck out for me. It had been hinted at all year.
I can’t find specifics on the limits for gambling losses which I assume might be of interest to some on this board. Anyone else have better luck?
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Personal service income will not be able to take advantage of lower business rates. Income earned that would typically be equivalent to wages cannot be turned into "business income" at the lower rate.
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11-02-2017, 10:38 PM
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#51
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by Parkview_Pirate
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If I read the bill correctly the only change for gambling losses would affect professional players. Under current law professional gamblers can create a net operating loss by deducting their costs of gambling. Costs include internet, racing forms, travel, etc. The change would treat all costs as gambling losses subject to the gambling winnings limitation.
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11-02-2017, 10:42 PM
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#52
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by FantasticDan
This Republican tax plans mostly benefits the wealthy and super-wealthy and will add $$$$$$$$ to the deficit.
Still on board, right?
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What provision in the bill makes you believe that the wealthy and super-wealthy will be most benefited?
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11-02-2017, 11:31 PM
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#54
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by FantasticDan
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The articles would have you believe that only rich people own stocks and get dividends. And because the dividends will be increased due to lower corporate taxes only the rich will benefit. Of course this kind of ridiculous thinking doesn't consider all of the public pensions, private pensions, 401-Ks, and IRAs that are invested in stocks that will benefit. Most US cities and state governments are under major economic stress because of underfunding of pension plans. Can more dividends really be a problem?
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11-03-2017, 09:27 AM
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#55
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,983
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If the GOP is solidly behind passing this, them I am worried.
they are never 100% behind the people, only themselves.
Sounds like a rush job for talking points and nothing of any substance for us. Where is the sound, well thought out plan they had 8 freaking years to design?
Do not trust the GOP, especially when they tell you they are doing a good job for you.
Bottom line, the GOP just lack the balls to do anything the dems will not like. They are sniveling cowards and liars.
__________________
Who does the Racing Form Detective like in this one?
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11-03-2017, 09:40 AM
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#56
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Registered User
Join Date: Feb 2005
Posts: 1,144
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Quote:
Originally Posted by Tom
If the GOP is solidly behind passing this, them I am worried.
they are never 100% behind the people, only themselves.
Sounds like a rush job for talking points and nothing of any substance for us. Where is the sound, well thought out plan they had 8 freaking years to design?
Do not trust the GOP, especially when they tell you they are doing a good job for you.
Bottom line, the GOP just lack the balls to do anything the dems will not like. They are sniveling cowards and liars.
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Agreed....they are the best of a worthless lot.
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11-05-2017, 10:11 PM
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#57
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gelding
Join Date: Oct 2008
Posts: 8,883
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11-05-2017, 10:15 PM
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#58
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Registered User
Join Date: Jan 2008
Posts: 2,472
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Tax The Churches.
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11-06-2017, 11:05 AM
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#59
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,983
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Tax Churches, yes, absolutely.
Tax cuts for the wealthy - You libs need to get a new schtick.,...that lie has been used for too many years now, and it is a lie.
btw, who is Seth Hanlon and who really cares?
__________________
Who does the Racing Form Detective like in this one?
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11-06-2017, 11:21 AM
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#60
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Registered User
Join Date: Jul 2013
Posts: 17,095
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Quote:
Originally Posted by FantasticDan
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Seth Hanlon and others need to read the linked articles before posting them.
Quote:
Despite the research and President Trump's pleas, House Ways and Means Committee Chairman Kevin Brady (R-Tex.) said Friday that he is unlikely to add changes to health-care policy to the tax legislation, because doing so would doom its chances in the more closely divided Senate.
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__________________
A man's got to know his limitations. -- Dirty Harry
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