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Author
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Topic: Tax Bill
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Node
Knowflake Posts: 3161
From: 2,015 mi East of Truth or Consequences NM
Registered: Apr 2009
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posted November 27, 2017 04:17 PM
  
 IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 02, 2017 11:59 PM
Passed. IP: Logged |
Node
Knowflake Posts: 3161
From: 2,015 mi East of Truth or Consequences NM
Registered: Apr 2009
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posted December 03, 2017 06:31 PM
 Nothing to see here; just a criminal case of come hell or high water. IP: Logged |
juniperb
Moderator Posts: 11725
From: Blue Star Kachina
Registered: Apr 2009
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posted December 04, 2017 12:47 PM
^ Node  ------------------
Partial truth~the seeds of wisdom~can be found in many places...The seeds of wisdom are contained in all scriptures ever written… especially in art, music, and poetry and, above all, in Nature.
Linda Goodman IP: Logged |
teasel
Knowflake Posts: 14025
From:
Registered: Apr 2009
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posted December 04, 2017 12:51 PM
quote:
Originally posted by Node:
Nothing to see here; just a criminal case of come hell or high water.
IP: Logged |
Catalina
Knowflake Posts: 6674
From: shamballa
Registered: Aug 2013
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posted December 04, 2017 02:16 PM
A CEO has a powerful fiduciary duty to return all profits to shareholders — not to the employees, or the suppliers, or the community and certainly not to the unemployed or left behind. Let me say that again: Profit goes to shareholders (and the CEO) and not to the employees.
http://www.philly.com/philly/opinion/commentary/gop-republican-tax-reform-bill-la-colombe-todd-carmichael-20171128.html?mobi=true IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 04, 2017 03:36 PM
Wrong. That's only if paying a dividend. Officers have a fiduciary duty to make decisions that are in the best interests of the corporation, which can mean using profits for expansion, reinvestment, and salary/wage increases.IP: Logged |
Catalina
Knowflake Posts: 6674
From: shamballa
Registered: Aug 2013
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posted December 04, 2017 03:46 PM
And of course you know all.. forgive me but i've forgotten what huge concern you are CEO of...? IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 04, 2017 03:48 PM
Well, I have a final next Wednesday for a class called Bus Orgs that is about exactly this topic.IP: Logged |
Catalina
Knowflake Posts: 6674
From: shamballa
Registered: Aug 2013
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posted December 04, 2017 03:59 PM
What is the difference between theory and practice? You think the CEO quoted is lying or Just ignorant ?IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 04, 2017 05:07 PM
He is grossly misinformed. The CEO is typically just a figurehead, although an officer, and officers run the day-to-day tasks. The Directors are the ones in charge of running the corporation. IP: Logged |
StubbornVirgo
Knowflake Posts: 2858
From: Welcome to Mercury
Registered: Jul 2015
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posted December 05, 2017 09:08 AM
The WP has created a calculator so that people can find out if the tax bill will create a cut or hike in taxes for them, on an individual basis. https://www.washingtonpost.com/graphics/2017/busines s/what-republican-tax-plans-could-mean-for-you/?utm_term=.b7af9dc2863a I'm not agreeing with anybody in particular, but the news is rather misleading these days. According to ABC News, my taxes will increase significantly. According to this calculator, I will get a tax cut (although I am a single taxpayer with no dependents - I usually pay out the you know what every year). And I am definitely what you would consider middle class, and by some definitions lower to middle class. Also, for people who worry that the tax cuts "will end in 10 years" keep in mind that many, many bills from Obama era also have an expiration date - pretty much any bill does. And, also keep in mind, that we will likely have a different president, senate, and house of representatives in 10 years. So we will likely undergo more tax changes then. IP: Logged |
StubbornVirgo
Knowflake Posts: 2858
From: Welcome to Mercury
Registered: Jul 2015
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posted December 05, 2017 12:09 PM
quote:
Originally posted by BlueRoamer:
It's also a direct assault on the American dream, the idea that with hard work one can rise up from poverty to the upper classes. By increasing taxes on the upper middle class and eliminating deductions, they thicken the glass ceiling, producing a strong impediment to rising into the upper class.
This just isn't true. The people who will see the least amount of tax cuts is those who make $0 to 25,000, not the upper middle class - they're getting a tax cut averaging $900 and up. To be quite frank, it kind of makes sense that people who make less get less of a tax cut. When I was employed for just 6 months out of a year, I made only $15,000 that year and got a pretty nice return on my taxes. Now that I'm making more money, I pay more taxes and get less of a return. It doesn't make sense to give more of a return on their taxes to someone who is making less $ and contributing less (tax wise), because they're already getting more of a return on their taxes every year than someone who is making more $. I just wish people would look at this proportionately, and with a level head instead of having a knee-jerk emotional response and believing everything they're seeing on the news these days. IP: Logged |
Catalina
Knowflake Posts: 6674
From: shamballa
Registered: Aug 2013
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posted December 05, 2017 01:32 PM
He is grossly misinformed.He is CEO and owner of a huge concern. Experoence vs textbook IP: Logged |
Catalina
Knowflake Posts: 6674
From: shamballa
Registered: Aug 2013
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posted December 05, 2017 01:37 PM
Stubborn Virgo.. someone who makes $15k or less typically spends every penny back into the economy, pays sales taxes, medicare, SS and other indirect taxes. If they are self employed they pay 15% to SS alone and in many cases that bill will go up due to lost deductions. Are you in the habit of squeezing blood from stones? I agree however with your conclusion. Panic is counterproductive especially before the bill has actually gone to completion. We need to check as many resources as possible since analyses are typically biased even tho figures should be concrete. I am still flummoxed at why people whose wealth is already in trusts need a break on large estate inheritance tax. IP: Logged |
jwhop
Knowflake Posts: 14371
From: Madeira Beach, FL USA
Registered: Apr 2009
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posted December 05, 2017 04:30 PM
"I am still flummoxed at why people whose wealth is already in trusts need a break on large estate inheritance tax."Because it's THEIR MONEY OR PROPERTY and IT'S ALREADY BEEN TAXED WHEN THEY EARNED IT. IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 05, 2017 05:36 PM
quote:
Originally posted by StubbornVirgo:
This just isn't true. The people who will see the least amount of tax cuts is those who make $0 to 25,000, not the upper middle class - they're getting a tax cut averaging $900 and up. To be quite frank, it kind of makes sense that people who make less get less of a tax cut. When I was employed for just 6 months out of a year, I made only $15,000 that year and got a pretty nice return on my taxes. Now that I'm making more money, I pay more taxes and get less of a return. It doesn't make sense to give more of a return on their taxes to someone who is making less $ and contributing less (tax wise), because they're already getting more of a return on their taxes every year than someone who is making more $.I just wish people would look at this proportionately, and with a level head instead of having a knee-jerk emotional response and believing everything they're seeing on the news these days.
IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 05, 2017 05:38 PM
It's likely that tax cuts will simply be renewed in ten years. The Republicans actually wanted them to be permanent, but budget reconciliation requires an expiration.IP: Logged |
BlueRoamer
Knowflake Posts: 907
From:
Registered: Apr 2009
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posted December 05, 2017 05:41 PM
For anyone who thinks this bill is going to help them or anyone they know, I have a dog that poops gold I'd like to sell you.Enjoy your continued struggle for survival while the rich feast and laugh. Wake up and vote democrat before we end up living in a Russia-like hell hole with no opportunity for advancement. As Trump all too well knows, there's a sucker born every minute, and the sucker is the American people. Enjoy your smoldering poop hole! IP: Logged |
Catalina
Knowflake Posts: 6674
From: shamballa
Registered: Aug 2013
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posted December 05, 2017 06:31 PM
Trust money isnt liable to inheritance tax. That's why it's in a trust not an individual name. Anyone can create one, but the more people have the more likely they don't pay any inheritance tax at allAnyway anything over the bottom limit will be in the Virgin Islands or other black hole venue. Why should a teacher pay a higher rate of tax than Don Wan or Apple? Because the richer one is the more one resents anyone benefiting from their stash without their control IP: Logged |
StubbornVirgo
Knowflake Posts: 2858
From: Welcome to Mercury
Registered: Jul 2015
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posted December 05, 2017 08:05 PM
quote:
Originally posted by jwhop:
"I am still flummoxed at why people whose wealth is already in trusts need a break on large estate inheritance tax."Because it's [b]THEIR MONEY OR PROPERTY and IT'S ALREADY BEEN TAXED WHEN THEY EARNED IT.[/B]
Exactly. Why should they have to pay taxes twice? And why should people (who could be rich OR poor btw) have to pay EXTRA money when they inherit property? And if you don't understand why people who make more and already pay more in taxes than someone who makes substantially less (and therefore pays less in taxes) should receive a higher tax break, then you don't understand how basic math works. IP: Logged |
StubbornVirgo
Knowflake Posts: 2858
From: Welcome to Mercury
Registered: Jul 2015
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posted December 05, 2017 08:17 PM
Are you really saying that someone who makes $15,000 a year pays MORE towards social security and Medicare than someone who makes $60,000? Keep in mind that the person making $60,000 doesn't qualify for any assistance programs that a person below the poverty level does. Everything from rent, car payment, heating bill, groceries, healthcare (including insurance, medications, supplies) etc comes straight out of their paycheck, along with standard deductions. Also keep in mind that people making $60,000 per year will likely PAY even more taxes on tax day than someone making $15,000 (who will likely get a larger tax refund).It's simple math that those who make more money, pay more taxes. Giving a large tax break to those who already are not contributing as much does not make much financial sense. IP: Logged |
StubbornVirgo
Knowflake Posts: 2858
From: Welcome to Mercury
Registered: Jul 2015
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posted December 05, 2017 08:32 PM
quote:
Originally posted by Catalina:
Trust money isnt liable to inheritance tax. That's why it's in a trust not an individual name. Anyone can create one, but the more people have the more likely they don't pay any inheritance tax at allAnyway anything over the bottom limit will be in the Virgin Islands or other black hole venue. Why should a teacher pay a higher rate of tax than Don Wan or Apple? Because the richer one is the more one resents anyone benefiting from their stash without their control
That's not true, either. There are trusts that accrue taxes prior to being inherited, and then require the heir to pay back taxes (even though their grandparents or parents paid plenty of taxes when they bought it). It doesn't make sense to pay taxes twice. Why should anyone benefit from another's hard earned cash? I'm not entitled to anything that Apple has earned. I'm entitled to only that which I earn - a concept that seems to be upsetting many Democrats about this tax bill. IP: Logged |
Randall
Webmaster Posts: 124947
From: From a galaxy, far, far away...
Registered: Apr 2009
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posted December 05, 2017 10:10 PM
StubbornVirgo, are you a CPA? Your take on taxation is absolutely brilliant.IP: Logged |
StubbornVirgo
Knowflake Posts: 2858
From: Welcome to Mercury
Registered: Jul 2015
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posted December 05, 2017 11:48 PM
quote:
Originally posted by Randall:
StubbornVirgo, are you a CPA? Your take on taxation is absolutely brilliant.
No, just a Virgo that examines her paychecks weekly.  That sounds like a good second career, though. I might have to do that when I'm finally tired of nursing.  IP: Logged |
Lindaland
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