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#457571 - 04/30/17 09:56 AM Trump's Tax Plan
Tex Offline
Member

Registered: 02/11/14
Posts: 212
Loc: TX
I wonder if this will pass or will get shot down like his other endeavors? I like a lot of aspects of it, and figure with any big overhaul there is good and bad. I think one good thing is eliminating estate taxes, (so-called death taxes). It hurts what few small family farms we have left and small business owners.

I personally think that property taxes should still be deducted. In a roundabout way without that deduction it seems like double taxation on home ownership.

Anyway, here is Peter Schiff's take on this. He sees damage to our business. I have always liked his common sense, simple math, way of thinking when it comes to our economy, national debt, etc.

http://www.zerohedge.com/news/2017-04-29/peter-schiff-damn-deficits-huge-tax-cuts-ahead
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#457573 - 04/30/17 03:51 PM Re: Trump's Tax Plan [Re: Tex]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7776
Loc: Vermont's North-East Kingdom
I haven't yet heard the blood curdling screams from those who use the deductibility of the State and Local Real Estate Property Taxes . . . . it's bound to arrive with a shock wave.

Despite NAR's opposition to removing the deductibility of Mortgage Interest, I'd reserve that for ONLY the Taxpayer's Primary Residence, and cease allowing it for Vacation property, 2nd Homes, or Income Property. NAR always says any such moves restrict home ownership, and expects all union members to endorse that position.
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Where We're Always Striving To Put Together "THE FAIR DEAL"

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#457706 - 05/08/17 07:56 AM Re: Trump's Tax Plan [Re: Tex]
Mark Williams Offline
Member

Registered: 02/27/17
Posts: 11
Loc: San Francisco
More than 35 American economists surveyed last week disagree with a basic element of President Trumpís proposed tax plan: whether it will pay for itself. In an unusual display of unity, 100 percent of participating economists rejected the idea this week that Trumpís plans to drastically lower taxes on corporations, business, and individuals will create enough economic growth to offset the lost federal revenue and avoid adding to the national debt.

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#457793 - 05/16/17 05:23 AM Re: Trump's Tax Plan [Re: Tex]
Aliya Offline
Junior Member

Registered: 05/16/17
Posts: 8
Loc: US
it's bound to arrive with a shock wave.
In an unusual display of unity, 100 % of participating economists refuse the idea this week

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#457990 - 06/05/17 12:08 PM Re: Trump's Tax Plan [Re: Tex]
LoganRealty Offline
Member

Registered: 06/02/17
Posts: 32
Loc: Santa Monica, CA
I'm more concerned about the elimination of all deductions for a higher standard deduction. I itemize like crazy for my returns. Losing the mortgage deduction and mileage deduction would be a huge hit. Many of us file as individuals, and would be seriously impacted.

Does anyone else have the same concerns? Since we pay all of our employment taxes as 1099'ers, this truly affects us differently than Joe-Average collecting a W-2.
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