4 ms·

Serious question are you just making this up or trolling? Because nearly everybody should see a tax reduction? Are you structured as a pass-through LLC? Do yo

Serious question are you just making this up or trolling? Because nearly everybody should see a tax reduction? Are you structured as a pass-through LLC? Do you own a house and live in New York or Caifornia?

hosh 9y ago
There's a 20% deduction that can be taken for the pass-through income ... if the pass-through income is below a threshold: http://www.cpapracticeadvisor.com/news/12389903/2018-tax-reform-pass-through-income-deduction-more-complex-than-thought http://www.cpapracticeadvisor.com/news/12389903/2018-tax-ref... So for some earning beyond a certain income threshold, yeah, they will get taxed a lot more. Interestingly, I think I saw that engineering and architecture services are exempt.
scarmig 9y ago
Since when did "be a homeowner in NY or CA" become some maligned minority that deserves to be screwed to benefit rich folks?
- nodesocket 9y ago
  Since living in the highest taxed states and then complaining about taxes... I moved from SF to Nashville TN, couldn't be happier.
  - rconti 9y ago
    People make decisions based on the available information, which does NOT included a looking glass. Imagine if your property taxes quintupled because it turns out your governor misallocated tax revenue and now they need to make up the shortfall. Well, serves you right for moving to TN, right? Wrong.
    - abfan1127 9y ago
      CA taxes haven't quintupled in the last year. Its always been high.
    - nugget 9y ago
      > People make decisions based on the available information, which does NOT included a looking glass. All the information on underfunded state pensions is public, and has been for some time. I don't know why anyone would move to fiscally-troubled states like Illinois or Kentucky, for example, and expect their taxes not to substantially increase over the next couple decades. Some states are simply better fiscally run than others.
  - yequalsx 9y ago
    Could Tennessee handle an influx of 30 million people? I doubt it. Clearly it is not feasible to say to everyone, “Just move.” There is also the fact that southern states tend to be subsidized by the richer states. The low taxes of Tennessee come, partly, from the generosity of the wealthier states.
    - nightski 9y ago
      Maybe they need to get more involved in local government then and try to change things instead of relying on the federal government to bail them out.
      - yequalsx 9y ago
        Are you talking about the southern states or California? California gets less from the federal government than they give to the federal government. The reverse is true for most southern states.
      - unclebucknasty 9y ago
        Asking the federal government not to tax people on income they never see (because of SALT) is not the same as asking for a bailout. In fact, it's the other way around: high SALT states tend to rely less on federal aid and so are actually subsidizing the other states.
      - learc83 9y ago
        The idea behind the SALT deduction is that the Federal government gets their taxes after the states collect theirs. It's traditionally been framed as a conservative states' rights issue.
  - unclebucknasty 9y ago
    Tennessee has lower taxes and happens to be one of the states that depends most on federal assistance. So, yeah...maybe we should all move there. Oh, wait.
- Veelox 9y ago
  >homeowner in NY or CA >deserves to be screwed to benefit rich folks Hate to break it to you but if you own a home in NY or CA your probably one of the rich folks.
  - IntronExon 9y ago
    NY is a big state with a significant portion being rural. Likewise Cali is a huge state, and it’s not all SF and LA.
    - Veelox 9y ago
      I agree but if you live in a rural area in one of those than the change to SALT matters much less to you.
      - wan23 9y ago
        > if you live in a rural area in one of those than the change to SALT matters much less to you Why? State income taxes apply to you no matter where in the state you live.
        Veelox 9y ago
        Yes but you can deduct up to 10k, you probably won't be above that if you are in a truely rural area. Unless you are a business owner but then we are back to being rich.
  - mhuffman 9y ago
    People inherit houses. Do you mean "rich on paper'?
    - sol_remmy 9y ago
      Inherited wealth should count, don't you think
    - nugget 9y ago
gamblor956 9y ago
Considering that California and NY combined represent at least 20% of the total US population, clearly it is not true that "nearly everyone" should be receiving a tax reduction. Indeed, the way the tax law works, most middle class households should see a minimal tax break, if any, with the tax benefits disappearing in or by 2020.

hosh 9y ago

There's a 20% deduction that can be taken for the pass-through income ... if the pass-through income is below a threshold: http://www.cpapracticeadvisor.com/news/12389903/2018-tax-reform-pass-through-income-deduction-more-complex-than-thought http://www.cpapracticeadvisor.com/news/12389903/2018-tax-ref... So for some earning beyond a certain income threshold, yeah, they will get taxed a lot more. Interestingly, I think I saw that engineering and architecture services are exempt.

scarmig 9y ago

Since when did "be a homeowner in NY or CA" become some maligned minority that deserves to be screwed to benefit rich folks?

nodesocket 9y ago
Since living in the highest taxed states and then complaining about taxes... I moved from SF to Nashville TN, couldn't be happier.
- rconti 9y ago
  People make decisions based on the available information, which does NOT included a looking glass. Imagine if your property taxes quintupled because it turns out your governor misallocated tax revenue and now they need to make up the shortfall. Well, serves you right for moving to TN, right? Wrong.
  - abfan1127 9y ago
    CA taxes haven't quintupled in the last year. Its always been high.
  - nugget 9y ago
    > People make decisions based on the available information, which does NOT included a looking glass. All the information on underfunded state pensions is public, and has been for some time. I don't know why anyone would move to fiscally-troubled states like Illinois or Kentucky, for example, and expect their taxes not to substantially increase over the next couple decades. Some states are simply better fiscally run than others.
- yequalsx 9y ago
  Could Tennessee handle an influx of 30 million people? I doubt it. Clearly it is not feasible to say to everyone, “Just move.” There is also the fact that southern states tend to be subsidized by the richer states. The low taxes of Tennessee come, partly, from the generosity of the wealthier states.
  - nightski 9y ago
    Maybe they need to get more involved in local government then and try to change things instead of relying on the federal government to bail them out.
    - yequalsx 9y ago
      Are you talking about the southern states or California? California gets less from the federal government than they give to the federal government. The reverse is true for most southern states.
    - unclebucknasty 9y ago
      Asking the federal government not to tax people on income they never see (because of SALT) is not the same as asking for a bailout. In fact, it's the other way around: high SALT states tend to rely less on federal aid and so are actually subsidizing the other states.
    - learc83 9y ago
      The idea behind the SALT deduction is that the Federal government gets their taxes after the states collect theirs. It's traditionally been framed as a conservative states' rights issue.
- unclebucknasty 9y ago
  Tennessee has lower taxes and happens to be one of the states that depends most on federal assistance. So, yeah...maybe we should all move there. Oh, wait.
Veelox 9y ago
>homeowner in NY or CA >deserves to be screwed to benefit rich folks Hate to break it to you but if you own a home in NY or CA your probably one of the rich folks.
- IntronExon 9y ago
  NY is a big state with a significant portion being rural. Likewise Cali is a huge state, and it’s not all SF and LA.
  - Veelox 9y ago
    I agree but if you live in a rural area in one of those than the change to SALT matters much less to you.
    - wan23 9y ago
      > if you live in a rural area in one of those than the change to SALT matters much less to you Why? State income taxes apply to you no matter where in the state you live.
      - Veelox 9y ago
        Yes but you can deduct up to 10k, you probably won't be above that if you are in a truely rural area. Unless you are a business owner but then we are back to being rich.
- mhuffman 9y ago
  People inherit houses. Do you mean "rich on paper'?
  - sol_remmy 9y ago
    Inherited wealth should count, don't you think
  - nugget 9y ago

gamblor956 9y ago

Considering that California and NY combined represent at least 20% of the total US population, clearly it is not true that "nearly everyone" should be receiving a tax reduction. Indeed, the way the tax law works, most middle class households should see a minimal tax break, if any, with the tax benefits disappearing in or by 2020.