No plan yet, but some general ideas-37% top rate. 15% corporate rate. 15% business rate (Sub S and LLC pass-throughs).

https://www.wsj.com/articles/trump-plann...1493145858

A little late for me. I had been a Sub-S. Oh well, can't win them all.

The liberals will tell you that "no corporations pay the max rate." The reality is that most of the tax breaks for corporations are only in play for the large cap companies.

The vast majority of small and mid caps, as well as truly small business companies, pay the full rate. A drop of the max rate will have a very positive effect on these companies. And since they are the true job creators, this could have a positive impact on growth and employment.

I'd be OK with reducing the corporate tax rate so long as all those loop holes are eliminated. Make it so those large cap companies LaFlaneur mentioned are actually paying the same percentage medium and small businesses are paying.

The question a lot of R's in congress will be asking themselves is whether Trumps plan will increase or decrease our national debt.

I don't agree with lowering the business pass through rate.

The issue with corporate taxes is double taxation. The corporations get taxed and then the individuals who own the corporation get taxed.

With the pass through there is only one level of taxation-at the individual level. Business owners already have the possibility of capital gain with lower rates if they sell their business. They also can deduct a lot of expenses incurred in their "job." They don't need the added advantage of getting a lower rate on their earnings than a salaried person.

(04-26-2017 09:38 AM)bullet Wrote:  I don't agree with lowering the business pass through rate.

The issue with corporate taxes is double taxation. The corporations get taxed and then the individuals who own the corporation get taxed.

With the pass through there is only one level of taxation-at the individual level. Business owners already have the possibility of capital gain with lower rates if they sell their business. They also can deduct a lot of expenses incurred in their "job." They don't need the added advantage of getting a lower rate on their earnings than a salaried person.

Can you expound upon exactly what you're talking about here please?

(04-26-2017 09:54 AM)Redwingtom Wrote:  

(04-26-2017 09:38 AM)bullet Wrote:  I don't agree with lowering the business pass through rate.

The issue with corporate taxes is double taxation. The corporations get taxed and then the individuals who own the corporation get taxed.

With the pass through there is only one level of taxation-at the individual level. Business owners already have the possibility of capital gain with lower rates if they sell their business. They also can deduct a lot of expenses incurred in their "job." They don't need the added advantage of getting a lower rate on their earnings than a salaried person.

Can you expound upon exactly what you're talking about here please?

Well now I know why I couldnt quote your response, because you deleted your original and changed it to the above.

I will congratulate you on at least asking a question now, instead of just blurting out garbage like you know what you're talking about.

(04-26-2017 09:54 AM)Redwingtom Wrote:  

(04-26-2017 09:38 AM)bullet Wrote:  I don't agree with lowering the business pass through rate.

The issue with corporate taxes is double taxation. The corporations get taxed and then the individuals who own the corporation get taxed.

With the pass through there is only one level of taxation-at the individual level. Business owners already have the possibility of capital gain with lower rates if they sell their business. They also can deduct a lot of expenses incurred in their "job." They don't need the added advantage of getting a lower rate on their earnings than a salaried person.

Can you expound upon exactly what you're talking about here please?

Corporations get taxed on their earnings.

Individuals who own the corporation get "double taxation" as they get taxed on dividends given out of the corporations earnings [(1) taxed at the corporate level and then; (2) taxed again when distributed] and/or on capital gains when they sell the stock, that has appreciated, because of those earnings.

Its why there is a lower rate on certain dividends and why there is a partial deduction for dividends corporations get from other corporations.

(04-26-2017 09:12 AM)LeFlâneur Wrote:  A little late for me. I had been a Sub-S. Oh well, can't win them all.

The liberals will tell you that "no corporations pay the max rate." The reality is that most of the tax breaks for corporations are only in play for the large cap companies.

The vast majority of small and mid caps, as well as truly small business companies, pay the full rate. A drop of the max rate will have a very positive effect on these companies. And since they are the true job creators, this could have a positive impact on growth and employment.

Yeah I certainly get the benefits of lowering the corporate tax rate, but like Bobcat below said if you are going to lower it that much then you need to close the loopholes/eliminate the tax breaks that the large cap companies take massive advantage of. Many of them probably don't even pay 15% right now.

Lowering the rate should be good for consumers since it in effect is lowering overhead. Hopefully prices will follow suit.

(04-26-2017 09:06 AM)bullet Wrote:  No plan yet, but some general ideas-37% top rate. 15% corporate rate. 15% business rate (Sub S and LLC pass-throughs).

https://www.wsj.com/articles/trump-plann...1493145858

What about for the working folks?

(04-26-2017 11:21 AM)Fo Shizzle Wrote:  Lowering the rate should be good for consumers since it in effect is lowering overhead. Hopefully prices will follow suit.

That's not how it works. Prices are set by the market mostly.

This is basically the same thing Brownback tried in Kansas. It was and is a disaster.

(04-26-2017 11:28 AM)Redwingtom Wrote:  

(04-26-2017 11:21 AM)Fo Shizzle Wrote:  Lowering the rate should be good for consumers since it in effect is lowering overhead. Hopefully prices will follow suit.

That's not how it works. Prices are set by the market mostly.

This is basically the same thing Brownback tried in Kansas. It was and is a disaster.

Yes it is. Only individuals pay taxes.

Awe yes...............Trickle Down economics.


Give big business big tax cuts and the money will eventually make it's way down drip by drip to the poor people.


Hooray.

(04-26-2017 11:30 AM)Fitbud Wrote:  Awe yes...............Trickle Down economics.


Give big business big tax cuts and the money will eventually make it's way down drip by drip to the poor people.


Hooray.

Hyperbole much?

(04-26-2017 10:47 AM)bullet Wrote:  

(04-26-2017 09:54 AM)Redwingtom Wrote:  

(04-26-2017 09:38 AM)bullet Wrote:  I don't agree with lowering the business pass through rate.

The issue with corporate taxes is double taxation. The corporations get taxed and then the individuals who own the corporation get taxed.

With the pass through there is only one level of taxation-at the individual level. Business owners already have the possibility of capital gain with lower rates if they sell their business. They also can deduct a lot of expenses incurred in their "job." They don't need the added advantage of getting a lower rate on their earnings than a salaried person.

Can you expound upon exactly what you're talking about here please?

Corporations get taxed on their earnings.

Individuals who own the corporation get "double taxation" as they get taxed on dividends given out of the corporations earnings [(1) taxed at the corporate level and then; (2) taxed again when distributed] and/or on capital gains when they sell the stock, that has appreciated, because of those earnings.

Its why there is a lower rate on certain dividends and why there is a partial deduction for dividends corporations get from other corporations.

Thanks...that's what I assumed you were referring to. However, the earnings aren't usually near a 1:1 basis when compared to dividends.

In addition, many corporation "owners" also receive a salary as the bulk of their income. A salary which the corporation deducts from taxable income.

(04-26-2017 09:06 AM)bullet Wrote:  15% corporate rate. 15% business rate (Sub S and LLC pass-throughs).

Lowering the business tax rate should also spur growth and bring back some businesses from abroad. Hopefully some jobs with them.

(04-26-2017 11:33 AM)Fo Shizzle Wrote:  Lowering the business tax rate should also spur growth and bring back some businesses from abroad.

No doubt it would incentivize job movement. "Muh, trickle down economics" clowns don't get this.

(04-26-2017 11:32 AM)Fo Shizzle Wrote:  

(04-26-2017 11:30 AM)Fitbud Wrote:  Awe yes...............Trickle Down economics.


Give big business big tax cuts and the money will eventually make it's way down drip by drip to the poor people.


Hooray.

Hyperbole much?

Why is that hyperbole. Isn't that exactly what the Republicans usually say will happen if they cut taxes for the "job creators"?

Lowering the rates should spur economic growth that will offset the revenue decrease. Want more revenue? Create more taxpayers.