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posted by martyb on Tuesday October 17 2017, @07:52AM   Printer-friendly
from the that-will-help-reduce-the-deficit,-right? dept.

The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans

[...] The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, people familiar with the plan said Monday. They spoke on condition of anonymity ahead of a formal announcement.

In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent, they said. It will seek to simply the tax system by reducing the number of income tax brackets from seven to three.

[...] Republican senators on opposing sides of the deficit debate have tentatively agreed on a plan for $1.5 trillion in tax cuts. That would add substantially to the debt and would enable deeper cuts to tax rates than would be allowed if Republicans followed through on earlier promises that their tax overhaul wouldn't add to the budget deficit.

https://www.apnews.com/d7929cdd15c3437db07147d219b391c4


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  • (Score: 3, Offtopic) by realDonaldTrump on Tuesday October 17 2017, @08:31AM (6 children)

    by realDonaldTrump (6614) on Tuesday October 17 2017, @08:31AM (#583369) Homepage Journal

    Folks, you want an S corporation, I call it a pass-through corporation. Like The Trump Organization LLC. It turns your income into corporate income. And we're cutting the corporate income tax, big time. So talk to your tax guy. It's gonna be great! #MAGA 🇺🇸

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  • (Score: 5, Funny) by FakeBeldin on Tuesday October 17 2017, @10:52AM (5 children)

    by FakeBeldin (3360) on Tuesday October 17 2017, @10:52AM (#583397) Journal

    You're moderated funny.
    Around here, corporate tax rates are below individual tax rates. By about 10 percentage points - if you're in a low tax bracket. So if you could get taxes to tax you as a company, your tax rate would drop drastically.

    I don't think that's very funny.

    • (Score: 2) by realDonaldTrump on Tuesday October 17 2017, @01:08PM (4 children)

      by realDonaldTrump (6614) on Tuesday October 17 2017, @01:08PM (#583440) Homepage Journal

      Talk to your accountant, talk to your tax lawyer. Set up a few pass-throughs (I have over 400). Trust me, you'll be laughing all the way to the bank. But don't laugh yourself to death, because there's a tax on that. If you're worth anything there's a tax. The estate tax, I call it the DEATH TAX. Which we're working on. I want to get this absolutely right. We’re going to do something about it. I thank you for your support. 🇺🇸

      • (Score: 3, Insightful) by Anonymous Coward on Tuesday October 17 2017, @03:05PM

        by Anonymous Coward on Tuesday October 17 2017, @03:05PM (#583490)

        yeah i would be doing that except companies are getting tough on consultants because of that whole h1b thing.

        be salaried as an employee or watch the job get handed to offshore resources now that we cant have one here for you to work with as a minion

        and of course part of this plan is to eliminate the mortgage deduction and eliminate the property tax deduction.

        in short, because he's saving the middle class like me, if this all passes as proposed, i get:

        being squeezed into being an employee and not being able to easily benefit from the corporate tax rate deduction
        loss of mortgage deduction
        loss of property tax deduction

        its like punishment for trying to achieve

        but i might be able to write off business investments for assets that I can no longer buy nor expense if my company no longer does business the way it used to! yay!

        maybe i should invest in the pharma and alcohol and gun industries, to help numb the pain with the oh wait no insurance coverage unless i get salaried too because of the insurance industry now back to its freedom enriching ways of chaining people to an employer and doing nothing to control costs and everything to increase them! woo

      • (Score: 2, Funny) by Anonymous Coward on Tuesday October 17 2017, @05:01PM (2 children)

        by Anonymous Coward on Tuesday October 17 2017, @05:01PM (#583540)

        Why don't you try working on the DEATH TAX from the other side?

        • (Score: 0) by Anonymous Coward on Tuesday October 17 2017, @07:55PM (1 child)

          by Anonymous Coward on Tuesday October 17 2017, @07:55PM (#583624)

          And have President Pence? What's wrong with you?