Archived If Tax Cuts Can 'Change American Life,' Then Gov't Really Is Too Big (investors.com)
submitted ago by fusir
Posted by: fusir
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Archived on: 3/5/2018 10:00:00 AM
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Archived If Tax Cuts Can 'Change American Life,' Then Gov't Really Is Too Big (investors.com)
submitted ago by fusir
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[–] o0shad0o 1 point 1 point 2 points (+2|-1) ago
They're not real tax cuts, I think they wind up raising taxes for many people.
Cut spending? Yeahhh, riiiiiight.
[–] Omnicis ago
Can you show me this somewhere? Or do I have to take your word for it?
[–] o0shad0o ago (edited ago)
Going over a list of changes... Looks like they took out a lot of the worst of it. Good. It'll still tend to penalize people in blue states, since they can no longer deduct state income taxes; you may think that's okay, but it's still a tax increase.
[–] 11268633? 1 point -1 points 0 points (+0|-1) ago
Yeah my business is fucked under this new system. I lived and breathed line item deductions. Now I have to have a C Corp with like 4 subsidiary Companies? Naw. I'll quit and shut down. I'll be back when we have a single digit flat tax. Until then I'm taking my ball and going home.
[–] o0shad0o 0 points 2 points 2 points (+2|-0) ago
Actually, looking at the structure of it, you can still run your deductions, but you might not have to, because the standard deduction might be higher. Only problem is if you live in a blue state.