{ "media_type": "text", "post_content": "So - thoughts on the tax reform plan? I don't work in tax so interested in tax folks opinions.", "post_id": "59cbdee60ddd700011133aae", "reply_count": 33, "vote_count": 6, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }

So - thoughts on the tax reform plan? I don't work in tax so interested in tax folks opinions.

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Donnie and GOP couldn't even agree on the tax reform approach. What makes me laugh the most is when Donnie calls a reduction in the number of tax brackets "simplification". I mean for a person with Donnie's intellect it sure will be a simplification but everybody else knows that's the easiest part of the tax calc.

like

Any reduction in tax rates is going to inherently benefit the wealthy more than the middle class. And there's no logic in complaining about AMT being eliminated, since AMT disallowed the deductions for SALT and 2% deductions, which would be eliminated under this plan anyway. Plus, the wealthier you are, the more you benefit from the SALT deduction, so eliminating that (especially if you live in CA, CT, NJ, NY, etc) is infinitely more detrimental to the wealthy. Just trying to insert some logic here without bias or spin.

like
Recent IconRecent

Doesn't matter they can't pass shit.

like

Getting rid of AMT - meh but seems like it would exclusively benefit the rich so F that. Getting rid of estate tax - same as above but far worse. I'm otherwise pretty conservative but the rich should be paying more taxes not less ESPECIALLY on transferring estate $$$

like

Sleight of hand. ‘Doubling the standard deduction’ sounds great to the middle class but is offset in almost all cases by getting rid of personal exemptions and a lot of itemized deductions. Great if you’re rich though.

like

Meh, itemized deductions are overrated and hardly used by middle income folks. My wife and I make about $180k between us, have a child, and a mortgage and still can't itemize.

like

No real surprises and the devil will be in the details.

like

People in CA, NJ, CT, NY hit hardest by lack of SALT deductions.

like

@PwC 1 do you pay state income tax? That’s probably the difference maker. If you lived in a state with state income tax and own a house you would definitely be itemizing.

like

^and they are all liberal states. Coincidence? I think not.

like

Not sure how people can say no one itemizes. Any single person making around 85k with state income tax around 7% is going to itemize. Any single person who owns a house probably itemizes as well

like

Anything that involves killing the generational skipping tax is asking for problems. The whole thing smells like shit for anyone but the wealthy

like

I feel there is a near 0% chance anything will actually pass.

like

@Pwc 3 unless you have kids. I have three so right now we get std deduction (12k) plus 4K per exemption = 32k. So the amazing doubled standard deduction of 25k means my taxable income increases by 7k. Even for those with only one kid you’re in about the same place. Sleight of hand.

like

Same place meaning same as you were before. But if you’re rich this plan is amazing. I just don’t want people in the middle class falling for this trash and buying in that it helps everyone when it clearly doesn’t, at least as it’s currently proposed.

like

TA2: AMT is shit. I hardly consider myself rich and have bumped up agains AMT twice already. And no, the rich shouldn't be paying more tax. No one should've paying more tax! Remember,anyone on this forum is easily in the top 15-20% of earners in the USA. Anyone that is an experienced manager or above is likely in the top 10%.

like

Most of our money goes to paying interest on the debt, military and social security. Only a out a third of our federal budget has any possibility for change. We simply can't afford to keep increasing the debt

like

I agree with SFA1- I would be more inclined to pay taxes if I had even a small expectation the money would be used wisely. But our government, well most all governments, are so horrible at spending the money wisely, ethically, and responsibly, it just pains me to see it come out of my check. For every dollar I give the government, less than 10% of they makes it back to the community for any type of help to those in need, or for betterment of my public environment.

like

Deloitte. I don't need your judgement on how I spend my money. I donate my time and dollars at my local church and give some money to programs in my native country, but it doesn't add up for enough on my returns.

like

Agree with pwc1, very few itemize and usually only wealthy people. Doubling the standard deduction helps regular folks

like

It is barely a framework- ideas with no details. Hard to have an educated opinion as the devil will be in those details.

like

Additional Posts

Bhh d hhjjj dudjejr the jejune rhjejej. Jdjdjdn dhejejjdne dhejejjdne hehehehehje rhjejej he hehehehehje rhjejej

like

Maybe we should implement something like automatic posts refresh? I got a notification about "someone like mypost" but it isn't displaying at the post title...

like

Nice! The post animation looks good!

like

Post for likes

like

Changed my company but it didn't update!

Post with company

like

test post from test

like

My company is now displaying!

like

Top top post!

like

Not crashing anymore.

like

What are some good companies to work for in Dallas?

Yeah you're right. It cuts after two lines instead of expanding.

like

I'm not saving anything on a 6 figure salary. I'm 26 years old. I don't spend money on electronics, travel, cars, or clothes. I never learned to budget - can you please recommend some self-help guides

like

Jeans in the workplace: Where do I buy great jeans that are comfy and work appropriate?

like

Client dinner last night. Fellow female consultant changed into tennis shoes with her dress. We didn't walk or run to dinner. We drove. 🙄

like

How do people afford 20% down on homes above 500K? Outside of inheriting cash, curious how late 20s early 30s folks find themselves with 100K plus in cash?

likefunny

Huge moment of happiness today. Talked to my project about moving to Toronto, explained that as a minority I don't feel safe in the US. The cost for me to fly in every week is actually cheaper.

like

If anyone interviewed for LinkedIn biz ops role, curious to know what was your experience or if you have any pointers for prep? Also if you have any idea of the compensation range for manager/SM role, that will be great to know as well! I am 2 years post MBA.

like

Deloitte or KPMG? Looking to make a change

like

Doing Tech Strategy work (which I enjoy even though I wouldn’t say I’m technical). What should I pursue ITIL or some agile cert (I’ve worked on a couple of agile efforts)?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal