Scivillage.com Casual Discussion Science Forum - USA to cut corporate tax rate by 50%

https://www.thebalance.com/current-u-s-f...ue-3305762

will it bring all those qwasi US corporates back into the country to start paying corporate tax ?

Quote:Corporate taxes add $355 billion, only 10 percent. Customs excise taxes and tariffs on imports contribute $146 billion, just 4 percent

Quote:Where does the federal government's revenue come from? Individual taxpayers like you provide most of of it.

Income taxes contribute $1.836 trillion, half of the total. Another third ($1.224 trillion) comes from your payroll taxes.

150 billion less per year.
the other changes look really good

soo... what is going to be cut by 150 billion per year ?

http://www.bbc.com/news/business-41404415

Quote:What cuts are in the Republican tax plan?
For businesses:
Reduce corporate rate from 35% to 20%

Change tax on overseas profits

A top 25% rate for firms organised as "pass-through entities", such as limited liability corporations

For families:
Nearly double the amount individuals and families can deduct to $12,000 and $24,000

Increase tax credit for children

Introduce a new tax credit for non-child dependents

Eliminate a tax on inheritances

(Sep 28, 2017 01:20 AM)RainbowUnicorn Wrote: [ -> ]will it bring all those qwasi US corporates back into the country to start paying corporate tax ?

I hope not...at least not too quickly.

The more money in a system the less value is has...unless it is balanced against the commerce to absorb it...which takes time.

So any corporate tax cuts need to be incremental, over a prolonged schedule.

(Sep 28, 2017 02:59 AM)Syne Wrote: [ -> ]
(Sep 28, 2017 01:20 AM)RainbowUnicorn Wrote: [ -> ]will it bring all those qwasi US corporates back into the country to start paying corporate tax ?

I hope not...at least not too quickly.

The more money in a system the less value is has...unless it is balanced against the commerce to absorb it...which takes time.

So any corporate tax cuts need to be incremental, over a prolonged schedule.

cant imagine the voters being happy to accept 150 billion $ reduction in anti terrorist spending.

you make an excellent point about the incrimental process.

My understanding is that the intention is to lower pretty much all of the individual income tax brackets, while at the same time eliminating lots of tax writeoffs and loopholes that wealthy taxpayers claim in their itemized deductions. So some wealthy taxpayers might end up paying more.

The main beneficiaries of this will be the majority of taxpayers who take standard deductions and don't itemize.

A big reason Democrats don't like it is that it reportedly eliminates people's ability to subtract their state and local taxes from their federal taxes. So wealthier residents of high-tax states like New York and California will end up paying more. As things stand, they are allowed to pay less federal tax than they would if they were residents of low state-tax states.

So our federal taxes end up subsidizing high-tax states?

https://www.washingtonpost.com/news/fact...a7ae0a3bec

I'll be damned.

(Oct 15, 2017 04:33 AM)Yazata Wrote: [ -> ]My understanding is that the intention is to lower pretty much all of the individual income tax brackets, while at the same time eliminating lots of tax writeoffs and loopholes that wealthy taxpayers claim in their itemized deductions. So some wealthy taxpayers might end up paying more.

The main beneficiaries of this will be the majority of taxpayers who take standard deductions and don't itemize.

A big reason Democrats don't like it is that it reportedly eliminates people's ability to subtract their state and local taxes from their federal taxes. So wealthier residents of high-tax states like New York and California will end up paying more. As things stand, they are allowed to pay less federal tax than they would if they were residents of low state-tax states.

Quote:A big reason Democrats don't like it is that it reportedly eliminates people's ability to subtract their state and local taxes from their federal taxes. So wealthier residents of high-tax states like New York and California will end up paying more.

i must be completely out of the loop. i didnt realise new york democrats controlled the Senate & Congress.

(Oct 15, 2017 12:31 PM)RainbowUnicorn Wrote: [ -> ]i must be completely out of the loop. i didnt realise new york democrats controlled the Senate & Congress.

Hence the talk about closing tax write-off loop holes.