Trump tax plan and itemizing deductions

[Big Snow Man]

Buffet is 99% a Democrat, regardless of what you saw on tv, or read from Money magazine a few years ago. As far as the tax plan, my opinion is most of us all got a tax break, except for those that live in states that over tax you, and were offset by being able to write that off for your federal taxes. Although I think it should have been an across the board deal, that we all pay in a even amount (21%), or what ever that amount is, rather then giving businesses a lower tax amount. I do understand that the idea if you charge businesses less, it is more appealing to invest back into their company, and to create more jobs, which would increase pay, because there would be more options for jobs. But I also know that if you give the middle income tax payers more of their money back, they will spend it, and the companies will need to create more jobs to make, ship, and sell those items the middle income people spent their money on.

You are correct they will spend it on TV’s, I-Pads, and all the other electronics that China makes.

 

[IkemanTx]

landlord - Nobody forced the banks to write loans to less-than-qualified borrowers, and no " regulation " forced them to either. The regulations were applied AFTER the real estate bubble burst. The banks bundled the mortgages together and sold them like they were regular securities ( stocks ). The banks saw a quick way to make money by doing that. If they realized the loans were bad, the BANKS should have done more homework before they lent the money to folks who couldn't pay. ( who by the way weren't all minorities either ). Nobody held a gun to the bankers' heads and made them write / lend all those mortgages.

The community reinvestment act coupled with the “affordable housing goals” required banks to provide a certain percentage of loans to low income borrowers, regardless of whether or not the borrowers actually met the bank’s loan criteria.

Then, institutions like Fannie Mae and Freddie Mac were put in place to underwrite the loans that banks didn’t want to make in the first place. After several years of loaning money to people the banks knew couldn’t afford to pay, and the government giving them the tools to pass the risk on to others, it is only natural to assume the risks would get out of line.

The instigating factor of all this WAS the government telling banks to loan to people who didn’t qualify. Yes, the banks got greedy after that. But, you take away risk and that will always happen.


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[4wanderingeyes]

You are correct they will spend it on TV’s, I-Pads, and all the other electronics that China makes.

But it is their choice too. Just like it is the business owners choice if they invest it back in their company, put the money in their bank account, or build a bigger assembly plant in China. I guess I would rather just keep my own money and spend it as I see fit.

In the past 5 years I go out of my way to purchase “Made in America” items, when it is available, and comparable in price. I am willing to pay some more if it’s Made in America, but I won’t spend 10 times more. Don’t get me wrong, I am not complaining that I will get a tax break, but I think a straight percentage across the board. Or just go sales tax only, and no tax deductions.


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[Bowsnbucks]

Not a jab at you 4wandering eyes (truly) - but when you mentioned " Made in America" above, I couldn't help but chuckle at what's happened. I think it's hilarious really. A couple decades ago, when Reagan made his speech about changing the U.S. economy from a manufacturing-based economy to a service-based economy, many economists were warning that it would destroy millions of American jobs. The Chamber of Commerce went to poo-pooing those economists and the AFL-CIO ( speaking for all American workers ) who warned what would happen. I remember talk in the news and in print of "whining workers" and how everyone must re-train for the "new economy". Then it happened, just as was warned. And it took a couple decades for Americans to realize they got the shaft when millions of good-paying jobs left the U.S. - and not just assembly-line work. Factories closed all across the country that did all types of work. I remember a couple of my neighbors ( in management ) said it would never affect them ........ until they lost their jobs. They thought because they had college degrees and had "white-collar" jobs, they were safe. Because they are no longer young, and less vulnerable to being BS-ed, they couldn't get back into their chosen careers. They could have taken other management positions at 1/2 the salary they used to make, and still have to travel away from their families. They now clerk in stores of one kind or another, at much reduced pay. Many satellite jobs that supplied factories with anything and everything disappeared too. The jobs that disappeared didn't make anyone rich, but they did allow folks to support a decent standard of living. Manufacturing jobs that paid $12 to $18 per hour back then left the U.S. for places that paid from 50c per hour to $2 per hour.

NOW - you hear people saying "We should buy Made in the U.S. goods." There is a push to " bring jobs back to the U.S. ", and it's getting more popular. Really ?????? Why didn't people see this coming back then ?? The " whiners " were absolutely correct. People will say " the world changes ". But the world doesn't change itself. People who want to get richer even faster change things. Look at world history since the Industrial Revolution - show me a country that has PROSPERED in all phases without manufacturing as the base of it's economy. Why is China becoming the dominant economic power it is - because it grows more rice ?? Has more tourism ?? Or is it because so many factories moved there for dirt-cheap labor ?? China didn't have cutting-edge technology until our factories moved there and they stole our best technologies.

Now ............ will we see a push to force workers to work for less pay and slashed or reduced benefits ( if they're not already paying for them out-of-pocket ) if and when these jobs DO come back to the U.S. ??

Remember one thing .......... these bonuses that are making the news are a one-time thing. A bonus is NOT a pay raise. If permanent (decent) pay increases happen, I'll be a believer. Just think how our economy would hum if everyone who was WORKING had enough income to buy what they needed and still have some to save for retirement / kids' college ??

I'm old enough to remember when the only reason you had to fear the loss of your job was if you didn't show up for work on a regular basis or came in drunk. ( Justifiable reasons ). American workers had no level of stress over whether they had a job to go to every day. Now - fear and intimidation are the order of the day. What a set of conditions our kids/grandkids have to look forward to.

 

[4wanderingeyes]

One sure way for something to fail, or to cause a false bubble, is to let the government get involved in it. I dont care if they have an R or a D by their name, they will mess it up. I get a big kick out of watching everyone defend "their" party, the same party that will sell you out to the highest bidder (lobbyist) without a second thought. Way to many people are loyal to their party now days, and dont pay attention to the details of what their party is doing, and think their party can do no wrong, and the other party can do no right. What we have is a big mess in Washington, and until that mess gets straightened out, this country will be divided. I am not referring to Trump being in office. I am referring to showboating that everyone does to disagree with the opposite party just to get their name in the media. Honestly, can you tell me not 1 Democrat thought the tax plan was a good idea? And almost all Republicans thought it was a good idea? They are too worried about agreeing with the other party, then they are about voting their own ideas. It is sickening!

I liked a lot of Trumps ideas, running on the line of "making America great again", doing things to better America. But there is also many things he is doing that I dont like, or agree with. In theory I guess lean a tad republican, but in reality, I do not like any of them, and I do not support either party. I do not believe in voting for the less evil, I also think voting R or D because you are a Republican, or a Democrat, or your family is, is about the dumbest thing I heard of. Vote the individual, and their beliefs, not the letter next their names. I feel sorry for the future generations if the BS in Washington doesnt get fixed. Everyone needs to learn respect, regardless of whom is in the White house.

 

[Tree Spud]

You are correct they will spend it on TV’s, I-Pads, and all the other electronics that China makes.

And the screens for those will be built at Foxcon in Racine, WI which will create ~13,000 new jobs ...

 

[Big Snow Man]

And the screens for those will be built at Foxcon in Racine, WI which will create ~13,000 new jobs ...

I will believe it when the first screen rolls off the line. Until then I will dodge every pot hole in the interstate bevouse we are now broke

 

[Bowsnbucks]

4wanderingeyes - If you can believe what they say, and if they actually do it once in office. I think one of the problems is too many of the elected are positioning themselves to get out and become a lobbyist for a corporation, or have a high-paying job waiting on them when they get out of D.C. if they " go along to get along ". Ex-elected officials should be banned from lobbying for at least 10 years after leaving office - then they might actually do things for the good of the bulk of the population instead of for the favored few insiders behind closed doors.

Gotta agree with much of what you said. (post #45) My whole ideal is for the average, working, law-abiding, tax-paying citizen to not get shafted - by either side - so their working lives are not all for just surviving, just making it. It would be good to see such folks flourish and have sound financial footing, as long as they handle their money correctly. I'm NOT talking about hand-outs for slugs. A person who goes to college, or goes the technical route, and has a variety of skills - ought not struggle to have a decent standard of living. That's the whole idea of furthering your education, isn't it ?? I don't care if those folks are R or D or I - they deserve more than just scraping by. Bills and costs of living rise MUCH faster than peoples' pay anymore. Or will we allow the American standard of living to decay and we become another 2nd rate country with a crappy future ??

 

[Tree Spud]

I will believe it when the first screen rolls off the line. Until then I will dodge every pot hole in the interstate bevouse we are now broke

Yes, it is all a conspiracy plan ... let me know the tubes in your TV are replaced with circuit boards ... make sure you have checked for listening devices too ...

 

[4wanderingeyes]

4wanderingeyes - If you can believe what they say, and if they actually do it once in office. I think one of the problems is too many of the elected are positioning themselves to get out and become a lobbyist for a corporation, or have a high-paying job waiting on them when they get out of D.C. if they " go along to get along ". Ex-elected officials should be banned from lobbying for at least 10 years after leaving office - then they might actually do things for the good of the bulk of the population instead of for the favored few insiders behind closed doors.

Gotta agree with much of what you said. (post #45) My whole ideal is for the average, working, law-abiding, tax-paying citizen to not get shafted - by either side - so their working lives are not all for just surviving, just making it. It would be good to see such folks flourish and have sound financial footing, as long as they handle their money correctly. I'm NOT talking about hand-outs for slugs. A person who goes to college, or goes the technical route, and has a variety of skills - ought not struggle to have a decent standard of living. That's the whole idea of furthering your education, isn't it ?? I don't care if those folks are R or D or I - they deserve more than just scraping by. Bills and costs of living rise MUCH faster than peoples' pay anymore. Or will we allow the American standard of living to decay and we become another 2nd rate country with a crappy future ??

I trust no politician, and take what any say with a grain of salt.


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[bueller]

I trust no politician, and take what any say with a grain of salt.


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^^^this

and the richer will always get richer

 

[Big Snow Man]

Yes, it is all a conspiracy plan ... let me know the tubes in your TV are replaced with circuit boards ... make sure you have checked for listening devices too ...

No time trying to fix my vehicle and getting it realigned from the holes in the road. After the blacktop disappears we will be back to dirt roads before we see a benifit from that deal.

 

[TMIL]

A couple decades ago, when Reagan made his speech about changing the U.S. economy from a manufacturing-based economy to a service-based economy,

Honest question ... Are you implying that the change was made or somehow masterminded by Reagan?

 

[4wanderingeyes]

No time trying to fix my vehicle and getting it realigned from the holes in the road. After the blacktop disappears we will be back to dirt roads before we see a benifit from that deal.

Up by me, they pretty much have resurface, retared, and repaired pretty much every road in the area.


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[landlord]

landlord - Nobody forced the banks to write loans to less-than-qualified borrowers, and no " regulation " forced them to either. The regulations were applied AFTER the real estate bubble burst. The banks bundled the mortgages together and sold them like they were regular securities ( stocks ). The banks saw a quick way to make money by doing that. If they realized the loans were bad, the BANKS should have done more homework before they lent the money to folks who couldn't pay. ( who by the way weren't all minorities either ). Nobody held a gun to the bankers' heads and made them write / lend all those mortgages. The regulations were established to prevent it from happening again. And the bailout was started by George Bush before he left office. Check your facts. Not " alternative facts. " ( Too big to fail )

Willy - I saw him ( Buffet ) say it on TV in some interviews. I also read it in some print articles a few years ago. ( I believe one mag. was MONEY magazine - I've been a subscriber for 41 years ). I don't save all magazines for the sake of political arguments. The times I saw him say he's a Republican, like I said , were on TV. All I know is what he claimed he is. If you want to believe he's a Democrat, that's up to you. I won't keep arguing the point. As far as anyone siding 100% with one party or the other - there are things I agree with from both major parties. And some things I disagree with from both parties. Can't someone like certain things one side or the other is doing or proposing ?? The answer is yes - we can.

Well, that is the opposite of what I was told prior to the downturn by a small community bank president. He stated the regulators told him to increase minority lending or his bank would be audited. The enormous expense of that would have forced them out of business, so they changed the underwriring guidlines so more unqualified applicants would qualify, since they could not just change the rules for minorities. That is how we got all those no-doc loans. This was caused by a regulation created during the Carter administration, and expanded in the Clinton administration.
I am in the real estate investing business, and I quit buying in 2005 because I thought property was overvalued...turns out, I was right. I refied some properties at that time only up to 75% of value, and I am still underwater on these loans to this day. My properties are not worth what they were appraised at in 2005.

 

[landlord]

Up by me, they pretty much have resurface, retared, and repaired pretty much every road in the area.


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Same by me until I cross into Eau Claire county, then the roads ALL suck. But that is a county expense.

 

[Doohop65]

Wow, this thread has certainly gotten heated. On another side note related to year end options, here is something I recently did as I will no longer itemize next year.

Pay your Jan 18 mortgage as was mentioned but also consider paying your charitable contributions for 2018 before the end of the year. I wrote my church a check yesterday for all my planned 2018 contributions.

If you have a favorite charity you could do the same thing. As someone will no doubt say, you need the cash to make it happen and yes I get that.

 

[S.T.Fanatic]

No time trying to fix my vehicle and getting it realigned from the holes in the road. After the blacktop disappears we will be back to dirt roads before we see a benifit from that deal.

Same by me until I cross into Eau Claire county, then the roads ALL suck. But that is a county expense.

Up by me, they pretty much have resurface, retared, and repaired pretty much every road in the area.

I don't feel one bit sorry for you guys in Wi. If you want to see crappy roads come on over to MN. Your extra gas tax has you guys sitting pretty IMO as far as roads go.

 

[bwoods11]

Here is one guy that is absolutely pleased with Trump and what he did in 2017. Does he say some dumb stuff--yes, but look at the accomplishments in one year. The tax cut, improved the VA, illegal immigration is down 64%...gangs members are being deported, the travel ban... ISIS nearly wiped out. My account is up 36% this year.. the most wealth created in one year. Manufacturing up, unemployment down....political correctness is mostly out the window, we can say Christmas again! Law enforcement support, military strength again!! I could go on for an hour.

After 8 years of the socialist Obama, it is like "Disney World" every day in my world. The idiot tripled my health insurance, made it difficult to conduct my business due to new regulations, not to mention his policies on loving Iran, anti-Israel, do nothing in North Korea, released Bergdahl, cop hater, I would rank him last in the history of presidents.

Other than that,,,,have a great New Years everyone

 

[Tree Spud]

Here is one guy that is absolutely pleased with Trump and what he did in 2017. Does he say some dumb stuff--yes, but look at the accomplishments in one year. The tax cut, improved the VA, illegal immigration is down 64%...gangs members are being deported, the travel ban... ISIS nearly wiped out. My account is up 36% this year.. the most wealth created in one year. Manufacturing up, unemployment down....political correctness is mostly out the window, we can say Christmas again! Law enforcement support, military strength again!! I could go on for an hour.

After 8 years of the socialist Obama, it is like "Disney World" every day in my world. The idiot tripled my health insurance, made it difficult to conduct my business due to new regulations, not to mention his policies on loving Iran, anti-Israel, do nothing in North Korea, released Bergdahl, cop hater, I would rank him last in the history of presidents.

Other than that,,,,have a great New Years everyone

Bwoods ... you forgot one thing ... watching the Hillary news media meltdown on election night was priceless. The ongoing liberal temper tantrums the past 13 months have been so much fun to watch. They should get an Oscar for best longest running drama mini-series ever produced.

What are they all upset at? Trump in 12 months has proven that every one of the liberal & Obama policies and proclamations of doom over the prior 8 years are wrong ... because he keeps winning with true conservative values and implementing policies that work ...