Did you read the rest of my post? Have you actually done the numbers or it just sounds bad to you?

The 39.6% is the top personal tax rate not the corporate. It will remain unchanged under the new proposal.

Yes...read the rest of your post. Doubling the standard deduction does nothing for me. You, living in a state with no state income taxes will get the same standard deductible I will get. So, I'm being asked to give up something, and you're not. Am I wrong?

Cmon HallB, you actually expect em to read it.High state income taxes have been subsidized at the Federal level by those of us who don't have them, now the residents of those states will get to carry their own water, especially the liberal states with super high rates.Maybe their citizens will decide they don't really want to pay for all those socialist programs once it starts actually coming out of their own pocket.If the standard deduction is increased you Alabamians will come out fine.

Where are you getting that? I read 1.5 Trillion added to the revenue by cutting the state tax deduction.

You’re assuming the money belongs to the government. It’s doesnt, it belongs to the tax payers. The fact that the government spends too much in other areas is totally unrelated.

It's the opposite. The current tax plan they are proposing reduces Tax Revenue by up to 1.5 trillion in the next 10 years. They haven't currently done anything to reduce spending beyond proposals to cut Medicaid and Medicare.

Its not unrelated. They need to cut both. Just cutting taxes is going throw the budget out of whack with out other cuts.

I may stand corrected, it depends on the form 1120 and where you are on it. But, that's also why I pay a business accountant 150.00 a week plus annual filings. Maybe I should leave it to them and not jump to conclusions.

It eliminates the deduction for state and local taxes. That would hurt 40 million people, primarily residents in high-tax states like California and New York. It would add $1.3 trillion to federal revenues.

What is needed is a very sharp knife and a butcher mentality. No one in DC has the balls to do that. Not even Trump. This plan should make things better overall, even though there are parts I really disagree with, but it really doesn't fix the real issues: Complicated tax system and over spending.

We need a federal tax plan, either low flat tax or Fair Tax type plan, that sets a fair rate for all (individuals, small business, large corps) and does away with all deductions. Yes all. Simple forms. Simple Filing. Simple Rate. Simple Process. Set this up in a way to end capital gains taxes and create a FAVORABLE business climate which would foster corporate overseas money to come back home and back into our economy because the business climate becomes outstanding. The corporate tax burden and regs now keep money invested elsewhere.

The reduction of the corporate rate to 20% is HUGE and POSITIVE. The changing of the 35% individual tax bracket though will impact tons of small businesses who file as an LLC and run the income through their personal taxes.

I doubt I will ever see something as simple and smart as that ever get passed.

Yes but it also heavily cuts taxes on corporations and other highly taxed individuals.

Rep. Kevin Brady also confirmed this would add nearly 1.5 trillion to the debt over ten years.

I dont want this taken that I am not in favor for tax cuts as I am. I am just stating the work is not done. They need to cut other areas of all this crazy spending.

Highly taxed (39.6%) "individuals" will receive nothing in this plan. They will see an increase if they live in a state with income tax.

Before you were getting a deduction that I was not getting, and people in California and New York were getting a huge deduction that none of us were getting in that size, just b/c their state chooses to tax the crap out of them. Not my problem you live in a state with income tax.

If your itemized deductions on last years return would be greater than the proposed standard deductible(12k individual, 24k joint), then you are a very wealthy individual who lives in an expensive home making a very nice salary. Not that there is anything wrong with that, but this isn't exactly the description fitting of the majority of the middle class.

I say all of this and the truth is, I don't think this tax plan does crap for me, in fact, I could potentially get put in a higher tax rate now b/c of it. But in the grand scheme, it's going to be minimal and if the corporate tax changes stimulate the economy, I'm all for it.

Bill, my company is an LLC, how will the new plan affect me?

You mean Democrats?

I honestly don't know , yet. I can only comment on the top individual tax rate because I saw it from a source I trust.

I think LLC income is taxed as personal income, so I don't think there would be a lot of change. If there was, everyone would magically become an LLC, which takes $150 and about 15 minutes.

I just posted an analysis from the Heritage Foundation in a separate thread. Go read it...it is very detailed and explains a lot and answers most of y'alls questions.