Well. We could be looking at Clinton's new tax plan. Just be thankful.

Probably wouldn’t look much different. Taking 40% or even half of somwone’s money, approved by “conservatives” is a load of horse crap. That ain’t conservative. That’s socialism.

There was talk of making S-Corps fall in line with the corporate rate. It still wouldn't be the way you say, b/c even when you are a single owner S-Corp, you have to give yourself a "reasonable" salary that would still be taxed at the individual rate and subject to payroll taxes. You can't just claim all of your S-Corp income as your individual income, IRS no likey that. They want to get you on the FICA, social security, etc. So it would only be your profits after all expenses, payroll expenses, etc that would be taxed at corporate rate. That's if they even did anything with it.

You weren't getting the deduction because you weren't paying the tax in the first place. Griping about that is like people who rent complaining about homeowners getting a deduction on their mortgage interest...or people without kids griping about people who do have kids getting a deduction. If that's your gripe...we're done here.

True, but not true if married filing jointly as the threshold have changed by double.

Bottom line is that tax rate reduction drives economic growth. Progressives will always call that a "loss of revenue" because they will not look at what more money in the pockets means to job creation and wages. You and I get it, but some don't see it.

OK, good talk then I'm not griping, I'm just pointing out the obvious. And again, if you completely quote my post, I said it likely negatively affects me as well.

The new GOP plan is far from perfect, but it does help reduce the tax burden on most Americans and most corporations. The thresholds for the tax rates being messed with will help some and hurt some. That change was purely political to get moderates support.

You can agrue both sides of the State and local tax deduction.

The only way this is ever going to be "fair" is a flat tax on everything that is deemed a taxable transaction and collected at the source. That can be anything... clothes, food, cars, financial instrument buy/sell/trade, etc. They take it just like a sales tax and you never see it again. There is nothing to file and nothing to get back from the Government.

You want the Ferrari - you pay the tax.

You get Disability checks and make $50k extra selling drugs on the street corner... you want those new Jordan's.... you pay the tax.

You want the Filet Mignon and I get canned Spam. I save... you pay.

Everyone pays something. There is no individual tax payroll or otherwise. Entities can be taxed another way don't care as much about that.

OK...if your "pointing out the obvious" was that you're not getting a deduction on something you're not paying anyway, there's no sense in continuing....because there's no point to be made. That would be like folks who don't work getting earned income tax credit. Oh wait...they do.

The only tax that matters is property tax. We have been told for years we have some of the lowest property taxes in the nation and they need to be raised. Doesn't matter how much of your income goes to a TOTAL tax bill, just we have a low property tax.

A much better system than we currently have.

I still like Senator Cruz Tax plan. Eliminate the IRS and 10% across the board. Sure would be easy

Me too!! But pipe dream unfortunately.

I've got no problem capping property tax at $10,000 and mortgage interest to $500k.

If you have a $600k mortgage but can only deduct interest on the first $500k who cares. If you have a $600k mortgage you can suffer through that in my opinion. To qualify for that you ain't broke Jack.

I am always amazed at the folks that think you can actually do away with the IRS.

Do you really think everyone will all of a sudden become honest and pay their taxes?

I think it depends, We filed an election as being taxed as an S Corp.

That's why a set sales tax (fair tax) on purchases across the board is a much better proposition.

Wrong again. The States have sales tax auditors all over the country trying to get businesses to pay their sales taxes. I would estimate that Alabama alone misses out on collecting at least 1/2 BILLION annually. So what makes you think everyone will pay it on the national level?

Yep, I represented a business that was sued when a large customer discovered they were over charging for sales tax as if all sales occurred in the location where they had the highest tax rate. In the course of the case, it came to light they were not only over charging, they were not paying the state except for the lowest rate they could and pocketing the local taxes.

But that’s not how it works. If your mortgage is $600k, you don’t get to deduct a single dollar of mortgage interest.