GOP TAX PLAN

[Jim in CT]

Originally Posted by Nebe

You can’t deduct your grad school loans but you can deduct your private Christian academy loans. Let that sink in.....
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Is that true? If so, it's stupid.

Nebe, you own a small business? SO doesn't it help you, If the corporate income tax rate goes from 35% to 20%? If you keep 80% of your income, instead of 65% of your income, that's a 23% increase. That doesn't help you at all? I would sincerely hope that it would. But it's quite possible I'm missing something.

[Nebe]

Originally Posted by Jim in CT

Is that true? If so, it's stupid.

Nebe, you own a small business? SO doesn't it help you, If the corporate income tax rate goes from 35% to 20%? If you keep 80% of your income, instead of 65% of your income, that's a 23% increase. That doesn't help you at all? I would sincerely hope that it would. But it's quite possible I'm missing something.

Yes. It will help Me. I will use that savings to boost my savings and pay off debt. I could also use that savings to outsource my production to a 3rd world country to save even more.

Or.. they could raise my taxes, in which case I would look to widen my deductions and hire employees.

See how the republicans dupe you?
Posted from my iPhone/Mobile device

[Jim in CT]

Originally Posted by Nebe

Yes. It will help Me. I will use that savings to boost my savings and pay off debt. I could also use that savings to outsource my production to a 3rd world country to save even more.

Or.. they could raise my taxes, in which case I would look to widen my deductions and hire employees.

See how the republicans dupe you?
Posted from my iPhone/Mobile device

If they raised your taxes, how does that incentivize you to hire more employees, exactly?

Sorry, all I see, is that this helps you. Good for you and all the small business owners.

[zimmy]

Originally Posted by Jim in CT

Is that true? If so, it's stupid.

Nebe, you own a small business? SO doesn't it help you, If the corporate income tax rate goes from 35% to 20%? If you keep 80% of your income, instead of 65% of your income, that's a 23% increase. That doesn't help you at all? I would sincerely hope that it would. But it's quite possible I'm missing something.

Those numbers are really misleading and useless. Only thing that matters is effective tax rate. Effective tax rates for sole proprietors is 13% S business 26.9%. The 23% increase is a complete pie in the sky calculation and almost certainly way off. Misleading! Sad!