Trump MAGAThread V: March Comes In Like A Lion

[Camicon]

I guess 4 billion puppies would be kind of fun

4 billion moles, however, could cause quite a mess.

A very interesting mess.

[Washington Resistance Army]

If there's cuts for small business and whatnot I'd very likely fall under that category once I actually get things running.

So here's hoping they actually make things a bit better for the little guys and don't fuck it up.

I'm sorry, you think Republicans actually want to help the little guys? You know there's probably some loophole or hidden plan that will inevitably hurt them, right?

From a quick look into it the AP has said the plan would cut the top rate for small business pretty much in half, and supposedly includes several other things I'm open to.

I'll reserve judgement until I can actually see it and not just work off of rumors but I'm open to it thus far.

I'm sorry, you think Republicans actually want to help the little guys? You know there's probably some loophole or hidden plan that will inevitably hurt them, right?

Well, I reserve judgement until I see the proposal, but the implication that is applies only to corporations and pass through entities (IE, partnerships & s corps. could conceivably include estates and trusts, but I don't think that's what they had in mind).

This doesn't cover anywhere near the majority of small business owners, as this involves setting up a legal entity like a multi-member LLC or an s corp or an LLC that has elected to be treated like an s corp. Most small business owners are sole proprietors - which is not a pass through entity.

Now, this would prompt a lot of people (and very nearly 100% of my business clients) to form such an LLC or s corp, but that's not the same thing.

LLC's are where it's at. Might just be because of all the extra rules around the gun industry and whatnot but LLC's have always seemed superior to sole proprietor to me.

The Abomination known as Trumpcare is back from the dead and its even worse than before. The GOP representatives have exempted themselves from using it.

And apparently the Freedom Caucus is on board.

*sigh*

[Soldati Senza Confini]

LLC's are where it's at. Might just be because of all the extra rules around the gun industry and whatnot but LLC's have always seemed superior to sole proprietor to me.

The benefit about sole proprietorship is the ease of setup. You don't need a lot to setup a sole proprietorship.

LLCs are a bit more complicated, so people usually start as sole proprietorships and they usually remain as such, but the disadvantage is unlimited liability, meaning anyone who sues you can go after your assets. A Limited Liability Company is setup so that if someone sues, the company takes the hit, and not your personal assets.

So LLCs are good from a liability standpoint, and if you're going to deal in an industry such as arms manufacturing and you don't want to incorporate, an LLC is best due to the liability costs.

[Washington Resistance Army]

LLC's are where it's at. Might just be because of all the extra rules around the gun industry and whatnot but LLC's have always seemed superior to sole proprietor to me.

The benefit about sole proprietorship is the ease of setup. You don't need a lot to setup a sole proprietorship.

LLCs are a bit more complicated, so people usually start as sole proprietorships and they usually remain as such, but the disadvantage is unlimited liability, meaning anyone who sues you can go after your assets. A Limited Liability Company is setup so that if someone sues, the company takes the hit, and not your personal assets.

That last bit is reason enough to go with an LLC, given how litigious our society is.

[Frenequesta]

The benefit about sole proprietorship is the ease of setup. You don't need a lot to setup a sole proprietorship.

LLCs are a bit more complicated, so people usually start as sole proprietorships and they usually remain as such, but the disadvantage is unlimited liability, meaning anyone who sues you can go after your assets. A Limited Liability Company is setup so that if someone sues, the company takes the hit, and not your personal assets.

That last bit is reason enough to go with an LLC, given how litigious our society is.

Plus you don't have to deal with the pesky formalities corporations have to follow.

[Soldati Senza Confini]

The benefit about sole proprietorship is the ease of setup. You don't need a lot to setup a sole proprietorship.

LLCs are a bit more complicated, so people usually start as sole proprietorships and they usually remain as such, but the disadvantage is unlimited liability, meaning anyone who sues you can go after your assets. A Limited Liability Company is setup so that if someone sues, the company takes the hit, and not your personal assets.

That last bit is reason enough to go with an LLC, given how litigious our society is.

I and my dad are under sole proprietorships, but that's because our industries are not a high liability industry.

Depends on your liability costs, mostly.

[Neu Leonstein]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

[Hittanryan]

You're not getting a tax cut, him and his partners however, are.

If there's cuts for small business and whatnot I'd very likely fall under that category once I actually get things running.

So here's hoping they actually make things a bit better for the little guys and don't fuck it up.

What's that saying? "Past behavior is the best predictor of future behavior"?

The odds of them not fucking it up, deliberately or unintentionally, are slim.

[Ism]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

That's more like the preview for the actual plan, which as I understand it is still being worked on. He basically gave that to Congressional Republicans and said "Give me a bill with this in it". That's my understanding of it anyway.

[Washington Resistance Army]

That last bit is reason enough to go with an LLC, given how litigious our society is.

I and my dad are under sole proprietorships, but that's because our industries are not a high liability industry.

Depends on your liability costs, mostly.

Yeah even with PLCAA there's still a fair bit of things that could bite you in the ass when you're building weapons. Kabooms do happen after all.

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

Looks like it's just laying out the basics to me.

[Soldati Senza Confini]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

Yea, it probably is a joke considering you have to draft a lot of exceptions since he's also vowing to close some tax holes.

I will admit, I am skeptical of it until I see a draft from the White House introduced to congress in so far as its economic benefits, but I am willing to give some benefit of the doubt, here.

[Neu Leonstein]

That's more like the preview for the actual plan, which as I understand it is still being worked on. He basically gave that to Congressional Republicans and said "Give me a bill with this in it". That's my understanding of it anyway.

Looks like it's just laying out the basics to me.

Yea, it probably is a joke considering you have to draft a lot of exceptions since he's also vowing to close some tax holes.

I will admit, I am skeptical of it until I see a draft from the White House introduced to congress in so far as its economic benefits, but I am willing to give some benefit of the doubt, here.

I should clarify: I understand what it is in a literal sense - but they've been promising more than this for several days now. Market's been a bit on edge waiting for this great big reveal that was supposed to be coming. Ryan was out today saying the House GOP was "80% in agreement" on this tax plan. If this is what they've been working on...

I suppose it's not that much of a surprise. Apparently Treasury still hasn't filled any of its tax policy posts. I'm just going to go out on a limb here and suggest that there won't be a tax reform until 2018.

[Maineiacs]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

1. How much did you make? __________________

2. How much did you spend? ___________________

3. Send us the rest.

[Hittanryan]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

It's probably just like Trumpcare: "Don't get sick!"

[The Black Forrest]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

Sadly....

http://www.cnn.com/2017/04/26/politics/ ... index.html

[Ashmoria]

This has got to be a joke, right? Please don't tell me Trump's great tax plan fits on a single page: https://twitter.com/ZekeJMiller/status/ ... 1019824131

1. How much did you make? __________________

2. How much did you spend? ___________________

3. Send us the rest.

the majority of tax payers could get a postcard saying "you made this, this is your tax or refund". they know who you are, where you live, how big your family is and exactly how much money you make.

[The Black Forrest]

1. How much did you make? __________________

2. How much did you spend? ___________________

3. Send us the rest.

the majority of tax payers could get a postcard saying "you made this, this is your tax or refund". they know who you are, where you live, how big your family is and exactly how much money you make.

They have had that ability for awhile.

I remember *coughs* a couple decades ago where I was at a conference for governmental computing. A data center manager for the IRS was talking about how great changes were going to be. No more tax returns as they could look at things like your American Express receipts and gather that all up and decide how much you owe.

She made it sound like it was a good thing.

[Galloism]

Im sorry NSG. I've looked at the trump tax plan and it is so vague I can't even write a good analysis of it.

Only takeaway: he wants to eliminate AMT, which probably means he personally will never pay tax again. Because if there's one guiding star in this administration, it's what will benefit Donald.

[AiliailiA]

I mean, Trump is trying to save the coal industry. To be fair, this will help petrochemical companies and coal producers to get access to more resources.

The problem is that coal is dying because it just can't compete with gas and nuclear, as well as renewable energy, so this is going to be Trump's greatest blunder in his presidency: failing to save an already dying industry.

Coal is only dying slowly: the amount of coal being dug is still quite high.
What's dying quickly is employment in the industry.
So Trump will claim credit for any increase in the amount of coal dug in the future, and outright deny that what he promised to save were coal jobs.

Oh, and it's worth mentioning metallurgical coal. It's a main ingredient (and energy source at the same time) for the manufacture of steel. If Trump could somehow force steel manufacture back onshore, the demand for that kind of coal would increase. Then, even if the ton weight of coal being dug had increased decreased, Trump might be able to point to an increase in the "size" of the coal industry by using wholesale price instead of ton weight. Metallurgical coal sells for more than thermal coal.

[Maineiacs]

Im sorry NSG. I've looked at the trump tax plan and it is so vague I can't even write a good analysis of it.

Only takeaway: he wants to eliminate AMT, which probably means he personally will never pay tax again. Because if there's one guiding star in this administration, it's what will benefit Donald.

Well, considering it's possible he's never paid taxes before...

[AiliailiA]

Im sorry NSG. I've looked at the trump tax plan and it is so vague I can't even write a good analysis of it.

Only takeaway: he wants to eliminate AMT, which probably means he personally will never pay tax again. Because if there's one guiding star in this administration, it's what will benefit Donald.

AMT brings in quite a bit doesn't it?

[AiliailiA]

Im sorry NSG. I've looked at the trump tax plan and it is so vague I can't even write a good analysis of it.

Only takeaway: he wants to eliminate AMT, which probably means he personally will never pay tax again. Because if there's one guiding star in this administration, it's what will benefit Donald.

Well, considering it's possible he's never paid taxes before...

One year of his tax return (the front page of it) was released. Trump called it a leak. It could have been him who directed the leak, but in that case it's also possible it is fake.

But according to that, Trump did pay personal income tax one year.

[Corrian]

And apparently the Freedom Caucus is on board.

*sigh*

Probably why they made it worse. Gotta repeal Obamacare yo.

[Galloism]

Im sorry NSG. I've looked at the trump tax plan and it is so vague I can't even write a good analysis of it.

Only takeaway: he wants to eliminate AMT, which probably means he personally will never pay tax again. Because if there's one guiding star in this administration, it's what will benefit Donald.

AMT brings in quite a bit doesn't it?

I'm sure it does, but also keep in mind rich people (and people with good accountants) will always engineer their taxes. My point thereof is that is that it only pays to engineer down to a certain point. After that, AMT will wipe out your engineering efforts (there are also AMT engineering aspects, but those are harder). Ergo, because of AMT, it only makes sense to engineer so hard.

[Vassenor]

Well, considering it's possible he's never paid taxes before...

One year of his tax return (the front page of it) was released. Trump called it a leak. It could have been him who directed the leak, but in that case it's also possible it is fake.

But according to that, Trump did pay personal income tax one year.

He's also bragged openly on the campaign trail about how much smarter than everyone else he is because he uses loopholes and deductions in order to pay no tax.

But apparently admitting to tax evasion is IOKIYAR.