Markets love this shit. Nothing gets the animal spirits going more than a massive tax cut, especially on capital gains.
Here are the highlights.
A zero percent rate for couple on their first $24k in income.
‘In essence, we are creating a zero tax rate,’ said Cohn.
Reducing 7 brackets to 3: 10%, 25% and 35%
Corporate tax rate: 15%
Elimination of the AMT
Elimination of the death tax
We’re digesting big gains, so don’t expect another +200 today. But, this is long term bullish for stock holders. The last time we had a tax cut like this was under the idiot Bush and that paved the way for extreme hedonism and the best market since 1999. Albeit, it also led to the housing bubble and subsequent crash. We’ll deal with that later on.
If you enjoy the content at iBankCoin, please follow us on Twitter
better not get rid of the student loan interest deduction, wouldn’t be surprised if they did though
The student loan interest deduction is unavailable if you make more than $50k. Sorry to hear about your poverty.
look it up for married couples and fuck off you don’t know a thing about me
$130k for married couples…. aka poverty.
might be poverty but at least i’m not an asshole
Big League Cuts!
Let’s wait and hear what the zio-con-gress have to say about Trump’s beautiful tax cut plan.
The most hated bull market in history will be extended bigly by the most hated president in history. fitting
“Elimination of the death tax”
You mean the tax on inheritance? The estate tax? The silver spoon tax? The tax on idiot sons of prominent fathers?
Adopting the matrix’s term “death tax” is both wrong and inaccurate. The death of the indigent is not taxed. Rather, just a portion of what the wealthy leave to their spawn.
Word.
“Things a Communist would say” for two hundred, Alex.
Ha. So you must be the idiot son.
“Rather, just a portion of what the wealthy leave to their spawn”… on which taxes have already been paid during the deceased’s living years.
Yes, people pay taxes on money they EARN. Why do you argue that people who just get their wealth with zero effort should be disadvantaged over those who EARN?
WTF?
If you’re a trust fund baby who has never earned anything in your life, or an old person who wants to get young people to do what you want them to do by threatening to disinherit them if they don’t do it, then you are in favor of ending the estate tax.
Let me guess: You’re also pissed that life insurance proceeds aren’t taxable?
To anyone who is new here, disregard anything the toad says. Or is it frog? I get them confused.
I should be able to do whatever the fuck I want with my money upon my death without the government stealing some of it for stupid shit.
So toad, er frog, fuck the fuck off.
ferd …. pay attention to what the man said because HE’S CORRECT. The Federal estate tax creates an undue burden on small farmers, ranchers and businessmen out here in fly-over country. It takes a lot of money and a lot of land to produce the food that you eat every day so you can show how uninformed you are about how life really is out here in fly-over country.
Actually, I moved last year to a rural area and bought a bunch of land that we live on …and I bought it with money I earned over a lifetime of hard work. Fuck you and your poor silver spoon family farm shit. Get a job!
And when you die, your heirs will be forced to sell said rural land unless they have enough free cash available to pay the tax imposed on the value of the land that you bequeath to them.
Fact Checker
Is the estate tax killing small farms and businesses? (Answer: Almost never)
https://www.washingtonpost.com/news/fact-checker/wp/2015/04/14/the-facts-about-the-estate-tax-and-farmers/?utm_term=.91840543199c
Frog. We agree on something!
Ain’t gonna happen as Mnuchined… just a sweet fairytale. How is Trump going to fund his shiny military toys with no taxes? Ahh.. voodoo economics? Every dumbass coal miner who voted for Trump is now rejoicing about the proposed elimination of the AMT and estate tax. What happened to the elimination of carried interest? Is that in the tax reform plan?
You are all completely missing the Crux of the issue. As the Boomers pass into the great nether the greatest transfer of wealth in the history of humankind will commence. This wealth does not need to be sourced to the inefficient f*** cards in the public sector. It needs to stay in private hands where it can be efficiently applied to create growth.
How do the deficit hawks fit into this? Or, will no one care because everyone is making so much money, and the economy is roaring?
Since I’m not an economist, someone explain what happens to the dollar after the Fed covers the deficits with instant money? I’d say here comes your $100 tomato.
And $5,000 physical gold.
“…..Albeit, it also led to the housing bubble and subsequent crash. We’ll deal with that later on.”
I hope to be living if and when this happens. Before it happens, people making low six figures may be living in their cars, or going hungry in order to pay for a place to live.
Around here, a tear down wood cottage no one would buy at 110 K is now back on the market at 170 K. They got a 185 K appraisal, I guess because the County sees recent sales and got the memo about not getting in the way of business.
Homeowners- remember high market prices bring out sellers. Expect to see changes around you, unless your neighborhood is fully packed now, or you have 10 acres to yourself as a buffer.
Big League Cuts!
http://bulletforcegame.com/