Quote:
Originally Posted by Greedy,Greedy,Greedy
You will likely see an increase in taxes if you are a blue state high income wage earner, especially if you have a lot of deductions. You will also likely see an increase regardless of state if you have a modest income or lower income and are in a single parent household or have greater than average deductions (e.g., people with health care issues, large families, etc.).
If you get more income from capital gains or own your own non-services business you will likely benefit a reasonable amount.
If you are a corporation other than a services corp you likely will benefit a lot.
If you are a billionaire, you will likely benefit the most (not some schmuck like Hank whose in the top .1% but real money, the top .001%).
This tax bill was for corporate america and people who are uber-rich. Others pay for it or come out even.
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I have a non-service business (I think...). So I thought, great, I get a 20% deduction on that income.
But if you look closer at the rule defining service businesses, even if what you're doing is outside the specific categories barred from the deduction, there's a catch-all: "any trade or business" based on the "reputation or skill" of the owner or employees is also excluded. That's basically every business except the sale of goods. Then you have the income threshold, which once passed requires you to undertake the most insane calculations of W-2 wages and real estate investment. Then the whole thing gets phased out at 415,000.
In sum, whatever gain I could conceivably pull from this is all but assuredly going to be wiped out by the Rube Goldberg rule scheme applied post-threshold.
This bill is a shitshow.
