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Impact on percentage depletion of tax reform under consideration now in Congress

  • 49 Replies
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Wax

  • 6361
Re: House version of tax reform leaves percentage depletion untouched
« Reply #15 on: November 19, 2017, 10:23:51 AM »
Only 1/8 of the package goes to folks earning 100K or less. Another trickle down scam that will bankrupt many in the real middle class or force them into working a second job. Most in this area, do not what its like to pay 15K a year in property tax and  4-5K in state income tax. The Trump plan, cuts what you can deduct ? But of course at the top of the income range, millions will be saved by those who could afford to pay the most. And yes , they are the people a lot of you guys praise and pray to. But heaven forbid ,you had a kind word for a schoolteacher, who has to deal with other people children daily. Everyone can choose, what occupation, they would like to work. Everyone can not be born a millionaire like Trump and Bush, and Kerry to name a few rubbing elbows with the Rockefeller's .
Every penny a family or individual pays in taxes should be deductible. It is not money you had to spend. Peroid

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ghrit

  • 3402
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #16 on: November 19, 2017, 11:13:55 AM »
A Only 1/8 of the package goes to folks earning 100K or less.

B Another trickle down scam that will bankrupt many in the real middle class or force them into working a second job.

C But heaven forbid ,you had a kind word for a schoolteacher, who has to deal with other people children daily. Everyone can choose, what occupation, they would like to work.

D  Everyone can not be born a millionaire like Trump and Bush, and Kerry to name a few rubbing elbows with the Rockefeller's .

E  Every penny a family or individual pays in taxes should be deductible. It is not money you had to spend. Peroid
A  Where did you get that 12.5% figure?
B  That is already where we are due in part to King Zero's failure to fix what he saw as Bush's mistakes.  Even with control of Congress, he couldn't get it done.  There are messages there if you care to see them.
C  Teachers need not teach and deal with brats (unless they are incapable of doing anything else, to throw in a rather tired excuse.)  As you say, there are other jobs out there to choose from.  Others change jobs, where's the obstacle?
D  True, but the point is lost on me.
E  That statement is sorta like hoisting yourself up a tree stand by pulling on your boot heels.  WTF are you trying to say?
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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Wax

  • 6361
Re: House version of tax reform leaves percentage depletion untouched
« Reply #17 on: November 19, 2017, 03:49:53 PM »
A Only 1/8 of the package goes to folks earning 100K or less.

B Another trickle down scam that will bankrupt many in the real middle class or force them into working a second job.

C But heaven forbid ,you had a kind word for a schoolteacher, who has to deal with other people children daily. Everyone can choose, what occupation, they would like to work.

D  Everyone can not be born a millionaire like Trump and Bush, and Kerry to name a few rubbing elbows with the Rockefeller's .

E  Every penny a family or individual pays in taxes should be deductible. It is not money you had to spend. Peroid
A  Where did you get that 12.5% figure?
B  That is already where we are due in part to King Zero's failure to fix what he saw as Bush's mistakes.  Even with control of Congress, he couldn't get it done.  There are messages there if you care to see them.
C  Teachers need not teach and deal with brats (unless they are incapable of doing anything else, to throw in a rather tired excuse.)  As you say, there are other jobs out there to choose from.  Others change jobs, where's the obstacle?
D  True, but the point is lost on me.
E  That statement is sorta like hoisting yourself up a tree stand by pulling on your boot heels.  WTF are you trying to say?
E  That statement is sorta like hoisting yourself up a tree stand by pulling on your boot heels.  WTF are you trying to say? Ending the deduction for state and local taxes. Limiting 10K as max for real estate deduction.

Others change jobs, where's the obstacle? Why should they change jobs. They have a contract signed before they get the job. People who think they are overpaid, should apply for the teaching job,is my point.

A  Where did you get that 12.5% figure?
https://www.marketwatch.com/story/this-brutal-chart-shows-what-happens-when-the-senate-tax-cuts-sunset-2017-11-16

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ghrit

  • 3402
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #18 on: November 19, 2017, 04:33:27 PM »
https://www.marketwatch.com/story/this-brutal-chart-shows-what-happens-when-the-senate-tax-cuts-sunset-2017-11-16
Glad your crystal ball sees the future clearly.  Market guessing is probably not profitable, at least it has not been for me or mine.
 
Teacher's contracts do not forbid quitting.  If they don't like brats (or think they aren't paid enough do deal with them) they should do exactly that  And stand on the sidelines while waiting for supply and demand to get salaries up where they like them.

Ending the local tax deductions will simply add to the fed tax bill.  Saves squat worth quibbling about.  What is a real estate deduction?
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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Wax

  • 6361
Re: House version of tax reform leaves percentage depletion untouched
« Reply #19 on: November 19, 2017, 05:39:46 PM »
https://www.marketwatch.com/story/this-brutal-chart-shows-what-happens-when-the-senate-tax-cuts-sunset-2017-11-16
Glad your crystal ball sees the future clearly.  Market guessing is probably not profitable, at least it has not been for me or mine.
 
Teacher's contracts do not forbid quitting.  If they don't like brats (or think they aren't paid enough do deal with them) they should do exactly that  And stand on the sidelines while waiting for supply and demand to get salaries up where they like them.

Ending the local tax deductions will simply add to the fed tax bill.  Saves squat worth quibbling about.  What is a real estate deduction?
What is a real estate deduction? mine is 16 K   NJ & Pa home
My daughters with NJ state income tax and Healthcare cost is Real Estate 16K , State Incone Tax 7K , Share of Medical 14K,  So 37K deductions.

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ghrit

  • 3402
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #20 on: November 19, 2017, 05:45:03 PM »
https://www.marketwatch.com/story/this-brutal-chart-shows-what-happens-when-the-senate-tax-cuts-sunset-2017-11-16
Glad your crystal ball sees the future clearly.  Market guessing is probably not profitable, at least it has not been for me or mine.
 
Teacher's contracts do not forbid quitting.  If they don't like brats (or think they aren't paid enough do deal with them) they should do exactly that  And stand on the sidelines while waiting for supply and demand to get salaries up where they like them.

Ending the local tax deductions will simply add to the fed tax bill.  Saves squat worth quibbling about.  What is a real estate deduction?
What is a real estate deduction?
What do you mean, real estate deduction?  You get to take a random number because you own property?  Or do you mean mortgage interest deduction?  Very unclear what you are trying to take away from the taxing authority.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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Wax

  • 6361
Re: House version of tax reform leaves percentage depletion untouched
« Reply #21 on: November 19, 2017, 07:30:19 PM »
https://www.marketwatch.com/story/this-brutal-chart-shows-what-happens-when-the-senate-tax-cuts-sunset-2017-11-16
Glad your crystal ball sees the future clearly.  Market guessing is probably not profitable, at least it has not been for me or mine.
 
Teacher's contracts do not forbid quitting.  If they don't like brats (or think they aren't paid enough do deal with them) they should do exactly that  And stand on the sidelines while waiting for supply and demand to get salaries up where they like them.

Ending the local tax deductions will simply add to the fed tax bill.  Saves squat worth quibbling about.  What is a real estate deduction?
What is a real estate deduction?
What do you mean, real estate deduction?  You get to take a random number because you own property?  Or do you mean mortgage interest deduction?  Very unclear what you are trying to take away from the taxing authority.
This is Real Estate Tax deduction Yes this is not a mortgage it is my combined NJ & Pa County tax bill for 2017.  $16,000.00 and my daughter pays the same($16,000.00 on one NJ home. She also has a mortgage interest deduction of , $17,000.00 plus. Welcome to the real world.  headpat

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riverrat

  • 1687
Re: House version of tax reform leaves percentage depletion untouched
« Reply #22 on: November 19, 2017, 07:34:45 PM »
g  I don't think he has a clue  makes less sense the deeper he goes   but you have to realize the world he lives in

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macal

  • 9586
Re: House version of tax reform leaves percentage depletion untouched
« Reply #23 on: November 19, 2017, 08:14:36 PM »



  That's a lot of write offs. Maybe not for long.

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Wax

  • 6361
Re: House version of tax reform leaves percentage depletion untouched
« Reply #24 on: November 19, 2017, 08:19:11 PM »
g  I don't think he has a clue  makes less sense the deeper he goes   but you have to realize the world he lives in
If you never owned a television ! Could we discuss television shows ?
Yes a lot of young middle class folks pay $3,000.00 + a month mortgage and taxes. (a few hundred dollars may come off the principal in the first 10 years) That is $36,000.00 + a year without utilities and food. Put state tax, federal tax and healthcare cost on top of that and your taxed to death.
But those deductions bring down what you pay in Federal Income Tax.
Now the Republican, want to eliminate  or lower these deductions. That in turn, will raise taxes, not lower them as advertised.   

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ghrit

  • 3402
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #25 on: November 19, 2017, 09:33:54 PM »
This is Real Estate Tax deduction Yes this is not a mortgage it is my combined NJ & Pa County tax bill for 2017.  $16,000.00 and my daughter pays the same($16,000.00 on one NJ home. She also has a mortgage interest deduction of , $17,000.00 plus. Welcome to the real world.  headpat
Ah.  OK, you want to lose a deduction.  Where will the replacement revenue come from?  Reality bites.  Now if you want to avoid further confusion among us proles, learn the need for clear statements.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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riverrat

  • 1687
Re: House version of tax reform leaves percentage depletion untouched
« Reply #26 on: November 19, 2017, 09:59:36 PM »
so you want all to pay for your high tax state & to pay for a home that they couldn't afford without tax deductions   what are they going to do when the interest they pay drops & they get less & less deductions   idea sell your property in pa & gas rights pay off there mortgage  move to your house in NJ    since you hate Pa so much  worry about them not getting a tax brake  I thought you libs didn't want  the rich getting tax brakes    funny part is your story is straight out of the   Pelosi Schumer play book

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Wax

  • 6361
Re: House version of tax reform leaves percentage depletion untouched
« Reply #27 on: November 20, 2017, 12:15:11 AM »



  That's a lot of write offs. Maybe not for long.
If these tax deductions are lost ! the real estate market on homes over 400K or maybe less will tank, and others will be forced to sell at low ball prices. Most live pay check, to pay check, and may have untouchable savings in a 401K or another retirement plan.

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ghrit

  • 3402
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #28 on: November 20, 2017, 12:25:16 AM »



  That's a lot of write offs. Maybe not for long.
If these tax deductions are lost ! the real estate market on homes over 400K or maybe less will tank, and others will be forced to sell at low ball prices. Most live pay check, to pay check, and may have untouchable savings in a 401K or another retirement plan.
Am I confused or is it you?  On the one hand, you want to see the taxes eliminated, on the other, you are speculating on the results that aren't even related EXCEPT that subsidies will also have to be lost due to eliminated revenue.  What is it, exactly that you are trying to say?  Increase taxes on the gascos, a small part of state (vs. federal) income and pray that the severance PLUS impact fees will compensate for the losses?  You need to check the contents of your persian slipper.

On another hand, you could convince the various legislatures to do as the sovereign citizen's movement desires, that is to get rid of all the "illegal" taxes.  Then, convince them to mandate that all citizens join THE union.  Then the revenue from the cancelled taxes can be made up from the mandated union dues.  (After all, that is the friendly analog to zero's mandated health care formula that you loved, isn't it?  BTW, how do you suppose ol' zero would respond to losing his deduct on that Martha's Vineyard house?)
« Last Edit: November 20, 2017, 12:51:05 AM by ghrit »
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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shinobi

  • 4203
Re: House version of tax reform leaves percentage depletion untouched
« Reply #29 on: November 20, 2017, 01:47:58 AM »
As I wrote up thread, the final outcome for percentage depletion in the Senate remains unsettled.  However, it appears things were on a good track in the Senate earlier this month:

http://www.ima-na.org/blogpost/1162520/289238/Percentage-Depletion-Deduction-Preserved-in-Senate-Tax-Bill

Royalty owners nationwide should keep their fingers crossed and hope for the best.

ETA

Here is additional input, several days later from the same source, which coincides with emergence of the legislation from committee following markup:

http://www.ima-na.org/blogpost/1162520/289720/Senate-Finance-Committee-Advances-Tax-Bill

So far so good, for us.   :)

 
« Last Edit: November 20, 2017, 01:53:49 AM by shinobi »