Landowner Rights Denied By Moratorium      NY: 9 Years, 5 Months | DRBC: 8 Years, 7 Months
NOTICE: Forum Posts are not to be used as a link-builder to other websites.... Please Read Before Posting.

Author Topic: Impact on percentage depletion of tax reform under consideration now in Congress  (Read 964 times)

Wax

  • Posts: 6189
Re: House version of tax reform leaves percentage depletion untouched
« Reply #30 on: November 20, 2017, 07:12:16 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?)
Am I confused or is it you? The laws of the land, when people bought these homes, is they would have certain tax deductions, that have been the bedrock of home ownership. If laws are changed ! Homeowners should be "grandfathered"  allowed to take the current deductions, under existing tax law.  This Trump tax plan is a scam. Period. He made no mention of this tax plan, but had a totally different plan when he was running for office.

ghrit

  • Posts: 3253
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #31 on: November 20, 2017, 07:26:16 AM »
Am I confused or is it you? The laws of the land, when people bought these homes, is they would have certain tax deductions, that have been the bedrock of home ownership. If laws are changed ! Homeowners should be "grandfathered"  allowed to take the current deductions, under existing tax law.  This Trump tax plan is a scam. Period. He made no mention of this tax plan, but had a totally different plan when he was running for office.
And you missed the obvious regarding federal deductions and state deductions, and what will have to be done to recover the lost revenue.  Since you are steadfast, period, in maintaining existing allowable deductions, it seems like you are in favor of not messing with the structure as long as it keeps the stuff that favors your point of view, and binning the rest.  Period. 

You also missed that zero rented, at our expense, that house on the vineyard.  He had no mortgage deduction for it, but would not be surprised to find he took a business expense deduction, even tho' he didn't pay for it.  Period.
« Last Edit: November 20, 2017, 07:31:54 AM by ghrit »
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

macal

  • Posts: 9189



  Wax, I agree plus it could put some maxed out loans at risk.
  Remember 2008. Nightmare.

shinobi

  • Posts: 4156
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.   :)

Wax

  • Posts: 6189
Re: House version of tax reform leaves percentage depletion untouched
« Reply #34 on: November 20, 2017, 08:02:31 AM »
Am I confused or is it you? The laws of the land, when people bought these homes, is they would have certain tax deductions, that have been the bedrock of home ownership. If laws are changed ! Homeowners should be "grandfathered"  allowed to take the current deductions, under existing tax law.  This Trump tax plan is a scam. Period. He made no mention of this tax plan, but had a totally different plan when he was running for office.
And you missed the obvious regarding federal deductions and state deductions, and what will have to be done to recover the lost revenue.  Since you are steadfast, period, in maintaining existing allowable deductions, it seems like you are in favor of not messing with the structure as long as it keeps the stuff that favors your point of view, and binning the rest.  Period. 

You also missed that zero rented, at our expense, that house on the vineyard.  He had no mortgage deduction for it, but would not be surprised to find he took a business expense deduction, even tho' he didn't pay for it.  Period.
Is what you wrote in English ?  slaplaugh Yea ! English still is my worst subject, math my best.

ghrit

  • Posts: 3253
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #35 on: November 20, 2017, 08:33:26 AM »
Am I confused or is it you? The laws of the land, when people bought these homes, is they would have certain tax deductions, that have been the bedrock of home ownership. If laws are changed ! Homeowners should be "grandfathered"  allowed to take the current deductions, under existing tax law.  This Trump tax plan is a scam. Period. He made no mention of this tax plan, but had a totally different plan when he was running for office.
And you missed the obvious regarding federal deductions and state deductions, and what will have to be done to recover the lost revenue.  Since you are steadfast, period, in maintaining existing allowable deductions, it seems like you are in favor of not messing with the structure as long as it keeps the stuff that favors your point of view, and binning the rest.  Period. 

You also missed that zero rented, at our expense, that house on the vineyard.  He had no mortgage deduction for it, but would not be surprised to find he took a business expense deduction, even tho' he didn't pay for it.  Period.
Is what you wrote in English ?  slaplaugh Yea ! English still is my worst subject, math my best.
Je parle Francaise, si vous voulais ou voudrai.  Aussi, une tres peu d'espanol.  No, English is NOT your worst subject.  Economics takes that prize.  Period.  Just like your fave pols, spend first, raise revenue later by taxing the innocent.
« Last Edit: November 20, 2017, 08:56:17 AM by ghrit »
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

aubrey

  • Posts: 14204
  • NEWBIE
I'm happy to see the state and local tax deduction go, since it is offset by a higher standard deduction.

taxes paid to another state do not benefit me, and so I see it as inequitable that I should subsidize taxpayers, and therefore spending programs in other states. liberal states have been scamming us this way for years. their citizens have received tax breaks which makes their states reckless spending habits less painful, while we pay higher taxes to compensate.

it's time for those folks to start paying their fair share of federal taxes. I think trump and the conservatives have this one right.

wj
CHANGE IT BACK!

macal

  • Posts: 9189



 You might want to check the statistics on that.

riverrat

  • Posts: 1581
I know this is a stupid question knowing you have no answer but what statistics

aubrey

  • Posts: 14204
  • NEWBIE
the ones that nancy, chuck and cnn tell him to believe rat.

remember, people will die if trump gets his way...on anything.

 slaplaugh

wj
CHANGE IT BACK!

Wax

  • Posts: 6189
the ones that nancy, chuck and cnn tell him to believe rat.

remember, people will die if trump gets his way...on anything.

 slaplaugh

wj
What a Pres.  Says one thing does another. The hills people of Pa, will be negatively effected, with tax increases for the poor and tax breaks for the wealthy. It would be wonderful, if the feds could tax the first few dollars as Pa. does, and have a simple tax form, anyone can do. What a terrific idea. I may even be on board to become a Republican again. With no deductions, who needs a tax form ? Should be able to give you a exact amount, every pay check and paperless. I am thinking like a Republican. You guys are finally converting me.  slaplaugh

moldyoak

  • Posts: 324
it's time for those folks to start paying their fair share of federal taxes.

I don't think any of the left-leaning folks would EVER argue with that, now would they?  After all, in their jealousy of anyone who has more $$$ than they in their infinite wisdom deem 'acceptable,' they absolutely LOVE to throw around the phrase, "fair share"

 ::)

Wax

  • Posts: 6189
it's time for those folks to start paying their fair share of federal taxes.

I don't think any of the left-leaning folks would EVER argue with that, now would they?  After all, in their jealousy of anyone who has more $$$ than they in their infinite wisdom deem 'acceptable,' they absolutely LOVE to throw around the phrase, "fair share"

 ::)

Hundreds of America’s wealthiest are begging Congress not to lower their taxes.

More than 400 American millionaires and billionaires have signed a letter made public this week, in which they urge Congress to raise, rather than cut, their taxes.

In the letter, the signatories ask Congress not to pass a tax bill that “further exacerbates inequality” and adds to the national debt. They note a concern that revenue loss “would lead to deep cuts in critical services such as education, Medicare and Medicaid, and would hamper our nation’s ability to restore investments in our people and communities.”

http://fortune.com/2017/11/13/geore-soros-ben-jerrys-millionaire-billionaire-raise-taxes-congress/

Wax

  • Posts: 6189
BAIT & SWITCH

The plan includes weakening and then eliminating the federal estate tax, a levy paid only by the wealthiest households in the country—it only kicks in on estates worth over $5.5 million for individuals and $11 million for couples.

It also eliminates the alternative minimum tax, which exclusively benefits households with incomes over $200,000. And it drops corporate tax rates to 20%, the overwhelming benefit of which goes to the very wealthy and—contrary to what the president might say—will not create jobs, as a study by my Institute for Policy Studies colleague Sarah Anderson found earlier this year.

The tax plan includes eliminating tax deductions that benefit many middle-class Americans as well. On the chopping block are the state and local tax deduction and the student loan interest deduction, among others.

It was just a week ago that House Republicans passed a budget proposal that paved the way for this tax cut plan. That budget included nearly $6 trillion in cuts to Medicare, Medicaid, education, and other public services.

Make no mistake, this will hurt. To understand just how much, consider the opportunity cost. The tax plan includes adding $1.5 trillion over 10 years to the national debt, or $150 billion a year that’s not accounted for by increasing revenue elsewhere or cutting spending

http://fortune.com/2017/11/03/trump-gop-tax-plan-cuts-2017/

ghrit

  • Posts: 3253
  • Member since October 05, 2008
What a Pres.  Says one thing does another.
He's becoming a politician, eh?  Soon will overtake Schumer, Wilson, and that flamer from Minnesota with mendacious side stepping.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

 


If you find this site useful, you can donate using the PayPal button