Will the new tax plan revitalize the Middle class and help Aviation?

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FloridaPilot

FloridaPilot

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It looks promising. Hopefully,It will help get more pilots in the air!


Fingers crossed! :fcross::fcross::fcross::fcross:
 
steingar said:
I feel it is a pile of steaming $h!t. Wealth transfer to the top 1%.
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For once, I agree with you.

No tax plan will revitalize the ‘Middle Class’. That is a collective that is becoming as rare as General Aviation in this country.

This tax plan is a disaster. You may see a slight increase in jobs which is why it’s called ‘trickle-down’ economics. But, mark my words, by and large, the wealthy are simply going to pocket the savings and grow more wealth.

But it won’t be long lived. The market is due for a crash and that will very likely come in 2018. And then the Dems will rout the GOP in the midterms and then they will back us off one cliff and drive us at full speed over the other cliff.

America is pretty much screwed.
 
35 of the top economists and the CBO all agree the alleged tax reform is a major blunder.
According to CNN's tax app, I might get $960 in tax reduction this year. Of course my social security only went up 2%, my medical rate went up 8%, the homeowners' assessment went up 3%, as did the hangar rent. On the bright side, I'm getting an extra $20/month from the university - we got a raise!

Personally, I like the swamp. There were no surprises. Politicians stayed bought.

Be aware - Shuster will continue with ATC Privatization.
 
Since when do people get rich by saving it? That makes absolutely no sence. o_O
Fearless Tower said:
....But, mark my words, by and large, the wealthy are simply going to pocket the savings and grow more wealth.
.....

America is pretty much screwed.
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bflynn said:
I'm just curious ... where do you think that money goes? The wealthy don't bury it in their back yard or stuff it in their mattresses.
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Off shore accounts for one.
 
Checkout_my_Six said:
Since when do people get rich by saving it? That makes absolutely no sence. o_O
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It’s a lot easier to grow wealth through investment when you already have wealth. That is what I was referring to.

The lower class isn’t going to get rich off of this tax plan.
 
bflynn said:
I'm just curious ... where do you think that money goes? The wealthy don't bury it in their back yard or stuff it in their mattresses.
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They (myself include because this plan will most definitely benefit me) invest it. In big corporations who then gobble up smaller business which further drives down the middle class.
 
While I agree that things don’t look promising for America in the long run as a result of years of overspending, the statement that allowing people to keep more of their own money through income tax reductions is a transfer of anything is ridiculously inaccurate. In fact, it is the opposite of a transfer and means that the government will have less cash on hand to transfer to whomever or whatever they pick.

Not that I’m a fan of the bill..about anybody off the street (who actually pays taxes) probably could have done better.
The biggest problem is that the government will not reduce spending and will just “borrow” to make up the difference.
 
mscard88 said:
Off shore accounts for one.
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and onshore accounts, and business investments and bonds, all of which pumps money into the economy. Oh, and the money that is directly spent. If people are taking income in the US and moving it offshore, that's a problem and the source of the problem is animosity toward those who have the money to do it.

regardless - the money that is kept onshore, which will be the bulk of it, will create more jobs, create more demand and generally rev the economy up more.
 
MikeLima said:
The biggest problem is that the government will not reduce spending and will just “borrow” to make up the difference.
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That is EXACTLY why we are screwed.

The GOP tax plan significantly cuts revenue while the GOP controlled House and Senate have done nothing to reign in the spending that was out of control during the previous administration. If anything they have increased spending.
 
And increased the national debt. Something they said they would reduce by controlling spending.
 
The Tax Policy Center did a study last year that estimates 27% of workers pay no income tax and payroll tax is refunded to employers due to tax credits.

So long as 1 in 4 workers are getting a free ride, the share paid by the remaining contributors will increase.

So long as budgets and debt increase, the tax revenue requirement increases.

The only tax plan that revitalizes the middle class is one the finds an alternate revenue stream to replace taxation.

Will it help aviation? Only if there are sufficient credits, refunds, or other such measures that apply to aviation/aviation activities to make it attractive for people and companies to get involved with aviation.
 
Over spending is not a problem of only one political party. Both major parties overspend like they can print money whenever they want...... oh wait, that is what haopens.

However, please pay attention in the coming weeks to who screams the loudest everytime a fiscally conservative gop member proposes a spending cut.
 
If it increases my take home pay, giving me more disposable income like they say, I’ll be happy.
 
Tax revenues will go through the roof, the economy is going to boom. Washington will spend all of this newfound fortune and more, increasing the deficit, destabilizing the economy. The Democrats will continue to whine incessantly, another Obama will get elected, raise taxes back up and we will spend another 8 years where we are told sub 3% gdp growth and a moribund economy is the new norm, rinse, repeat, get used to it.
 
Middle class no. It'll give those who already fund most of GA a little bit more money to play with.
 
steingar said:
I feel it is a pile of steaming $h!t. Wealth transfer to the top 1%.
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It doesn't transfer anything. It just reshuffles how much is taken away from different people.

The reason those who earn more see a bigger benefit from the new law is because they already pay the bulk of federal income tax. Some leftist outlet like NPR was whining that a family of 4 that makes 25k doesn't get a benefit from the new law. Well, that is because a family of 4 that makes 25k hardly pays federal income tax to start with. Hard to come up with savings if you are already in the 10% bracket.
 
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I know a fellow who manages accounts for high net worth people. He asked me: How do you pay an $18 trillion dollar deficit? You don't, you can't. He says at some point there will be a reckoning and the economy will crash. He said keeping money in cash is not a bad thing. Of course that was before the market ran up 25%...
 
Speaking of whining incessantly, Fox News was on the TV at the gym tonight running a big banner across the screen that read "Hillary Clinton Approval Ratings at All-Time Low". Like who cares already? This exceptionally bellicose administration will get us into another war, cause the economy to collapse, and the Dems will have to save us from ourselves yet again. Sometimes it's hard to be conservative...on the bright side, did you hear about the AT&T announcement?
 
hankrausch said:
He says at some point there will be a reckoning and the economy will crash. He said keeping money in cash is not a bad thing. Of course that was before the market ran up 25%...
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Yeah, I'm bad about believing those people when they're wrong.:(
 
Fearless Tower said:
It’s a lot easier to grow wealth through investment when you already have wealth. That is what I was referring to.

The lower class isn’t going to get rich off of this tax plan.
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Since when is the tax code the road to riches for the "downtrodden"? The lower 50% don't pay federal income taxes and in fact get free money by way of "credits".
 
IBTL

*I want to keep more of the money I earn

*Rich people are not inherently evil

*We have a deficit not because taxes are too low, but because spending is too high

*I'd rather donate directly to a charity then give it to the government for them to redistribute as they see fit

*Society doesn't prosper by taxing it's people into the ground and making them dependent on the government

*"Rich" and "wealthy" are ubiquitous terms often used to describe some theoretical Monopoly man type character.. a person earning $25,000 a year will considered somebody earning 70 thousand a year rich, that same $70,000 person may consider the $120,000 person rich, and so forth. The mega wealthy have some clever ways of doing their financing, but by and large I would say the majority of people earning above 100,000 are pumping a lot of that directly back in the economy
 
^I'm willing to bet that most people are going to agree with those bullets above, and I'm not exactly sure how this new tax bill works, I'm not an economist or a tax attorney, and at this point I don't trust any of the news outlets to be giving me an honest story
 
Tantalum said:
^I'm willing to bet that most people are going to agree with those bullets above, and I'm not exactly sure how this new tax bill works, I'm not an economist or a tax attorney, and at this point I don't trust any of the news outlets to be giving me an honest story
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This. There is very little (no?) real news today. There is only spin and it comes from all sides.
 
I fail to see how a cut on one class without a raise on another class is “sticking it” to anyone. It just means less tax is being collected.
 
An aside. (And let me go ahead and apologize to tax professionals.)

One of the reasons tax laws are so complicated is they are written by people in the tax profession who only stay employed if the tax codes are so complicated professional assistance is needed to accurately file your taxes or determine tax strategy.
 
In 1913, the first year of the modern income tax, individuals only had to pay federal taxes on net income over three thousand dollars (about $76,000 in 2016 dollars) and that was a whopping 1%, so if a taxpayer netted $4K (net income of 2016 equivalent $101,000) the tax due was $100 ($2500 today).

In 1913 how many people were making the equivalent of $76000 after deductions? Even today, that is at least the upper third of household filings.

"Trickle down", indeed...
 
kyleb said:
An aside. (And let me go ahead and apologize to tax professionals.)

One of the reasons tax laws are so complicated is they are written by people in the tax profession who only stay employed if the tax codes are so complicated professional assistance is needed to accurately file your taxes or determine tax strategy.
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How many people would be getting pink slips if the tax converted to a flat 10% for everyone?
 
Fearless Tower said:
It’s a lot easier to grow wealth through investment when you already have wealth. That is what I was referring to.

The lower class isn’t going to get rich off of this tax plan.
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true....but they aren't the ones paying taxes....but, this will get them a higher paying job. Ever have a poor boss? ;)
 
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