04-17-2019, 05:21 PM
As an S-Corp, the tax changes under Trump didn't much impact my business tax liabilities.
However, they really increased my personal tax liability (including pass through business income), due to the reduction in standard deductions pertaining to property taxes and such. The same is true for many citizens on the coasts. What really killed me in 2018 though was the federal and state capital gains taxes from the sell of my home.
Higher income taxes under Trump's plan didn't cause me to hate him however. Likewise, it wouldn't have caused me to think more highly of Trump if I had stood to benefit financially from the tax changes.
I'm glad sally and others benefited and don't begrudge that in any way. But, I wish it wasn't other hard working people who were picking up some of the slack so that the most wealthy could recognize the lion's share of tax reductions, especially when the Trump administration increased government spending so much in tandem with reducing tax income considerably. The resulting huge jump in our country's deficit/debt is really dangerous to our country's economic health in the mid to long term, in my opinion.
However, they really increased my personal tax liability (including pass through business income), due to the reduction in standard deductions pertaining to property taxes and such. The same is true for many citizens on the coasts. What really killed me in 2018 though was the federal and state capital gains taxes from the sell of my home.
Higher income taxes under Trump's plan didn't cause me to hate him however. Likewise, it wouldn't have caused me to think more highly of Trump if I had stood to benefit financially from the tax changes.
I'm glad sally and others benefited and don't begrudge that in any way. But, I wish it wasn't other hard working people who were picking up some of the slack so that the most wealthy could recognize the lion's share of tax reductions, especially when the Trump administration increased government spending so much in tandem with reducing tax income considerably. The resulting huge jump in our country's deficit/debt is really dangerous to our country's economic health in the mid to long term, in my opinion.