Q. Now that the new tax plan is really being felt by taxpayers, I’m thinking there are investing strategies made better or worse by the plan. Can you explain what investors need to know?— InvestorA. There are several items that investors can take advantage of under the new tax plan.First, taxpayers with income from an LLC, partnership, or S-corporation may be able to tax advantage of the reduced 20 percent tax on passthrough income, said Michael Cocco, a certified financial planner with Beacon Wealth Partners/AXA Advisors in Nutley. He said some classes of business owners, mostly professional service businesses, can get this 20 percent tax treatment only if their household income is below certain amounts, he said.“We have been encouraging clients in this situation to make sure they set up and fund retirement plans such as SEP IRAs, owners/solo 401(k)s, and traditional 401(k)s to make tax deductible contributions to keep their income under these limits,” he said. … [Read more...] about What investing opportunities were created by Trump’s tax plan?
Trumps income tax plan
CLEVELAND, Ohio -- Roses are red, violets are blue, so are the faces of taxpayers finding they're getting big tax bills instead of refunds under the new Trump tax plan. XOXO HAPPY VALENTINE'S !!! from The Donald. WINNING !!! Trump had hyped a middle class tax cut, not a refund cut. The White House had promised a $4,000 raise for the middle class, instead some are getting tax bills for that much instead of the refund they were counting on. According the IRS, refund amounts will be down 8.4% for those getting them. The New York Times reports that last year of 100 million people got refunds last year averaging 2,800. Far fewer will get refunds this year. #GOPTAXSCAMS Social media has become the venting ground for taxpayers feeling cut up by Trump's fake tax cut act. Among the angriest appear to be Trump voters. Tweets streams from Trump voters feeling betrayed and scammed have gone viral. They describe the same scenario: They voted for … [Read more...] about Trump tax plan isn’t all roses and refunds: Darcy cartoon
SECTIONS Search E-edition Customer Service Customer Service SacBee Rewards About Us About Us Contact Us Apps Mobile & Apps Twitter, Facebook, Google+, YouTube News in Education (NIE) Newsletters Local Sacramento Region Arena City Beat Crime Local Govt Salary Database The Homeless Marcos Bretón Transportation Education Environment Health & Medicine Traffic Conditions Weather Communities Elk Grove Folsom/El Dorado Roseville/Placer Yolo Sports Sports Kings NBA News 49ers Giants Oakland A's High School Sports Joe Davidson More Sports Raiders NFL News MLB News River Cats Soccer Colleges Golf Autos Racing Politics Politics Capitol Alert State Workers The California Influencer Series Local Elections PoliGRAPH State Worker Salary Database Legislative Gifts … [Read more...] about ‘Brilliant idea’ or ‘Socialism in California?’ Kamala Harris’ tax plan draws praise, scorn
U.S. Economy Donald Trump President Donald Trump promised Americans a $4,000 pay hike when he passed his tax cuts last December, yet eight months later wage growth has been stagnant despite record low levels of unemployment. Friday’s jobs report showed unemployment at 3.9 percent, an 18-year low. But even with historic lows, worker’s pay has only increased by 2.7 percent since last year. With inflation hovering around 2 percent, that’s an adjusted 0.7 percent growth in earnings. An income earner would have to bring in more than $570,000 to see that promised $4,000 increase in wages. Instead, the average worker is seeing a weekly pay raise of just $16.42. “This jobs report provides the latest evidence that the Republican tax law has done little to raise real wages in this country,” said Senator Martin Heinrich, ranking member of the Joint Economic Committee, in a statement. President Donald Trump speaks to guest during a groundbreaking ceremony for … [Read more...] about Trump’s Tax Plan Is Failing to Give American Workers the Wage Growth He Promised
Sections SEARCH Skip to content Skip to site index New York Subscribe Log In Subscribe Log In Advertisement Supported by ByJesse McKinley July 17, 2018 ALBANY — Four states including New York and New Jersey sued the federal government on Tuesday over a sharp reduction in the deductibility of state and local income taxes, a central part of President Trump’s tax overhaul, saying that the change was an “unconstitutional assault” on their sovereignty. The suit, filed in Federal District Court in Manhattan, had been promised for months, as Democratic leaders of several states denounced the president’s plans, including Gov. Andrew M. Cuomo, who had called the limits on such deductions an “economic missile” at the heart of New York, already a high-tax state, and its economy. On Tuesday, Mr. Cuomo reiterated that criticism and rhetoric in a news conference, saying that the Republican-backed plan is … [Read more...] about New York and New Jersey File Suit Against Trump Tax Plan