GDP at 3.1%

[Proud Tiger 4,261]

The latest GDP report has it at 3.1%, the first time above 3% since early 2015. Job report is good, stock market is good and the overall economy continues to improve. Keep it going Pres. Trump.

https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

[wdefromtx 3,159]

Until his tax plan comes along and stalls it. I've looked at the highlights of his plan for the plan and frankly we are better off for him to leave it as is.

[homersapien 11,367]

If you must give a president credit for the current economy, it could only be Obama.   We are in a boom cycle that started in July, 2009.  The next bust cycle is predicted to start 2018-2020.

https://www.thebalance.com/boom-and-bust-cycle-causes-and-history-3305803

 

Trump had no more to do with the performance in the 2nd Qtr 2017 than a rooster does with the sun coming up.

 

 

[Proud Tiger 4,261]

2 hours ago, wdefromtx said:

Until his tax plan comes along and stalls it. I've looked at the highlights of his plan for the plan and frankly we are better off for him to leave it as is.

Sure not the way I see it and neither the OMB Director or economist Arthur Laffer. It appears to me the only people it hurts are people who have multi-million dollar homes in NY and Califronia..........and tax prep guys. Share your thoughts on how it is worse than what we have.

[wdefromtx 3,159]

23 minutes ago, Proud Tiger said:

Sure not the way I see it and neither the OMB Director or economist Arthur Laffer. It appears to me the only people it hurts are people who have multi-million dollar homes in NY and Califronia..........and tax prep guys. Share your thoughts on how it is worse than what we have.

The revised tax brackets for one.....unless they set the cutoffs really high for each. It's going to hurt a lot of middle (upper-middle more so) class by eliminating some of the brackets up to 25%.

 

Eliminating the property tax deduction is going to hurt more than the super rich. I live in Texas and my annual property taxes are about 11K. Even with raising the standard deduction up to 24K, which is only about really about 3k more than now when you take the current standard deduction of 12K + $9100 (individual deductions for married couple). Since the $9100 deduction goes away. I will end up with less deductions than the current system.

 

I don't take all these funny deductions like some do, just the mortgage interest, and property tax deduction plus the individual deductions put me in a better position than the standard deduction. 

 

Im not saying it's bad for everyone, just bad for myself and many people I know and probably a majority of middle class folks. Because when they change things it's usually the middle class that gets screwed over on a large scale. But the middle class is a main driver of the economy. To me it's being pushed as a tax cut, but if you do the math it's just shifting the burden around.

[Brad_ATX 13,654]

19 minutes ago, wdefromtx said:

The revised tax brackets for one.....unless they set the cutoffs really high for each. It's going to hurt a lot of middle (upper-middle more so) class by eliminating some of the brackets up to 25%.

 

Eliminating the property tax deduction is going to hurt more than the super rich. I live in Texas and my annual property taxes are about 11K. Even with raising the standard deduction up to 24K, which is only about really about 3k more than now when you take the current standard deduction of 12K + $9100 (individual deductions for married couple). Since the $9100 deduction goes away. I will end up with less deductions than the current system.

 

I don't take all these funny deductions like some do, just the mortgage interest, and property tax deduction plus the individual deductions put me in a better position than the standard deduction. 

 

Im not saying it's bad for everyone, just bad for myself and many people I know and probably a majority of middle class folks. Because when they change things it's usually the middle class that gets screwed over on a large scale. But the middle class is a main driver of the economy. To me it's being pushed as a tax cut, but if you do the math it's just shifting the burden around.

I'm right here with you.  I will get screwed by the proposed tax restructure.  Only other deduction I take is student loan interest, which is pretty small.  Property taxes for me are already about 6% of my gross salary before any other taxes come out of my paycheck.  It's a big reason I'm looking to move to Tennessee soon where there is still no state income tax but property taxes are about 1/3 of what they are here..

[wdefromtx 3,159]

10 minutes ago, Brad_ATX said:

I'm right here with you.  I will get screwed by the proposed tax restructure.  Only other deduction I take is student loan interest, which is pretty small.  Property taxes for me are already about 6% of my gross salary before any other taxes come out of my paycheck.  It's a big reason I'm looking to move to Tennessee soon where there is still no state income tax but property taxes are about 1/3 of what they are here..

Yeah, I take the student loan interest deduction too. But just like you it's mere peanuts and just take it because hey every bit helps.

 

Tennessee would be an awesome place to live. I did not realize that about the income and property taxes. Too bad most of my industry is centered in or around Houston.

[homersapien 11,367]

Let's not forget the proposed plan eliminates the estate tax as well as charitable contributions.  That has the potential to transform the country in a way no one but an oligarch will like.

[Brad_ATX 13,654]

17 minutes ago, wdefromtx said:

Yeah, I take the student loan interest deduction too. But just like you it's mere peanuts and just take it because hey every bit helps.

Tennessee would be an awesome place to live. I did not realize that about the income and property taxes. Too bad most of my industry is centered in or around Houston.

I'm fortunate enough that I work from home, so as long as I'm near a major airport so I can go visit accounts, all is well.  Hence why I'm looking to move closer to Nashville.

[wdefromtx 3,159]

3 minutes ago, Brad_ATX said:

I'm fortunate enough that I work from home, so as long as I'm near a major airport so I can go visit accounts, all is well.  Hence why I'm looking to move closer to Nashville.

Nice. I work in blowout response and oil well firefighting......Houston is the place for that, so that limits my options unless I want to live in the Middle East or KL.