New Tax Plan -Thoughts on impact for many of us?

Reading through a bit of this, I’m a bit torn…

Would seem mileage deduction would affect many of us, and as a good number of homes here are above the 500k limit, not quite sure how this would affect many of us. It’s stated that business income would be taxed at a lower rate, but as many of us put some miles on, I wonder would the lower exposure to biz income really help to offset the loss of mileage?

About time we got something accomplished :smiley:

I expect to see a nice economic reaction to this :smiley:

I hear ya… almost a year and not one piece of legislation, however, I bet many of us put on 25K or more miles… and removal of mortgage interest on loans above 500K, as well as increasing the time required in a home to be forgiven on capital gains seems relevant to our industry.

Realistically, I’m just reading stuff on the 'net, and this stuff is all in flux, we’ll just have to see I guess. Was wondering what other inspectors thought of how these changes might impact our industry, be it good, bad or …

Until the bill is signed into law, nothing changes. It now goes to reconciliation to hammer out the differences between the Senate & the House versions.

I understand your concern, especially living in a “blue” state, I’m hearing things to the effect that if this law gets passed, and it looks like it will, those in “blue” states are going to get a raw deal and there’s a high probability that your taxes will actaully go up.

And if they repeal the Obamacare mandate, get ready to pay considerably higher prices for health insurance as well.

I think they’ll push this one to fruition, good or bad. I hadn’t heard anything about a repeal, maybe it will get handwritten onto the bill.

Imagine if you made your living as what… a driver (delivery, uber/taxi) or a host of other professions. I’m not sure if this would get signed into law by end of year, with folks having to renegotiate or reconsider their jobs. We’ll see.

Senate tax bill includes provision repealing Obamacare mandate, dealing a major blow to health care law

So much for the promise of cheaper better health insurance for all.

Politicians are fear mongering to get the people riled up against the changes. The fact is some will win and some will not win. You can not make changes that make 100% of the people winners. Anyone who believes it can be done needs a reality check!

The tax changes are WAY LONG overdue and have many good aspects to them. However IMO they should just do away with all deductions and go to a flat 10% tax and a half page or less tax form. For the naysayers who claim this will add to the debt (not just deficit) then you need to look at how the money is spent and cut the fat as there is WAY TO MUCH of that!

Some residents of Blue States, of which I’m one, might come out on the short end of the stick because of their excessive State taxes. I’m okay with that because I think this will be good for the economy overall. Now if we can just get that oppressive gas tax repealed. F Jerry.

As I understand it, business expense deductions don’t go away although unreimbursed employee expenses do.

As a business owner or self-employed individual, these expenses would still be deductible as real business expenses. If you are an employee of a firm which does not reimburse you for these expenses, you may need to renegotiate with your employer about how such expenses get handled.