If this abomination makes it into law, take out a loan, hire 3 staff, and go to town.

I'm not naive about these things. I've seen 9-figure deals blow up over questionable payroll withholding practices. Obviously it is true that you can claim that you an IK and report your wage income as qualifying for the passthrough activities deduction. If you get your employer to go along with the scheme and issue a 1099 instead of a W-2, that would certainly help. I'm just saying two things:

1. Just because your employer gives you a 1099 and you have an LLC doesn't make you an IK, and the IRS can audit you and say you're an employee instead.

2. The IRS sometimes is lax (as a priority for audit resources) about worker classification issues, because worker classification doesn't usually affect how much tax they are owed, it's just an issue of collection. If, however, they see $100k of W-2 wages getting paid to Joe Smith disappear and get replaced by $100k of 1099 income paid by the same employer to Joe Smith, then Joe Smith starts claiming a 23% deduction on those wages, that will probably interest them quite a bit. In practice they probably go after the employer, because they can collect the tax for all misclassified employees at once, but they might come after you personally.

If it's anti-taxpayers who are worth less than $20M it wasn't due to lack of understanding or care.

When is the House doing something with this? I thought they were called in early from vacation to vote on Monday but that didn't happen.

my dad got a huge tax cut from Brownback.

I suspect Collins still votes yes

Collins can choke on her own vomit along with Flake, Collins and the rest of them. **** em.

Ray Dalio is saying the SALT deductions being eliminated could really cause an exodus of high net worth individuals from blue states to red states.

I'm not sure people making 1M+ will really move over like 20k but it was an interesting read. State budgets very dependent on those people for their taxes. Do you guys think this bill will hurt blue states significantly more than red states?

Has this been posted? I assume it's relatively close to being correct.

http://taxplancalculator.com/

Yes
That's the point

It's intentionally setup to hurt blue states so yeah.

What jobs are people making that kind of money going to move to in red states? This is so overblown.

I imagine a small number of people will move, but we've been hearing for years that HIGH TAX CALIFORNIA was gonna drive all the productive people to LOW TAX TEXAS, yet California is still the GOAT

I think the issue is mainly restricted to financial firms, like hedge funds, where it's pretty trivial to move your operations from one state to another. So I'd imagine that New York, New Jersey, and Connecticut are way more likely to experience flight than California.

I don’t own a house so if accurate this tax plan seems better for me than I thought it would be. That being said, I’m not shortsighted enough to be pleased about getting a few thousand dollar tax cut given the overall implications of this bill.

Would be curious to see what the numbers look like for someone who owns a house, but I don’t know enough about how that works to plug them in there.

.

So why would they not have done this already? The savings in operating out of Texas vs. New York is already substantially more than any difference as a result of this bill.

Plus GOAT weather in CA

Your state is currently on fire. Again.

Anyone in California affected enough by this to move probably owns a house or two - and enjoys the massive valuation increase they get every year w/o commensurate property tax increase (thanks to prop 13). Gonna be tough to give that up.

Like I mentioned - the company my cousin works for all picked up and moved from Novato to Jackson Hole a few year's ago when CA implemented the millionaire state tax bracket. But they're a pretty special case - small company, work can be done from anywhere, most of them are millionaires, boss is a massive right-winger.

Price of freedom

Speaking of...

https://www.washingtonpost.com/busin...=.7cbda26d0c13

This means to me they don't have the votes right now.

****ing over rich Republicans in CA will definitely get noticed. They're not as easy to get to vote against their own self-interests as the average Trumpfan. I kinda hope it happens.

Also, it has no water and a good chunk of it, including all major metropolitan areas will at some point and without warning break off into the ocean.