So, will the current tax revision hose job influence your coin buying and selling in the New Year??
Lakesammman
Posts: 17,434 ✭✭✭✭✭
Lots of ramifications in the new tax bill, many yet to be determined.
How will it affect your coin activities in 2018?
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Wont affect mine I am taking my coin collection to ANWR and gonna make big bucks!
MERRY CHRISTMAS!
Merry Christmas to you as well!
For me, it's the fear of the unknown. I'll be losing many deductions so until it all shakes out, I'll be more conservative in my bidding at FUN, for example.
Will be less likely to draw temporarily on the LOC for stretch purchases - unsure how investment interest write-offs will be handled.
Not sure if it will affect the coin market significantly or not - we will see.
Everybody's taxes will be going down........ unless you live in California, New York, Connecticut, Massachusetts, New Jersey, Washington or Illinois.....states with high SALT(state+Local taxes). Those people NOT living in any of those states will have more money to buy coins.
partisan nonsense
No effect on my finances - and I'm in a New York. If anything, my taxes will go down because I can barely itemize as it is and the exemption is going up.
So basically where a ton of people live taxes won't be going down
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Merry Christmas!
Those who live in high SALT states ought to look at how other states get the job done without extracting so much money from the residents. IMHO high SALT states are unsustainable and are in denial.
In the meantime, I will enjoy keeping more of MY money. If others can do the same, perhaps I will sell more of my collection this coming year to those with more disposable income.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Nah, I'd rather live in California. I'm not complaining about taxes. I lived in a lot of those non SALT States. Not for me. I've lived a lot of places around the world. No place I would rather live then where I do now. I consider myself blessed.
People do realize how big California's economy is compared to the rest of the states right? Perspective. Above all MERRY CHRISTMAS from a conservative who manages to survive in Cali.
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
What the feds "give you" the states will take. No getting around it. Just another three card Monte for the next generation. Oops you lost oh well better luck next time.
"A dog breaks your heart only one time and that is when they pass on". Unknown
BEST post I've read this year.
Easy... Gave the Hose a Job & the funds saved from buying a wreath goes into the hobby budget
Those relieved of the ACA tax mandate may be buying more aggressively.
Merry Christmas
May Obamacare RIP.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Depends on how much my family coverage for health insurance goes up. I'm hoping I can at least break even on this rush job.
If the Feds returned anywhere close to what they take from California in taxes every year it would be different. California receives only 78 cents for every dollar it pays in federal taxes. The highest, Mississippi receives $2.57 for every dollar.
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
good luck, have you read the tax bill?
BHNC #203
I would like to see flat or fair tax but we always need to move to goal posts in right direction. No tax policy will have no influence on my collection plans. Merry Christmas.
Best place to buy !
Bronze Associate member
Better than Obamacare. Which, of course was decided by the Supreme Court to be nothing more than a tax. Gimme a break doc.
The Obamacare mandate was repealed in this tax bill. Obamacare is no more.
I'd look for an ETF that bets against real estate in California or NY.... most high earners I know pay 20-80K in real estate tax here on one or two homes , plus 7-9 % state income tax, and they are going to take a beating when the deduction is capped at 10K.
Commems and Early Type
If you're in California, NY, NJ, CT, Mass, and Illinois and making more than $300,000 it's a hose job... if you're living in most other areas or making less than $300,000, it's tax relief.
Buying more. 'mo money->'mo inflation
I am right in the middle class where I already get hosed on every existing "break". I make too much to have gotten college aid for my kids, yada, yada, so, if I read it right, this will be the first tax cut I have ever gotten, just as I'm losing my youngest child as a deduction. If I just break even on that, I will be dancing in my CPAs office. If that happens, I will have more to spend in 2018, and I would have had much less. I know there are some CPAs on here, but how anyone else has a clue what's in that bill is beyond me.
I thought the Democrats said that this law was going to help the rich and hurt the middle class.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
In my situation I expected to be hurt a bit. After actually looking into it more carefully, I’ll come out a bit better. As for the effect it will have on coin purchases, it’s probably negligible.
When it comes to politics, no matter who is in charge or what decisions are made, about half of the people will be opposed. Best to not get mired down in it on an unrelated forum.
More than a few kool-aid drinkers here.
To 90% here, I'd be tagged as a lib. I see myself as a plutocratic oligarch with a guilty conscience.
How ironic that I'm going to do great and you're gonna get some RITA.
Warren Buffett's secretary too.
I play with coins to relax and get away from life's stresses for a while...that won't change...
Happy Holidays!!!
I’m assuming everyone’s coin buying will increase since the new tax plan is going to boost the economy.
Merry Christmas..... A beautiful morning... 43 degrees and sunny with fluffy clouds...Oh.. the tax bill passed.. Have a great day y'all....
Cheers, RickO
And the high earners have sufficient disposable income to adjust their luxury good spending to compensate.
Everyone here is a Kool-Aid drinker, more or less. The only question is whether they drink the red Kool-Aid or the blue Kool-Aid.
I doubt if a very few if any have read the new tax bill unless in their job description and even then a small percentage.
429 pages. NYT placed a copy online(if it is accurate). So read up.
https://www.nytimes.com/interactive/2017/11/02/us/politics/document-Read-the-G-O-P-Tax-Bill.html
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
I dug out my last two years' tax returns and ran the numbers through the new tax bill and it's pretty much a wash for me - maybe a few hundred bucks to the good but not much. Now that I've reached Medicare age, the Obamacare repeal means nothing to me. The slightly reduced tax rates cover the loss of the personal deductions so, as I said, it's pretty much a break-even so no change in buying habits.
Member ANA, SPMC, SCNA, FUN, CONECA
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The new tax plan is good for everyone who's not in the top tax bracket who sells PM's for capital gains.
DINKs here, always have to itemize over the standard deductions to not owe despite claiming zero dependents, which is mind blowingly stupid to me. If the standard doubles we might be better off. Will see what the old turbo-tax says next year.
Extra $ might get funneled into PMs.
Geez, I thought this was a US Coin forum. My mistake.....
"Got a flaming heart, can't get my fill"
I lived in California 13 years. At my highest i earned 42k in one year. I claimed zero, withheld extra, and still at the end of the year i owed the state. They are doing a good job of driving their middle class out of the state. I'll stay in Kansas earning the same as i did in California and only paying 1/3 the amount to the state i was paying California. Plus my property tax is only $125 a year. Now i have money to buy coins!
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
The only problem with the above is that you end up living in Kansas and Not California ...........
Even though I'm in Illinois, I'm far from a high earner. The new taxes seem to calculate out to the better for me personally by thousands. YMMV.
And there is a lot of hidden beauty here we don't tell many about. There is more here than a field of corn or wheat. And i don't miss traffic, smog, illegals hitting my car, or crime.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Forgive me. Could have merely answered: “No” (and I love all our presidents.)
Like the health bill, we’re likely not to know how the tax bill will work out for us until we run our data thru it at tax time.
Here's a warning parable for coin collectors...
I am in Texas, my property taxes are about 7K, no state income tax, sales tax is about 3K and charity comes out around $13K a year, 1 kid in college. Running the rough numbers through an on line calculator, I come out about $2200 better, more money in the pocket.
What I am doing is lump summing 2018 property taxes and charitable cash donations into 2017, and just going for the standard deduction next near.
I have lifetime medical coverage from the company I retired from, and the rate drops once I hit 65 (medicare primary) but it still is very good insurance, so no impact from O'care.
I also run a business for fun out of my home, and the small business deduction will help.
Bottom Line, a win for me.
I don't think that it will change my coin buying habit.
I will continue to look for an upgrade on this A&R Seated Half Dollar
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I live in a low SALT state, Tejas, the tax deficiency by not having income tax is made up for in high sales tax and property tax..... The biggest issue with this tax plan is that it puts more federal debt on the board for the next generations to do something about........ I think this perception that we good citizens are getting a tax break will last a few months, then reality sinks in, and the coin market will continue to go downstream.
Best, SH