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So, will the current tax revision hose job influence your coin buying and selling in the New Year??

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    CommemDudeCommemDude Posts: 2,196 ✭✭✭✭✭

    @jmlanzaf said

    And the high earners have sufficient disposable income to adjust their luxury good spending to compensate.

    Since their pie does not get bigger, that means fewer new cars, coins, pool and landscape upgrades, and dinners at restaurants, which sounds trivial to you unless you sell cars, resurface pools or wait tables.

    Dr Mikey
    Commems and Early Type
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    bigjpstbigjpst Posts: 3,034 ✭✭✭✭✭

    All I know is that for the last 3 years I’ve had to deal with ticked off clients when I’m calculating a health insurance penalty. The relief of that makes it all worth while. The doubling of the standard deduction will probably help me since I live in Nevada and barely benefit from itemizing now. Most likely I’ll lose several hundred clients because of the same changes that help me. Hopefully the free time will help me play with my coins more.

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    ModCrewmanModCrewman Posts: 4,027 ✭✭✭✭✭

    If you're interested in a pretty good "plain English" summary of the bill, Wolters Kluwer a tax research company put out this summary, condensing the bill to the most impactful items in just 8 pages.

    https://www.cchgroup.com/media/wk/taa/pdfs/news-and-insights/federal-tax-legislation/house-gop-tax-cuts-job-act.pdf

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    JimnightJimnight Posts: 10,823 ✭✭✭✭✭

    @ErrorsOnCoins great life and great photo!

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    edited December 20, 2017 10:31AM

    @Jimnight said:
    @ErrorsOnCoins great life and great photo!

    I try, not all roses tho ... many, many life lessons behind me.

    Plan ahead for your dream, work tirelessly to achieve that goal, never give up, take the fork in the road if you have to, and never give up.

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    ColonelJessupColonelJessup Posts: 6,442 ✭✭✭✭✭
    edited December 20, 2017 10:34AM

    @oih82w8 said:
    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

    Excellent digression which many would already envy :D

    "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
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    scotty1419scotty1419 Posts: 927 ✭✭✭

    Considering at a high level, citizens are looking at a potential 10% tax rate benefit through 2023 - which gets a couple $kbucks, and on average, taxpayers will get 1% more back through the expiration - when we start paying MORE, the only possible positive news we could be looking at is PERCEPTION of more wealth pushing prices/sales up...

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    RogerBRogerB Posts: 8,852 ✭✭✭✭✭
    edited December 20, 2017 2:50PM

    For small and possibly medium size businesses - which is all of commercial numismatics - the change in corporate tax rates will have limited impact. The pass-through provision will benefit non-active owners.

    What is potentially damaging is the vote by FCC against "net neutrality." ISPs will be able to charge anything they like (see "pharmaceutical industry model") to small/medium and entrepreneurial companies. That means potentially slower access to PCGS and other websites and more limited bandwidth for companies that allow employees and consultants to work remotely.

    An open, level playing field for internet access and speed encourages new and growing businesses. By permitting ISPs to charge extra fees for greater bandwidth, all numismatic businesses are at a disadvantage. (By SBA definition, all coin businesses, even the largest, remain "small businesses," Heritage Auctions, with over 450 employees is a "small business.")

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    jmlanzafjmlanzaf Posts: 32,036 ✭✭✭✭✭

    @CommemDude said:

    @jmlanzaf said

    And the high earners have sufficient disposable income to adjust their luxury good spending to compensate.

    Since their pie does not get bigger, that means fewer new cars, coins, pool and landscape upgrades, and dinners at restaurants, which sounds trivial to you unless you sell cars, resurface pools or wait tables.

    The comment was in reference to real estate. If you are suggesting that I should short yacht companies, I might agree. If you want me to short real estate, I'm not so sure.

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    ashelandasheland Posts: 22,705 ✭✭✭✭✭

    @ErrorsOnCoins My brother lives in San Diego and I visited him there for the first time last May.
    That is a beautiful city!

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    JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    @jedm said:
    It won't affect my activities. I'll continue to buy coins from dealers without first asking them if they vote Democrat or Republican. (Edited because the post was getting flagged. Offensive to some?)

    Correct. You are only allowed to poke fun at the other party. Get with the rules

    m

    Walker Proof Digital Album
    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......
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    scubafuelscubafuel Posts: 1,740 ✭✭✭✭✭

    That's an awesome fish. Halibut?

    My tax prediction: Nothing in the new tax bill will ever affect any of the commenters here in any meaningful way. Including this one.
    Ok except the ones who have to actually read it to prepare other people's taxes perhaps.

    Deep breath Hounddog. You're at your best posting beautiful buffs.

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    david3142david3142 Posts: 3,426 ✭✭✭✭✭

    I think this thread needs to get poofed. Haven’t we learned not to bring politics here?

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    shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    I have told my kids and other kids, that D/R is meaningless...the truth is the older generation has stolen everything you are ever going to have unless your generation rises up and takes it back. I just hope that when they do, they feed us that organic Rachel Ray dog food...it looks pretty good. I don't think I'd like alpo.

    ANA-LM, NBS, EAC
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    OnWithTheHuntOnWithTheHunt Posts: 1,175 ✭✭✭✭✭

    Don't usually disagree with you Joe, but have to here.

    Proud recipient of the coveted "You Suck Award" (9/3/10).
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    92vette92vette Posts: 528 ✭✭✭

    Personally my capital gains on PM sales will drop from 25 to 22 percent. Many others will do better.

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    pennyholicpennyholic Posts: 153 ✭✭✭

    Well considering we will never pay down the national debt what's a few more trillion. I guess no one is concerned.

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    10000lakes10000lakes Posts: 811 ✭✭✭✭

    This sums up how I feel about our current politicians.

    https://youtube.com/watch?v=ofs_GyQXJ9k

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    edited December 20, 2017 2:16PM

    "My brother lives in San Diego and I visited him there for the first time last May.
    That is a beautiful city!" Yes it is. Lots of great "nature" nearby as well.

    "That's an awesome fish. Halibut?" Indeed 28", and it is super tasty.

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    crazyhounddogcrazyhounddog Posts: 13,823 ✭✭✭✭✭

    I didn’t light this fire my friends. Yes let’s do stick with the coins as we all agree on that.

    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
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    BaleyBaley Posts: 22,658 ✭✭✭✭✭

    I do not expect tax policy per se to have any efgect on my coin budget.

    But if my investments and income end up rising, I'll spend more on coins, though still none newer than 200 years nor more common than 1000 examples total extant.

    PS San Diego resident since 1993

    Liberty: Parent of Science & Industry

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    TwoSides2aCoinTwoSides2aCoin Posts: 43,863 ✭✭✭✭✭

    I’ve always lived off little. I can live off a little more, or less

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    Coin FinderCoin Finder Posts: 6,958 ✭✭✭✭✭

    Well the truth is I just don't know...There was lots of other stuff in the bill..

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    1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭

    Thanks for the link @ModCrewman , I will read that :smile:

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

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    BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭

    @privatecoin said:
    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!

    I'm really envious of your $125.00 property taxes... But is that like a real house, cabin, or shack?

    Just curious as my property taxes jumped like $400 a year when I built a shed on concrete instead of gravel.

    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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    Insider2Insider2 Posts: 14,452 ✭✭✭✭✭

    @Lakesammman said: "Lots of ramifications in the new tax bill, many yet to be determined. How will it affect your coin activities in 2018?"

    I guess we'll need to see. I hope my spending on coins remains the same.

    I see your original post was edited. I don't follow politics but I think I know what a "hose job" is. Something deceptive and not good? I did not read the bill as you have. Will you please post what it is in the bill that caused you to use this title: "So, will the current tax revision hose job influence your coin buying and selling in the New Year??""

    Thanks for saving me the time to read the bill. :)

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    JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    edited December 20, 2017 2:39PM

    @crazyhounddog said:
    I come here to relax and to get away from the BS involved with politics. But since you’ve put it out there I for one am sick and tired of the damn Democrats obstructing EVERYTHING! What a freaking joke. How in the hell can anything get done? They, the Democrats, are just full of hate, like what they accuse Trump of. Like a bunch a freaking babies crying everyday. Maybe they should just get over it.
    So there ya go!!

    Love ya dawg but one party has the majority in the house, senate and Oval Office. If things can't get done there is division in the controlling party. Things never even make it to the Oval Office to even get vetoed.

    mark

    Walker Proof Digital Album
    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......
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    BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭

    @shorecoll said:
    I have told my kids and other kids, that D/R is meaningless...the truth is the older generation has stolen everything you are ever going to have unless your generation rises up and takes it back. I just hope that when they do, they feed us that organic Rachel Ray dog food...it looks pretty good. I don't think I'd like alpo.

    shorecoll, FYI & most likely TMI as my dogs lost weight on that Rachel Ray crap as it passed right trough them.

    Just figured you should know before spending your golden years glued to the porcelain throne ;):'(

    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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    amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    Ebay is already doing this! Pay them to promote your item or 90% or more of random browsers will never see your listings!

    @RogerB said:
    For small and possibly medium size businesses - which is all of commercial numismatics - the change in corporate tax rates will have limited impact. The pass-through provision will benefit non-active owners.

    **What is potentially damaging is the vote by FCC against "net neutrality." **ISPs will be able to charge anything they like (see "pharmaceutical industry model") to small/medium and entrepreneurial companies. That means potentially slower access to PCGS and other websites and more limited bandwidth for companies that allow employees and consultants to work remotely.

    An open, level playing field for internet access and speed encourages new and growing businesses. By permitting ISPs to charge extra fees for greater bandwidth, all numismatic businesses are at a disadvantage. (By SBA definition, all coin businesses, even the largest, remain "small businesses," Heritage Auctions, with over 450 employees is a "small business.")

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    Insider2Insider2 Posts: 14,452 ✭✭✭✭✭

    Just as with coins, perhaps the labels we assign to folks don't always "fit." I think I like the very old days. Citizen politicians, who conformed to the same laws they pass and who only show up a few days a month. :)

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    crazyhounddogcrazyhounddog Posts: 13,823 ✭✭✭✭✭
    edited December 20, 2017 2:41PM

    @Justacommeman said:

    @crazyhounddog said:
    I come here to relax and to get away from the BS involved with politics. But since you’ve put it out there I for one am sick and tired of the damn Democrats obstructing EVERYTHING! What a freaking joke. How in the hell can anything get done? They, the Democrats, are just full of hate, like what they accuse Trump of. Like a bunch a freaking babies crying everyday. Maybe they should just get over it.
    So there ya go!!

    Love ya dawg but one party has the majority in the house, senate and Oval Office. If things can't get done there is division in the controlling party. Things never even make it to the Oval Office to get vetoed.

    mark

    Quit watching the fake news :)
    Edited to say I love you too my friend but it seems to me that the left has some other agenda that’s not helping our country.

    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
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    jwittenjwitten Posts: 5,077 ✭✭✭✭✭
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    JimnightJimnight Posts: 10,823 ✭✭✭✭✭
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    JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    edited December 20, 2017 3:13PM

    @crazyhounddog said:

    @Justacommeman said:

    @crazyhounddog said:
    I come here to relax and to get away from the BS involved with politics. But since you’ve put it out there I for one am sick and tired of the damn Democrats obstructing EVERYTHING! What a freaking joke. How in the hell can anything get done? They, the Democrats, are just full of hate, like what they accuse Trump of. Like a bunch a freaking babies crying everyday. Maybe they should just get over it.
    So there ya go!!

    Love ya dawg but one party has the majority in the house, senate and Oval Office. If things can't get done there is division in the controlling party. Things never even make it to the Oval Office to get vetoed.

    mark

    Quit watching the fake news :)

    Actually what I described is exactly how the government works or in this case isnt working. Isn't the whole "fake" news thing getting kind of tired and lazy? Maybe you were joking ; )

    Imagine if we had to elect a Board Moderator for 4 years . ( obviously the one we have is awesome and exhibits rock star tendencies ). Let's say after about 20 minutes of ruling a lot of us realize we elected a buffoon. Damn. We are stuck with him. So what do we do?

    1) threaten to move to Canada or to NGC?

    2) try to work with him and point him in the right direction when he loses his way even when he pouts

    3) undermine every silly thing he does and disrupt the boards into a stalemate for the greater good of the boards until the next board election. Maybe whenever he does something good buy him a filet o fish to reinforce positive feedback

    4) or do we just stand back and let him run wild no matter how embarrassing he gets on the boards just because we elected him?

    I'm all for number 2 unless he or she shows they arent worthy. Then I can live with number 3.

    Luckily we don't have elections on this forum

    Merry Christmas

    Mark

    Walker Proof Digital Album
    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......
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    privatecoinprivatecoin Posts: 3,190 ✭✭✭✭✭

    @Broadstruck said:

    @privatecoin said:
    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!

    I'm really envious of your $125.00 property taxes... But is that like a real house, cabin, or shack?

    Just curious as my property taxes jumped like $400 a year when I built a shed on concrete instead of gravel.

    My house is 4 bedroom 2 bath on an acre within the city limits.

    This is just one of the really nice places in Kansas. There are lots of them, but everyone is just brainwashed by the scene from I-70.

    http://www.kansastravel.org/arikareebreaks.htm

    Arikaree breaks is about an hour and a half from my home. Then there's the flint hills, Solomon Valley, Monument Rocks, Castle Rock, and many more.

    But my biggest treasure out here is the scores of hidden coin collections with no dealers within 200 miles or more.

    Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc

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    Insider2Insider2 Posts: 14,452 ✭✭✭✭✭

    I'm just a little guy who does not care about speed and bandwidth - yet LOL.

    Before I rant, let me say I have found there are two basic types of folks. Nothing but a national emergency will ever bring them together. Example: Some favor the death penalty some don't. Therefore, if we take out all morality, common good, etc. there is no right or wrong.

    This country was founded in a certain way. Most of that "way" has been obliterated by successive generations for whatever the reason.

    It seems to me that in a "free" country, those who have the means to pay more for something due to hard work or a lucky birth should be able to do it. Life is not fair. I don't care if the next guy has a better car, more expensive coins, a faster computer. There will always be something for me and others w/o pursuing the socialist thing that has turned this country into the way it is today. I guess I don't believe in equality of results just equality of opportunity. I was raised in a country where no one was entitled to eat or a soft bed to sleep in under a roof. We did not rob one man to pay another. Somehow, things worked out even though some folks suffered greatly. It WAS the way of the world.

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    amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    That article just shows how close to Socialism we are getting! It's just mind boggling when you look at the list of all the programs tax payers are paying for!

    @EagleEye said:
    Ok, so they just gave away a big chunk of our National Treasure to the oligarchs. Just like Russia did in the 1990's.

    The big thing everyone is missing is the automatic cuts this bill will trigger when it goes into effect.

    See what will be cut

    By making a huge hole in the deficit, many programs will be automatically slashed due to "Pay as you go" legislation passed a few years ago.

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    10000lakes10000lakes Posts: 811 ✭✭✭✭
    edited December 20, 2017 3:58PM

    The following only applies to people that get their income from an employer and are not use to having to do estimated taxes because of other non earned income sources.

    Since the tax rates on earned income for an individual are lower under the new tax plan you will see a larger take home pay on your check starting some time early next year.
    People will generally think they got a tax break no matter what there earned income level is.

    The shock will come for some people (mainly people with State, local, property taxes > 10K) when they do there taxes in 2019 and find out they are getting a smaller refund or actually owe.

    So if you don't itemize today you generally will see the reduced tax show up on your check as more take home pay.
    Enjoy your tax cut.

    If you do itemize and have more than 10K in state, local, property taxes as a deduction you need to do some figuring to see if you actually will benefit from this tax plan.

    I also think there might be another hit for some people on their state taxes.
    Loss of deductions on Fed tax form leads to a higher reported taxable income.
    That higher taxable income generally flows over to your state return and will lead to more income subject to state tax.

    In my case I haven't actually figured out if I get 'hosed' or not, hopefully Turbo Tax will get updates early next year to help me figure out my estimated tax payments under the new rules.

    As far as the original question on effect of buying and selling coins. I don't see anything that would have an effect on me.

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    JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    @crazyhounddog said:

    @Justacommeman said:

    @crazyhounddog said:

    @Justacommeman said:

    @crazyhounddog said:
    I come here to relax and to get away from the BS involved with politics. But since you’ve put it out there I for one am sick and tired of the damn Democrats obstructing EVERYTHING! What a freaking joke. How in the hell can anything get done? They, the Democrats, are just full of hate, like what they accuse Trump of. Like a bunch a freaking babies crying everyday. Maybe they should just get over it.
    So there ya go!!

    Love ya dawg but one party has the majority in the house, senate and Oval Office. If things can't get done there is division in the controlling party. Things never even make it to the Oval Office to get vetoed.

    mark

    Quit watching the fake news :)

    Actually what I described is exactly how the government works or in this case isnt working. Isn't the whole "fake" news thing getting kind of tired and lazy? Maybe you were joking ; )

    Imagine if we had to elect a Board Moderator for 4 years . ( obviously the one we have is awesome and exhibits rock star tendencies ). Let's say after about 20 minutes of ruling we realized he was a buffoon. Damn. We are stuck with him. So what do we do?

    1) threaten to move to Canada or NGC?

    2) try to work with him and point him in the right direction when he loses his way even when he pouts

    3) undermine everything he does and disrupt the boards into a stalemate for the greater good of the boards until the next board election.

    I'm all for number 2 unless he or she shows they arent worthy. Then I can live with number 3.

    Luckily we don't have elections on this forum

    Merry Christmas

    Mark

    Is the country doing better now than it was a year ago?
    1) Stock market is up
    2) More jobs
    3) Kicking some ISIS ass

    Jobs are coming back to America and hard working Americans can keep more of their money.
    Yes the main stream media is bias .
    CNN stands for Clinton News Network.
    How bout that uranium 1 deal where the Clinton foundation received 145 million dollars and the United States received zero for 20% of our uranium? What about that?
    Why are the Clintons above the law?
    Yes I’m serious.
    But remember this. I love you man :)

    Even when you do the lemming walk I to love you Dawg..... I'm sticking to coins when speaking to you. FWIW no one on this board has a more conservative voting record then I do. Not possible.

    m

    Walker Proof Digital Album
    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......

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