With the coming middle class tax cut, do you expect to pour the tax savings into your collection?

Longacre · January 16, 2018 2:33PM

Now that middle class tax relief has been passed, do you expect to take those tax savings and increase the amount that you spend on your collection? Or do you think that more money in collectors' pockets will not necessarily translate into increased spending on coins? Does anyone know if past tax relief efforts have shown a related increase in spending on coin collections?

MorganMan94 · January 16, 2018 2:35PM

There is already a large thread on this somewhere, I will see if I can find it. It kind of turned into a mess the last time I looked at it.

Treashunt · January 16, 2018 2:37PM

hold your breath before you start spending

jmlanzaf · January 16, 2018 2:41PM

This is a dangerous thread that will quickly devolve into political rancor.

ElKevvo · January 16, 2018 2:59PM

Nope...although I am somewhat suspect that my taxes will be reduced by any meaningful amount I have other projects (OK my wife does!) that will be needing my meager discretionary spending allocation. And I am not trying to imply that my coin spending in any way can impact the coin market 'cause it is a droplet in the bucket

K

coinkat · January 16, 2018 3:07PM

No

Coinstartled · January 16, 2018 3:11PM

It may affect the upper tier of the coin market.

keets · January 16, 2018 3:15PM

what Tax cut?? I'll believe it when I see it. just make sure you wait to see where things increase before you count any net decrease.

ebaytrader · January 16, 2018 3:22PM

Every xtra cent goes on the horse that I've been riding the past year - the US stock market. When that horse falters, I'll consider coins along with other tangibles.

rottnrog · January 16, 2018 3:25PM

I plan on using ALL of mine to get a roll of cents to search thru from the bank!

A friend of mine who is a millionaire said he plans on spending PART of his on a new Corvette !!!

joebb21 · January 16, 2018 3:42PM

Longacre posting? what is this... 2010?

TwoSides2aCoin · January 16, 2018 3:44PM

Studies have shown that few collectors post here, and once in a while there's a rare cameo appearance by the upper class.

But that's rare, by today's standard.

MsMorrisine · January 16, 2018 4:54PM

some are using collections to do other pouring

MsMorrisine · January 16, 2018 4:58PM

if this quarter's earnings are good, I expect it to be poured into the stock market.

I just wish I had some help for international tax consequences incurred from cryptocurrency foreign exchange businesses.

oh well, I'll just have to settle with physical coin talk.

Zoins · January 16, 2018 5:10PM

I live in a high SALT state, so no

Longacre · January 16, 2018 5:18PM

@joebb21 said:
Longacre posting? what is this... 2010?

Longacre was hoping to draw RYK out of retirement.

MsMorrisine · January 16, 2018 5:19PM

That will require a tuition cut

lkeigwin · January 16, 2018 5:19PM

I'm retired and on Social Security so no tax benefit here. My coin spending will stay roughly the same. (True, SSA benefits go up 2% this year but the Medicare increase means a smaller check.)
Lance.

Lakesammman · January 16, 2018 5:21PM

If you want to find the prior thread, search "hose job".

shorecoll · January 16, 2018 6:11PM

I already spent my next three years gains, I hope it doesn't get repealed too quick.

MikeInFL · January 16, 2018 6:16PM

No, but I expect tax accountants will make a killing.

I hope you are well, Longacre....Mike

Babboonbobo69 · January 16, 2018 6:20PM

My coin/gun money comes out of my overtime, so it just depends on wether the economy keeps rollin along.

Coinstartled · January 16, 2018 6:23PM

@rottnrog said:

A friend of mine who is a millionaire said he plans on spending PART of his on a new Corvette !!!

...and a new toupee!

Unknown · January 16, 2018 8:16PM

This content has been removed.

vplite · January 16, 2018 8:28PM

@FadeToBlack said:
My taxes are going up and I'm middle class. So no.

Me too!

7Jaguars · January 16, 2018 8:33PM

Ditto, getting worked over. Nice to get reamed, wait til user fees go through the roof & slashed benefits.

goldbuffalo · January 16, 2018 8:35PM

Took away $5000 of deductions, getting slightly smaller tax rate, if i'm lucky, i'll break even, kind of think i'll pay more. So no spending increases here.

Shouldn't a 'tax cut' have been multiply you deduction times 2 ??? That would be a tax cut, not removing deductions, that's Trump raising taxes.

Justacommeman · January 16, 2018 8:41PM

No tax cut here

m

skier07 · January 16, 2018 8:56PM

Higher overall taxes in the Golden State, federal taxes might be lower but state taxes no longer tax deductible so net effect higher taxes.

jessewvu · January 16, 2018 9:27PM

Nope. I will invest it in other areas. Assuming I see a cut...

Justacommeman · January 16, 2018 10:00PM

I don't mind paying more taxes in California if it keeps the president away. He hasn't visited here once during his first year in office. We are his kryptonite apparently.

The previous president was wildly popular and came to California way too often and caused mayhem with the traffic as he often came unannounced. I was actually happy when he was finishing his second term because of this.

Not sure which scenario makes me more happy

mark

Boosibri · January 16, 2018 10:37PM

I'll put my tax cut into a monthly Netflix subscription as that is about what I'll get.

Elcontador · January 16, 2018 10:50PM

@Justacommeman said:
I don't mind paying more taxes in California if it keeps the president away. He hasn't visited here once during his first year in office. We are his kryptonite apparently.

The previous president was wildly popular and came to California way too often and caused mayhem with the traffic as he often came unannounced. I was actually happy when he was finishing his second term because of this.

Not sure which scenario makes me more happy

mark

Mark, I'd rather they all stay away, because as you wrote, they really mess up traffic. I live and work near Los Angeles Int'l Airport, so whenever any of these bozos come here, it's a traffic nightmare. Personally, I'd pay them to go bother other people in other places.

Batman23 · January 17, 2018 12:37AM

Are you guys talking about 2017 taxes owed/refunded or are you talking the expectations of the 2018 tax year? As far as my 2017 taxes, I am not seeing any difference from the prior years taxes based on looking at the 1040 book.

Boosibri · January 17, 2018 12:39AM

@Batman23 said:
Are you guys talking about 2017 taxes owed/refunded or are you talking the expectations of the 2018 tax year? As far as my 2017 taxes, I am not seeing any difference from the prior years taxes based on looking at the 1040 book.

2018

Batman23 · January 17, 2018 12:45AM

@Boosibri said:

@Batman23 said:
Are you guys talking about 2017 taxes owed/refunded or are you talking the expectations of the 2018 tax year? As far as my 2017 taxes, I am not seeing any difference from the prior years taxes based on looking at the 1040 book.

2018

Thanks, I figured that must be the case. I doubt I will see much benefit from any changes until 2019 then. Just a normal guy here working for "the man" and waiting for his annual W2...

Coinstartled · January 17, 2018 1:16AM

@Justacommeman said:
I don't mind paying more taxes in California if it keeps the president away. He hasn't visited here once during his first year in office. We are his kryptonite apparently.

The previous president was wildly popular and came to California way too often and caused mayhem with the traffic as he often came unannounced. I was actually happy when he was finishing his second term because of this.

Not sure which scenario makes me more happy

mark

After a long day in Grand Rapids 30 years ago, I was on my way back to Detroit. Traffic froze for close to an hour as the then VP was headed to a fundraiser. Inconsiderate louts from both parties.

Treashunt · January 17, 2018 7:03AM

@Justacommeman said:
I don't mind paying more taxes in California if it keeps the president away. He hasn't visited here once during his first year in office. We are his kryptonite apparently.

The previous president was wildly popular and came to California way too often and caused mayhem with the traffic as he often came unannounced. I was actually happy when he was finishing his second term because of this.

Not sure which scenario makes me more happy

mark

All the blue states are getting tax increases.
The reduction on state & property tax deductions will be a tax increase.

oih82w8 · January 17, 2018 7:05AM

No change anticipated or expected.

Catbert · January 17, 2018 7:09AM

Oh well, another political thread masquerading as something about coins.

Let's play a little George Benson instead:

https://youtube.com/watch?v=g-ibK5L2a4I

MonsterCoinz · January 17, 2018 7:23AM

We will find out in a few weeks how withholdings change. I'm excited; I suspect mine will be split between coins and bills.

ricko · January 17, 2018 7:41AM

I do not allocate funds, I spend as I see things I like....so, some funds could go to coins, or firearms, or ammunition, or Cabernet Sauvignon..actually Cabernet and firearms are more likely Cheers, RickO

Desert Moon · January 17, 2018 7:41AM

@Justacommeman said:
No tax cut here

m

I am thinking that will be par for the course as this plays out. From what I can tell, this was primarily a tax cut for buisnesses, not for individuals. I guess we will find out. To complicate the issue, the decade long stock market run is about to end so how is that going to affect collectables? Stocks have been pushed up too high, let's hope the landing is smoother than in 2008.

money.cnn.com/2018/01/17/investing/feldstein-predicts-stock-market-plunge/index.html?iid=hp-toplead-dom

money.cnn.com/2018/01/16/investing/bonds-market-stocks-inflation/index.html?iid=hp-stack-dom

Best, SH

Broadstruck · January 17, 2018 7:43AM

I'm guessing it will Make Sandwiches Great Again...

As talking to my accountant I might be able to squeeze out an extra jar of Mayonnaise each year?

VanHalen · January 17, 2018 8:03AM

@spacehayduke said:

@Justacommeman said:
No tax cut here

m

I am thinking that will be par for the course as this plays out. From what I can tell, this was primarily a tax cut for buisnesses, not for individuals. I guess we will find out. To complicate the issue, the decade long stock market run is about to end so how is that going to affect collectables? Stocks have been pushed up too high, let's hope the landing is smoother than in 2008.

money.cnn.com/2018/01/17/investing/feldstein-predicts-stock-market-plunge/index.html?iid=hp-toplead-dom

money.cnn.com/2018/01/16/investing/bonds-market-stocks-inflation/index.html?iid=hp-stack-dom

Best, SH

Interesting that 2017 Federal corporate tax revenue is ~$350B or ~10% of Federal revenues. With corporate profits ~$1.7T the effective tax rate was ~15%.

2018 projections of 20%+ profit growth don't seem realistic. Watch out before spending your tax savings.

drei3ree · January 17, 2018 8:09AM

@ricko said:
I do not allocate funds, I spend as I see things I like....so, some funds could go to coins, or firearms, or ammunition, or Cabernet Sauvignon..actually Cabernet and firearms are more likely Cheers, RickO

I'm pretty sure that the combo is a felony in all 50 states!

BuffaloIronTail · January 17, 2018 9:12AM

The "extra" funds that get allocated around my house go to my significant other for shopping sprees.....

Oh well.......

Pete

TwoSides2aCoin · January 17, 2018 9:13AM

Death and taxes. You missed nothing, Michael. Welcome home.

Batman23 · January 17, 2018 9:17AM

@drei3ree said:

@ricko said:
I do not allocate funds, I spend as I see things I like....so, some funds could go to coins, or firearms, or ammunition, or Cabernet Sauvignon..actually Cabernet and firearms are more likely Cheers, RickO

I'm pretty sure that the combo is a felony in all 50 states!

Maybe in 49 of the states... Just a little ole Misdemeanor here in AK!

Unknown · January 17, 2018 9:19AM

This content has been removed.

ricko · January 17, 2018 9:19AM

Yep.... I should have clarified..... first firearms... then Cabernet.....when guns are put away. Though it is legal to carry in bars here in NYS.... Cheers, RickO

With the coming middle class tax cut, do you expect to pour the tax savings into your collection?

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