With the coming middle class tax cut, do you expect to pour the tax savings into your collection?
Longacre
Posts: 16,717 ✭✭✭
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?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
3
Comments
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.
hold your breath before you start spending
BHNC #203
This is a dangerous thread that will quickly devolve into political rancor.
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
No
Experience the World through Numismatics...it's more than you can imagine.
It may affect the upper tier of the coin market.
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.
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.
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 !!!
Longacre posting? what is this... 2010?
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.
some are using collections to do other pouring
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.
I live in a high SALT state, so no
Longacre was hoping to draw RYK out of retirement.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
That will require a tuition cut
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.
If you want to find the prior thread, search "hose job".
I already spent my next three years gains, I hope it doesn't get repealed too quick.
No, but I expect tax accountants will make a killing.
I hope you are well, Longacre....Mike
My coin/gun money comes out of my overtime, so it just depends on wether the economy keeps rollin along.
...and a new toupee!
Me too!
Ditto, getting worked over. Nice to get reamed, wait til user fees go through the roof & slashed benefits.
Well, just Love coins, period.
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.
No tax cut here
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......
Higher overall taxes in the Golden State, federal taxes might be lower but state taxes no longer tax deductible so net effect higher taxes.
Nope. I will invest it in other areas. Assuming I see a cut...
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
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......
I'll put my tax cut into a monthly Netflix subscription as that is about what I'll get.
Latin American Collection
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.
"Seu cabra da peste,
"Sou Mangueira......."
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
Latin American Collection
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...
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.
All the blue states are getting tax increases.
The reduction on state & property tax deductions will be a tax increase.
BHNC #203
No change anticipated or expected.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
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
"Got a flaming heart, can't get my fill"
We will find out in a few weeks how withholdings change. I'm excited; I suspect mine will be split between coins and bills.
Check out my iPhone app SlabReader!
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 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
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?
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.
I'm pretty sure that the combo is a felony in all 50 states!
The "extra" funds that get allocated around my house go to my significant other for shopping sprees.....
Oh well.......
Pete
Death and taxes. You missed nothing, Michael. Welcome home.
Maybe in 49 of the states... Just a little ole Misdemeanor here in AK!
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