drumph's new tax laws may well increase bankruptcies

[BSdetect]

Just my suspicion given the number of posts revealing increased tax owing this year.

For many people that may well be the tipping point when added to existing debts.

[Wounded Bear]

1. Considering how many Americans are one paycheck away from disaster...

that's a fair point.

[LovingA2andMI]

2. One CANNOT find Bankruptcy....

On Federal Tax Debt or Student Loans. Blame Reagan for this change in the law as Republicans also screw over the working class.

[dalton99a]

3. The tax scam must be repealed

when Democrats win back Washington

[Historic NY]

4. Well a few Chapter 7's mean it isn't helping business....

I'm wondering if tariff's didn't put the spike into them. Two companies I deal with, went Chapter 7 w/o any notice what so ever.

[Hoyt]

5. Most people paying more this year, have assets -- like a house -- or only owe a couple thousand

at worst. I'd suggest figuring out a way to pay that couple of thousand before paying several thousand to an attorney. You are still going to owe the IRS and student loans as pointed out above.


[Note: "Paying more" means the total tax obligation for 2018 on one's tax return, not what you might have to write a check for on April 15. There's a big difference.]

[sarabelle]

6. This years taxes really hurt small businesses with less than 50 employees.

It was designed to help the big corporations and the very very wealthy. My friend is seriously thinking about closing her beauty shop which employs 8 other people. She and her CPA tried every trick in the book and if they are going to be honest, she will owe 36K this year and everyone of her employees will owe also. Truly sickening.

[JHB]

7. The **Republicans'** new tax laws...

He didn't do it by himself. Trump wasn't the one scrawling changes and provisions into the page margins in the middle of the night.

After all, it would have cut into his TIVO time with his FOX friends and prime rage-tweeting hours.

[Wounded Bear]

8. Good point...this is a Repub wet dream since forever...

Trump was just the guy with enough fingers and dexterity to sign the bill.