Re: Tax bill
 

[quote=TheMalcolmConnection;1183748]Admittedly, I don't really understand this bill and how it is officially going to effect me.

Just throwing it out there, we're a two person home and take zero deductions. Are we going to lose out in this whole thing? Wife and I are both pretty nervous about it.[/quote]

I think the cnn calculator I linked to early would give you a decent idea. From what I could tell, nearly everyone will see a bump in take home pay first few years, but if you are in the 75K-225K area, you likely will see the least positive effect. (I don't know that, just the way the calculators look like)

Re: Tax bill
 

[quote=Giantone;1183753]Year one,look and see what happens in year two and three.[/quote]

Years 1-5 are effectively the same in the reform. It's years 6-9 where some changes occur, and you can believe there will be lots of campaigning to extend the positive parts of the bill.

Re: Tax bill
 

[quote=TheMalcolmConnection;1183748]Admittedly, I don't really understand this bill and how it is officially going to effect me.

Just throwing it out there, we're a two person home and take zero deductions. Are we going to lose out in this whole thing? Wife and I are both pretty nervous about it.[/quote]

Chances are your taxes will go down.

PM me your combined salary and I can tell you roughly.

Re: Tax bill
 

[QUOTE=TheMalcolmConnection;1183748]Admittedly, I don't really understand this bill and how it is officially going to effect me.



Just throwing it out there, we're a two person home and take zero deductions. Are we going to lose out in this whole thing? Wife and I are both pretty nervous about it.[/QUOTE]


All you need to know it’s it’s going to be tremendous, fantastic, the best ever

Re: Tax bill
 

The best, believe me *while making the OK sign non-stop*.

Re: Tax bill
 

When most people see their first paycheck under the new plan, their opinion of this bill is going to change.

Re: Tax bill
 

[quote=CRedskinsRule;1183759]Years 1-5 are effectively the same in the reform. It's years 6-9 where some changes occur, and you can believe there will be lots of campaigning to extend the positive parts of the bill.[/quote]

LOL, NO. People in 2,500 range the first year will see about 255 ,the second and owe about 180 in the third. If you have a high property tax you should pay it this year so you can still get the deduction,it's being cut .

All so remember Obama care didn't self destruct trump and the GOP just fucked over the American people on health care by dumping the mandate.

Re: Tax bill
 

What 2500 group. If you are talking about the 250K I wouldn't call them middle clasd.

Re: Tax bill
 

"It's always a lot of fun when you win" - G1 fav President

Whew...I tell ya, Pocahontas did not look too happy today. Out their beating her little drum...

Re: Tax bill
 

[quote=Giantone;1183769]LOL, NO. People in 2,500 range the first year will see about 255 ,the second and owe about 180 in the third. If you have a high property tax you should pay it this year so you can still get the deduction,it's being cut .

All so remember Obama care didn't self destruct trump and the GOP just fucked over the American people on health care by dumping the mandate.[/quote]

Giantone, what you're saying doesn't make any sense, and the pieces I can actually make sense out of aren't true.

The tax changes in this bill will remain in effect until 2026, at which time the tax rates will revert to 2017 levels.

There may be certain deductions phasing in and out, but the pieces that affect the majority of the population will remain in effect from 2018 - 2025, changing back to the way we have them now in 2026.

Re: Tax bill
 

[quote=Schneed10;1183775]Giantone, what you're saying doesn't make any sense, and the pieces I can actually make sense out of aren't true.

The tax changes in this bill will remain in effect until 2026, at which time the tax rates will revert to 2017 levels.

There may be certain deductions phasing in and out, but the pieces that affect the majority of the population will remain in effect from 2018 - 2025, changing back to the way we have them now in 2026.[/quote]

Still looking for where I found those other numbers but this should be a good read ..............

[url]https://www.cnbc.com/2017/12/20/families-will-feel-the-pain-of-losing-this-tax-break.html?__source=xfinity|mod&par=xfinity[/url]

Re: Tax bill
 

[quote=Giantone;1183777]Still looking for where I found those other numbers but this should be a good read ..............

[url]https://www.cnbc.com/2017/12/20/families-will-feel-the-pain-of-losing-this-tax-break.html?__source=xfinity|mod&par=xfinity[/url][/quote]
EDIT: I missed this line in the article:
[quote][B]In all, the family's taxes would fall by $2,119 in 2018[/B], according to the Tax Policy Center.[/quote]

If that is the largest source of pain from this tax plan, then it's not a bad deal.

[quote]By 2027, this hypothetical family with two kids would wind up paying an additional $150 in taxes, compared with what they'd pay under today's framework because the enhanced child tax credits — and a range of individual income tax provisions — expire in 2025, the Tax Policy Center found.[/quote]

I would say $75K, 2 kids is right in the middle class range, so I would rather they didn't take a hit, but $10-$12/month, that's about what they will pay when they sign up for Disney's upcoming streaming service.

S/N I STILL hate misleading headlines. "Families will feel the pain" yet their example family, gets a $2k lower tax bill in 2018. HOW IS THAT A RESPONSIBLE HEADLINE???

Re: Tax bill
 

[quote=Giantone;1183777][B]Still looking for where I found those other numbers[/B] but this should be a good read ..............

[url]https://www.cnbc.com/2017/12/20/families-will-feel-the-pain-of-losing-this-tax-break.html?__source=xfinity|mod&par=xfinity[/url][/quote]

I think it was either in the fake news or media bias pages.

Re: Tax bill
 

[quote=Giantone;1183777]Still looking for where I found those other numbers but this should be a good read ..............

[url]https://www.cnbc.com/2017/12/20/families-will-feel-the-pain-of-losing-this-tax-break.html?__source=xfinity|mod&par=xfinity[/url][/quote]

It's because the other numbers are either made up or entirely wrong.

But regardless... this CNBC article is correct that losing the personal exemption hurts, but the family tax credit is added, and the child tax credit is doubled. That helps offset the loss of the personal exemption.

That's why, in CRed's example, a $75K family can lose the exemption but have taxes go down by $2100. The loss of the personal exemption hurts, the gain of the family tax credit helps, and they basically offset each other.

But that is a very specific circumstance, and this CNBC article shows clear bias (unsurprisingly), by attacking the removal of one exemption without mentioning the addition of another. Any accountant (I am one) will tell you that's not a fair, balanced, and complete picture.

And this CNBC article is clear that the reversion back to existing rates doesn't occur until 2026.

You coming on here and saying that it will be a problem in "Year 2" is tantamount to spreading fake news. Get yourself educated or shut the fuck up.

Re: Tax bill
 

Seriously guys, I am not pushing an agenda here, but you all really need to take a hard look at your news sources. CNBC's headline says losing this personal exemption is going to hurt, and then in the article they turn around and give an example of a family of 4 making $75K will see taxes going down by $2100.

They fail to explain that the loss of the personal exemption is more than offset by the reduction in the tax brackets and the pickup of the family tax credit.

75-80% of Americans will pay LESS taxes under this bill. You can argue with the merits of giving bigger breaks to corporations, or bigger breaks to the wealthy, and that's all fine. But when the news sources you're using don't even deal in even-handed facts, your opinions are colored.

That's why both I, and Paul Ryan, are extremely confident that American approval of this bill is going to go up the second your first paycheck comes through.

"Oh, you mean I got a raise? Why did CNBC say I would feel the loss of the personal exemption?"

Because they're full of shit. Don't read them.