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Some people have been programmed to believe that all of CNN's content is misleading. That's a good way to keep critics at CNN from affecting you, by discrediting them in this way that Trump has managed to do.
That's a nice list. Now how is CNN's simple tool so awful? It's a simple calculator to give people an idea of what will happen.
This "most bias piece of junk misleading thing CNN could have put out" weirdly gave me the same result as what I got when I ran the numbers through a calculator from a right-leaning site.
And for extra hilarity, had you read the article, you'd know that their calculator came from the American Enterprise Institute.
It is not "so awful", it is just wrong. The brackets are calculated incorrectly, their arithmetic does not conform to the law. " Awful" is the wrong word; "incorrect" is the right word.
Some people have been programmed to believe that all of CNN's content is misleading. That's a good way to keep critics at CNN from affecting you, by discrediting them in this way that Trump has managed to do.
People are discrediting it because they are getting different results. On a related note, the Washington Post notes that the methodology used is showing different results with other calculators.
From what I understand, the ACA penalty would only be rescinded starting in 2019. For 2017 and 2018, the penalty still applies.
For higher-income single people without children, the tax plan is not particularly favorable. Such filers have more than $10K/year in state/local/property taxes to deduct (often much, much more), so the $10K cap affects them. Indeed, it becomes pointless to itemize, since the standard deduction becomes $12K. The $4K personal exemption meanwhile goes away. Marginal tax-rates do however decline.
100% correct!
I itemize presently, but if I add my itemized deductions to my exemptions (2017) and compare that to the new standard deduction with no exemptions, I am only losing about $300. Basically a wash. I have no mortgage interest and my charitable contributions are not particularly high. If my effective tax rate decreases, I may see a tax savings. By the time the tax cuts are phased out I will be well into retirement and lower tax brackets.
If you itemize more than 16K and have no children , you may not come out so well. I have a coworker who itemizes at appx $26K (Mortgage interest $5K, State tax $4K, Property tax $15K, charitable contributions $2K). Add to that his exemptions and you arrive at $34K. No dependents.
He will lose the ability to itemize effectively because his state/local will cap at $10K. In essence he is losing $10K in deductions. No, he is not wealthy despite the high property tax bill, just out on a limb.
His effective tax rate will decrease some, but he is likely in for a tax bill sticker shock.
This will get worse as mortgage rates rise and property taxes eventually increase.
One bright spot is that charitable contributions are virtually rendered moot. No more receipts or fair market value calculations. Which is indeed a simplification.
Still, we should all make the best of the wealth effect for now, because it is all going to be paid for with debt and likely will drive inflation. Be careful what you wish for.
Quote:
Originally Posted by Jim1921
...
The best advice is to run the numbers yourself to get a better answer. It isn’t that hard to do.
Precisely.
Last edited by shaker281; 12-21-2017 at 12:22 AM..
The morning NBC show said an independent analysis say 80% of Americans will pay lower taxes and 5% will pay higher.
That cannot possibly be true. GOP supporters have informed me that nothing the mainstream media reports is accurate. I take them at their word! Why would they mislead?
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