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Old 10-02-2017, 04:25 PM
 
1,721 posts, read 1,140,127 times
Reputation: 1036

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Quote:
Originally Posted by BicoastalAnn View Post
Yes, yes, we're all living in hell right now because of Obama's taxes. Now the question is, are we going to do BETTER or WORSE under the new tax plan.
You are living in hell

I'm doing fine with my taxes. Love to itemize especially as a business owner and investment property owner.

Now if I have to pay more under trump plan because he's getting rid of itemizing and state local taxes. Ill guess I'll be doing what I have to do to make myself win in this new situation just like corporations do now
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Old 10-02-2017, 04:25 PM
 
20,393 posts, read 12,284,863 times
Reputation: 10168
Quote:
Originally Posted by BicoastalAnn View Post
Let's back up... I'm not making any argument. I thought you saying the current tax brackets allow for the first $26k in income to be taxed at the lowest bracket. If that's not what you were saying, then I misread your comment. That's all. And I actually didn't read the NYT projection or the Politico article but the other poster's scenarios made sense to me mathematically (of course making some assumptions on what the income cut offs would be).
so as I understand it, there is the deduction so you have 50k -24k (married filing jointly)
then per the NYT the bottom two brackets currently 10% and 15% map to the 12% bracket. that number extends up to something like 75kish?


so yea, tha first 26K would be 12% based on the NYT projection.
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Old 10-02-2017, 04:28 PM
 
2,333 posts, read 1,475,357 times
Reputation: 922
Quote:
Originally Posted by cheyenne2134 View Post
You are living in hell

I'm doing fine with my taxes. Love to itemize especially as a business owner and investment property owner.

Now if I have to pay more under trump plan because he's getting rid of itemizing and state local taxes. Ill guess I'll be doing what I have to do to make myself win in this new situation just like corporations do now
I'm doing fine with my taxes. The other poster kept saying everyone got screwed over by Obama. I got tired of arguing about it.
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Old 10-02-2017, 04:33 PM
 
Location: Phoenix
29,783 posts, read 18,638,771 times
Reputation: 25771
Quote:
Originally Posted by Natural510 View Post
He’s a lifelong New Yorker who schmoozes with Manhattan high society. “Blue-staters†are his people, not the backwoods hicks he suckered to get elected.
Doesn't change the fact that the states that will pay for this tax change are NY, NJ, Mass, Conn, Md, Cali, Vt, Virginia, illini....payback to those that voted against him.
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Old 10-02-2017, 04:34 PM
 
2,333 posts, read 1,475,357 times
Reputation: 922
Quote:
Originally Posted by Ferd View Post
so as I understand it, there is the deduction so you have 50k -24k (married filing jointly)
then per the NYT the bottom two brackets currently 10% and 15% map to the 12% bracket. that number extends up to something like 75kish?


so yea, tha first 26K would be 12% based on the NYT projection.
I forgot if I said this to you earlier or in response to another poster but that would be pretty generous to move that 26k under the 12% bracket. That should make people happy as that $26k would incur less a bit tax under the new tax plan.
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Old 10-02-2017, 05:33 PM
 
Location: Long Island
32,817 posts, read 19,355,726 times
Reputation: 9616
Quote:
Originally Posted by sware2cod View Post
1 GOP senator down. They only need a couple more deflections and the tax plan is likely dead. With the expected spike in the deficit due to the tax plan, it's likely that several more GOP legislatures will be against it.

Rand Paul speaks out against the GOP tax plan.

Rand Paul criticizes GOP tax plan | TheHill

"This is a GOP tax plan? Possibly 30% of middle class gets a tax hike? I hope the final details are better than this," Paul said
so what you (and the article) are saying is that a senator, who hasn't even seen a bill from the house yet, it criticizing a proposal has hasn't even come to the floor of the house as a bill yet


shame on the Senator, for falling for the same false spin from the media
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Old 10-02-2017, 05:34 PM
 
16,376 posts, read 22,362,118 times
Reputation: 14391
Right now there is a tax credit(not deduction) of $2500/year for year 1 through 4 of college. This is gone, it seems. This is a large tax increase for anyone paying for college.
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Old 10-02-2017, 05:38 PM
 
1,721 posts, read 1,140,127 times
Reputation: 1036
Quote:
Originally Posted by Tall Traveler View Post
Doesn't change the fact that the states that will pay for this tax change are NY, NJ, Mass, Conn, Md, Cali, Vt, Virginia, illini....payback to those that voted against him.
And you will still be poor

Seriously, that "stick it to *******s" mentality y'all have going on is just profusely dumb. At the end of the day you aren't bettering yourself and circumstances but just to see the "*******s" suffer is worth it.

That hate must really allow you to be productive
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Old 10-02-2017, 05:43 PM
 
Location: Long Island
32,817 posts, read 19,355,726 times
Reputation: 9616
Quote:
Originally Posted by Smash255 View Post
It won't technically double, it is slightly less than double. However, the plan only states for single and married what the new standard deduction is. The plan doesn't detail what the new HOH standard deduction will be. Not to mention the loss of the personal exemption will outweigh the increase in the standard deduction for those with dependents.
ok double or 'almost' double, the fact is they didn't say they were taking away the classifications

I think the idea of streamlining the brackets 7 down to 3, while removing some of the deductions (that liberals are constantly complaining the rich over use) is a good thing..............

...............the real question is where these brackets start


many (including liberals) have said on here(CD) make the first 40k/ 60/ and I even saw a first 90k(believe it was gregw hopefully greg will validate my memory) tax free then start your brackets

so IF, yes IF..they start at 40k and go say to 200k for the 12%
....................................200k to 2 million for the 25%
and...............................2 million to infinity for the 30%

then a person making 63.9k, using the new std ded or 24k would have a '''taxable''' income of 39.9k...meaning ZERO TAX DUE

then a person making 73.9k, using the new std ded or 24k would have a '''taxable''' income of 49.9k...meaning 12% of 9.9k (the first 40k is zero) or 1188 tax due (or 22 per weekly pay check)



see the thing is we (and all the media that is making ASSUMPTIONS) don't know what the bracket levels will be.


so instead of bashing a proposal, why not contact your representative, explain how it would be best for the '''little guy''' if they set the starting bracket at 40k, or 50k, or 90k....let him even think its HIS IDEA
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Old 10-02-2017, 05:44 PM
 
Location: Long Island
32,817 posts, read 19,355,726 times
Reputation: 9616
Quote:
Originally Posted by Tall Traveler View Post
Doesn't change the fact that the states that will pay for this tax change are NY, NJ, Mass, Conn, Md, Cali, Vt, Virginia, illini....payback to those that voted against him.
doesn't change the FACT that you are ASSUMING
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