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There is much debate over whether people will get a tax cut or a tax hike under the proposed GOP tax bill, and much debate over who will and who should have their taxes raised or lowered. Well, how about you personally? Will your taxes go up or down if this bill passes, or will they pretty much remain the same? Whether going up or going down will you be satisfied with what your tax burden is at the federal level if this bill passes? Do you feel the right or the wrong people are seeing their taxes shift up or down?
I won't know for sure until the final bill gets through reconciliation. I'm told my tax burden will be cut (by conservatives), but I'm also told that it boomerangs back up in a few years (by liberals).
Moderator cut: bypassing the profanity filter
IMHO I'll get a tax cut, but nothing significant. My taxes will go up after a few years, but not enough to totally negate the cut. Will the tax cut bring benefits to me? Meh...
Using various calculators and averaging it all out, my taxes will remain roughly the same. My wife and I have a joint income at the upper end of the middle class, and I expect a small increase in taxes, meaning this tax bill is much ado about nothing, and the GOP isn't really cutting anything, they are simply shuffling the Titanic's deck chairs.
I won't know for sure until the final bill gets through reconciliation. I'm told my tax burden will be cut (by conservatives), but I'm also told that it boomerangs back up in a few years (by liberals).
Moderator cut: bypassing the profanity filter
IMHO I'll get a tax cut, but nothing significant. My taxes will go up after a few years, but not enough to totally negate the cut. Will the tax cut bring benefits to me? Meh...
This is pretty much my assessment. I'll get a bit of a cut but not much, and you can't really trust what either side is telling us. I'm hoping the cuts on the business side will kick start the economy but that's dependent on a theory that we won't know the efficacy of until it is tested in a real world environment.
Last edited by Ibginnie; 12-01-2017 at 08:13 AM..
Reason: edited quoted post
If as a family you make 110,000 or less they will go up about $2000
It’s probably because you were cheating the FEDERAL government $2k each year for years... it’s funny these liberals love the state rights when it comes to their money....
According to our accountant, we are going to get SLAMMED. He could not give me numbers as the specifics are not know yet, but he said to be prepared for the worst.
Using various calculators and averaging it all out, my taxes will remain roughly the same. My wife and I have a joint income at the upper end of the middle class, and I expect a small increase in taxes, meaning this tax bill is much ado about nothing, and the GOP isn't really cutting anything, they are simply shuffling the Titanic's deck chairs.
AND increasing the deficit substantially in the process and cutting programs.
More people will be spending more and our deficit is going up.
During a booming economy we are worred about stimulating growth.
In 4 decades of filing, I have not once had reason to itemize deductions (always several thousand below the standard deduction), so since the standard deduction is being raised, I'll have less income that's taxed.
That's the theory as I understand it anyway...
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