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Old 10-15-2017, 08:23 PM
 
30,081 posts, read 47,320,143 times
Reputation: 16026

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Quote:
Originally Posted by ABQ2015 View Post
You may be confusing AGI with Taxable Income. AGI is the bottom of the first page of the Form 1040. The second page is where you deduct for the standard or itemized deductions and the personal exemption. Reducing AGI would be nice as it is the basis for ACA subsidies, when the higher Medicare Part B premiums kick in, etc. But the only way I can figure out to reduce AGI, without taxable investments and a Roth IRA for income, is to contribute to a Health Savings Account (HSA).

I may be paying $500-1000 more in taxes under the Trump Tax Plan. My current deductions for state tax and property tax and the personal exemption are a few thousand more than the new proposed standard deduction for single filers. But I don't know enough about the specifics of the plan to be sure. If the HSA contribution limit goes up, as was part of the initial plan, I could come out ahead but that contribution will end when I turn 65.
But don't you have to be working to contribute to HSA--or just not on Medicare?

 
Old 10-15-2017, 08:31 PM
 
30,081 posts, read 47,320,143 times
Reputation: 16026
Quote:
Originally Posted by Kefir King View Post
Can this so called tax "reform" be rammed through the Senate with a simple majority, called a "reconciliation" or do they need the 60 votes to break a filibuster?
(Sometimes it seems that only Democrat initiatives need 60 votes and Republicans get everything through on just 51.)
60 votes I believe cause of the timing (I think part of the 51 vote mandate lapses end of October) and because of the legislation effects the budget process itself...which is not just a reconciliation type of decision process...

Which proves Trump and most in his Cabinet are just in LaLa Land w/o Ryan Gosling to make its effect palatable
After the twice failed health care "repeal" I think they (The GOP) are just drinking the koolaid of forgetfulness...
Paul Ryan thinks he will be OK because of superior numbers in the House but the Senate is a different beast
If both Houses can't agree and work some revision BOTH parties can live with then any meaningful legislation is doomed...
And from what I hear, Democrats are almost willing to do nothing and foist all that negativity back on the GOP in 2018...as part of their campaign strategy...
Not saying it will work like they think---likely to backfire and allow even more alt-right GOP winners if gerrymandering is not reversed in Supreme Court before primaries/elections...
 
Old 10-15-2017, 08:35 PM
 
30,081 posts, read 47,320,143 times
Reputation: 16026
Quote:
Originally Posted by TuborgP View Post
If I were to make the statement that $68,000 a year was low income for a family of four, how would many in the forum react?
A. Agree
B. That is crazy
C. Not sure
D. Who cares

For many based on their state data A is correct: Before anyone goes ballistic here is the data:

Here's how much you can earn and still qualify as low-income in N.J. | NJ.com


$63,050
I don't think that is crazy--that 68K is low--certainly lower-- income for family of 4===especially if there are kids w/special needs or depending on the ages of the kids...
Family with high school students who have part time jobs and have cars--have extra insurance needs and expenses---
And most kids can't earn enough working part time to pay for ALL their personal expenses like cars, phones, clothing, extra curricular activities if they do sports or have a dating life...
Especially after take home pay...
And I live in TX where there is no state income tax...
 
Old 10-15-2017, 08:37 PM
 
30,081 posts, read 47,320,143 times
Reputation: 16026
Quote:
Originally Posted by Tall Traveler View Post
The middle class overwhelmingly will benefit and will have more money to spend to grow jobs and the economy.
Just like in Kansas...yeah...
 
Old 10-16-2017, 07:08 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
https://www.cnbc.com/2017/10/16/whit...form-plan.html

Quote:
The White House releases its first economic analysis of the Republican tax plan, projecting that the goal of reducing the corporate tax rate to 20 percent will result in a windfall for workers.
White House chief economist Kevin Hassett says the average U.S. household income would jump at least $4,000 a year but could rise as much as $9,000 annually.
Other economists and tax analysts have balked at those numbers, disputing the connection between changes in corporate tax rates and worker wages.
Quote:
The report from White House chief economist Kevin Hassett projects that the GOP goal of reducing the corporate tax rate from 35 to 20 percent will result in a windfall for workers. Hassett predicts average U.S. household income would jump at least $4,000 a year but could rise as much as $9,000 annually.
Those benefits, the analysis said, would start kicking in about four years after the tax plan was enacted and reach fruition after seven years. In a call with reporters, Hassett also suggested that the plan could deliver the 3 percent economic growth rate that President Donald Trump has long promised. But he cautioned that lawmakers would have to fill in the details before any analysis could be completed
I highlighted the statement that AVERAGE U.S. income would rise $4,000 a year not middle class families. So if the wealthy get a very large tax break that raises the average and if the lower class and lower middle get none the average household income would go up.
 
Old 10-16-2017, 08:08 AM
 
Location: Manhattan
21,474 posts, read 28,350,128 times
Reputation: 9755
So, what "tax loophole" are the Republicans going after but the EIC, the credit for low income workers with children (usually?)
Proposal to do away with earned income tax credit moves forward | KFOR.com
 
Old 10-16-2017, 08:13 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by Kefir King View Post
So, what "tax loophole" are the Republicans going after but the EIC, the credit for low income workers with children (usually?)
Proposal to do away with earned income tax credit moves forward | KFOR.com
Sounds good to their base who either know better and will profit or who donít know better but it sounds like nail the coastal elite.
 
Old 10-16-2017, 08:20 AM
 
Location: Living rent free in your head
31,023 posts, read 13,578,167 times
Reputation: 22112
Quote:
Originally Posted by Kefir King View Post
So, what "tax loophole" are the Republicans going after but the EIC, the credit for low income workers with children (usually?)
Proposal to do away with earned income tax credit moves forward | KFOR.com
That's just for Oklahoma, several states have their own EITC program.

https://okpolicy.org/earned-income-tax-credit/
 
Old 10-16-2017, 10:46 AM
 
Location: Manhattan
21,474 posts, read 28,350,128 times
Reputation: 9755
Quote:
Originally Posted by 2sleepy View Post
That's just for Oklahoma, several states have their own EITC program.

https://okpolicy.org/earned-income-tax-credit/

It's a Federal Tax credit, sleepy.
 
Old 10-16-2017, 10:52 AM
 
Location: Living rent free in your head
31,023 posts, read 13,578,167 times
Reputation: 22112
Quote:
Originally Posted by Kefir King View Post
It's a Federal Tax credit, sleepy.
Let's try this again. 26 states have their own STATE version of the federal EITC. You would have known that if you had clicked on the link that I provided. Let's try another link, please take a few minutes to read it:

"An earned income tax credit (EITC) is designed to help low- to moderate-income working people get ahead. The federal tax credit was enacted in 1975 and made permanent in 1978. Twenty-six states and the District of Columbia also have earned income tax credits. This report describes the federal and state earned income tax credits, answers common questions about them and provides examples of how to help working people find and use free tax preparation services.

http://www.ncsl.org/research/labor-a...-families.aspx
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