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Old 12-20-2017, 07:53 AM
 
Location: New Jersey/Florida
5,815 posts, read 12,574,596 times
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The middle class tax cut will cost me an additional $942 a year. The best thing about the bill is the expiration date. Am I missing something here?
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Old 12-20-2017, 08:26 AM
 
331 posts, read 515,408 times
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This calculator doesn't seem to take into account AMT. So for people in that band (roughly 200-600k) they might be doing better than the calculator says, since their initial taxes would have been higher.
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Old 12-20-2017, 08:50 AM
 
Location: New Jersey/Florida
5,815 posts, read 12,574,596 times
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Quote:
Originally Posted by Tubulus View Post
This calculator doesn't seem to take into account AMT. So for people in that band (roughly 200-600k) they might be doing better than the calculator says, since their initial taxes would have been higher.
We make under 200K, but have 2 homes in NJ. I have no problem with the bill but to limit SALT at 10K it really screwed NJ. I live in a shore community where 3/4 of the homes are 2nd homes(vacation) owned by middle class working stiffs. So home values will now go down in a decent economy. I voted for McArthur who is touting how he is helping the area but I don't see it. If we sold our properties and moved to Mississippi, Florida or South Carolina yes we would save a few thousand but we wouldn't be able to find any dentists.
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Old 12-20-2017, 08:51 AM
 
Location: NJ/NY
18,412 posts, read 15,119,766 times
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Quote:
Originally Posted by Tubulus View Post
This calculator doesn't seem to take into account AMT. So for people in that band (roughly 200-600k) they might be doing better than the calculator says, since their initial taxes would have been higher.
That is even better news.

(PS. I wish it phases out at 600. Not even close)
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Old 12-20-2017, 08:53 AM
 
Location: NJ/NY
18,412 posts, read 15,119,766 times
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Quote:
Originally Posted by JERSEY MAN View Post
We make under 200K, but have 2 homes in NJ. I have no problem with the bill but to limit SALT at 10K it really screwed NJ. I live in a shore community where 3/4 of the homes are 2nd homes(vacation) owned by middle class working stiffs. So home values will now go down in a decent economy. I voted for McArthur who is touting how he is helping the area but I don't see it. If we sold our properties and moved to Mississippi, Florida or South Carolina yes we would save a few thousand but we wouldn't be able to find any dentists.
At least the dentist you do find, won’t be very busy. Can probably get you in the same day.
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Old 12-20-2017, 09:14 AM
 
520 posts, read 982,240 times
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Quote:
Originally Posted by jaymoney View Post
The tax brackets are (in your example, respectively) $20,981.75 and $42,884.50 ($21,442.25 each). Pretty simple to see that married people are being...

Wait. Your spouse counts as a dependent. That's $6,300 in a credit right there, which means your taxable earnings are actually for the $193,700, which results in the married tax rate as $41,120.50 ($20,560.25 each).

Marriage for the win, singles are penalized.
I am surprised folks here aren't aware of marriage penalty.

Also one cannot claim spouse as dependent when both earning equally more or less.

Here is the calcn from H&R online for 2017 which I did just now:

Married filing jointly:

Adjusted Gross Income (AGI): $200,000
Greater of Itemized or Std. Deduction: $12,700
Personal Exemptions: $8,100
Taxable income: $179,200
Taxes: $37,061

Single filing:

Adjusted Gross Income (AGI): $100,000
Greater of Itemized or Std. Deduction: $6,350
Personal Exemptions: $4,050
Taxable Income $89,600
Taxes: $18,139

In fact, the tax reform being passed makes it worse. Imagine a couple paying 20k in property tax. If they are married they can claim only 10k. If in live-in relationship then each can claim 10k when filing as single
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Old 12-20-2017, 09:26 AM
 
3,305 posts, read 3,833,471 times
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Quote:
Originally Posted by Annikan View Post
the american people have basically just sold out their own future for a quick 2k now.
No, 83% of the American people are against it. They just need to be reminded of who passed this bill next November.
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Old 12-20-2017, 09:27 AM
 
3,305 posts, read 3,833,471 times
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Quote:
Originally Posted by JERSEY MAN View Post
The middle class tax cut will cost me an additional $942 a year. The best thing about the bill is the expiration date. Am I missing something here?
No. Next time pull harder on your bootstraps to get your parents to leave you a million dollars.
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Old 12-20-2017, 09:37 AM
 
Location: Bergen County, NJ
3,988 posts, read 3,539,956 times
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Quote:
Originally Posted by Shet View Post
I am surprised folks here aren't aware of marriage penalty.

Also one cannot claim spouse as dependent when both earning equally more or less.

Here is the calcn from H&R online for 2017 which I did just now:

Married filing jointly:

Adjusted Gross Income (AGI): $200,000
Greater of Itemized or Std. Deduction: $12,700
Personal Exemptions: $8,100
Taxable income: $179,200
Taxes: $37,061

Single filing:

Adjusted Gross Income (AGI): $100,000
Greater of Itemized or Std. Deduction: $6,350
Personal Exemptions: $4,050
Taxable Income $89,600
Taxes: $18,139

In fact, the tax reform being passed makes it worse. Imagine a couple paying 20k in property tax. If they are married they can claim only 10k. If in live-in relationship then each can claim 10k when filing as single


Those figures you posted are pretty much identical, just split in half for single vs married. What penalty are you referring to?
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Old 12-20-2017, 09:45 AM
 
343 posts, read 609,903 times
Reputation: 276
Quote:
Originally Posted by HudsonCoNJ View Post
Those figures you posted are pretty much identical, just split in half for single vs married. What penalty are you referring to?
yeah i am confused too, looks like file married he pays a few hundred bucks more, is that the penalty shet is referring to?

Quote:
Originally Posted by AnesthesiaMD View Post
With the AMT, I dont get to deduct my property taxes as it is. My state income tax either. My mortgage interest is grandfathered in at $1M. So all I am getting is cuts from the bracket adjustments, no increases.
Dont forget the increased amt exemption savings you will get also.

For the first time i will get hit with amt due to long term capital gains this year and it hurts like a ****, i will be out 9k extra even though i am already paying all my taxes. Really need to plan better next year as they didnt get rid of amt only made it slightly better
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