Tax cut and Jobs act released...... Trillions for the super Rich. (ideology, politicians)

[Kibby]

Originally Posted by Ponderosa

Exactly. If you take away the exemptions and double the standard deduction the difference is small. Then you get rid of all the deductions that mid and upper middle income people benefit from. They increase the child credit (which may be income limited anyway) but take away credits for your kids in college. This is a total screw over of affluent middle class people who are have good jobs, nice homes and more than one kid for the benefit of the billionaire class.

Please quote the section that "takes away credits for your kids in college".

Tax Reform Bill

Thanks

[Ponderosa]

Originally Posted by kevinm

This is where I disagree. People who have children should be paying MORE in taxes, not less.

Many of them will be under this proposal. It will hit large families hard because of the loss of $4000 for each child in exemptions. The increased child credit will not offset that assuming that they make little enough to even qualify for it.

[FirebirdCamaro1220]

Originally Posted by pghquest

first amendment right to speak..

Maybe you should be upset it costs millions to begin with..

Supply and demand, only three ways to lower home prices in high cost areas, A.force people to leave, B.kill the economy, or C.build more apartments

[1grin_g0]

Originally Posted by treasurefinder

Sorry folks making 150k-250k are not wealthy. This is a tax increase for us.

In that range you will still see a reduced tax burden, 12% up to 90k, and 25% to 260k. The rates are lower and the brackets have been expanded so that the rates apply to higher income ranges.

[PedroMartinez]

Originally Posted by Ponderosa

Many of them will be under this proposal. It will hit large families hard because of the loss of $4000 for each child in exemptions. The increased child credit will not offset that assuming that they make little enough to even qualify for it.

Raise state and local corporate taxes and rebate the money back.

SIMPLE!

[PilgrimsProgress]

Why would anyone think everyone will be happy with everything in the new tax bill? Were we all happy with everything in the old tax bill? Just worry about yourselves. I will pay less so I am happy and I am far from rich. Of course, with my luck, once the bill passes, I will win the Powerball and pay a bloody fortune!

[ColoradoOnMyMind]

Originally Posted by Kibby

Please quote the section that "takes away credits for your kids in college".

Tax Reform Bill

Thanks

Yes please show us that part

[TheCityTheBridge]

Originally Posted by EastwardBound

The current rate is 25% for married couples at $75,900. Raising it to $90,000 is an improvement.

Okay, let's take a look:
New individual tax brackets:
12%: <$45,000 individual, $90,000 couple.
25%: $45,000-200,000 individual and $90,000-260,000 couple.
35%: $200,000-$500,000 individual and $260,000-1,000,000 million couple.
39.6%: $500,000+ individual and $1,000,000+ couple.

Old individual tax brackets:
10%: <$9,325 individual, $18,650 couple.

15%: $9,325-37,950 individual, $18,650-75,900 couple
25%: $37,950-91,900 individual, 75,900-153,100 couple
28%: $91,900-191,650 individual, $153,100-233,350 couple
33%: $191,650-416,700 individual, $233,350-416,700 couple
35%: 416,700-418,400 individual, $416,700-470,700 couple
39.6%: 418,400+ individual, $470,700+ couple

Let's say you are a childless couple making $150k. You pay an effective 6% state income tax ($9k), $12k property tax, and $18k mortgage interest.

Under current law, you itemize & get two personal exemptions:
Exemptions: $8,100
Itemized deductions: $39,000

Taxable income is $150k less $47,100: $102,900
You pay 17,202.50 in federal taxes.

Under the R proposal, you take a standard deduction and have no exemptions: $24,000

Your taxable income is $126,000. You pay 10,800 on the first $90k & $9k on the next 36,000. Your federal tax bill just rose to 19,800--an increase of ~$2,600. If you have children, or deductible education expenses, student loan interest, deductible medical expenses, or other eliminated breaks: this bill further increases your taxes.

[Ponderosa]

Originally Posted by 1grin_g0

In that range you will still see a reduced tax burden, 12% up to 90k, and 25% to 260k. The rates are lower and the brackets have been expanded so that the rates apply to higher income ranges.

But exemptions are gone and deductions that we use are eliminated. The lower marginal rates do not make up for that and the net result is a really big increase - thousands of dollars per year on this income group ($120ish - $200K). In time, this will probably come out in the analyses. People in this income group are largely suburban Republicans, so we will see how this ends up.

[texan2yankee]

Originally Posted by Metsfan53

you realize that's not the case right? And as a Texan you might get hit too here?

As a former New Yorker of 25 years, it IS the case. This tax proposal is good for the middle class, quite good for corporations, but really nails people in high state taxed and high property priced blue states.