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Location: The place where the road & the sky collide
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Quote:
Originally Posted by Eeyore1954
Not true according to this. 2017 vs. 2018 Federal IRS Tax Brackets, Tax Rates, Standard Deduction and Personal Exemption Updates
Then why was it announced before & after the tax bill was passed that the bottom rate was raised to 12% from 10%? Why are people in the bottom 2 brackets being told that their taxes are going up? Why were the Democrats yelling about raising the bottom rate? (I am not a Democrat.)
Then why was it announced before & after the tax bill was passed that the bottom rate was raised to 12% from 10%? Why are people in the bottom 2 brackets being told that their taxes are going up? Why were the Democrats yelling about raising the bottom rate? (I am not a Democrat.)
I think at one point, there was only going to be 3 brackets, the bottom one being 12%, but that lowered the 15% bracket in addition to raising the 10%, so you only really were being raised if you only made less than 10k per year. Anything over that, you would start to see the benefits of the lower 15% bracket. But that was a long time ago. It has changed many times since then.
If people are still saying it now, it is because they know that many people will just believe it without looking it up for themselves.
I live in a very high tax state, and my accountant has a program that plugged this years numbers into next year’s tax plan, and he said I will do much better next year. Just as I had expected.
The reason why taxes might go up for seniors is because if you receive a pension and social security, social security is taxed if income goes above $25,000 Interest income is added. The 25,000 threshold has not been changed since 1992 when Clinton signed the tax increase bill.
I have just been informed by my tax accountant that under the new tax law, my taxes will go up next year by about $1,200. I am a 65 year old widow living on pension and investments, but working a few hours per week. But unfortunately, I live in California, and as we all know, Californians have been singled out for punishment. I will lose most of my deductions, including my medical deductions, and the higher standard deduction will not cover the difference, apparently.
Just thought that those of you that are convinced that Trump has the best interest of Americans in mind might like to know that he did not have my best interests in mind. I know that some of you will say it is my own fault for living in a state with high taxes. But the duty of the Federal Government is to make sure that all Americans are treated fairly, regardless of the state and local policies where they live.
I am in a similar position as I live in NYC. I get double-dipped by the city and state. It is not our fault for living in these states. It is our fault for electing progressive liberals that consider anyone who makes over $35,000 a year wealthy.
I could say that Trump is a liar, that Trump is delusional, that Trump is known for empty promises. (Foreign heads of state now no longer even give any credence to his statements.)
But I could also say that, as a Democrat, it has nothing to do with your best interests (and no policy will always be good for every single individual). I wish you would have mentioned for whom you voted. As a Democrat, I don't think having your best interest in mind is necessarily a matter of taxes. I would give priority to working toward a healthier environment, affordable health care, good schools, an improved justice system, and so on.
Of course, it must be particularly galling to you that your money is going to support the wealthy. That's what Republicans do.
I have just been informed by my tax accountant that under the new tax law, my taxes will go up next year by about $1,200. I am a 65 year old widow living on pension and investments, but working a few hours per week. But unfortunately, I live in California, and as we all know, Californians have been singled out for punishment. I will lose most of my deductions, including my medical deductions, and the higher standard deduction will not cover the difference, apparently.
Just thought that those of you that are convinced that Trump has the best interest of Americans in mind might like to know that he did not have my best interests in mind. I know that some of you will say it is my own fault for living in a state with high taxes. But the duty of the Federal Government is to make sure that all Americans are treated fairly, regardless of the state and local policies where they live.
You have to get rid of the over-priced accountant and do your own taxes. Then interpret tax laws like the Donald. You haven't lost medical deductions ...make them work for you!!
eg. If I don't eat, I'll die! Sounds like a medical problem! Solution - deduct your food costs as medicine!
If I miss my cable TV shows, I'll go crazy! Sounds like a mental health problem! Deduct your cable as medical services!
If my property taxes are over $10,000 and I don't pay them, I might end up homeless, freeze and catch pneumonia. Sounds like a serious medical problem! Medical Expense! Deduction ...cha-ching!
I've saved thousands ...so can you!
You have to ask yourself "what would the Donald do?" WWTDD? There's a reason he doesn't release his tax returns! Neither do I!
Don't ask your tax accountant if doing your own taxes is right for you!
I have just been informed by my tax accountant that under the new tax law, my taxes will go up next year by about $1,200. I am a 65 year old widow living on pension and investments, but working a few hours per week. But unfortunately, I live in California, and as we all know, Californians have been singled out for punishment. I will lose most of my deductions, including my medical deductions, and the higher standard deduction will not cover the difference, apparently.
Just thought that those of you that are convinced that Trump has the best interest of Americans in mind might like to know that he did not have my best interests in mind. I know that some of you will say it is my own fault for living in a state with high taxes. But the duty of the Federal Government is to make sure that all Americans are treated fairly, regardless of the state and local policies where they live.
Your story is going to be repeated over and over again. When I saw all the cheering because people thought they were getting this huge tax break, I knew that there was going to be another side to that coin. Nothing comes free.
Trump sold them a bill of goods, just like everything else he has done.
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