Posted on 04/26/2017 12:46:54 PM PDT by Enlightened1
We’ll be screwed even if the standard deduction goes up to 24k. By a lot.
“It’s none of your business how much I pay, in state taxes, and asking me, on a public thread, to post that, is rude.”
YOU are the one who is complaining YOU will be ruined if a standard deduction of 24K is passed. Since you have no mortgage, either you make a helluva a lot, and can afford to pay your taxes, or you don’t understand how itemized versus standard deductions work.
Either way, if you are complaining Trump’s plan - which hasn’t even been revealed yet - will destroy you...then it isn’t “rude” to ask you for details.
It’s probably pointless to even think about this right now. I suspect the final version and details will look different from what is being talked about now...so I’m not going to worry about it...and will deal with it if it passes.
I won't be helped by today's rather vague info. That's what I said and it REALLY is none of your business what I pay, nor how much I do or do not accrue per annum. And I NEVER said that I'd be "ruined"! It also is quite lefty for you to say that I can "afford" to pay my taxes! That's akin to the left's PAY YOUR "FAIR SHARE" crap!
Do YOU want to post, here, right now, how much you make a year, how much you pay in taxes, how much your house is worth, how much you weigh, or any other personal info ? The vast majority of people ( well, those with common sense ) know that posting that kind of info, is just dumb.
Oh I know all about itemized versus standard deductions. You obviously are stuck on your own supposed "greatness" and don't think that I know anything, because I refuse to comply with your intrusive and rude demand.
A married couple, no kids, for 2016 could deduct 20,700 from their adjusted gross income to get to their taxable income. So a person with 50K in wages would have 29,300 in taxable income.
That would mean, for the 2016 tax year, they would owe a tax of 10% for their first 18,550 dollars of income, and 15% on the next 10,750 dollars (which gets them to 29,300 taxable income). So roughly $1855 + $1613 = $3468 in tax owed. IRS table shows $3471...
If they had 2 kids, they would be able to deduct $12,600 + (4 x 4050), or reduce their adjusted gross income down thus:
50,000 - 12,600 - 16,200 = $21,200 taxable income.
The tax would be 10% of 18550 (1855) + 15% of the next $2650 (398) for a total of $2253 in tax. IRS shows 2256.
That would then be reduced by any credits. With 2 kids, they would get $2000 applied against their taxes, and their computed taxes would then be $56. If they had $1056 withheld from their wages, they would get a $1000 refund.
“That’s akin to the left’s PAY YOUR “FAIR SHARE” crap!”
SOMEONE has to pay taxes!
I strongly object to the graduated approach, but even in a flat tax - people who make a lot will pay more.
And I don’t think you know anything because what you are writing makes no sense. If you have no mortgage, then how are you hurt if you ONLY get $24,000 for a standard deduction? I’ll give you a hint - you would need to pay one HELL of a bill in state taxes or have no medical insurance plus large bills.
Pity about your green eyed monsteritis, lefty leanings, and low class rudeness.
>>That would mean, for the 2016 tax year, they would owe a tax of 10% for their first 18,550 dollars of income, and 15% on the next 10,750 dollars (which gets them to 29,300 taxable income). So roughly $1855 + $1613 = $3468 in tax owed. IRS table shows $3471...
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What is the next tax bracket range, 25%? for income over the 29,300 to ? So if a person has no mortgage or child care expense, the only deduction that can be taken is the standard deduction? If that is the case, it looks like I would be paying a lot more in tax, not less.
Tax bracket info:
https://taxfoundation.org/2017-tax-brackets/
The 25% brackets STARTS at $75,900, Married.
Did you itemize last year? If you don’t know, you probably did not. So raising the standard deduction will help you - and it will help the large majority of middle income taxpayers.
Child care CREDITS are credits applied against any tax you owe.
My tax bill will see an increase of approx. 50% with this proposed plan.
What good is the standard deduction increase if the personal deductions are erased?
For me, this stinks big time.
Thanks for providing the information. I’m going to leave this thread now. : (
“My tax bill will see an increase of approx. 50% with this proposed plan.
What good is the standard deduction increase if the personal deductions are erased?”
What are you talking about? What makes you think your taxes would go UP under Trump’s plan?
“I would count on the congressmen from the high tax states to oppose if the deduction for state taxes is eliminated.”
High tax states for the most part didn’t vote for Trump anyway.
Let the leftist pay for their own state high taxes. Why should they get break that people in low tax states have to subsidize.
Elimination of the “SALT” deduction would jump my federal income taxes about $2300.00. Would have to see what else is in the plan, as I would probably remain in the 25% bracket.
Interesting.
“”About 10 percent of tax filers with incomes less than $50,000 claimed the SALT deduction in 2014, compared with about 81 percent of tax filers with incomes exceeding $100,000,” said the analysis from the Tax Policy Center. “The latter group, which made up about 16 percent of tax filers, accounted for about 75 percent of the total dollar amount of SALT deductions claimed. The average claim in this affluent group was of about $12,300.
Most of the claimants that benefit from the SALT deduction live in traditionally Democratic states, primarily California and New York. Those two states receive around 30.5% of the total benefits from the deduction, according to the Committee for a Responsible Federal Budget.”
http://www.businessinsider.com/trump-tax-reform-state-local-deduction-gary-cohn-2017-4
So...if the plan eliminates the SALT deduction, which averages a little over $12,000 in high tax states, but increases the standard deduction by $12,000, might the end result for MOST people still be a reduction?
And would anyone expect a worthwhile tax reform bill to get ANY support from the CA & NY senators?
I Voted Trump and live in Calif.
I think Trump’s plan is brilliant even though I will pay much more.
Splitting the conservative Mountain Counties of Eastern Ca from The liberal coastal idiots is my only hope even though that could take years.
You don’t know everyone’s tax specifics and I’m not going to post any further information with regard to this except to repeat that my tax bill WILL go up, and by a LOT.
ok so it’s not 50k anymore.
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