Posted on 12/02/2017 6:36:12 PM PST by RKBA Democrat
As the Senate advances on its tax-cut bill while House Republicans have passed their version, MarketWatch has the calculator to show how the bills would potentially impact your finances.
The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes, among other things.
But not everyone’s a winner. The mortgage-interest deduction is limited, and state and local income tax deductions are zapped in both the House and Senate plan. The plan from the upper chamber also eliminates the state and local property tax deduction.
The calculator includes the new rates and child-tax credit unveiled by the Senate Tuesday night. It’s only meant to give a look at what happens in the first year after enactment, as the individual tax rates are set to sunset.
(Excerpt) Read more at marketwatch.com ...
“PA will NEVER vote GOP again.”
What, they’ll just keep voting for Democrats to raise their State and Local Taxes (SALT) even more and their federal taxes too??
Idiots.
Their stupidity is why they are in a pickle in the first place.
“Losing the property tax duction screws me, and I bet it screws many more working class people.”
Not really. Since the personal deduction doubles, few pay so much in property taxes that the doubling of the deduction doesn’t cover it.
As a married couple, we will see $12,000 more in the standard married deduction, yet, we pay about $3,500 in property taxes, giving us an $8,500 benefit.
Since the tax rates are also being reduced, that also reduces taxes.
Most people are in that situation.
Well I’m rooting for the House bill, I save $2700 in that one, “only” $2400 with the Senate bill.
Few accept the fact that on average households in CA and NY already pay far more to the fed than other states (except for TX which pays 3% less than NY.)
Wait until people see the impact on home values in those states...UGH.
No real change but I’m expecting to make up for it in 401k plans.
Made over 100k this year alone.
Thanks to Bush and Obama, nothing really happened under them.
Looks like my taxes are going UP AGAIN. I should have known it!
Thanks for that answer. My itemized deductions have dwindled in recent years, so the increased standard deduction may save me a nice chunk of change. It will make my accountant’s work much easier, so maybe his bill will come down too!
Why doesn’t the Senate want to make these tax cuts permanent? So that they can prove that we need them to give us a tax cut all over again? They’re so dense.
Are you saying I don't make any money? I'm an E6 in the Navy with 14 years of service, a pregnant wife who stays at home and three children. And I pay plenty of taxes.
More for us. Not happy
Glad you have enjoyed using the calculator. It is now updated for the final Senate version (main change being the state property tax inclusion up to $10,000).
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Illinois is:
4.95% Income Tax (Texas has none)
.75% More Sales Tax (Texas is capped at a cumulative 8.25%)
2% More Property and School Tax
Imagine having almost 8% of your gross income in after-tax dollars by moving from a blue state to a red state. And that is before the Federal tax change, which reduces our Federal tax by 20% over this year.
We can finally work and be rewarded for our efforts.
Welcome to Free Republic!
There’s a marriage penalty in this because of the several different rates. I did it both as married and as single and the difference is $10,000 in taxes paid.
is the new tax “reform” retroactive to tax year 2017?
property tax is a TAX and now we’ll be paying federal incomes taxes on it...insane and totally unjust...
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