Posted on 12/21/2017 10:53:13 AM PST by C19fan
Personal Exemption
A personal exemption is the amount that you can deduct from your income for every taxpayer and most dependents claimed on your return. Current law: $4,050 per person, which means a married couple with two dependents would receive a personal exemption of $16,200. New law: The personal exemption is eliminated. The exemption returns after 2025.
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Sorry about that.
I think the Republicans already lost the PR war—too secretive and rushed about the changes, just like the Dems with Obamacare. Stupid.
I’ve been through this. A family of four making $100k will save about $2000 a year because your standard deduction doubles and the tax tables are adjusted.
This is real conservatism. Looking out only for yourself. Maybe you should get a real job, or a career. I have been itemizing since I was in my mid twentys.
Doesn't it also&mash;among other things—double the standard deduction?
Most working Americans—not to mention their employers—people will receive a tax break under this bill. It's ludicrous to argue that President Trump would support something which isn't good for individuals and small business and larger corporations.
Not to mention the fact that employers will be able to pay their employees more as a result of this bill—a fact which has already been borne out.
Of course there will be winners and losers in some individual cases, but on balance, there's no doubt that this is an historic tax cut—the biggest since Reagan. Let's stay focused on the big picture here.
In case you haven't noticed, President Trump likes winning, and he's not going to risk being called a loser by doing anything tax-wise that's going to screw the American worker. Get real.
Let's leave the Left-wing bellyaching about this tax bill where it belongs —with the Left.
“Maybe you should get a real job, or a career.”
US military. Sorry you don’t approve, but I’ll get over it.
“Looking out only for yourself.”
Nope. But you want me to pay more so you can save. Not interested. You already get to deduct more than I do, and you want me to feel sympathy for you because you won’t be able to deduct even MORE? Then YOU suggest I’M being selfish?
You really belong in the Democrat Party. I paid my house off. Why should I subsidize yours?
They aren’t on our side.
The answer to the many concerns about itemization is simple. You only itemize if your itemized expenses are more than the newly doubled standard deduction.
If they have done this, they will lose votes in 2018 & 2020.
It looks like they merged the standard deduction and the personal deduction and then raised the total of the merged deduction.
All deductions should be eliminated except for charitable donations. Then make taxation at a flat rate of 8% (or whatever).
...and everyone pays!
And doubling the child tax credit cuts your taxes by $2000. And adjusting the tables cuts it more.
They all are screaming they don’t want us to have our SALT deductions, that we need to move but.......boy are we subsidizing their kids now. Haven’t heard anyone screaming about that.
^^^ This x 1,000,000
The limit on SALT deductions doesn't affect us much, nor does it bother us. If we had purchased our house in recent years, maybe, but even then it would be likely our income level would be such that the tax rate reductions would more than compensate for that.
I just see a situation like ours where retirees who have high property tax bills, like in CA, NY, TX, etc., who also have a good amount of excess medical expenses/premiums and are in a modest income level are likely to see a higher federal tax bill in 2018. I wouldn't expect it to be huge (ours is estimated to be $600-800 more), but it will happen.
I would have left the AGI threshold at 10% for medical deductions, but instead I would have raised the level at which Social Security gets taxed. Double taxation and all. Raise the income level to beyond $100k before Social Security gets taxed.
My tax burden is exactly the same as every other person in my bracket. I am simply able to utilize some deductions that you and some others might not. There are very many people claiming deductions that are not available to me, am I paying for them?
Oh, and the Democrat party argument is right out of the Democrat playbook. If you don’t agree with me, I will call you names.
They will get a $24,000 deduction instead.
I wasn’t really discussing the tax bill as much as I was their hypocrisy.
Yeah, our taxes are going up too.
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