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.
(Excerpt) Read more at factcheck.org ...
Please tell us all of your itemizations.
They probably include my subsidizing of your mansion mortgage and blue state taxes for welfare and illegal aliens I don’t want to pay for.
PER FORBES
Personal Exemption
For 2018, the personal exemption amount is projected increase slightly to $4,150, up from $4,050 in 2017.
This is incorrect and you are ill informed
Your explanation was expressly clear and concise.
Thanks for clarifying the impact of itemizing, as it relates to losing the individual deduction.
I appreciate it.
Did you factor in the lower brackets?
I thought they were increasing the child tax CREDIT to $1,300 or $1,400?
Fake Facts, Fake News.
And they doubled the standard deduction. More than the amount of the lost personal exemption. Math is not that hard.
What is the saying about one hand takes from another. There is the child tax credit but one loses the personal exemption from claiming that child as a dependent.
Don’t know if I come out a loser or winner under the new tax system. Think it’s going to be close.
I live in a high tax state, California. With SALT and the mortgage deduction, my itemized deductions last year were $28k. Hear that the standard for married/joint is going to be $24k.
I think the bigger issue for me and my family might be a hit to the local real estate market, if folks who can afford a $1M mortgage can no longer deduct all that interest. That’s expected to drive down home prices. Then folks like my dear old mom (little income, but millions in RE value) are going to take an assets hit.
You deserve to pay $3,500 extra. Bugger off.
Current law: The standard deduction for married filing jointly is $12,700 for tax year 2017; $6,350 for single taxpayers; and $9,350 for heads of households, according to the IRS.
New law: The standard deduction for married filing jointly would increase to $24,000 for joint filers; $12,000 for single taxpayers; and $18,000 for heads of households, according to the TPC analysis. The increased deduction ends after 2025.
Not sure what the heck you are talking about.
The numbers are that only one-third of taxpayers itemize now.
With the new calculations that number will reduce significantly (say to one sixth).
So, the way I see the numbers (short version), 85% of taxpaying Americans are looking at additional cash in their pocket equal to 3% of their gross adjusted income.
In our case that is real money...
In states that Trump carried it is probably more than 90%.
Some folks on FR sure are easy to bait in with Marxist propaganda... sigh. factcheck.org is a Dem front group for disinformation and #fakenews.
And much like the political Left we come here to enjoy bashing - you have bought their line, hook line and sinker...
Before getting too upset - you might visit one of the tax calculators available (even the ones on leftist news sites seem to be pretty accurate so far).
Then report back. I’ll be glad to apologize if you are among the minority who will see an increase in your taxes after all is said and done.
Sam Kinison once had a skit where he told a starving Ethiopean to move where the food is. Try moving away from CA to a state where the taxes are lower. SALT has been a federal subsidy of high-tax states for decades. Now maybe the voters, feeling the true cost of those taxes, will finally elect politicians who do not blow boatloads of money on illegals and trains to nowhere.
They also doubled the standard deduction and doubled the child tax credit. There are a lot of moving parts to individual taxation, so don’t get too wrapped around the axle over a single tax provision change.
Here is what Bloomberg says:
The bill eliminates the personal exemption, an automatic $4,050 deduction for each family member. But for this couple, that loss is offset by rate cuts and a near-doubling of the standard deduction, from $12,700 to $24,000 for married couples.
Nope. You are wrong
I figure for me personally, it’s all a wash in the end, what matters more to me is the impact on the economy. I’m hopeful this will spur it.
This is what I am hoping too.
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