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Vanity: GOP Eliminated Personal Exemptions from Income Tax
FactCheck.org ^ | December 20, 2017 | Eugene Kiely

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 ...


TOPICS: Politics
KEYWORDS: 115th; factcheck; fake; fakenews; incometax; irs; sorosorg; taxes; trumptaxcuts
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To: ProtectOurFreedom

Perhaps if you leave the socialist country of California for Texas or Florida you can eliminate those SALT hits altogether.


61 posted on 12/21/2017 11:36:29 AM PST by Robert DeLong
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To: C19fan

but they doubled your standard deduction, so unless you itemize, that alone more than makes up for it. Plus if you have kids they doubled the child tax credit and raised the income limit where it fazed out so high it wouldn’t effect anyone.


62 posted on 12/21/2017 11:37:59 AM PST by TexasFreeper2009
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To: dfwgator

I’m probably a net loser. Maybe by a little. But i’m with you. I want a simpler tax code, and lower corporate taxes. i’ll more than make up the difference with investments.


63 posted on 12/21/2017 11:38:17 AM PST by bigdaddy45
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To: dirtboy

The personal exemption is NOT eliminated.

Forbes:Personal Exemption

For 2018, the personal exemption amount is projected increase slightly to $4,150, up from $4,050 in 2017.


64 posted on 12/21/2017 11:38:40 AM PST by weston (SO HERE'S THE STORY: As far as I'm concerned, it's Christ or nothing)
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To: C19fan

If this site is correct, my husband and I will be saving about 15% from what we paid last year.

http://taxplancalculator.com/

MAGA


65 posted on 12/21/2017 11:38:48 AM PST by Aunt Polgara
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To: C19fan

BS and fake news garbage. Tell the whole story.


66 posted on 12/21/2017 11:39:02 AM PST by bigbob (People say believe half of what you see son and none of what you hear - M. Gaye)
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To: robroys woman
Some will no longer need to itemize because, though their itemized deduction used to be larger than the standard deduction, it may no longer be.

I think this may be the case for me. The gap between my former itemization amount and the new standard deduction will be my tax cut. The only thing I don't know is if my accountant will reduce his bill since I won't be itemizing!
67 posted on 12/21/2017 11:39:18 AM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: TexasFreeper2009

My office handles about 600 Horse & buggy Amish & Mennonite families, most with many children. As a CPA I’m researching this right now and it does not look good....

12 children per family is very common.....


68 posted on 12/21/2017 11:40:30 AM PST by tired&retired (Blessings)
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To: C19fan

You can make $24 k for 2 people now without any taxes due. This doesn’t include social security or Medicare.


69 posted on 12/21/2017 11:40:51 AM PST by lucky american (Progressives are attac Iking our rights and y'all will sit there and take it.)
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To: LostInBayport

If you’re not itemizing you don’t need an accountant for your personal return at least. There’s another pay increase, not feeding the bean counters.


70 posted on 12/21/2017 11:41:24 AM PST by RegulatorCountry
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To: C19fan

I did my taxes under the new law. I save over $3000.

Under the original bill I would’ve saved over $5000.

I’ll take what I can get for now. If they’d have waited any longer there’d be no cuts until the 2019 tax year.


71 posted on 12/21/2017 11:41:48 AM PST by <1/1,000,000th%
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To: ProtectOurFreedom

you must live in a high tax liberal state. Blame them.


72 posted on 12/21/2017 11:43:10 AM PST by TexasFreeper2009
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To: Dagnabitt
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.

So in other words, the real estate value has up to now been artificially inflated by a government subsidy in the form of tax deductibility of mortgage interest on million dollar mortgages.

I guess I don't have much sympathy for those who have their real estate value reduced to non-subsidized levels. And not even all the way to non-subsidized levels at that. Only to the extent the mortgage exceeds $750,000.

73 posted on 12/21/2017 11:43:53 AM PST by Wissa ("Accidents don't happen to people who take accidents as a personal insult." - Michael Corleone)
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To: JoSixChip
The difference in your take home paycheck between January and February will completely make the case of if you are getting a tax break or not.

To those who don't understand the difference between taxes withheld and taxes that will end up being owed.

74 posted on 12/21/2017 11:44:20 AM PST by semimojo
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To: tired&retired

Don’t confuse personal dependency deduction with standard deduction...

If they increased the standard deduction by $12,000 that equalizes to 3 lost dependents at $4,000 each

The people who get screwed are the one’s with children over age 17 on the last day of the year as they get no child tax credit.


75 posted on 12/21/2017 11:44:58 AM PST by tired&retired (Blessings)
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To: ProtectOurFreedom

I think it’s wait and see. The brackets are a bit different and the rates in each bracket are a little lower.


76 posted on 12/21/2017 11:45:03 AM PST by grania (Deplorable and Proud of It!)
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To: CatOwner

you can still itemize if you want... it would just be stupid when you can keep more of your money by taking the now doubled standard deduction.


77 posted on 12/21/2017 11:45:42 AM PST by TexasFreeper2009
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To: TexasFreeper2009

Most of my deductions were wiped out by the AMT, anyway.


78 posted on 12/21/2017 11:46:55 AM PST by dfwgator
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To: cgbg

I’ve worked hard to get to the point where I don’t itemize. It means this is a win for me. But, truth be told, the reason we’re opening the champagne around my place is the elimination of the individual mandate. Obamacare just got a lethal injection.


79 posted on 12/21/2017 11:48:44 AM PST by robroys woman (So you're not confused, I'm male.)
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To: dfwgator

in my case the elimination of the personal deductions was more than compensated for by the doubling of the child tax credit and raising of when it phases out. I also benefited from the 20% deduction to pass through income.

By my estimate I will come out ahead at least $6,000.

Thanks President Trump!


80 posted on 12/21/2017 11:52:00 AM PST by TexasFreeper2009
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