Please weigh in with your opinion.
But if it's effective 1/1/2018 I understand that the withholding from paychecks will reflect the tax cut so that income earners will be bringing home more in their paychecks right off the bat.
If you are getting tax cut you can adjust your withholding right away.
Yes. This ought to be part of the tax reform legislation. Taxpayers need their money more than the profligate government does.
Just why would I want my tax increase to be retroactive? As if I am not getting raped enough by the federal government. I hope these bills die.
YES!!!!
How about this:
Definitely make the new rates retroactive as of Jan. 1, 2017,
BUT:
Also give us taxpayers the option of choosing to file under the old law. That way, nobody’s tax for 2017 would necessarily increase. If you were happy with the old rates, you could keep paying them for 2017.
(I would also recommend retaining the same option for 2018. But getting it only for 2017 would be good enough!)
While I personally would benefit materially from making the changes retroactive to January 1, 2017, many would see retroactive increases; hardly something I could advocate.
I will be very surprised, however, to see anything material actually pass this year to change the tax laws for individuals... Too much chaos has been sown over the past 12 years... Gridlock seems more likely, plus the holdout RINO’s will be able to claim that President Trump is to blame for any failed agendas, so failure to pass something will seem to them like success for Trump, their enemy.
Bubba’s tax increase was retroactive to the beginning of the previous year, so why not?
Yup!
What tax cut? The do nothing congress is engaging in more kabuki IMHO.
This isn’t the way it works. See, in the Bill Clinton era, tax INCREASES were made retroactive back to January. The government doesn’t EVER want to have less money to play with. So, no, our savings won’t be made retroactive. Of course not. Government is all-important, you see. Peons? Not important. Calibrated now?
Unless they restore the personal exemptions, many will find their taxes increase rather than decrease. I would think the democrats would prefer to have it for 2017 since it will cost the republicans seats after the changes.
No. My taxes are going to go up as it is. Why would I want to add another year to the pain?
With what they have now, I will see a nice tax savings as well as everyone I’ve talked to in my family. My neighbor said he plugged in his numbers and will save a couple of grand.
So I’d like to see it retroactive but I’d be happy if the thing just PASSES. I’m expecting McNasty et al to pull the Lucy football on it.
Yes! Just like Clinton did with tax increases.
LMFAO!!!!
Do you REALLY believe the UniParty is going to allow money to flow from their coffers back to the “unwashed masses”???? And at the same time, make their arch enemy, President Trump, look good??? Really? IF so, I have some fine ocean-front property in the middle of Kansas that I’ll make ya one heckuva deal on. /s
The UniParty is NOT going to allow anything that will help hard-working, tax-paying American citizens and President Trump. How do I know that it’s never gonna pass? Because the UniParty has allowed the repeal of the ObamaCare mandate to be included. The ONLY way the UniParty would EVER let that be put in there is that they know the bill is gonna fail, but it gives their members some cover with their constituency back home so they can say e tried”. It’s all theatre for us, the “unwashed”.
Here’s the deal: When Eddie Munster and the Turtle send President Trump the exact same ObamaCare repeal bill that they sent Obama, I’ll start having a little faith in govt. again. They won’ do it because they KNOW Trump will sign it and they don’t WANT it repealed. They’re liars and traitors. The GOPe arm of the UniParty is a NOTHING BURGER. They’ve done nothing, aren’t doing anything now and won’t do anything in the future....unless, of course, it benefits them and the UniParty.
Absolutely!!! needs to be for tax year 2017 AND get rid of that damnable Obamacare penalty!!
1) “No post ex-facto law shall obtain.”
2) You need a certain amount of lead time to implement changes to the IRS tax code and to the Agency itself. You have to redo 6 or 7 months of preparation in 1 1/2 months, rewrite some portion of 2017 computer code, redo all the previously loaded tables, test it and and make certain it all works together, retrain IRS staff, rewrite all the training manuals for that tax year, rewrite website information and publications. It would be chaos. Its like asking an aircraft carrier to go from 40 knots to 5 knots and make a 180 degree turn in 1 mile. If you could do it all on a postcard, maybe, but you can be sure that when this congress finishes, your return will not fit on a postcard.
Bad idea, its too late. Whatever they cobble together should be inplemented next year.