Posted on 12/02/2017 2:44:33 PM PST by Jim Robinson
Edited on 12/02/2017 2:54:27 PM PST by Jim Robinson. [history]
“Everyone pays taxes. Those who don’t pay income taxes will continue to pay sales taxes, other taxes (property taxes for many) and fees without benefiting from the sales tax deduction or property tax deduction that others take.”
This thread/subject is getting quite irrational. They don’t pay any federal tax yet you think they ought to get to deduct Sales and property tax? And get what, money back that they didn’t pay in?
“The calc for a single man making $140k in CA with a $400k mortgage and paying alimony really sucks though.”
A single man with that income and that mortgage - With alimony to boot –has a lot more to worry about than this tax bill.
Like I said before, I’ll take it. I also mentioned the debt of gratitude owed to Republicans with the exception of the beotch from Maine. Not one demrat voted in favor and yet, most of the attacks here on FR are against the republicans—this debt we owe to the old media empire, enemy #1 and mouthpiece for the rat party.
Yeah, but they start out with a higher rate, so those with lower incomes don’t get that savings. And lots of those at the higher income level you suggest would have got the personal deduction AND been able to itemize up to that $12K-per level, so that $k+ personal deduction loss is a total loss.
Right. It also means that high tax states do not pay their fair share of federal income taxes forcing low tax states to subsidize them.
Deducting State taxes means that federal taxes are indirectly funding State taxes.
Careful now, you could make a lot of enemies here with that logic.
I get into trouble by saying if you have not had a kid in public school for say 5 years, you should not have to pay someone else’s kid’s education your property taxes.
We have had big property tax increases/fees for our local community college. In 40+ years, no one on my family has used the local community college.
One last point for now. We submit our mileage to our insurance company every quarter. How about putting a gps unit in our vehicle and charge us so much per car for each road we drive on. Since our vehicles are medium size, we should pay more than people with small vehicles, but less than someone with a big suv or a truck for road maintenance.
In the meantime eliminate the gasoline taxes at the pump.
In other words if anyone uses a certain road, any service, education, or whatever, they should pay for that use not someone who doesn’t.
Thank the republicans, not a single FRICKING rat party member voted in favor of it, hate them, not the gift givers.
Thanks Jim. This will make life a lot more simple for most of us.
Our family, actually 3 different tax paying units will be able to do the post card, and we now use the same CPA. He has told us that two units can use the post card saving $300 to $400+ with his fees besides the hassle of saving the paper work. One unit will continue to do what they have done in the past with less paper work. They may pay a little more with a lot less paperwork.
Jim, your calculations are off. I know because I screwed up and used the Tax Foundations tables and information from earlier in the month. The part that I believe is wrong on your analysis is the child tax credit in the senate bill was increased to $2000.
As it turns out, I see an 18% tax cut under the revised senate plan. Not 12%.
Communist News Network has what appear to be the updated tables.
http://money.cnn.com/2017/12/02/pf/taxes/senate-tax-bill-passed/index.html
Did you run the numbers using the latest senate assumptions? I didn’t and it turns out I save quite a bit more than I expected.
http://money.cnn.com/2017/12/02/pf/taxes/senate-tax-bill-passed/index.html
The child tax credit is $2000 per kid up till $500k income. Assuming you’re under that, you win bigly. A $2000 tax credit is much more valuable than a $4100 exemption or deduction.
Amen! There is making a decision re to stay in California.
Living in California isn’t a genetic defect. It is a choice.
We have lived in Californicator land since 1970.
We have family here, neighbors, we like and church members like family.
Our climate is one of the best in the world.
We live a little over an hour from great beaches, and when we skied a couple of more hours.
So, we have opted to stay here until we are carried out of our home feet first.
That is our decision, and tax payers in the other 49 states should not have to subsidize our outrageous taxes.
Morality is not unloading your tax problems on others.
No one has a gun against our head making us stay here.
“Much as I hate the idea of praising congress, this tax plan is very friendly to those who live a conservative lifestyle.”
I don’t know if that was Congress’ plan but it does seem to reward those in red states. And tosses out much of the federal tax deductions based on large state taxes - thereby putting the onus on the blue states to take responsibility for their own taxes.
Not a bad plan
Yet I find it hard to believe RINOs came up with this. I wonder how much input Trump had.
Appreciate the time and work on your part.
Thanks!
“That is our decision, and tax payers in the other 49 states should not have to subsidize our outrageous taxes.
Morality is not unloading your tax problems on others.”
Awesome Grandpa Dave! You are a real man, taking responsibility for your choices and being honest about them. Too bad there are so few like you.
We escaped Mexifornia 2 years ago, making the alternative choice. We took big pay cuts to do so, and don’t expect anyone to help us or feel sorry for us. We’ll also take responsibility for our decisions ;)
“This tax plan greatly helps renters and those with relatively modest mortgages.”
That’s a great point I hadn’t heard yet.
Renters miss out on the mortgage deduction but this bill gives them deductions more than most ever get in a mortgage deduction.
Nice.
for my family of 5 however, this increases my taxable income by $20,250.
I'm concerned about this as well, and not sure if the child tax credit will make up for the exemptions, particularly since only the first $1000 of the CTC is refundable (I don't know if this is the same with the $1600 House plan).
An E-6 in the Navy with 14 years, I make $45,018 taxable income (this doesn't include non-taxed allowances for housing and food). A Florida resident, I am the sole wage earner and my wife is currently pregnant with our 4th child.
Under the old tax plan, I claimed one exemption at the single rate on my federal withholding and received a very large tax return that I have grown quite used to. If it is no longer there, I will not be happy.
Riddle me this, Batman...why should couples earning $150k in North Dakota pay higher federal taxes than a couple earning $150k in California?
With a 3.25% VA loan the house was more than affordable and would have been paid in 12 years.
If it wasn’t for the cash out and alimony.
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