Proposed “working class” tax cuts ping.
Where do these hypothetical famines live? If they live in high tax California, they’re not able to deduct the oppressive taxes they pay to the state. So, a tax increase on their federal returns, right?
Where do you guys find the calc to run these numbers? Id like to do my own, since we’re in one of the “SALT” states...
Fixed it.
That’s some nice savings.
Good evening Jim, evening in Maine, afternoon in California.
Jim do you have a link for the tax calculator?
Thanks JIM,
Bob
It depends entirely on your situation. For example, I am a single retiree with an AGI of $65K. My federal tax will probably double or triple.
I’m in one of the Salt states and my taxes will be lower because I won’t have to hire someone to do my taxes
Thanks for doing the calculations, Jim.
Democrats and some on our side won’t agree, but that’s normal.
Maybe in california. Not for those of us that already don’t itemize.
And they eliminate the individual mandate!!!
Fact of the matter is”if you don’t pay taxes, you can’t get a tax cut” !!!
Advice for young couples — try to live “below your means” and not in a MacMansion. And have more kids. “Make do!” Hand-me-down clothes build strength of character. America will be stronger and better if our young people are more like this.
You shouldn’t post stuff like that - JR may hear about it. (LOL)
We’re supposed be angry as hell about these tax cuts...at least that’s how it seems.
I’ve seen some folks argue that it just ain’t so..
To such a degree that it all becomes confusing.
Me, I’ll trust Trump about it before some self-proclaimed smart people.
Trump didn’t make billions by being stupid about money.
I must be crazy.
I just got a check for $13,000 and IRC Feds took $2k.
Ain’t 10%.
And! Whoever that MotherFICA is, I swear I’m gonna accidentally run into him with a shiv about 10-20 times...
I think you’re falling for the GOP talking points that “average” taxpayers will get their taxes reduced. Your examples look simple enough. But the Senate bill is almost 500 pages. God only knows what was added/subtracted at the last minute.
Since individuals pay taxes not “averages” you need to factor in the loss of deductions like long-term medical expenses, SALT, mortgage interest, adoption credits, and others. Throw in the loss of one of these exemptions and your examples fall apart.
One has to ask oneself why a simple tax cut bill needs 500 pages and talks three lawyers to read and understand? The goal was simple rate reductions. Like the Obamacare bill, Congress loaded this thing with crony attachments to satisfy one interest or another.
We should demand more from a party that has full control of the federal government.
The calc for a single man making $140k in CA with a $400k mortgage and paying alimony really sucks though.
Bigly.
What happens to deductions for 401Ks in the tax plan?
I think one of the things I caught was that if you don’t pay any taxes to start with, you don’t get money in hand for the child care credit. Is that right. Cuz I always thought that was a scam.