Posted on 12/21/2017 3:22:10 AM PST by central_va
President Donald Trump and his Republican colleagues in both the House and Senate are continuing to work on overhauling the US tax code, and it is now looking increasingly likely that their efforts will be successful. The vote on the final version of the GOP’s tax plan, known as the Tax Cuts and Jobs Act, is expected to happen later this week, with the Republican-controlled House expected to pass the bill on Tuesday before the Senate then votes on the bill either later in the day on Tuesday or Wednesday.
Marking. Thanks for link
They had to pass the bill in order for the peasants to know what was in it.
Just like Øbummer”care” eight years ago.
Lesson: Beware the final months of the first year of a new President’s reign.
I would agree. IIRC, the first draft of the tax bill set the income levels much lower so folks like my nephew earning in the lower mid 5 figures in income would have taken a big hit. As it is he is probably still going to pay more. In PA the state income taxes are not so bad until you add in the local and school taxes and property taxes which are very high. His house is in no way a mega mansion, a rather modest 4BR house in a track development that I think he told me he purchased at around 250k but his property taxes alone are over 10k.
It's $16,000 for 700 square feet on a NH lake (in the wrong town).
Another $1,000 for a 600 square feet antique mobile home on a Florida lake, and another $1,200 for a 700 square feet "funky" Florida home with a view of a harbor—not "waterfront".
(Water being my "therapy substance").
;)
Income? $70,000 "adjusted" 2016.
Whereas we have a nearly 2-acre lot with modest house and separate garage/workshop in a donor town (Still wrong town) in New Hampshire and our property taxes are under $8k.
You pay to live in a beautiful place with the beautiful people.
So what’s up with the change in business deductions that we’ve been hearing about? Won’t have a chance to ax my accountant about it until well after New Year’s.
Dumb question: Why can’t the married couple in that situation file separately instead of jointly? Would it matter, under the new tax code?
I am talking about the dependents not exemptions.
Next year I break even... in 2019 I pay almost $1,500 more given my daughter turns 18...
Not a tax break if you live in a high tax state.... but for most it is....
Just another reason to leave NY after I retire....
Assuming you are single - you go from $18,200 in SALT to $10,000 in SALT. $8,200 * 22% = $1,804 in increased taxes. However, all the brackets are going down. From $9,525 to $38,700, your tax rate drops from 15% to 12%, saving you $875. From $38,701 to $70,000, your tax rate drops from 25% to 12%, saving you $4,069. So unless there is something else going on with your taxes, your net tax bill will indeed go down significantly. ($4,069 + $875 - $1,804 = $3,140 lower)
They can always vote to change their tax rates. Right!
You better go back to math class. Only 3000 subject to 10% rate. That amounts to $300.
It’s obvious most people on this site don’t understand how taxes work, unfortunately. Only like 5% of people will see a tax increase next year (nearly all in CA/NY/etc on incomes well over $100k), yet you’d think half of FR is going up from the comments.
>>10%- Total yearly income up to $9,525
Is exploited by the Democrats and allows them to say low wage earners get nothing.<<
Then the Democrats are lying, but that’s what they do. No surprise there.
A couple making, for example, $30,000 would see taxable income drop from $8,700 to $6,000 (30,000-24,000 in deductions) and at their 10% rate their taxes would go from $870 to $600, a 31% drop.
>>New plan will cost me $2500, due to New Hampshire’s high property tax.<<
I find that hard to believe. Take a look here and let us know if you’re right: http://taxplancalculator.com/calc
>>If the following excerpt is true, the Republicans may want to fix this:<<
But it’s not true. Check it out here: http://taxplancalculator.com/calc
The married couple is already paying less that the two singles under current law, and will save even more than the two singles under the new law, primarily due to the increased tax credit for the two kids.
If you’re single, it looks like you’re right, about another $1,000. If you’re married, you should save a few hundred though.
But then very few people spend over 25% of their annual income on property tax, so you’re probably an outlier.
>>It’s obvious most people on this site don’t understand how taxes work, unfortunately. Only like 5% of people will see a tax increase next year (nearly all in CA/NY/etc on incomes well over $100k), yet you’d think half of FR is going up from the comments.<<
Or the media lying about this tax cut has sucked in a lot more people than one would expect. Rush was right when he said today that the Democrats way overplayed their hand on this one.
When people expect a tax increase from what they’ve read in the press, and therefore express their displeasure with the tax bill when polled, the polling can only get better, perhaps a hell of a lot better, when their paychecks go up in February under the new withholding schedule.
Here’s a very easy to use site for calculating before and after in situations where income is from wages: http://taxplancalculator.com/calc
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