Posted on 11/04/2017 6:33:58 PM PDT by Jim Robinson
The House 'Tax Cuts and Jobs Act' has been released. Here are the core elements of the plan.*
(Excerpt) Read more at marketwatch.com ...
Standard deduction means nothing to someone who itemizes and sends the IRS a check or gets a small refund, because they know how much to have withheld that they are not giving the government an interest free loan all year.
If you have a mortgage, pay tuition, pay state sales taxes, and have a couple of kids that you claim as exemptions, you will be paying a LOT more.
The GOP MF’s want to mess with struggling middle class families but give corporations a huge tax cut windfall that won’t trickle down in any meaningful way to wage slaves.
Big business is writing this bill, NO WAY is this good for the middle class, and if you finally make it to the upper middle class, well, the government is all set to take all of that extra cash that you made.
According to the chart, it would not change. We already as seniors file Short Form. No house payment, car, or loans. CC’s are paid in full when they come in. Medical not enough to meet the new %. Even with the co-pays from Tricare Life.
We still pay Fed income taxes on long term annuity’s, 2 SS, and a Navy Pension minus the 10% disability for flight deck hearing loss. It keeps us in that 25% range. Thankfully TN has NO STATE INCOME TAXES. Just a sales tax and very high gas tax.
This is the first year we expect to get really screwed on our taxes. We have always had to send them a check, besides what we already paid via deductions, every year. Now our income is the same but we have no mortgage, no medical deductions......nothing to itemize.
We have hubby’s retirement which is treated as straight income, 2 social security checks, and my annuity coming in every month. Guess I better get to saving to pay taxes.
Sounds like we’re in the same boat.
If this is accurate, my tax burden is going to get cut in half, or maybe even better.
Don’t forget to deduct your 401k contribution and any employer medical deductions as well as any traditional IRA contributions.
Did you back out 401k, medical deductions through employer and traditional IRA contributions first?
“I’m not buying federal taxes are going up for a retired couple with low taxable income unless their currently claiming personal exemptions and itemized deductions in excess of an amount a low retirement income cannot support.”
who cares what you “buy”. I ran my totally legitimate numbers from 2016 year in the “calculator” and my taxes were 15% higher. For the record, I’ve never been audited by the IRS since I started filing taxes nearly 50 years ago.
Many other posters on this thread got similar discouraging numbers.
Same here, my tax rate will go up, and I will lose the ability to deduct state taxes, so mine will be a wash at best. Sure glad I voted for President Trump who was going to reduce our tax burden.
Yup - its called moving! I cut my property tax bill down by 70% from 2 years ago and have a nicer house now as well [and higher salary]. Vote with your feet!
Using 2016 income numbers, I would save about $600. My 2016 income was was down from 2015, and I expect 2017 to be similar to 2015, so using 2015 numbers, I would be saving about $1500.
I ran the web model and compared it to last year’s tax form.
We will get an additional 1600.00 back from what we got last year.
Yeah, I guess I agree with you. Thanks for the slap.
I am worried this tax reform proposal will pass almost no matter what anyone does, and then any effort to reform taxes will stagnate.
And if it does not pass they will give up and leave things as they are.
No reform. A kick in the butt with SOMETHING (as bad as this is it is not as bad as the fake ObamaCare repeal bills) was what I was hoping it could be. Despite me losing money.
The corporate tax reduction by itself is so important (again as a start) that I felt that could be the centerpiece victory as long as more reform efforts come right away.
However years of wishful thinking and hoping have not gotten us anywhere on immigration, excess government interference, taxes, anything.
The Congress Critters have not even been willing to cut the damn NEA (National Endowment for the Arts), funder of a crucifix on a jar of urine as art. The Millions of tax dollars it gets are virtually nothing for private foundations to replace, and no one will suffer in a significant way to cut it, but they can’t even make that symbolic cut. When that thing goes (the NEA) I might start believing they would really reform something.
President Trump, PUSH CONGRESS to cut the NEA as a symbol of our commitment to proper legal use of Federal funds!
That will be a signal that our Republican Congress is finally serious about reform back to Orthodox Americanism.
That’s fine and dandy but that web model doesn’t have a spot for those things o mentioned
Not BS. My taxes will go up more than 9k with this proposal. It sucks big time.
Yes, convention of States. Only way.
It was talked about; just talked about.
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