Posted on 12/02/2017 6:36:12 PM PST by RKBA Democrat
As the Senate advances on its tax-cut bill while House Republicans have passed their version, MarketWatch has the calculator to show how the bills would potentially impact your finances.
The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes, among other things.
But not everyone’s a winner. The mortgage-interest deduction is limited, and state and local income tax deductions are zapped in both the House and Senate plan. The plan from the upper chamber also eliminates the state and local property tax deduction.
The calculator includes the new rates and child-tax credit unveiled by the Senate Tuesday night. It’s only meant to give a look at what happens in the first year after enactment, as the individual tax rates are set to sunset.
(Excerpt) Read more at marketwatch.com ...
Losing the property tax duction screws me, and I bet it screws many more working class people. The GOP should lose control of congress for this. And If Trump signs this crap sandwich, he will lose bigly in 2020, and rightfully so.
“If you want to get really politically incorrect, my feeling is that the credits would be most beneficial for society if they were offered primarily to families with only a working father and a stay-home mother. But then, I’m a throwback. “
I wouldn’t argue that, at all. In fact it would be great if we could literally pay wives to stay home and raise kids. In the past, they basically had no choice. But now the high-power career world temps them...and the kids pay.
My problem is with welfare queens getting paid to produce more kids...I don’t want to anything to increase those incentives - they’re bad enough already. Two-worker families are also not so hot, but their kids generally come out much better than welfare queens.
Post 54 was directed toward you. Sorry I got your name wrong.
Godly families are the only hope for this country.
The question that has NEVER been asked is, how much of the 76000 pages of tax code have been eliminated.
Yep, they are still holding that carrot out to make sure they can manipulate the masses into thinking they are getting a "deal"
If they were ever serious about REAL tax reform, they would have a flat tax and be done with it. That would take away their power and they will never have that happen.
Yep. It's my yearly welfare check and I counted on it. It helped me keep my wife at home to raise our kids on my single income.
So, say what you want. At the end of the day there's going to be millions of Americans like me (some like me who even live in swing states like Florida) who pull out calculators, punch in the numbers and realize, "Trump's tax cuts took away several thousand dollars a year that I used to get. I now have less money than I did under Obama. It is now more difficult to make ends meet."
How do you think this will bode for the GOP in 2018? 2020? All the Democrat challenger has to say is, "I'll fight to give you your refundable child tax credit back!" and that's it. Guns, abortion, gay marriage, whatever doesn't matter when Americans have less money than they used to.
Add to this taking away the SALT deduction and refundable child tax credits and the Democrats won't even have to lie in their campaign commercials.
It’s almost funny—my first job was working at a CPA’s office and I had to file the changes in the code library manually: “remove and replace pages 224.758-236.59 section C-965 with the following; remove pages...”
At that time, the code filled a 12’ x 8’ shelf. I can’t remember the number of volumes, but it was truly mind-boggling.
My favorite IRS anecdote (true story): Years afterwards, I stayed at a friend’s home who was a federal prison guard. He told me about one of his prisoners who was convicted for running the books for a famous mobster. The funny part?
IRS agents regularly visited him because he was the foremost expert on the tax code. It takes a thief, right?!
Who made that horrible calculator? It doesn’t work at all. Today, and under (both?) proposed bills, wouldn’t people making under a certain amount not pay any taxes at all come the next year? So why is it you could enter say, $20,000 in the calculator, and end up owing money? What idiot made that?
Godly families are the future on so many dimensions. Those who expect the government to take care of them in their old age are going to be sadly disappointed.
Children ARE social security.
Politics is a scam and we’re suckers for playing
No. You can have income from other sources other than employment including 1099 income and capital gains and not have to itemize.
Capital gains and losses are reported on Schedule D and the net result is reported on your 1040 on line 13 and is included in the amount that makes up your adjusted gross income.
At that point you can decide whether to itemize or take the standard deduction.
...How do you think this will bode for the GOP in 2018? 2020? All the Democrat challenger has to say is, “I’ll fight to give you your refundable child tax credit back!” and that’s it. Guns, abortion, gay marriage, whatever doesn’t matter when Americans have less money than they used to....
So you lost free money that others were paying taxes to give it to you and you are unhappy the gravy train is ending. how much in dollars exactly is it? maybe you should start thinking about the future for your children with better job opportunities, capital coming back to the us etc..instead of your immediate circumstances, liberals have knee jerk reactions, conservatives plan for the future..adapt, improvise, overcome. what about the people that don’t have jobs now but will have a better chance to get one who will they vote for? the word selfish comes to mind....
California. Low enough income to not be impacted either way. Hopefully the drugbrainsoaked will see they are being sc...ed by Moonbeam and his merry band of leftists in the legislature
I will save $2800 with the senate plan and $4300 with the House plan. I’ll save a lot more in taxes next year because I’m moving out of California.
You can be dismissive and condescending all you want. The bottom line is, if Americans perceive that they're losing out on this new tax bill, they're going to punish the party that gave it to them.
Americans know how to use a calculator. If Trump and the GOP says "We gave you a tax cut!" yet it's now more difficult making the mortgage payment than it used to be, they'll be held responsible. It's that simple.
since you are not paying taxes how could you expect a tax cut?
We’re not that far apart then...but, as proposed (I think), it would apply to welfare queens.
The one displayed in the article doesn’t show the $8,300 exemption. Just the standard deduction. ???
“ANY tax increase on anybody is political poison and he will go the way of Bush 41.”
The way I see it is this:
All the rates have been lowered =good!
Deductions being eliminated =bad (but Reagan did same)
Pubbies did this by, and were limited by, the rules of “reconciliation”; otherwise there would have to be 60 votes to pass...which was NEVER going to happen.
So Not bad...so far.
Guess we'll find out in 2018, won't we? :-)
And I pay plenty of taxes. It costs a lot of money to raise a family of six.
Fortunately, looks like President Trump is wising up on this. Now Fox and CNN are both reporting that he's reconsidering the 20% corporate rate and may bump it up to 22% as Rubio suggested to keep some of the refundable deductions. I guess the GOP can use calculators as well to punch in how many Republican voters in swing states they were about to lose over this.
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