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 ...
I’ve been paying more than my fair share so I am not too excited about it.
Mine says about the opposite for House and Senate - either way, I’m pleased.
I hope you simply forgot the /sarc tag
This calc says I’m much better off, another said I’d owe much more. Don’t know what to think, maybe wait and see..
In the People’s Republic of Pennysltucky I’m looking at aboutg a 40-50% tax INCREASE.
Meet the newest Libertarian.
GOP can KMRRA.
That's not going to go over well with a lot of people.
Ok, tax wizards of FR. I usually itemize, but the calculators posted in this thread say I will save a lot if I opt instead for the standard deduction. Are there any tax or accounting rules forbidding me from deciding “hey, this year I don’t wanna itemize”?
The title to the article is “Will you pay more or less?” But the calculator doesn’t tell us that. It tells us what we would pay under the House and Senate bills. Now what we would pay now. Maybe they could add a third number for comparison?
Meet the newest Libertarian.
$2100 or $1800 in savings. I’ll take that. I would forgo the savings or even pay more to get the better lifetime earnings potential my seven young grandchildren will reap from the plan. There’s much more positive to this than simply plus or minus our personal tax liability.
so you want others to pay you for having kids and not making much money?
Don’t have time to try to run this calculator, but here are my thoughts: Living in The People’s Republik of Kalifornia, I am sure that if it passes as it is now it won’t help me one bit, it probably WILL effectively raise my taxes.
I could care less.
Here is what I DO care about: I want the bill to cut the !$%@! ridiculous corporate tax rates so that the economy can grow, create jobs - and I can God willing, afford to retire as a result of that growth (and its effect on my business), in a few years - before the end of the President’s second term.
Fingers crossed. ;>)
We pay people for having kids and not working at all.
However, if you take away working people's refundable child tax credits, the refund they use to pay for Christmas, don't expect them to be happy about it.
People will put up with the tweets, the Russia stuff, the p**sy grabbing, whatever and they don't mind but when they lose money, they take notice.
No real change...dont care...
Pass it...
A question, though. When will all this take effect? Next year, the year after?
We were going to save 25%, but this 12/2 update shows we will now save only 20%.
Still, that’s thousands of dollars.
Me either but I’m rich. Ok not really but I’m in that dual income low 6 digit (aka each of us starts with a 1) so I expect to get screwed. However I have 3 kids that need to have a good life and a good economy is essential to that. So paying a few more bucks to have a better e economy is cheaper in the long run. If this is helps, or might help good. Obama put a huge anchor on the economy that SOB (literally). So it probably costs me less to roll the dice with this than my cable/internet monthly expense so let’s see what happens. Individual mandate being killed was worth it to me. Oh yeah - Go Judge Roy Moore!
These Republicans would never do either tax approach.
We really need about ten years of Trump and then we’d hopefully have run enough Establishment jerks out to consider such a positive future.
I save $1800 on the senate version, a little less on the House version. Thank you President Trump. Also, since I won’t be itemizing after this year I will prepay 2018 property tax, charitable deductions, etc. this month to make a quick $2500 refund on $10K in extra deductions.
4K less. We’ve never itemized. Ever.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.