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The Trump tax calculator — will you pay more or less?
Market Watch ^ | 11-29-17 | Steve Goldstein et al

Posted on 12/02/2017 6:36:12 PM PST by RKBA Democrat

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To: RKBA Democrat

If the ominous things I’ve been reading about this bill are even somewhat true (takes away student loan write-off; Child credits revoked), then the R’s in Congress have just set into motion the Great Trump Betrayal to end all Betrayals. If Trump sings this, he is singing his own death warrant.

ANY tax increase on anybody is political poison and he will go the way of Bush 41.

The R’s had a real opportunity to overhaul the system and start public steering toward getting rid of the IRS and income taxes. But we get this turd instead.

My dreams of a small (.2%) national sales tax on everything sold are dashed once more. har har


41 posted on 12/02/2017 8:10:32 PM PST by Vaden (First they came for the Confederates... Next they came for Washington... Then they came...)
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To: Defiant
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?

See the link in post #3, that one shows how much you'd save compared to now.

42 posted on 12/02/2017 8:20:55 PM PST by Mozzafiato
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To: Drew68

“Is the child tax credit no longer refundable?”

Only the ADDED PART, the amount over $1000...at least per what I read.

I don’t think it should be refundable at all, same with EITC - the government should not pay you just for breathing.


43 posted on 12/02/2017 8:23:54 PM PST by BobL (I shop at Walmart...I just don't tell anyone)
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To: RKBA Democrat

bkmk


44 posted on 12/02/2017 8:25:36 PM PST by Oratam ("Let justice be done tho' the heavens fall.")
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To: lightman

Your finances are really strange if this is so. What would cause such an increase?


45 posted on 12/02/2017 8:26:27 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!)
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To: RKBA Democrat
Looks like we'll be losing our refundable credits which were a big boon when it came to offsetting high property taxes and sky-rocketing medical insurance costs. With six kids in a high tax state, that means even less money available next year. I'd have been happy to bite this bullet if ObamaCare had been nuked. As it is, we'll now have to take yet another massive insurance cost spike next year, plus higher state and local taxes, and no child tax credits.

And for those of you who think that's welfare, let me remind you that the six kids of conservative middle class families are the productive Americans of the future. We are the base of those who voted for Trump last November. To this point, we haven't gotten much to show for our votes.
46 posted on 12/02/2017 8:28:04 PM PST by Antoninus ("In Washington, swamp drain you.")
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To: Simon Foxx

I expect this will be followed by a work requirement for welfare which would move butts back into the private sector.

This could be Reagan II.


47 posted on 12/02/2017 8:29:57 PM PST by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: BobL
the government should not pay you just for breathing.

That's not what the child tax credit does. It rewards you for...you know...creating future Americans. Given the fertility rate death-spiral this country is experiencing, the feds should be pulling out all the stops to encourage hard-working families to have kids. This bill does not do that.
48 posted on 12/02/2017 8:32:04 PM PST by Antoninus ("In Washington, swamp drain you.")
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To: RKBA Democrat

My taxes stayed essentially the same under Senate bill but increased by 10% under house bill for a measly income of $52,000!


49 posted on 12/02/2017 8:38:13 PM PST by catnipman ( Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: catnipman

my taxes go up 500.00 but my kids are all out of the house now, so that’s ok I am glad the majority will get a tax break.


50 posted on 12/02/2017 8:44:53 PM PST by Coffee_drinker (Drain The Swamp.)
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To: Mariner

He/she just wants to supply money for the congress’ sexual harrassment payoffs slush fund.


51 posted on 12/02/2017 8:45:19 PM PST by Senormechanico
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To: Senormechanico

I’m retiring in 4 years (if I can hold out that long, the jury’s still out!). I’m wondering how this will effect retirees...hard to tell with pensions, social security, which isn’t taxed, etc.


52 posted on 12/02/2017 8:49:32 PM PST by freepertoo
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To: RKBA Democrat

We’ll save $1000-1300.

As pointed out on another thread, the tax plans favor people in red states with smaller mortgages and families. In other words, most conservatives.


53 posted on 12/02/2017 8:54:29 PM PST by CottonBall (Thank you, Julian!)
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To: LostInBayport

I suppose you could take the lower itemized amount...but why?


54 posted on 12/02/2017 8:57:05 PM PST by CottonBall (Thank you, Julian!)
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To: lightman

Trump carried Pennsylvania. That might not happen if he signs a tax bill that raises the taxes of upper middle income Pennsylvanians. The GOP may laugh about raising taxes on Californians, because that state is gone for good to Republicans due to open borders policy. But it could be the Democrats who laugh if the GOP is kicking Pennsylvania away.


55 posted on 12/02/2017 8:59:06 PM PST by WilliamIII
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To: RKBA Democrat

I think this calculator is flawed. I’m not a CPA, but it looks like they are making a huge mistake in the calculation.

Federal tax withholdings are calculated based on Taxable income, not Gros income.

Taxable income is Gross income minus pre-tax deductions like 401K contributions and Company Health Insurance premiums.

Personally, I shell out about $6K and $6K per year for 401K Contribution and Health insurance, respecitvely.

If I make 60K, the taxable portion remaining is 48K. This is what I think needs to be used for the calculator to be accurate, sans itemizing.

If I understand correctly, neither 401K conributions, nor Insurance premiums will be treated any differently than they are now.

Someone who knows more can correct me, but I believe the calculator is incorrect in asking for Gross Pay instead of Taxable Income.

The other wildcard would be the SALT deduction, In or Out, and limited to 10K/year.

If the SALT deduction is on top of the Stndard deduction, sweet. If it is part of an itemized return, that is still OK for many people.

Thoughts?


56 posted on 12/02/2017 9:02:31 PM PST by tech_rjmarce1 (It's like Deja Vu all over again.)
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To: WilliamIII
Trump carried Pennsylvania. That might not happen if he signs a tax bill that raises the taxes of upper middle income Pennsylvanians. The GOP may laugh about raising taxes on Californians, because that state is gone for good to Republicans due to open borders policy. But it could be the Democrats who laugh if the GOP is kicking Pennsylvania away.

If the people who voted for Trump in states that Trump won perceive that Trump's policies are costing them money, it's over. Americans know intuitively when they have less money than they had before. Every social issue out there takes second chair to Americans' pocketbooks. If #taxcuts become #faketaxcuts, Trump is mortally wounded. The Democrats won't even have to lie in their campaign ads.

Ideally, tax cuts are supposed to be achieved by a reduction in government spending, not by making winners and losers from certain brackets of taxpayers. That's what Obamacare did.

There sure seem to be a lot of people, myself included, who are growing concerned that the GOP's tax cuts might result in less money in our wallets than we had under Obama and the Democrats.

57 posted on 12/02/2017 9:08:16 PM PST by Drew68
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To: WilliamIII

Finally, a FReeper who truly “gets it”.

PA will NEVER vote GOP again.

Or at least for a generation.


58 posted on 12/02/2017 9:08:17 PM PST by lightman (ANTIFA is full of Bolshevik.)
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To: Antoninus
That's not what the child tax credit does. It rewards you for...you know...creating future Americans.

Well said. I'm the sole wage-earner in a family soon to be of six. My wife is due with baby #4 next March. Our first child was born in 2009 and we've enjoyed, no, counted on, that refundable child tax credit ever since then. Take it away and it's going to feel like a reduction in my family's income.

I don't care what anyone here says, I'm not going to be happy about it.

Do we want to encourage married American couples to have more kids or do we want to import them?

59 posted on 12/02/2017 9:16:02 PM PST by Drew68
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To: plain talk

The state selection is to calculate your current tax.


60 posted on 12/02/2017 9:20:22 PM PST by gitmo (If your theology doesn't become your biography, what good is it?)
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