Congress designed...just like new tax bill.
I think I am going to be screwed. Any time these bastards speak "revenue neutral" that means the same amount or more is going to be sucked out of taxpayers.
Posted on 01/07/2018 6:04:57 AM PST by Kaslin
However, the fact is that a significant number of people with a not-so-high income will pay more. Singles and retirees are particularly likely to end up owing an additional $1000-3000 on incomes under $100,000.
I voted for Trump and got a slight tax increase, no wall and the Donald just declared swamp draining is over. What’s not to like? /sarcasm
I wish to leave NY. It will cost me a lot in taxes next year. My family ties here are strong. The best thing NYers or any other state with ridiculous criminal taxation can do besides leave, is to fight the state and vote against those politicians who won’t fight for massive reductions in state income and property taxes.
“a significant number of people with a not-so-high income will pay more. Singles and retirees are particularly likely to end up owing an additional $1000-3000 on incomes under $100,000.”
Really? Please explain how doubling the standard deduction and increasing the child exemption increases taxes?
Only some filers who itemize should pay more -as in people earning >$250k who itemize the bejeezus out of their returns.
Hardly anyone below 100,000 will itemize because the standard deduction is doubling.
Personally, I’m due a $4,600 deduction. IOW a $4600 pay raise.
It was never a “great robbery” of the middle class, it is a “great robbery” of Senator Sanders - who in his mind already had all of that future tax revenue spent on Socialist programs. :)
I really wished the House and Senate had done it sooner than waiting so long.
So basically, it was a big give away to the corporations and sends the tab to individuals.
Please, no snark.
These “single people” and “retirees” shall still not be going on EBT or Section 8 housing. While there may somewhat less disposable income, these individuals are in a position where they can rearrange their daily expenses so the the NET disposable income is virtually unchanged.
No expense is absolutely fixed and immutable. Downsizing is an option in virtually every aspect of your life. And who knows, with simplification, life may become even more satisfactory.
I think some have a hard time with “no snark”.
I wish they had made it retroactive, so millions would be getting significant refunds between now and April, 2018.
As it is, some employees will be getting small to moderate increases in take-home pay in 2018, maybe. Probably not large enough to turn many voters toward President Trump and Republicans.
If it were retroactive, Trump’s poll numbers and general support would be taking a huge gain beginning real soon.
Maybe this is a factor in the sudden increase in the amount of anti-Trump hysteria. The Dims wants to do everything they can to drive Trump out of office before the beginning of 2019, when people finally see the great advantages of having Trump as our President.
Maybe.
If the tax bill were retroactive, I would not have to send a $2,000+ check to the IRS in April.
I am a single retiree. In the 2017 tax year, on an income of $80K, I took $16K in itemized deductions and a $4K personal allowance. That’s $20K. With a $12K standard deduction, my taxable income will increase by $8K, and my tax will increase by about $1700.
Well, there’s your explanation. How many people are like that? More than you would think.
Actually, my solution is to increase my income. As a retiree, I had been deliberately keeping my income low to avoid paying Federal tax. Now I will reverse course, and take as much income as I can while keeping taxes low.
In the case of a single retiree like me, I’ve got a standard deduction of $12K. The 10% and 12% brackets run to about $38K, so I can use them to take ordinary income up to $50K. The remaining income should be qualified dividends taxed at 15%. According to my latest tax-planning spreadsheet, I would pay about $10.4K Federal income tax on an income of $108K. State income tax would be $4.6, for a total of $15K.
Tax planning is your friend! Always know the law, and take advantage of every favorable provision you qualify for. No one is obliged to pay more than he owes under the existing laws, however stupid.
instead of throwing out generalities, how about explain the exact circumstances you are talking about?
Most will see their taxes reduced. Some in high tax states will pay more - because of their high local taxes no longer being deductible. The fault -and solution-lies within those states. Federal and state taxes shouldn’t have been mingled in the first place.
Congress designed...just like new tax bill.
I think I am going to be screwed. Any time these bastards speak "revenue neutral" that means the same amount or more is going to be sucked out of taxpayers.
sorry i didn’t see that you had already done so
This is all well and good.
But unless and until the Congress - REPUBLICAN controlled Congress - repeals 0care, the middle class will continue on their downward trajectory.
The ACA was designed to gut the middle class.
There is no way we can have a vibrant economy and maintain our current political system without a strong and viable middle class.
This Congress better get with it or understand their job is in jeopardy come November.
You are correct. I voted for Trump to get tax relief. Instead I got a Democratic sized tax increase. I feel like a fool because nobody has been a bigger Trump supporter and I got the bait and switch in return.
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