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| GOP Tax Plan (1481610) | |
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| (1481610) | |
GOP Tax Plan |
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Posted by TransitChuckG on Sat Dec 16 06:07:55 2017 New Tax Plan |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 07:07:50 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017. Heh. Someone did something wrong. It looks to me like I break even. |
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Re: GOP Tax Plan |
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Posted by Dave on Sat Dec 16 09:25:57 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 07:07:50 2017. My taxes will probably go up a bit, owing to the cap on SALT. |
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Re: GOP Tax Plan |
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Posted by R2ChinaTown on Sat Dec 16 09:29:21 2017, in response to Re: GOP Tax Plan, posted by Dave on Sat Dec 16 09:25:57 2017. Same here. |
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Re: GOP Tax Plan |
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Posted by bingbong on Sat Dec 16 09:58:17 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017. Nope. Repeals insurance mandate. That harms everyone by reducing revenue necessary to pproide healthcare. It also chnages the inflation indices, may not do much now, but should trump flake out and restart inflation, it WiLL. Do they really think people don't remember the 70-80s?Lulz. |
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Re: GOP Tax Plan |
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Posted by Mtk52983 on Sat Dec 16 10:00:36 2017, in response to Re: GOP Tax Plan, posted by bingbong on Sat Dec 16 09:58:17 2017. Klutz |
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Re: GOP Tax Plan |
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Posted by chicagomotorman on Sat Dec 16 10:50:59 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017. Wow! My taxes will be going down. Thank you President Donald John Trump. |
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Re: GOP Tax Plan |
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Posted by chicagomotorman on Sat Dec 16 10:51:26 2017, in response to Re: GOP Tax Plan, posted by Mtk52983 on Sat Dec 16 10:00:36 2017. lol. lmao |
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Re: GOP Tax Plan |
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Posted by chicagomotorman on Sat Dec 16 10:51:55 2017, in response to Re: GOP Tax Plan, posted by Mtk52983 on Sat Dec 16 10:00:36 2017. Thank you Mtk52983. |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 11:44:25 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017. Under this plan, it appears (with my rudimentary understanding of tax calculations) that a single dude (or dudette, or dudx) making $60,000 a year (roughly the median salary) will save about $2600 / year. I will save about $3000. While that's not the $4000 Trump promised us, it's certainly more than what the democrats want us to have.Here's the math: Old Tax! $60,000 - start! 6,350 x 0% = $0 (standard exemption) $9,325 x 10% = $932.50 $28,625 x 15% = $4293.75 Subtotal on first $44,300 of income: = $5,226.25 $15,700 x 25% = $3925.00 Total: $9,151.25 New Tax!
Anyone who disagrees with this tax cut is free to send the difference directly to causes they support. Or, to the IRS in protest of Donald Trump. I'm sure the government can spend it more responsibly than you can... |
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| (1481634) | |
Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 11:46:44 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017. Under this plan, it appears (with my rudimentary understanding of tax calculations) that a single dude (or dudette, or dudx) making $60,000 a year (roughly the median salary) will save about $2600 / year. I will save about $3000. While that's not the $4000 Trump promised us, it's certainly more than what the democrats want us to have.Here's the math: Old Tax! $60,000 - start! 6,350 x 0% = $0 (standard exemption) $9,325 x 10% = $932.50 $28,625 x 15% = $4293.75 Subtotal on first $44,300 of income: = $5,226.25 $15,700 x 25% = $3925.00 Total: $9,151.25 New Tax! 60,000 - start! 12,000 x 0% = $0 (standard exemption) $9,525 x 10% = $952.50 $29,175 x 12% = $3501.00 Subtotal on first $50,700 of income: = $4,453.50 $9,300 x 22% = $2046 Total Median: $6,499.50 Anyone who disagrees with this tax cut is free to send the difference directly to causes they support. Or, to the IRS in protest of Donald Trump. I'm sure the government can spend it more responsibly than we can... |
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Re: GOP Tax Plan |
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Posted by ClearAspect on Sat Dec 16 11:54:38 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 11:44:25 2017. You missed the part where this tax cut only lasts until 2026... good job buddy |
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Re: GOP Tax Plan |
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Posted by ClearAspect on Sat Dec 16 11:55:37 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 11:46:44 2017. Missing the part wher this tax cut has a sunset clause for 2026.... you know that right? |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 12:02:17 2017, in response to Re: GOP Tax Plan, posted by ClearAspect on Sat Dec 16 11:55:37 2017. Of course it does. At which point I would have had 8 years of increased income. In your mind is 8 years of the current rates better than 8 years of discounted rates?The next administration is in the awkward position of having to either let the cuts expire or extend them. If it's republican, extension is a given. If it's democrat, they become the guys who raised taxes on the middle class, and the republicans will get their seats back (or maybe Libertarians). Win-win for the long game. |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 12:05:04 2017, in response to Re: GOP Tax Plan, posted by ClearAspect on Sat Dec 16 11:54:38 2017. So 8 years of higher rates is better than 8 years of a possibly temporary discount? Good job there, buddy. |
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Re: GOP Tax Plan |
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Posted by bingbong on Sat Dec 16 12:12:00 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 11:44:25 2017. sure the government can spend it more responsibly than you can...Not THIS "government". |
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Re: GOP Tax Plan |
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Posted by bingbong on Sat Dec 16 12:14:01 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 12:02:17 2017. For someone who may not survive the next five years due to loss of healthcare access, expirations are meaningless. For many it's a reason not to support this to begin with. |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 12:20:16 2017, in response to Re: GOP Tax Plan, posted by bingbong on Sat Dec 16 12:14:01 2017. That doesn't make any sense:1. They now have more cash to pay for said healthcare. 2. The "individual mandate" was designed to force people to buy healthcare they didn't want, it didn't "give" people healthcare. Those same people can still buy. Unless there's something else about healthcare that I'm missing in the tax bill, enlighten me. Otherwise, voting down the tax bill because the GOP wants to mess with Obamacare is cutting off your nose to spite your face. |
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Re: GOP Tax Plan |
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Posted by https://salaamallah.com/ on Sat Dec 16 12:28:52 2017, in response to Re: GOP Tax Plan, posted by chicagomotorman on Sat Dec 16 10:50:59 2017. how ? |
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Re: GOP Tax Plan |
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Posted by Spider-Pig on Sat Dec 16 12:35:09 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 12:20:16 2017. The individual mandate was designed to prevent free riding. |
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Re: GOP Tax Plan |
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Posted by ClearAspect on Sat Dec 16 12:45:56 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 12:02:17 2017. At the expensive of the national debt, and lets go by your logic, why put the sunset clause in the first place? They made the tax cut permanent for the businesses why not the middle class AND you carefully omitted parts where middle class people would pay MORE. Why? |
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Re: GOP Tax Plan |
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Posted by bingbong on Sat Dec 16 13:23:59 2017, in response to Re: GOP Tax Plan, posted by Spider-Pig on Sat Dec 16 12:35:09 2017. And to ensure the pool itself was properly funded. Fact is, everyone WILL need healthcare at some point or other in their llives. Only with a universal pool is that possible.Add to that the expense to all for supporting free riders, as you mentioned, and the cost incurred through bankruptcies over medical bills, which will be soon on the rise as people who opt for sham policies get stuck with outrageous bills for unexpected illness or accident. |
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| (1481651) | |
Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 14:01:04 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 11:44:25 2017. The $6,350 and the $12,000 are called the "standard deduction," not the "standard exemption."And I'm not being picky here. The old tax does have a "standard exemption" as well, and it's $4,100, and you missed it. The new tax eliminates the exemption. So there's $1,000 of your savings gone. And you failed to acknowledge any of the reductions in government services that you will receive. You can pretend all you want that it's none, but you'd be wrong. And you're only dealing with renters. Property owners will mostly still be able to itemize deductions, but they won't be able to take advantage of the higher standard deduction and they will still lose their standard exemption. Note that standard exemption plus standard deduction has only gone up from $10,450 to $12,000. |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 15:56:02 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 14:01:04 2017. And you failed to acknowledge any of the reductions in government services that you will receive.My dealings with federal government services are: -Getting interrogated when entering the US, sometimes with a search of my goods. -The TSA. -Amtrak, which at this point only needs the Feds for capital spending. -Interstate highways. The only one I'm mildly concerned about is Amtrak, since defunding the others will impact the economy and thus will not happen with the current administration. And you're only dealing with renters. Property owners will mostly still be able to itemize deductions, but they won't be able to take advantage of the higher standard deduction and they will still lose their standard exemption. Note that standard exemption plus standard deduction has only gone up from $10,450 to $12,000. As a renter, I'm glad that homeowners finally have to pay closer to their fair share of the space they occupy. The property taxes on this building are included in my rent, why should homeowners get a pass? If you hate these cuts that much, feel free to send the IRS a check for the difference. |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 15:59:06 2017, in response to Re: GOP Tax Plan, posted by ClearAspect on Sat Dec 16 12:45:56 2017. I'm only stating how it would benefit me and people like me. I didn't carefully omit anything, I simply am unaffected by that, as is pretty much anyone making less than me with fewer assets. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 16:34:54 2017, in response to Re: GOP Tax Plan, posted by ClearAspect on Sat Dec 16 11:54:38 2017. Lol!!!! So, that's 8 years of savingsbefore some Democrat screws it up |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 17:21:04 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 15:56:02 2017. If you hate these cuts that much, feel free to send the IRS a check for the difference.I'm not getting a tax cut. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 17:22:11 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 16:34:54 2017. If you own a home it is incredibly unlikely that you will save anything on taxes. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 17:48:54 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:22:11 2017. My home residence is not worth $500,000 or $1,000,000, nor do I have a mortgage as such amounts, depending on the house or senate versions, by nice try. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 17:49:12 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:22:11 2017. My home residence is not worth $500,000 or $1,000,000, nor do I have a mortgage as such amounts, depending on the house or senate versions, but nice try. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 17:49:46 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:21:04 2017. Too bad for you. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 17:57:38 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 17:48:54 2017. That doesn't matter. Those are the people who really get screwed.If you are itemizing deductions now, you probably won't save any money. You're likely to be roughly break-even. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 17:57:45 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 15:59:06 2017. NY Democrats have a twisted idea of what middle class and rich are. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 17:58:57 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 17:49:46 2017. If you own a house, it seems very unlikely that you are either. I'm not saying you're losing; just that you're unlikely to be saving on taxes. |
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Posted by gp38/r42 chris on Sat Dec 16 18:08:11 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:57:38 2017. That doesn't matter. Those are the people who really get screwed.With your warped NYCity centric attitude, you just assume much of the rest of the country pays the say high taxes and housing prices as NYC and some parts of metro area. News for you..most of the country's "middle class" don't have such price NYC like housing prices and mortgages. Oh yes, then there's the leftists on the left coast too. We can't all live in the rich parts of Nassau or NYC warped second home market of the Hamptons. If you are itemizing deductions now, you probably won't save any money. You're likely to be roughly break-even. leftist scare tactics. |
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Re: GOP Tax Plan |
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Posted by R2ChinaTown on Sat Dec 16 18:11:38 2017, in response to Re: GOP Tax Plan, posted by bingbong on Sat Dec 16 13:23:59 2017. LOK. Loser |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 18:18:52 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:58:57 2017. Again I don't own a home that's has a mortgage of $500,000 or $1,000,000, and truthfully most of the people I know don't either. Even on much of Long Island (at least Suffolk, forgetting the Hamptons, which are mostly second homes, and not primary residences anyway) 500,000 or more, $1,000,000 is still a pretty upscale house. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 18:18:53 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:58:57 2017. Again I don't own a home that's has a mortgage of $500,000 or $1,000,000, and truthfully most of the people I know don't either. Even on much of Long Island (at least Suffolk, forgetting the Hamptons, which are mostly second homes, and not primary residences anyway) 500,000 or more, $1,000,000 is still a pretty upscale house. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 18:24:28 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 18:08:11 2017. leftist scare tactics.Plug in some typical numbers for a married couple earning 100K and owning a 300K house into Henry's formulas (as corrected) and see what you get. I agree with you that the people who really get screwed tend to be very well off. I never said otherwise. What I am telling you is that middle middle class people who own a house break even, they don't save money. Don't just believe me; Henry has documented this. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 18:25:46 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 18:18:52 2017. Of course 1 million is a very upscale house. But you will roughly break even if you have a 150K mortgage on a 300K house. |
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Re: GOP Tax Plan |
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Posted by Mtk52983 on Sat Dec 16 18:34:00 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 18:18:52 2017. But not everyone who owns one purchased it at that price. I have plenty of clients who have been living in the same house for 30+ years and have seen values triple or more from what they originally paid |
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Re: GOP Tax Plan |
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Posted by Fred G on Sat Dec 16 18:40:42 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 17:22:11 2017. No more property tax deduction, last I read. |
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Re: GOP Tax Plan |
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Posted by Fred G on Sat Dec 16 18:50:03 2017, in response to Re: GOP Tax Plan, posted by Fred G on Sat Dec 16 18:40:42 2017. I just read they've changed that idea and allow $10,000 in property tax. Good! |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 18:55:41 2017, in response to Re: GOP Tax Plan, posted by Mtk52983 on Sat Dec 16 18:34:00 2017. That supports Chris's point that most people don't have the huge mortgages where interest deductions are limited.And actually, prior mortgages are grandfathered and not subject to a deductibility limitation. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 18:56:39 2017, in response to Re: GOP Tax Plan, posted by Fred G on Sat Dec 16 18:50:03 2017. 10K for sum of property plus income plus sales tax. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 19:07:00 2017, in response to Re: GOP Tax Plan, posted by Mtk52983 on Sat Dec 16 18:34:00 2017. So??? Then the mortgage deduction issue and the $500000 or $1000000 means even less, and is even stronger in what I am saying. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 19:08:48 2017, in response to Re: GOP Tax Plan, posted by Fred G on Sat Dec 16 18:40:42 2017. Again, aside from NYC metro, most averagepeople don't hit the $10,000 mark. Yes, on long island and surrounding they do, but nationally, no. |
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 19:37:24 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 19:08:48 2017. Lots of metro areas. Someone in the Chicago, Boston, Washington, or LA metro areas, just to name a few, is likely to hit property taxes plus income taxes of 10K. |
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Re: GOP Tax Plan |
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Posted by gp38/r42 chris on Sat Dec 16 20:46:18 2017, in response to Re: GOP Tax Plan, posted by AlM on Sat Dec 16 19:37:24 2017. New York metro is among the worst.https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/ |
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Re: GOP Tax Plan |
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Posted by Henry R32 #3730 on Sat Dec 16 20:59:50 2017, in response to Re: GOP Tax Plan, posted by gp38/r42 chris on Sat Dec 16 17:57:45 2017. And CA democrats. This is why we don't want NYC and the west coast cities overpowering everyone else in national affairs. While land doesn't vote, land has opportunity. A barista living in a $200,000 shoebox condo on the upper west side hoping to "make it big" on their screenplay or whatever, could buy a 2 bedroom house along a bus line (to get to their Starbucks job), writing that same screenplay, with $100,000 extra in their pocket. Or even quit that Starbucks job if they rent out that second bedroom. |
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