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re: Let's talk about the tax plan
Posted on 10/20/17 at 10:04 am to Tridentds
Posted on 10/20/17 at 10:04 am to Tridentds
quote:
i think it does include taxes for lower incomes. Think the taxes are relatively small but some will be paying taxes that never paid taxes before.
As it should be; everyone needs to have a dog in the fight.
1
Posted on 10/20/17 at 10:08 am to Wtodd
Some folks making between 50 and 133K a year will pay a little more in taxes. Hopefully, they will see an increase in their wages over the next few years, however, which should balance that out. Like 47% pay no taxes and will still pay no taxes. I'm not too crazy about that, but it is what it is.
This post was edited on 10/20/17 at 10:09 am
Posted on 10/20/17 at 10:15 am to LSU Patrick
Not crazy about the plan.
2 kids
2 working parents
State income tax
Home owner
Our taxes would go up.
2 kids
2 working parents
State income tax
Home owner
Our taxes would go up.
Posted on 10/20/17 at 10:18 am to LSU Patrick
quote:
Some folks making between 50 and 133K a year will pay a little more in taxes
I admit that I have not look at the initial plan that close BUT if the folks in this income bracket have to pay more, even $1, then how the frick is the middle class getting a tax break bc this is the entire middle class income range.
Posted on 10/20/17 at 10:18 am to udtiger
quote:
I will say I don't like this too much, but I am willing to take the hit so that residents of libtard states get to "pay their fair share."
Unless your state is absolutely raping you (like California, Connecticut, and New York), you will most likely benefit from the doubling of the Standard Deduction and lower overall % for your tax bracket.
Posted on 10/20/17 at 10:20 am to crazyatthecamp
quote:
Not crazy about the plan.
2 kids
2 working parents
State income tax
Home owner
Our taxes would go up.
Do you itemize deductions?
Posted on 10/20/17 at 10:22 am to Tiger in NY
quote:
Do you itemize deductions?
I just read where most people that usually itemize won't under this plan
Posted on 10/20/17 at 10:28 am to Wtodd
quote:
I just read where most people that usually itemize won't under this plan
That's partly why I am asking. The standard deduction for a couple goes from somewhere around $5500 to almost $11k. This should offset the State/Local deduction for most people, no?
I take the standard deduction in most years, so I am thrilled. I also live in Florida and have no State income tax to deduct though.
Posted on 10/20/17 at 10:59 am to Tiger in NY
Do we know what the different tax brackets are set at yet? What percent income tax will go different income levels?
Posted on 10/20/17 at 11:00 am to Wtodd
quote:
BUT if the folks in this income bracket have to pay more, even $1, then how the frick is the middle class getting a tax break bc this is the entire middle class income range.
The tax brackets are being reduced from 7 to 4. Therefore, the brackets will include a larger number of people. Some will move up, some down. While the rates are being reduced for each, some people may pay slightly more that they were before due to moving up into the higher bracket.
The 4th bracket is currently in the works. There are no details yet on how this might affect the current proposed rates for the other three, which is 12, 20, and 35% at this time.
Posted on 10/20/17 at 11:01 am to Wtodd
quote:
I admit that I have not look at the initial plan that close BUT if the folks in this income bracket have to pay more, even $1, then how the frick is the middle class getting a tax break bc this is the entire middle class income range.
That is exactly the problem. It is anything but a middle class tax cut. Homeowners below the highest tax bracket will benefit the least (if at all). That is a large chunk of the "middle class."
While the standard deduction would double, the personal exemption would disappear, so low income filers won't benefit much from that. Nobody should act surprised that the proposed plan would mostly benefit the highest earners.
Posted on 10/20/17 at 11:04 am to Tiger in NY
quote:
I take the standard deduction in most years, so I am thrilled. I also live in Florida and have no State income tax to deduct though.
You can deduct sales tax paid (actual or estimated) instead, if you itemize.
Posted on 10/20/17 at 11:05 am to Wtodd
Trump's tax reform overhaul: Senate approves budget plan, what happens next?
quote:
Unanswered Questions
While the overall themes of the tax reform package have been outlined by White House officials and GOP lawmakers, the fine details have yet to be ironed out. There is still disagreement among the GOP about whether to eliminate state and local tax (SALT) deductions, which would hurt higher-income earners in highly taxed states like California, New York and Connecticut. The White House has come out in favor of removing SALT deductions, however lawmakers from both sides of the aisle in the affected states are staunchly opposed.
The GOP has also yet to decide on exactly what income levels would correspond to the three tax brackets laid out by the party of 12%, 25% and 35%. The Republican Party has also floated the possibility of a fourth bracket, or a surtax, on the highest-earning Americans, which has also yet to be detailed. On Friday morning, Speaker Ryan said this would in fact be included in the framework Opens a New Window. , but he declined to reveal the rate.
Posted on 10/20/17 at 11:07 am to Tiger in NY
quote:
this tax plan will likely increase taxes for millions in California and New York.
A mean person might react like...
Posted on 10/20/17 at 11:10 am to Speedy G
quote:
While the standard deduction would double, the personal exemption would disappear, so low income filers won't benefit much from that.
They also (in many cases) will benefit from the increased child exemptions.
Posted on 10/20/17 at 11:16 am to LSU Patrick
quote:
It will be up to the Republicans to clearly explain that, which means that they probably won't.
I agree so much with this and have spent some time wondering why this is.
The only answer I have is that it takes about 2 seconds to say "Tax break for the rich" and a little more time to explain why it's not that, and it's actually a good thing. So the media goes with the quick sound bite, whether that's biased or just time efficiency at work.
Maybe that's been going on for so long that the right has given up on trying to verbally fend off the BS. I don't know.
Posted on 10/20/17 at 11:18 am to TheHarahanian
Part of it is the MSM just playing "tax breaks for the rich" on a loop, but the Republicans need extra hard to get around that.
This post was edited on 10/20/17 at 11:19 am
Posted on 10/20/17 at 11:21 am to LSU Patrick
quote:
Part of it is the MSM just playing "tax breaks for the rich" on a loop, but the Republicans need extra hard to get around that.
This we know BUT if the plan doesn't benefit a LARGE part of the middle class, then Trump won't get reelected PERIOD. His base is the middle class.
Posted on 10/20/17 at 11:58 am to Wtodd
Think of it this way. The median household income is about $60K and the household size is 3 people. With standard and personal deductions, $5K to retirement, plus 1 child credit, that household is only paying about 5% in federal taxes. Throw in a mortgage, another kid, and/or heavier retirement contributions and you're fast approaching 0%.
It's hard to cut taxes on the lower middle class because they're already so low.
It's hard to cut taxes on the lower middle class because they're already so low.
This post was edited on 10/20/17 at 12:00 pm
Posted on 10/25/17 at 10:28 pm to Tiger in NY
Confluence of issues with this tax plan and federal/state tax balance.
A bunch of the middle class like me will pay more depending on the final plan. I want change but...I need better answers.
Conservatives tell taxpayers to get their state and local governments to lower taxes to offset the elimination of the state and local tax deduction on the federal tax. They think the blue states are mooching by having the red states subsidize their portion of the federal tax.
Liberals say hold on. The low tax red states take in more federal taxes on average than the higher taxed blue states. So they feel the blue states are propping up the red states.
Looking at the data, of the 14 states that pay into the Fed gov more than they take out, only 6 are red states, 8 are in fact blue states. These blue states include economic powerhouses like New York, Illinois, California, and New Jersey. Liberal people point to this and say that these states are more self reliant.
Any rebuttals on that from the PT?
A bunch of the middle class like me will pay more depending on the final plan. I want change but...I need better answers.
Conservatives tell taxpayers to get their state and local governments to lower taxes to offset the elimination of the state and local tax deduction on the federal tax. They think the blue states are mooching by having the red states subsidize their portion of the federal tax.
Liberals say hold on. The low tax red states take in more federal taxes on average than the higher taxed blue states. So they feel the blue states are propping up the red states.
Looking at the data, of the 14 states that pay into the Fed gov more than they take out, only 6 are red states, 8 are in fact blue states. These blue states include economic powerhouses like New York, Illinois, California, and New Jersey. Liberal people point to this and say that these states are more self reliant.
Any rebuttals on that from the PT?
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