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re: Middle class taxes going up with what was passed?
Posted on 12/4/17 at 9:36 pm to germandawg
Posted on 12/4/17 at 9:36 pm to germandawg
quote:
Couple this with the fact that health care costs are going to soar as more people are treated but aren't covered and all of a sudden we see where the real tax cuts going.
Health care costs are going to soar? Wtf do you think has been going on? Thanks Dems. If the individual mandate is part of the deal then it exempts people from paying a tax for insurance they don't want or can't afford. They already don't have insurance.
1
Posted on 12/4/17 at 9:39 pm to Hogwall Jackson
Married filing jointly with 2 dependent children, and I have itemized prior years but just slightly over the standard deduction. With no state income tax deduction, I will not itemize but will get about a 2% (of income) effective tax cut.
Most of the cut is due to the family tax credit.
Most of the cut is due to the family tax credit.
Posted on 12/4/17 at 9:44 pm to Hogwall Jackson
quote:
Can someone tell me if this is just BS or real?
For the love of Pete, please do better at starting a fake arse concern troll OP.
Posted on 12/4/17 at 10:42 pm to jdeval1
quote:
Health care costs are going to soar? Wtf do you think has been going on? Thanks Dems. If the individual mandate is part of the deal then it exempts people from paying a tax for insurance they don't want or can't afford. They already don't have insurance.
The responsible among us have seen our rates stablelize.....if your rates went up you were a parasite on those of us who were subsidizing your inability or unwillingness to be responsible for yourself by being eithe uninsured or underinsured. Y'all like folks who reject political correctness so there is a dose of rejecting political correctness for y'all.
There will be more deadbeats showing up at doctors offices to get treatment they won't pay for entirely.....again, if your rates have gone up you were among this group of parasites. Responsible people were subisidizing you and the rest of the deadbeats. We will be forced to do so again without a penalty for refusing to take responsibility for yourself by buying shitty insurance because it is cheap. Those of you who have seen your premiums go up substantially were akin to someone stealing half a pair of jeans at Walmart....anyone who actually paid for a pair was forced to pay for your sorry assed thieving ways......
Posted on 12/4/17 at 10:42 pm to LSURussian
quote:
....and a partridge in a pear treeeeee.
So your local government isn't broke?
Posted on 12/4/17 at 10:46 pm to Hogwall Jackson
quote:
Middle class taxes going up with what was passed?
Depends on a lot of factors. It's kind of a crap shoot really. Most people won't see a change more than 500 bucks either way.
Posted on 12/4/17 at 10:48 pm to germandawg
You're a retard
This post was edited on 12/4/17 at 10:49 pm
Posted on 12/4/17 at 10:54 pm to Hogwall Jackson
The Washington Post gave this claim 4 pinnochios when dem senators tweeted that the plan raised taxes on middle class tax payers.
Posted on 12/5/17 at 12:08 am to germandawg
quote:No, it isn't. It just found an extra $2 million to buy 80 new police cars. Wheeeee!
So your local government isn't broke?
Posted on 12/5/17 at 12:15 am to Hogwall Jackson
It is possible to construe circumstances such that some in the middle class will see a tax increase. But I think it's like 85% will see a cut and 15% will see an increase by one estimate.
Posted on 12/5/17 at 12:29 am to Cruiserhog
quote:"If you like you plan, you can keep your plan. If you like your doctor, you can keep your doctor."
Republicans are liars..
Posted on 12/5/17 at 12:37 am to germandawg
quote:
The responsible among us have seen our rates stablelize..
If something stabilizes at an exorbitant rate, thats a good thing?
Posted on 12/5/17 at 12:39 am to MajorTaylor
quote:Good, since you're a big government loving liberal, you should do your part and pay more taxes to your loving government.
As far as I can tell thus far, this GOP tax reform is going to hammer me and push my marginal tax rate up to 53%.
Posted on 12/5/17 at 12:43 am to jdeval1
I will say this....The Dems that are out there spreading this false narrative is because it does effect their Pro-Democrat states.
New York, New Jersey, Illinois, and California get hit hard. So the tax cuts are not going to mean as much to them.
Two Main reasons for this:
1) Neither Plan allows them to deduct for taxes paid to their State.
Basically the Federal Government is saying that we don't care if you live in New York where your state is taking so much from you.
As I understand it right now. A family living in New York State making 200K would owe the Federal Government 43K and owe the State $11,600. Under the old rules when filing the person in New York is able to subtract that $11,600 from what they owe the Federal Government. So they only owe Washington $31,400.
2) You can no longer deduct Home Property Taxes over 500k. Say you own a home in Suffolk County, NY and that home is worth 800k...Your property tax is $17,700.
Under the old law you could deduct all of that from what you owed. You could deduct the whole $17,700.
So using the model above now your tax is lowered to $13,700.
Under the new Law, instead of $17,700, the homeowner will only be able to claim $11,095. So $6,605 less.
So their tax liability would essentially be $20,300.
New York, New Jersey, Illinois, and California get hit hard. So the tax cuts are not going to mean as much to them.
Two Main reasons for this:
1) Neither Plan allows them to deduct for taxes paid to their State.
Basically the Federal Government is saying that we don't care if you live in New York where your state is taking so much from you.
As I understand it right now. A family living in New York State making 200K would owe the Federal Government 43K and owe the State $11,600. Under the old rules when filing the person in New York is able to subtract that $11,600 from what they owe the Federal Government. So they only owe Washington $31,400.
2) You can no longer deduct Home Property Taxes over 500k. Say you own a home in Suffolk County, NY and that home is worth 800k...Your property tax is $17,700.
Under the old law you could deduct all of that from what you owed. You could deduct the whole $17,700.
So using the model above now your tax is lowered to $13,700.
Under the new Law, instead of $17,700, the homeowner will only be able to claim $11,095. So $6,605 less.
So their tax liability would essentially be $20,300.
Posted on 12/5/17 at 12:44 am to Muthsera
$5300 House
$6700 Senate
Come on down Senate!!
$6700 Senate
Come on down Senate!!
Posted on 12/5/17 at 9:07 am to germandawg
I would have to check my taxes. Just for reference, i gross $70,200 which is $1,350 a week. My insurance is only $32 a week and i live in Texas so i do not have a state tax. My net check each week is $1,016. I am single, no kids, no house. I am claiming 2 right now to keep them from taking more out of my check each week. My entire life i always claimed 0 until this last year.
Posted on 12/5/17 at 9:13 am to Cruiserhog
These are my favorite threads when pbhog, toddy and cruise enter the world of tax and display their lack of knowledge
Posted on 12/5/17 at 9:16 am to MajorTaylor
Sounds like a personal problem if you aren't smart enough to pay an accountant to advise you to incorporate and use a pass through
Posted on 12/5/17 at 9:18 am to heartbreakTiger
I legit started this thread because i had no clue. I am nor left or right. Just a common person seeking knowledge about the situation.
Posted on 12/5/17 at 9:33 am to Hogwall Jackson
Well I'll give you tax advice, it's a bad idea to believe liberal leaning posters and really any journalist when it comes to taxes. They usually are clueless about this stuff
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