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2018 Income Taxes
Posted on 10/5/18 at 11:13 am
Posted on 10/5/18 at 11:13 am
Any other homeowner with kids feel they are not benefiting from he new tax laws? No personal exemptions and increased standard deduction is where my focus is.
I hope I’m missing something.
I hope I’m missing something.
8
Posted on 10/5/18 at 11:32 am to LSUChamp06
I mean wasn’t that the whole point of the tax cut? Double the standard deduction so fewer people would itemize and make the process easier.
Posted on 10/5/18 at 12:37 pm to LSUChamp06
So is your final tax rate going up or down compared to last year?
Posted on 10/5/18 at 12:38 pm to Ingloriousbastard
quote:
So is your final tax rate going up or down compared to last year?
My personal tax rate is going WAYYY up this year....but granted I am making 3x what I did last year.
Posted on 10/5/18 at 12:38 pm to LSUChamp06
Yeah, you are missing the double child tax credit and lower rates.
Posted on 10/5/18 at 12:43 pm to iAmBatman
quote:
I mean wasn’t that the whole point of the tax cut? Double the standard deduction so fewer people would itemize and make the process easier.
That's one thing they sold, but it remains to be seen whether that is actually the case.
Posted on 10/5/18 at 1:07 pm to LSUChamp06
Many middle class earners with 2 school-age kids, are going from getting 0 in child tax credit to $4,000 in credit. That more than makes up for the loss of personal exemptions, especially considering both lower rates and increased standard deduction.
Every situation is different, you just need to run the numbers for yourself.
Also, you say homeowner... unless you have a McMansion in a high prop tax state, those interest and property tax deductions aren't that valuable these days anyways. That's even before tax reform.
Every situation is different, you just need to run the numbers for yourself.
Also, you say homeowner... unless you have a McMansion in a high prop tax state, those interest and property tax deductions aren't that valuable these days anyways. That's even before tax reform.
Posted on 10/5/18 at 1:08 pm to The Spleen
quote:
That's one thing they sold, but it remains to be seen whether that is actually the case.
More people will take the standard.
However, some of that is because the standard is increasing to 24K for married, and some of that is because 2 percent deductions are gone. If you are in that later category, it may be "easier" but it's not "better"
Posted on 10/6/18 at 7:29 am to LSUChamp06
I like the change. Why should breeders get a tax break?
They suck up government money with the need for public schools, health units, and such, but pay less taxes than the hardworking singles or childless couples who are not costing government anything?
Makes no sense unless the government is promoting popping out more kids, and I don't think we need that.
They suck up government money with the need for public schools, health units, and such, but pay less taxes than the hardworking singles or childless couples who are not costing government anything?
Makes no sense unless the government is promoting popping out more kids, and I don't think we need that.
Posted on 10/6/18 at 8:45 am to Twenty 49
quote:
I don't think we need that
My recollection is the US birthrate has dropped steadily until it is almost below the rate of replacement.
See Japan.
Posted on 10/6/18 at 9:25 am to weagle99
quote:
My recollection is the US birthrate has dropped steadily until it is almost below the rate of replacement. See Japan.
The US has been below replacement (2.1) for nearly the entirety of the last fifty years. We have practically zero in common with Japan from either a geographic or cultural perspective.
Posted on 10/6/18 at 12:36 pm to Twenty 49
Well if no one was reproducing then there would be no USA in 100 years.
People that have children are increasing the number of citizens and thus increasing the future tax base.
Maybe think some thinks through before you get all pissy about someone else getting a tax break besides yourself.
People that have children are increasing the number of citizens and thus increasing the future tax base.
Maybe think some thinks through before you get all pissy about someone else getting a tax break besides yourself.
Posted on 10/6/18 at 12:47 pm to iAmBatman
quote:
People that have children are increasing the number of citizens and thus increasing the future tax base.
Considering we are currently spending more per citizen than we are bringing in, I fail to see how that's a certainty.
quote:
Maybe think some thinks through before you get all pissy about someone else getting a tax break besides yourself.
Or maybe, just maybe, the government can leave people the frick alone and stop trying so hard to influence behavior by picking winners and losers among the population.
Posted on 10/6/18 at 3:11 pm to iAmBatman
quote:
People that have children are increasing the number of citizens and thus increasing the future tax base.
If we need citizens that bad, should we promote more immigration?
Posted on 10/6/18 at 4:02 pm to LSUChamp06
I ran the numbers and I’ll pay a higher rate this year. It is what it is
Posted on 10/6/18 at 5:35 pm to LSUChamp06
I'm just guessing I will be better off. I itemized about 19,000 last year and going by the higher standard deduction.
Posted on 10/6/18 at 8:00 pm to Joshjrn
quote:
We have practically zero in common with Japan from either a geographic or cultural perspective.
I was referencing Japan’s low birthrate and aging population
Posted on 10/6/18 at 8:12 pm to Joshjrn
quote:
Or maybe, just maybe, the government can leave people the frick alone and stop trying so hard to influence behavior by picking winners and losers among the population.
The government could also stop giving people money that they never paid in the first place (ie EIC).
Posted on 10/7/18 at 7:43 am to weagle99
quote:
I was referencing Japan’s low birthrate and aging population
I know. Huge problem for a geographically and culturally isolated country heavy on pensions. Not nearly as much of a problem for the US.
Posted on 10/7/18 at 7:44 am to LSUSUPERSTAR
quote:
The government could also stop giving people money that they never paid in the first place (ie EIC).
Deal.
While we are at it, how about we lower the tax rate and just abolish deductions, period?
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