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re: Tax Reform Discussion Thread
Posted on 11/3/17 at 1:27 pm to AUtigerNOLA
Posted on 11/3/17 at 1:27 pm to AUtigerNOLA
That is correct.
1
Posted on 11/3/17 at 1:29 pm to SLafourche07
Ok great, well then that comes out to about the same in taxes around that mark if I'm basing it off last year.
ETA: Actually a decent amount less.
ETA: Actually a decent amount less.
This post was edited on 11/3/17 at 1:35 pm
Posted on 11/3/17 at 1:52 pm to AUtigerNOLA
So with exemptions gone and student loan deductions/mortgage. It seems the only things to reduce your taxable income will be 401k contributions, HSA, Charitable Donations? Any others?
Posted on 11/3/17 at 1:54 pm to AUtigerNOLA
quote:
So with exemptions gone and student loan deductions/mortgage. It seems the only things to reduce your taxable income will be 401k contributions, HSA, Charitable Donations? Any others?
property taxes up to $10k
mortgage interest up to a $500k house
Posted on 11/3/17 at 1:58 pm to tigeraddict
As long as that house is the primary residence, I believe.
Posted on 11/3/17 at 2:27 pm to AUtigerNOLA
Insurance premiums through your employer.
Posted on 11/3/17 at 6:13 pm to Shepherd88
quote:
If you’re itemizing more than $10k in property tax and mortgage interest then you ain’t in the middle class baw.
And this has what to do exactly with eliminating exemptions for kids, which I was under the impression at the time due to a since corrected article that included the removal of the personal exemption with the removal of the dependent exception.
3 kids is the same as 12k in taxable income, and it applies if you take the standard or itemized.
Don’t you be putting words in my mouth, baw.
This post was edited on 11/3/17 at 6:18 pm
Posted on 11/3/17 at 9:11 pm to lynxcat
Anyone have a link to the proposals on pass through entities ? I haven’t found anything that doesn’t only mention it in passing
Posted on 11/3/17 at 10:36 pm to BilJ
The middle class loses under the proposal.
And AARP is going to rip 'em a new one. Over 65 loses every which way.
Look for ads "throwing grandma off a cliff to help Ivanka."
And AARP is going to rip 'em a new one. Over 65 loses every which way.
Look for ads "throwing grandma off a cliff to help Ivanka."
Posted on 11/3/17 at 11:24 pm to matthew25
I'm middle class. I'm going to get me few grand cut. Please let this pass!
Posted on 11/4/17 at 8:52 am to TigerTatorTots
I have huge concerns how this impacts the deficit. The current generation of power is absolutely laying an egg that millennial and newer generations are going to suffer through mightily....while the Baby Boomers are dead.
Posted on 11/4/17 at 3:34 pm to Shepherd88
Not true, I live in pa, property taxes over 10k... We are middle class. Esp after paying those taxes.
Posted on 11/4/17 at 9:53 pm to birdieman
Home Builders, Real Estate brokers, AARP are all over this bill.
Plus people who are selling a house. The market will be killed. Look for more renters.
Look for major changes in the bill.
Plus people who are selling a house. The market will be killed. Look for more renters.
Look for major changes in the bill.
Posted on 11/5/17 at 9:34 am to matthew25
I hate lobbying. The bill is fine the way it is currently written. Only small changes need to be made at most.
Posted on 11/5/17 at 9:51 am to tigeraddict
quote:
mortgage interest up to a $500k house
$500k loan I believe.
Posted on 11/5/17 at 2:21 pm to AUtigerNOLA
I did see that while they are planning to get rid of exemptions, they do plan on expanding the child care tax credit to $1600, and increase the qualifying income up to $230k for MFJ.
Given that it's a credit and not a deduction, it may help offset some of the tax loss on exemption.
Given that it's a credit and not a deduction, it may help offset some of the tax loss on exemption.
Posted on 11/5/17 at 3:17 pm to GenesChin
quote:
On top of that killing the student loan deduction is going to cripple quite a few middle class earners/ make them "losers"
How on earth would removing a 2500 max deduction cripple someone’s finances?
Especially with the lower overal rate and increased standard deduction to offset.
Posted on 11/5/17 at 7:30 pm to OceanMan
I believe the mortgage interest up to $1 m is grandfathered.
For new loans, cap is $500k.
For new loans, cap is $500k.
Posted on 11/5/17 at 9:37 pm to matthew25
I'm a teacher...as middle class as it comes. Looking at a couple grand in savings.
So how does this hurt me again?
So how does this hurt me again?
Posted on 11/6/17 at 6:56 pm to matthew25
quote:
For new loans, cap is $500k.
Right, I just wanted to point out that it isn't about home value, but the loan on the home.
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