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Message
re: 1st Trump Check
Posted on 1/30/18 at 5:03 pm to Centinel
Posted on 1/30/18 at 5:03 pm to Centinel
quote:
You're either:
A) A no-shite OT high roller (but not .1% high roller) Congrats!
B) Full of shite
C) Live in a state that subsidized their lavish social programs through the state tax write-off. Might want to move baw.
D) Have a bigger house than you can afford. Time to downsize baw.
We got hit on SALT as well as having home equity loans on two of our homes. Home equity loan deductions disappeared so we are in the process of paying those off and looking at other options. The early "calculator" based estimates showed us as owing more but as we work through different options it appears we can basically break even.
I have no real issue with my situation as long as it continues to spur growth, my income is not fixed and tends to move up in bull times.
1
Posted on 1/30/18 at 5:06 pm to Montezuma
quote:
Government worker
Hell no....I actually contribute to society.
Posted on 1/30/18 at 5:07 pm to Quinn225
quote:
Check your withholding amount.
I just checked it based on the IRS 2018 tax table and I think I'm OK. Based on the math suggested by those tables that is.
Posted on 1/30/18 at 5:36 pm to mikelbr
quote:
I'm not sharp tax guy or anything but if the Standard Deduction increased and you were writing off THAT much mortgage interest that it's not a wash, aren't you admitting you bought too much house and deductions are not your primary problem?
It does change the math in cases of rent vs own.
I’ll say this though, yay money this year.
How many people in here realize that the Trump tax cuts are a Shell game.
It removed a lot of deductions pointing to savings from rates and larger standard deduction.
But
The changes to how inflation is calculated means you’ll start paying more than you do now in inflation adjusted dollars after the 15 year mark or so. That 12k deduction will get eaten up in terms of purchasing power, and it won’t upscale as fast as the old code.
This is by design.
Cram your fricking Roth while you can, because before you know it you’ll be under a permanent tax hike. It wasn’t really a tax cut. It was a Trojan horse tax increase in the long game.
This post was edited on 1/30/18 at 6:31 pm
Posted on 1/30/18 at 5:47 pm to Volvagia
quote:
The changes to how inflation is calculated means you’ll start paying more than you do now in inflation adjusted dollars after the 15 year mark or so. That 12k deduction will get eaten up in terms of perchasing power, and it won’t upscale as fast as the old code.
Huh? The change to chained CPI is a more accurate measure of inflation anyway.
Posted on 1/30/18 at 5:52 pm to LSU316
Posted on 1/30/18 at 6:14 pm to hawgfaninc
My check went up about 1/3 what I thought it would. I looked it over and realized my insurance premium went up $40 per check.
It softened the blow though and I'll still have some extra money on my check.
It softened the blow though and I'll still have some extra money on my check.
Posted on 1/30/18 at 6:17 pm to Obtuse1
quote:
as well as having home equity loans on two of our homes. Home equity loan deductions disappeared so we are in the process of paying those off and looking at other options.
Subtle brag [ON] off
Posted on 1/30/18 at 6:29 pm to slackster
quote:
Huh? The change to chained CPI is a more accurate measure of inflation anyway.
I didn’t say anything about which was the more accurate.
It is universally slower than what was used in the past tho. Not much, but that little bit compounds each year.
So inaccurate or not, the deduction will grow slower than the old deduction AND exemption you used to have. This isn’t hypothetical. It’s fact.
I mean, the loss of the exemption means you are only a few thousand ahead on the new deduction
It’s not much to overcome it.
Posted on 1/30/18 at 6:53 pm to Volvagia
quote:
How many people in here realize that the Trump tax cuts are a Shell game.
Hmmm. Someone say stimulus package?
The Same one we had to claim as INCOME the next year?
I'm not defending Trump or anything. They all do this shite. And I am poor. So...
Posted on 1/30/18 at 6:56 pm to mikelbr
Oh, it’s not meant as anti Trump at all. I just don’t get the over the top celebrating about it.
The HoR version was decent.
The Senate version was complete shite.
Too bad our version is more the latter than the former.
The HoR version was decent.
The Senate version was complete shite.
Too bad our version is more the latter than the former.
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