- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Tax brackets, standard deduction get 7% increase for 2023
Posted on 10/19/22 at 3:39 pm to TeaParty
Posted on 10/19/22 at 3:39 pm to TeaParty
quote:
This has nothing to do with Joe Biden. These are Trumps tax cuts that will expire 1/1/2026 if nothing is done. We go back to the old tax tables
It indeed has nothing to do with Biden.
But it has nothing to do with Trump, either.
We have always had inflation adjustments.
In fact before Trump's tax cuts.. the factor used to make the adjustment would result in a larger adjustment.
We won't go back to the old tax tables on 1/1/26. We will go back to the old rates, and we will take the 2017 tables and adjust them up for inflation to 2026 levels.
0
Posted on 10/19/22 at 3:39 pm to MorbidTheClown
quote:
so, comparing to 2022. someone making $200k, it doesn't really change, right?
Married couple making 200k will pay $29,536 in 2022. Will pay $28,521 in 2023.
Posted on 10/19/22 at 3:40 pm to MorbidTheClown
quote:
so, comparing to 2022. someone making $200k, it doesn't really change, right?
that person would pay less in the 32% bracket than before, so yes, they would still pay less
its not going to be lifechanging or anything
Posted on 10/19/22 at 3:41 pm to BugAC
quote:
That's not what the 2 charts state, at least for me personally.
That’s not possible.
The 10% bracket goes higher, so the 12% starts later and goes higher, and so on and so forth throughout the brackets. You also get a 7% higher standard deduction.
Posted on 10/19/22 at 3:41 pm to BugAC
quote:
That's not what the 2 charts state, at least for me personally.
how so?
Posted on 10/19/22 at 3:42 pm to Salmon
quote:
its not going to be lifechanging or anything
A married couple making $200k would pay about 3.5% less in taxes.
Perfect for the OT.
Posted on 10/19/22 at 3:42 pm to Salmon
quote:
its not going to be lifechanging or anything
wasn't expecting it to be.
but, wouldn't still be 24%
Posted on 10/19/22 at 3:44 pm to BugAC
quote:
That's not what the 2 charts state, at least for me personally.
For the 6698th time, LSUFanHouston's guide to marginal tax brackets.
The more income you earn, the higher the tax rate you pay on the additional (marginal) dollars of income.
So let's say you are in the 24 percent marginal in 2022 and 2023.
The amount of income that is subject to tax at the 10 percent, 12 percent, and 22 percent rates is higher. That means less of your income is taxed at 24 percent.
I.e. a tax "cut".
Posted on 10/19/22 at 3:44 pm to MorbidTheClown
quote:
but, wouldn't still be 24%
who said it would be 24%?This post was edited on 10/19/22 at 3:44 pm
Posted on 10/19/22 at 3:44 pm to DownshiftAndFloorIt
quote:
I thought fricking with federal income taxes required law change?
Probably buried in some climate change legislation. Most of the laws we are forced to obey are stealthy
Posted on 10/19/22 at 3:46 pm to brewhan davey
quote:
Biden promises no increased taxes on anyone making under $400k
In this instance they're going down
Posted on 10/19/22 at 3:46 pm to RogerTheShrubber
This thread is going worse than I thought, and I had very low expectations.
Posted on 10/19/22 at 3:47 pm to slackster
did you start the thread just to piss on people asking questions?
This post was edited on 10/19/22 at 3:54 pm
Posted on 10/19/22 at 3:47 pm to slackster
Sweet, my 340k to 364k taxed at only 24%.
That is 8% per k, total of $1920 in tax savings.
That is 8% per k, total of $1920 in tax savings.
Posted on 10/19/22 at 3:49 pm to slackster
Haven't read the whole thread but I'm having a laugh at the page 1 posters complaining about their taxes going DOWN.
Posted on 10/19/22 at 3:50 pm to slackster
quote:
This thread is going worse than I thought, and I had very low expectations.
Somehow, the O-T is DUMBER than the P-T when it comes to taxes / government finances.
The fact that it's possible is quite the accomplishment in itself.
Posted on 10/19/22 at 3:51 pm to tterrific
quote:
I don't get this. Tax brackets are progressive. You only pay the higher rate on the amount over the threshold. If the threshold rises it only erases the small amount you paid over the prior threshold. It doesnt change the bracket for your entire income.
What's to get? You pay 35% on a sliver of your income that is taxed at 33% next year? Seems straightforward enough, even if it's not a life changing thing right?
Posted on 10/19/22 at 3:51 pm to ColdDuck
quote:
Sweet, my 340k to 364k taxed at only 24%.
That is 8% per k, total of $1920 in tax savings.
You will also have some savings from 10 to 12, 12 to 22, 22 to 24.
Posted on 10/19/22 at 3:52 pm to slackster
So a household income of $350K only pays 2% more taxes than a $120K?
frick Biden and the assholes who “mail in voted” for this tPOS
frick Biden and the assholes who “mail in voted” for this tPOS
Posted on 10/19/22 at 3:53 pm to MorbidTheClown
"Trying to figure it out" is one thing.
Acting like people are wrong, when the accuser is indeed the one wrong... is another.
Acting like people are wrong, when the accuser is indeed the one wrong... is another.
Page 3 of 5
Back to top
Follow TigerDroppings for LSU Football News