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Posted on 12/4/17 at 8:09 pm to bayoubengals88
I'm single, and according to that calculator I'll get around a $2000 tax break. It's not huge, but I'll take it.
Posted on 12/4/17 at 8:12 pm to Cruiserhog
quote:
its a tax cut for the middle class, no the tax cuts sunset while corporate rates are permanent. 9 years out those making 77k or less will see a hike while corporations, flush with cash now, get to ride it out.
So you're telling me for 9 years I get to keep more of my own money, then it basically goes back to what it was?
I mean that seems like a tax cut to me
That's surely better than getting no cut at all. And that's assuming that it stays in the bill the whole 9 years.This post was edited on 12/4/17 at 8:14 pm
Posted on 12/4/17 at 8:25 pm to Muthsera
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%.
Elimination of the personal exemption and SALT deduction hits me.
per analysis from both Forbes and the WaPo-
"People who itemize their deductions are likely to pay more in taxes than they do now."
They find that MOST will receive a tax cut but not people such as myself, self-employed Americans who itemize. And are not incorporated so as a result don't benefit from the "pass through" trickery.
This post was edited on 12/4/17 at 8:38 pm
Posted on 12/4/17 at 8:25 pm to rintintin
Where is the site to figure out how the House vs Senate plans affect a family or individual?
Posted on 12/4/17 at 8:27 pm to navy
1st page
Posted on 12/4/17 at 8:30 pm to MajorTaylor
Sucks for you.
I’m married, have a mortgage, am self-employed, have kids, and my wife is a teacher. We should save $1500.
I’m married, have a mortgage, am self-employed, have kids, and my wife is a teacher. We should save $1500.
Posted on 12/4/17 at 8:33 pm to MajorTaylor
Thank you for helping out five other citizens, I welcome you to the club. We've been doing that for decades.
Posted on 12/4/17 at 8:34 pm to MajorTaylor
quote:
GOP tax reform is going to hammer me and push my marginal tax rate up to 53%.
How are you paying a 53% rate? The top rate is lower than 40
This post was edited on 12/4/17 at 8:39 pm
Posted on 12/4/17 at 8:38 pm to RogerTheShrubber
quote:
Lets cut entitlements and military next
You can forget about military cuts. Every dime spent on our multiple wars since 911 has been on borrowed money. With the interest that will accrue, it adds more than $8 trillion to the deficit. We can either invest in our people or blowing up people in other parts of the world.
Posted on 12/4/17 at 8:38 pm to StringedInstruments
quote:
Sucks for you.
I’m married, have a mortgage, am self-employed, have kids, and my wife is a teacher. We should save $1500.
Sucks for you.
Whether or not it sucks for me or doesn't suck wasn't really my point. I was responding to the many posters saying that it is a big fat lie that the bill will result in anyone's taxes going up.
And yeah, seeing as I failed to create an expense for the federal government as did you, I don't get some of the tax breaks that you get. Makes perfect sense, right? You cost the government more money and you get rewarded for that.
This post was edited on 12/4/17 at 8:42 pm
Posted on 12/4/17 at 8:41 pm to Hogwall Jackson
quote:
I can not read through the bias from each party.
You sure as hell won’t find rational, unbiased answers here.
Posted on 12/4/17 at 8:48 pm to MajorTaylor
Are you including the self-employment tax and maximum Louisiana state income tax bracket to arrive at the 53% marginal tax rate?
Posted on 12/4/17 at 8:51 pm to jdeval1
Marginal rate on the dollar that I earn.
Including self-employment tax and workers comp. I'm not even including liability insurance or unemployment insurance cost.
Including self-employment tax and workers comp. I'm not even including liability insurance or unemployment insurance cost.
Posted on 12/4/17 at 9:02 pm to MajorTaylor
quote:The SE tax maxes out at $128,700 in 2018. After that amount in SE income your SE tax rate drops to 0%.
Including self-employment tax
I assume, based on your "53% marginal tax" comment, that you are projecting you will be in the 33-35% income tax bracket. That means your income will have to exceed $200,000. But at that level of SE income you will no longer be paying SE tax.
Posted on 12/4/17 at 9:04 pm to Hogwall Jackson
Im going to save about $5k/year
Posted on 12/4/17 at 9:09 pm to Hogwall Jackson
quote:
Hog
The stupid is nuclear in most accounts with these three letters.
This post was edited on 12/4/17 at 9:12 pm
Posted on 12/4/17 at 9:27 pm to olddawg26
$1600 for me....which will be replaced with higher fees for car registrations and property taxes and fishing licenses and cops having to write more tickets to fund the police department and a myriad of other such fees that are subsidized now by federal money. 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. It happens every time and every time the middle class angst grows and the investor class simply exploits that angst again and again
Posted on 12/4/17 at 9:29 pm to germandawg
What a wall of bullshite.
Posted on 12/4/17 at 9:32 pm to germandawg
quote:.....and a partridge in a pear treeeeee.
$1600 for me....which will be replaced with higher fees for car registrations and property taxes and fishing licenses and cops having to write more tickets to fund the police department and a myriad of other such fees that are subsidized now by federal money. 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. It happens every time and every time the middle class angst grows and the investor class simply exploits that angst again and again
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