re: New tax proposal, do the number for yourself WRT your situation

It looks like I’ll pay a few hundred less, which is cool.

Look, I think Trump is an idiot, but I have no problem with the reform. I also know he had nothing to do with it, other than putting his name on it, but that’s the same with any president.

Looks like they’ve stayed away from removing the mortgage deductions which is a big deal for me. Plus the death tax stuff is good for me, god forbid.

I do think my parents might pay a bit more. They’re above the property tax threshold, and can’t take all the deductions because of retirement shite. However the new higher standard deduction might make it a wash for them.

Overall, I think it’s just a shuffling of tax law for us middle class folks. Rich folks who itemize here in CA will likely pay more, but I’m ok with that.

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There has been a lot of discussion about this but until you do the numbers for yourself don't let anyone tell you if it is good or bad for you.

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We'll end up paying much more. Despite that, I expect with market effects, our ATI will rise nicely.

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We'll end up paying much more. Despite that, I expect with market effects, our ATI will rise nicely.

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The issue is will the companies take the "extra money" and do capital investment and grow jobs or will they be cautious (since you never know what a future administration will do) and horde the money or pay it out to execs. Also on the repatriation side will they move the money and let it sit or will they actually put it to work and build the greater economy. IMO it works on paper and has a decent chance to succeed but it could also go horribly wrong and leave us in a huge tax revenue whole. I am cautiously optimistic though.

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double the std deduction,

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Take note you lose exemptions though which does a lot to offset the std deduction. You also have to consider any possible child credits and how the different caps impact that.

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So you are suggesting that people should wait until the law is already passed to decide if it is good or bad for them? That seems odd for someone on a politics forum.

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Yes, that is what I'm suggesting. Nothing you do will sway these congressional reps one way or the other. I have already made my voice heard at the ballot box.

Or I could wait until the various interest groups develop the calculators for me.