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Posted on 12/17/2017 4:43:18 PM PST by springwater13
The Republican tax bill would cut taxes for about 75 percent of filers in 2018. How would it affect you? This chart shows how the bill would affect 220,000 real households. Answer the questions below to find the ones like yours. (The calculator covers only personal taxes. Business owners and investors could also benefit from corporate tax cuts.)
(Excerpt) Read more at nytimes.com ...
Those making over 300k with lots of State taxes are subject to alt min tax which is eliminated under new tax law for that income level. That change doesn’t show up on these simple calculations. I am in CT, a high tax state and most of my higher income clients did not get tax benefits from salt deductions.
Not interested.
The purpose of this was to reform our ghastly corporate tax rate which hurts our economy daily.
It has kept US corporate profits abroad and paying no taxes as they never were declared here. It hurts business compared to corporate tax rates in other countries.
To boom our economy and get employment back we needed that stupid rate cut.
The individual and joint rate was altered for political necessity as cutting rates for business alone would have freaked everyone.
Follow up. Those making less than 9500 are exempt form the Obamacare tax. At or above that threshold the minimum tax kicks in. That was 695.00 for 2016. But it is tied to the CPI this year. So I don’t know how to compute the minimum tax for this year. But I bet that it is no less than last year.
So if you have a $9500 income and no other exemptions from the mandate then you would pay zero in federal taxes and yet $695.00 or more for the penalty. Or 7 to 8% of your income.
how is that a calculator? A series of little dots doesn’t tell me ANYTHING after I answered all the questions with precise esitmates.
There are, but most here don’t want to hear about them. It’s either “you live in a high-tax, crappy state” or “you’re making poor financial decisions” or “you don’t know what the hell you are talking about”.
Alternative minimum tax is not what you are calling minimum tax. The alt min tax is based on income without a deduction for salt.
I answered wrong question above to you. I believe the Obama care penalties do not apply if you do not have to file return. The higher standard deduction will eliminate penalties for many in 2018 because of higher income requirements to file a return. They snuck in a penalty waiver with those changes for many lower income people.
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23. If my income is so low that I am not required to file a federal income tax return, do I need to do anything special to claim an exemption from the individual shared responsibility provision?
No. If you are not required to file a federal income tax return for a year because your gross income is below your return filing threshold, you are automatically exempt from the shared responsibility provision for that year and do not need to take any further action to secure an exemption. If you are not required to file a tax return for a year but file one anyway, you will be able to claim the exemption on Form 8965 filed with your tax return.
The IRS ans the states will re-jigger the numbers in the tax columns so it is a wash or an increase.
On top of that rate cut, they should have had a holiday, it could be just one day, or two..
All that money coming home tax free...
Now that would be the massive shot of adrenaline needed to get things really cooking.
The main thing is the reduction of corporate rates to about 20%. That will make a much bigger difference than Joe Blow, the bottle top stamper, in Salt Lake City saving $388 on taxes.
No one should put stock in any predictions that the NY Slime makes.
I would get a roughly $2,150 cut in taxes, since I would take the SD instead of itemizing — my items would be significantly less than 12,000.
Again, I would get a significant take-home payraise. Supposedly.
I had to keep doing the AMT worksheet because I refinanced my mortgage in 2013, only to receive an AMT bill of 0 each time.
The reduction on pass thru is also big deal for small business.
Well, I recalculated, since I’m actually not taking the SD this year (it will still be around 6,000 for 2017 tax year). I will get a much more modest $860 cut when I do my return in 2019.
That one says I will save $1,052.
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