Posted on 09/27/2017 8:56:15 AM PDT by SeekAndFind
It didn’t even occur to me that I don’t get to deduct my property taxes. Okay, I need to do some math here now.
Are the child tax credits untouched?
I’d need to see what doubling the standard deduction would do to the bottom line but lowering the rate to 25% doesn’t do jack ultimately, especially if the state and local deduction goes away for the full-year (personal) filing. Not sure but it’s not the home run plan I was hoping for so far.
Increased to a yet-to-be-determined amount.
I'm pretty sure your property tax is included in "local taxes". I own a home in Taylor county. Taxes are ~$5K a year. Prob won't be able to deduct it.
Really good point there too. I’m in California and we’re doubly screwed - high income and property tax (because of the high cost of housing). I would need to check with the CPA to see if doubling the standard deduction to $24K would offset most of these deductions going away.
Of course, residents of Nevada and Texas, etc. would be sitting pretty!
Yea, that flew by my head at first.
I also have no idea what bracket I’m in under this plan.
So....I dunno.
Maybe. We’re a high property tax state and - in theory - you can itemize our 8 percent sales tax but I don’t know anyone who really does that.
This doesn’t feel completely integrated yet.
It’s going to be EXTREMELY interesting to see the likes of Moonbeam Brown and Kamala Harris fight for tax deductions for the “wealthy”! Because that’s exactly what’s at play here. Cuomo in NY is already moaning about this being a “death blow” to his state.
Forget the obvious solution of getting spending in order in those states so that they can reduce the state income taxes. Naaaaaaaaah, why would you when you can have the rest of the country subsidize your profligate spending?
Okay. So, this is not a bad plan; it’s yet again 4D chess.
I can’t wait for all these 4D chess games to come together and lead to a bill being passed. Someday, it is bound to happen.
Good = cut in corporate tax rates; something he spoke quite specifically on and will be great for the economy and the markets
Unsure = why is he increasing tax rates to 12% WTF?
Bad = Why would a Republican want to add more to the non-tax paying roles, thus adding to Democrat voters? Increasing standard deductions will yank even more from paying taxes which enforces the Tocqueville formula
Comment = In what Waldo world do small business pay higher taxes than corporations? No wonder the US is increasingly a corporatist state. As a populist with so many big corporations campaigning against him, Trump should be INCREASING tax rates for those SOBs, and cut it on small and middle classes. Does the GOP Congress hate the entrepreneur middle class that much?
Yup. Capped? LOL. Just confirms how much the swamp hate the middle class and love their Chamber of Commerce donors. Is the GOP now the party of the corporatist Goldman Sachs state?
It is total bullshit, and I feel for you as an entrepreneur. Is the America of the inventors and creators or the America of the Robber Barons?
Never did make sense. Not intended to. Just wish I had back all those years of 38% I paid in s corp taxes.
The personal exemption would be eliminated, too, so the doubling of standard deduction isn’t all that impressive. This is particularly true for some group of people whose rate will go UP from 10% to 12%. Everything depends where the bracket breakpoints are IMHO.
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