Posted on 12/01/2017 11:56:11 PM PST by Jim Robinson
It looks pretty good to me.
I do and have for over 20 years.
We’re both retired and have a lot more than that coming in. And since we set ourselves up for retirement we have no bills other than utilities. We paid everything off. We pay an exhorbitant amount in taxes because of it, we have no deductions. Not sure if this bill will be good or bad for us, haven’t looked. I think they screwed the whole thing up personally. Anything not simple enough to explain and show everyone gets a cut is BS in my view. I think they’re just rearranging the deck chairs.
I do better than that and it is called living within your means so you can live well when you retire. For example, my vehicle, a Korean, is 8 years old. The car it replaced was 16 years old. The car before that was killed in an accident at age of 8 and replaced with a similar year used one.
I live in a no income tax state.
I have not purchased a home in 20 years so it is paid for too.
We don’t eat out much, we take one week vacation a year domestically by car. We did not send the kids to away colleges and made them earn their keep.
We maintained our health.
Lastly we did not play divorce Russian Roulette.
I have a relative who pays $19,000 a year in property taxes for a home in Lynbrook, in Nassau County on Long Island, NY.
The home has been in the family since the 1950’s, and it is not a mansion.
How much is the house worth now?
Ha...the $38k...sadly that seems to be how my money can disappear too!
We live within our means too but there is always a question of what “means” means. My state has no sales tax but an 11% income tax, and relatively high property tax.
We also have out-of-state family investments, which just creams us under state law and Obamacare penalties (we are judged to be rich, though we haven’t had a dividend in years).
This new tax bill will penalize us as well, unless Susan Collins gets her way, which is a hell of a place to look for an ally.
Anyway best wishes, take care!
FWIW, Ryan was asked just that and denied it, per FBN.
Sadly...I do. Of the $15K/year we pay, $12K goes to the school district. The next highest line item is the police department, at a paltry $1400/year.
We are in Suffolk County, Long Island NY. The house is a 4BR cape, on 1/3 acre, and is worth about...oh...$450K maybe.
Regards,
PS: And we did not (and would not) send our kids to the public schools.
Doesn't matter. If you sell before the required residency is met (currently 2 of the past 5 years; new tax plan makes it 5 of the previous 8 years), then *any* gain is taxable. So, if you make $25,000 in two years, it is currently not taxed. Under the new tax plan, it would be taxed.
New Jersey pays over $10,000, but since they just take it off their federal taxes, you and I have to pay more federal taxes.
We in the lower SALT (State and Local Tax) States subsidize the high SALT States like New Jersey.
“That’s a damn lie! Mine are going up to subsidize “everyone”.”
So, you are in a high SALT State, where we’ve been subsidizing you all these years because you just deduct those taxes off your federal return?
“Do they need to do a reconciliation vote?”
always. and any and all provisions could potentially change ...
“Here’s hoping that the House/Senate Conference produces, even, better Tax Reform Legislation!”
LOL! Obviously, you’re a glass-half-full kind of guy, but I grant that you did say “hoping”, and nothing wrong with hope even when applied to the U.S. Congress ...
“What other deductions are going to get them over the $24,000 standard deduction for joint filing? “
medical deductions - which apparently a last minute provision made easier somehow.
That's a really open-ended sort of thing ... It covers anything from making them citizens to immediate deportation to rounding them up and putting them in gas chambers ...
Oh ok, that is wrong. That’ll impact a lot of people.
Sorry I misunderstood - under the old plan there was a $250k exemption of whatever you call it. Getting rid of that raises taxes on the middle class for sure!
“I’m curious about charity giving”
charity deductions are still allowed but may be made moot for many people since the standard deduction doubled from $12,000 to $24,000, so charity giving now depends more on motivation to be charitable rather than simply for a tax deduction.
I live in the same neighborhood
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