Posted on 10/22/2017 11:44:11 AM PDT by newberger
You forget that this also ends the $4050 per person personal exemption. So your standard deduction goes up $12000 and your personal exemptions go down $8100. Add a kid and suddenly you have less in the way of exemptions than you had before.
The World News Group is FAR from being the left :-)
Do you know what your house payments would have to be at 5% interest, to reach $24k in interest payments each year?
$480,000.00 a year. That would be $40,000 a month. I doubt many FReepers will be paying those kind of house payments.
Keep in mind, I used a relatively high (today) rate of interest too. Today’s mortgage interest rates are in the 3% range.
If a person is making $4 thousand a month house payments, that would work out to $48k per year, and $2,400 dollars a year in interest mortgage interest paid.
$24,000 - $2,400 leaves $21,600 surplus in the personal deductions for two people.
I’m not sure how folks are going to get killed here, with higher taxes.
They’re left-wing when they start with such a left-wing style sensational title as “Cadillac-friendly’.
Gee, where have we heard “Cadillac” before?
Oh, that’s right, the extreme left-wingers like Obama claiming good health plans were “Cadillac” plans.
We note the increase in standard deductions and also note the loss of deductions for state and local taxes and the loss of the $4050 personal exemption and the capping of 401k contributions at $2400 and we see that in many cases the net result is an increase in taxable income. As for the lower tax rates, the lowest rate increases from 10% to 12%. So the ultimate impact of this tax scheme will depend on where the other tax brackets kick in and so far nobody is talking about those. So it's hard to just sit back and automatically assume that everyone's taxes are going down.
If you claim a higher number of kids for a deduction, isn’t it the same thing?
I already work at a decent-paying job. If my taxes go up for my current job then they'll also be higher at any other job I get at another company.
When businesses grow - and when they are not chased overseas by high taxes - everyone is better off.
So people keep saying. I don't see where this will discourage companies from moving every job they can overseas. Not as long as the cost of their resources are lower.
Being able to switch jobs if you wish because there are plenty of jobs out there is more valuable, long term, than $500 in taxes.
Correct me if I'm wrong but isn't the President talking about how we currently have the lowest unemployment rate in years? Wouldn't that be an indicator that there already plenty of jobs out there?
The question is, why does the Republican Party have to raise ANYONE’s taxes? Government is too big and spends to much. If they have to “pay for” cuts in business taxes, why not CUT GOVERNMENT instead of raising my taxes?
Cutting business taxes ought to help the economy and provide more jobs. But “paying for them” by raising middle class taxes (through eliminating middle class deductions)? That’s Democrat thinking. The GOP should be cutting EVERYONEs taxes - and paying for it by CUTTING SPENDING!!!!
I will keep my powder dry and wait for the hearings.
Why isn’t the GOP cutting spending to cover the cost of business-tax cuts? Instead, they’re eliminating deductions for the middle class
“the capping of 401k contributions at $2400 “- a rumor started by the investment industry and lobbyists according to the WSJ article cited for that “info”.
There’s so much garbage out on the tax changes. And there is no bill.
Don’t blame people for looking out for themselves but there’s nothing to go on but rumor and innuendo.
And on taxes in general there’s the bizarre, yet prevalent, belief that corporate taxes are not paid by consumers.
Such hidden taxes are bad policy- though great politics: no one complains about taxes they don’t know they’re paying.
When are they going to hold hearing on cutting federal spending? If they did that, they would have to talk about eliminating middle class deductions to pay for business tax cuts
Not much, no. I'm losing deductions for state and local income taxes, property taxes, the $4050 personal deduction, and probably the deduction for any contribution I make to my 401k over $2400. In return I get $6350 increase in the standard deductions. The deductions I lose are far greater than $6500. My taxable income goes up.
Does that make sense to you?
Nope. A deduction reduces your tax burden on your income. A child tax credit sends money above what you might owe in taxes.
The case that I read about didn’t go into too much detail.
The scam part, the assumption was the kids living in Mexico were anchor babies. Possible they were nonexistent.
Has anyone denied that it's under consideration? Trump? Ryan? McConnell? Anyone?
There’s so much garbage out on the tax changes. And there is no bill. Don’t blame people for looking out for themselves but there’s nothing to go on but rumor and innuendo
No there is no bill. But that doesn't stop everyone from claiming that it's going to be a big tax cut for people like me. All I can go on is what is known and what is being considered. And so far it's not looking good.
And on taxes in general there’s the bizarre, yet prevalent, belief that corporate taxes are not paid by consumers.
There also seems to be a bizarre, yet prevalent, belief that if you cut corporate taxes then those savings will be passed along to consumers. Cut corporate taxes and we will pay the same as we're paying now.
No
And there isn’t even an actual bill yet.
Hang in there.
Because screwing the middle-class is easier than cutting spending.
Thanks for the mention/correction.
So far, all this sounds like a scam by the media.
None of this is in a bill yet.
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