Posted on 11/13/2018 1:51:18 PM PST by Mariner
this tax reform will help many but not us....
seriously, you really want all those NY'ers and Californicaters coming to our "low" tax state.?
careful what you wish for....
Not always. Remember the real estate and stock market crash in 2007.
She definitely will be itemizing (mostly medical expenses...far in excess of the new $24K standard ded.). But unless I manage to “zero” her tax obligation with the itemized, she will be hurt by the loss of the $8100. personal exemptions (married-joint).
Boo hoo.
I’ll take the loss & the realignment.
THIS!!!
EXACTLY, and not even 10 percent of CPA’S could tell you what your taxes are for 2018 right now.
There were many purple-red districts that helped to put DJT over the top which have been given the $hitty end of the stick.
The blame belongs on the Robert “Bedsheets” Byrd Amendment requiring “revenue neutrality”.
Actually, the blame belongs on the current crop of GOP (E and otherwise) who have forgotten Reagonomics. Tax cuts grow the economy and raise revenue—no offsets needed.
it would sure be nice if DJT could push shutting down about 223,000 federal programs
some are useful but not federal matters, the states can pick them up if they wish
others are downright harmful and should be terminated
DJT could tie it to a large tax cut...thus, helping make it politically popular
i see.
we will find out soon enough, at least when Turbotax ships later this month.
Yep.
the long game.
But playing the long game sometimes means taking short term losses. For Republicans in high tax states, it hurts bad. I don’t know how many people are willing to take a $25-35K a year hit for doing the right thing. We own our home, so no mortgage and are pre-prop 13, so ti will work out well for us, most likely, but even if it eventually gets Sacrament turned around it’s hurting good, hard working middle class folks I know well, very badly; that’s just the reality of the effect, no matter how logical and long-term rational
Libs now, in this instance , b ut only to bolster their argument, Trump has taxed the wealthy!
I think what hurt was removing the personal exemptions. They should have reduced them over x number of years vs. totally removing. if married and you have 4 kids, that is a loss of 4.050 x 6=24,300. If they took standard deduction that was another 12,700.
24,300 plus 12,700=37,000 for deductions
Now they only get a ded of 24,000
We are getting an extra 1500 back. I did a draft calculation. But we are empty nesters. It really hurts folks with lot of kids due to loss of personal exemption deduction.
Are there no deductions for children?
Yes, they penalized large families with working parents too.
Sadly, this is the base of the GOP, or it used to be.
Big families, two incomes in the suburbs.
And the dumb bastards wonder why they lost the House. It’s because they did damage to what was once their bedrock base.
No deductions for children, yourself, spouse, any other dependent under the personal exemption section. That will be gone.
The SALT thing was manifestly unhelpful. Why did we have to do that?
Yep - and what would happen to these folks if dems had their unfettered way with things....
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