Tax Bill

[LadySkinsFan]

I named this thread Tax Stuff because we don't know what the final euphemism the Republicans will use for their latest legislation of taking from everyone and giving to the rich. 

 

We do know it will be as massive as they can make it.

 

So we can use this space to discuss the upcoming legislation.

 

 

Edited September 27, 2017 by LadySkinsFan

[LadySkinsFan]

Preliminary report on what's in the bill.

 

https://finance.yahoo.com/news/trump-gop-roll-tax-plan-cuts-rates-doubles-082611489--finance.html

 

[PleaseBlitz]

The thread title should be a bit more specific.  I thought we were going to discuss our fellow poster's getting audited or which is the best tax software (it's IRS.gov). 

[LadySkinsFan]

Done!

[TheGreatBuzz]

I agree with Blitz.  I thought the same thing.  Maybe "GOP Tax Reform Thread" or something like that.

[LD0506]

Y'all are so much more genteel than I am, I would have changed it to something like "Lube Not Included"

[PleaseBlitz]

In any event, I just don't understand how Trump's base can fall for this scam.  He ran as a populist, and now wants to give huge tax breaks to himself and other very rich people.

 

All of the details have not been hashed out yet, but here is an analysis by the Tax Policy Center at Brookings.

 

http://www.taxpolicycenter.org/publications/analysis-donald-trumps-revised-tax-plan/full

 

 

[Springfield]

So what does this do for a family of 4 making somewhere between $125-150k?

 

Asking for a friend

[steve09ru]

Edited September 27, 2017 by steve09ru

[TheGreatBuzz]

6 minutes ago, Springfield said:

So what does this do for a family of 4 making somewhere between $125-150k?

 

Asking for a friend

Same questiin but also a family of 2 with no kids.

 

Asking for a different friend.

[steve09ru]

16 minutes ago, TheGreatBuzz said:

Same questiin but also a family of 2 with no kids.

 

Asking for a different friend.

1457.75 less you'll have to pay (just in terms of tax brackets without anything else thrown in)

Edited September 27, 2017 by steve09ru

[TheGreatBuzz]

Sweet!  Looking at the chart above I think I may do even better if we both file single.  Have to wait and see final details and play with it.

[steve09ru]

23 minutes ago, Springfield said:

So what does this do for a family of 4 making somewhere between $125-150k?

 

Asking for a friend

not sure what childless filing jointly is set at - didn't have that listed in the link above

[PleaseBlitz]

4 minutes ago, steve09ru said:

1457.75 less you'll have to pay (just in terms of tax brackets without anything else thrown in)

 

Can you explain how you got to this?

 

1 minute ago, steve09ru said:

not sure what childless filing jointly is set at - didn't have that listed in the link above

 

Yes it does.  No change, 25% for both plans.  Of course, the country as a whole has $5 trillion less, if you care about that.  

[Springfield]

So it seems like most tax brackets go down except very low incomes.  Is this incorrect?

 

Im all for mother****ing Don T, but I want to at least be factual about it.

[LadySkinsFan]

If all you care about is you individually, then go for it. 

 

If you care about the country as a whole, this is a crap bill.

[steve09ru]

2 minutes ago, Springfield said:

So it seems like most tax brackets go down except very low incomes.  Is this incorrect?

 

Im all for mother****ing Don T, but I want to at least be factual about it.

All go down except the 15-19k range or 30-39k range for married filing jointly.  Those are at a 2% increase

5 minutes ago, PleaseBlitz said:

 

Can you explain how you got to this?

 

 

Yes it does.  No change, 25% for both plans.  Of course, the country as a whole has $5 trillion less, if you care about that.  

Running through the tax brackets comparing last year and the proposal.  $32,138.75 was paid in through old and with this it would be $30,681 for married childless joint

 

 

Can you add in the table for with child?  I couldn't see it and am wondering about the up to amounts.  I was just answering the question, not saying that $5 trillion less would be good

Edited September 27, 2017 by steve09ru

[LadySkinsFan]

1 minute ago, Springfield said:

So it seems like most tax brackets go down except very low incomes.  Is this incorrect?

 

Im all for mother****ing Don T, but I want to at least be factual about it.

 

Yes, the poor take it on the chin. 

 

Also remember, they are talking about taking away the mortgage deduction and others, so itemized deductions won't count for much.

[PleaseBlitz]

4 minutes ago, steve09ru said:

All go down except the 15-19k range or 30-39k range for married filing jointly.  Those are at a 2% increase

Running through the tax brackets comparing last year and the proposal

 

 

Can you add in the table for with child?  I couldn't see it and am wondering about the up to amounts.  I was just answering the question, not saying that $5 trillion less would be good

 

Right, but GreatBuzz asked about a family of 2 making $125-150k.  That puts him in the childless married couple filing jointly table (the one on the right), which says this:

 

 

His bracket stays the same.  

 

And they don't have a table for with child, unfortunately. 

Edited September 27, 2017 by PleaseBlitz

[Hersh]

The GOP is easily the least fiscally responsible party in this country. 

[steve09ru]

4 minutes ago, PleaseBlitz said:

 

Right, but GreatBuzz asked about a family of 2 making $125-150k.  That puts him in the childless married couple filing jointly table (the one on the right), which says this:

 

 

His bracket stays the same.  

 

And they don't have a table for with child, unfortunately. 

is bracket stays the same from 105k to the 125-150k but he would see a decrease on the brackets prior.  It ladders up, so he would see decreases in the below:

 

 

So for their earning from 20,700 to 30,000 they won't pay any taxes.  From 30-39k they'd have a +2 increase

Edited September 27, 2017 by steve09ru

[PleaseBlitz]

Just now, steve09ru said:

is bracket stays the same from 105k to the 125-150k but he would see a decrease on the brackets prior.  It ladders up, so he would see decreases in the below:

 

 

Ah, you are correct.  /hat tip.

[steve09ru]

disregard the comment on 15k-20 earners seeing an increase.  They'd still see a decrease so it'd be a decrease across the board but as stated, still the $5 trillion as a country that wouldn't be good.  But from the review, it sounds like there are options that would offset the loss from the tax cuts and the big driving in the increase of deficit over the coming years is around interest rates.

 

also to note would be if anything happened to standard or itemized deductions

 

Edited September 27, 2017 by steve09ru

[LadySkinsFan]

Remember, they won't do too much on deductions and exemptions that mostly the rich and corporations have. Can't have that many tax lawyers and CPAs out of work. 

[PF Chang]

Increasing the standard deduction is a good thing for lower income taxpayers. Personally I think we'd be better off eliminating nearly every itemized deduction, as these disproportionately benefit the rich, but increasing the standard deduction will help people.

 

The problem is that increasing the standard deduction is decreasing gov't revenue. Not a problem if that's offset somehow, but predictably the top marginal rate is lowered (and I really doubt there will be cost cutting as an offset). 

 

This is better than the old GOP plan of "**** it, just cut taxes for rich people and see what happens." Not significantly, but better than I would have expected.