So ... how do you make out in the GOP tax plan?
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So ... how do you make out in the GOP tax plan?
You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
Posted from my Commodore 64 using Tapatalk
- ip_law-hokie
- Posts: 19133
- Joined: Wed Aug 21, 2013 9:20 pm
- Alma Mater: Manchester
- Location: New York, NY
Re: So ... how do you make out in the GOP tax plan?
You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
-
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- Joined: Thu Aug 22, 2013 12:29 am
Re: So ... how do you make out in the GOP tax plan?
Over 10 years, correct?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
-
- Posts: 3192
- Joined: Fri Aug 23, 2013 5:27 pm
Re: So ... how do you make out in the GOP tax plan?
We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
- ip_law-hokie
- Posts: 19133
- Joined: Wed Aug 21, 2013 9:20 pm
- Alma Mater: Manchester
- Location: New York, NY
Re: So ... how do you make out in the GOP tax plan?
You were told that the deficit is fake?CFB Apologist wrote:We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
-
- Posts: 3192
- Joined: Fri Aug 23, 2013 5:27 pm
Re: So ... how do you make out in the GOP tax plan?
Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spendingip_law-hokie wrote:You were told that the deficit is fake?CFB Apologist wrote:We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
- ip_law-hokie
- Posts: 19133
- Joined: Wed Aug 21, 2013 9:20 pm
- Alma Mater: Manchester
- Location: New York, NY
Re: So ... how do you make out in the GOP tax plan?
Good to see you are above the same purported behavior when it’s your team running up the debt.CFB Apologist wrote:Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spendingip_law-hokie wrote:You were told that the deficit is fake?CFB Apologist wrote:We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
-
- Posts: 13399
- Joined: Thu Aug 22, 2013 1:25 pm
Re: So ... how do you make out in the GOP tax plan?
I believe that is why they already sent a budget thru with cuts in it that per the dems mean mass starvation, everyone homeless and the usa in shambles.... so all is goodip_law-hokie wrote:Good to see you are above the same purported behavior when it’s your team running up the debt.CFB Apologist wrote:Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spendingip_law-hokie wrote:You were told that the deficit is fake?CFB Apologist wrote:We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
Sent from my iPhone using Tapatalk
-
- Posts: 13399
- Joined: Thu Aug 22, 2013 1:25 pm
Re: So ... how do you make out in the GOP tax plan?
off the cuff look (no calculations), probably a bit less tax paid for fed income tax but probably close to even due to the brackets but taking into affect the elimination of some deductions/exemptionsBigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
- ip_law-hokie
- Posts: 19133
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- Location: New York, NY
Re: So ... how do you make out in the GOP tax plan?
I believe that is why they already sent a budget thru with cuts in it that per the dems mean mass starvation, everyone homeless and the usa in shambles.... so all is good[/quote]
The democrats are not involved in the deal - I don't see how your comments are relevant. Would you comment upon the 1.5T deficit increase on its own merits?
The democrats are not involved in the deal - I don't see how your comments are relevant. Would you comment upon the 1.5T deficit increase on its own merits?
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
- HokieHam
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Re: So ... how do you make out in the GOP tax plan?
I heard on the radio the other day that the reason the Pubs delayed the release of the plan was to figure how to cut the deficits this tax plan could create......essentially just moving money around. My thought was, cut government spending. But we know what happens when cutting government is proposed.....and it’s something the Pubs have forgotten. Also, you’re clamoring for single payer..........so really, you couldn’t give two shiRts about deficits and government spending.ip_law-hokie wrote:Good to see you are above the same purported behavior when it’s your team running up the debt.CFB Apologist wrote:Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spendingip_law-hokie wrote:You were told that the deficit is fake?CFB Apologist wrote:We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
Sent from my iPhone using Tapatalk
"if you want a picture of the future, imagine a boot stamping on a human face-forever."
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- ip_law-hokie
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Re: So ... how do you make out in the GOP tax plan?
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%[/quote]
You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.[/quote]
We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?[/quote]
You were told that the deficit is fake?[/quote]
Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spending[/quote]
Good to see you are above the same purported behavior when it’s your team running up the debt.
Sent from my iPhone using Tapatalk[/quote]
so really, you couldn’t give two shiRts about deficits and government spending.[/quote]
That's a false premise, and yet another diversion in this thread. But I do applaud you for at least recognizing the Republicans unwillingness or inability to pay for their tax cuts.
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%[/quote]
You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.[/quote]
We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?[/quote]
You were told that the deficit is fake?[/quote]
Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spending[/quote]
Good to see you are above the same purported behavior when it’s your team running up the debt.
Sent from my iPhone using Tapatalk[/quote]
so really, you couldn’t give two shiRts about deficits and government spending.[/quote]
That's a false premise, and yet another diversion in this thread. But I do applaud you for at least recognizing the Republicans unwillingness or inability to pay for their tax cuts.
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
-
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Re: So ... how do you make out in the GOP tax plan?
The democrats are not involved in the deal - I don't see how your comments are relevant. Would you comment upon the 1.5T deficit increase on its own merits?[/quote]ip_law-hokie wrote:I believe that is why they already sent a budget thru with cuts in it that per the dems mean mass starvation, everyone homeless and the usa in shambles.... so all is good
for the slow, the budget cuts help pay for the supposed lower revenue collected by the gov.. OF course this supposed 1.5 is based on the assumption that the tax cuts do not help the economy at all. That is a false premise but you know that. Per Obama his budgets and tax plans were going to take care of the deficit and pay down the debt..... did that happen?
- ip_law-hokie
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Re: So ... how do you make out in the GOP tax plan?
for the slow, the budget cuts help pay for the supposed lower revenue collected by the gov.. OF course this supposed 1.5 is based on the assumption that the tax cuts do not help the economy at all. That is a false premise but you know that. Per Obama his budgets and tax plans were going to take care of the deficit and pay down the debt..... did that happen?[/quote]cwtcr hokie wrote:The democrats are not involved in the deal - I don't see how your comments are relevant. Would you comment upon the 1.5T deficit increase on its own merits?ip_law-hokie wrote:I believe that is why they already sent a budget thru with cuts in it that per the dems mean mass starvation, everyone homeless and the usa in shambles.... so all is good
Obama! No thunder thighs, but more diversion.
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With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
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Re: So ... how do you make out in the GOP tax plan?
Let me know when they pass a flat tax or repeal the 16th amendment.
Otherwise I don't really give a crap about tax "reform".
Otherwise I don't really give a crap about tax "reform".
- Bay_area_Hokie
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Re: So ... how do you make out in the GOP tax plan?
the no deduction for state tax would kill me. I would probably have to time stock option exercises with a move to Nevada. </AssholeFirstWorldProblems>
Incline Village.....here i come baby ;p
Incline Village.....here i come baby ;p
“With God there are only individuals” - Philosopher Nicolas Gomez Davila
- ip_law-hokie
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Re: So ... how do you make out in the GOP tax plan?
They they will give in on that. I think they will need GOP votes in NY and Cali.Bay_area_Hokie wrote:the no deduction for state tax would kill me. I would probably have to time stock option exercises with a move to Nevada. </AssholeFirstWorldProblems>
Incline Village.....here i come baby ;p
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With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
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- Joined: Thu Aug 22, 2013 12:29 am
Re: So ... how do you make out in the GOP tax plan?
As they said, interest rates are so low that debt doesn't matter. in fact the USG should have been borrowing and spending on social and domestic needs like a drunken sailor since 2009.CFB Apologist wrote:Yes. As in shrugged off, monopoly "money", who cares if it triples, stop talking about deficits, etc. So yes, fake.. Like the MSM and anti-americans like Maddow and Maher do for every Dem... downplay the insane spendingip_law-hokie wrote:You were told that the deficit is fake?CFB Apologist wrote:We were told during the Obama presidency that the deficit is fake and lol and not real and who cares. Same thing with insurance "premiums" going through the roof via obamacare. Premiums? lololol those aren't "real" and "why are you worried about that? I guess now that Trump is president those things are real money?ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
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- Posts: 11220
- Joined: Thu Aug 22, 2013 12:29 am
Re: So ... how do you make out in the GOP tax plan?
No AMT will help you considerably with exercising stock optionsBay_area_Hokie wrote:the no deduction for state tax would kill me. I would probably have to time stock option exercises with a move to Nevada. </AssholeFirstWorldProblems>
Incline Village.....here i come baby ;p
-
- Posts: 11220
- Joined: Thu Aug 22, 2013 12:29 am
Re: So ... how do you make out in the GOP tax plan?
$150B per year average -- less in the early years and more in the later years? That's white noise in a $4T budgetip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
-
- Posts: 11220
- Joined: Thu Aug 22, 2013 12:29 am
Re: So ... how do you make out in the GOP tax plan?
No AMT helps. Don't have state income tax. Retired with sheltered assets and income. Only had about a 2.6% effective rate last year. NBDBigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
Re: So ... how do you make out in the GOP tax plan?
If you have no income, you shouldn't receive a 'refund'.
"I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
Re: So ... how do you make out in the GOP tax plan?
ip_law-hokie wrote:They they will give in on that. I think they will need GOP votes in NY and Cali.Bay_area_Hokie wrote:the no deduction for state tax would kill me. I would probably have to time stock option exercises with a move to Nevada. </AssholeFirstWorldProblems>
Incline Village.....here i come baby ;p
Sent from my iPhone using Tapatalk
Californians, NY'ers and Omaha billionaires don't pay enough taxes. Dems love taxes, so pay more and be happy.
"I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
Re: So ... how do you make out in the GOP tax plan?
What does the budget have to do in a discussion over how much of somebody's earnings they should keep? That would be pretty Lefty of you to argue over how much of somebody's earnings the government should let them keep.ip_law-hokie wrote:You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.BigDave wrote:You do well if you are
* Married (marriage penalty is reduced from what it was)
* Lower middle class
* Currently subject to the AMT
You do less well if you:
* Have multiple kids and are upper middle class or higher (personal exemption goes away and the child tax credit phases out)
* Live in a state with an excessively high income tax
* Plan to buy a $1 million home
The details:
1. No more AMT
2. No more deduction for state income tax (real estate and property taxes up to $10K are still deductible)
3. No more personal exemption
4. Standard deduction is $12K for singles or $24K for married
5. Mortgage deduction capped at homes of $500K for new home purchases (previously it was $1 million)
6. Child tax credit increases to $1500 (from $1000), but phases out $50 for every $1000 you make over $75K (single) or $110K (married)
7. The new brackets are single (married):
* Under $12K ($24K): 0%
* $12K-$45K ($24K-$90K): 12%
* $45K-$200K ($90K-$260K): 25%
* $200K-$500K ($260K-$1 million): 35%
* Over $500K (over $1 million): 39.6%
- ip_law-hokie
- Posts: 19133
- Joined: Wed Aug 21, 2013 9:20 pm
- Alma Mater: Manchester
- Location: New York, NY
Re: So ... how do you make out in the GOP tax plan?
OK. I’ll let Bay Area know.HokieJoe wrote:ip_law-hokie wrote:They they will give in on that. I think they will need GOP votes in NY and Cali.Bay_area_Hokie wrote:the no deduction for state tax would kill me. I would probably have to time stock option exercises with a move to Nevada. </AssholeFirstWorldProblems>
Incline Village.....here i come baby ;p
Sent from my iPhone using Tapatalk
Californians, NY'ers and Omaha billionaires don't pay enough taxes. Dems love taxes, so pay more and be happy.
Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.