So ... how do you make out in the GOP tax plan?

[BigDave]

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]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

[133743Hokie]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

Over 10 years, correct?

[CFB Apologist]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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?

You were told that the deficit is fake?

[CFB Apologist]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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?

You were told that the deficit is fake?

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

[ip_law-hokie]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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?

You were told that the deficit is fake?

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

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

[cwtcr hokie]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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?

You were told that the deficit is fake?

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

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

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

[cwtcr hokie]

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%

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/exemptions

[ip_law-hokie]

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?

[HokieHam]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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?

You were told that the deficit is fake?

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

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

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]

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.

[cwtcr hokie]

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

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]

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]

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

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?

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]

Obama! No thunder thighs, but more diversion.


Sent from my iPhone using Tapatalk

[FireFuente]

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".

[Bay_area_Hokie]

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

[ip_law-hokie]

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

They they will give in on that. I think they will need GOP votes in NY and Cali.


Sent from my iPhone using Tapatalk

[133743Hokie]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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?

You were told that the deficit is fake?

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

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.

[133743Hokie]

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

No AMT will help you considerably with exercising stock options

[133743Hokie]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

$150B per year average -- less in the early years and more in the later years? That's white noise in a $4T budget

[133743Hokie]

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%

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. NBD

[HokieJoe]

If you have no income, you shouldn't receive a 'refund'.

[HokieJoe]

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

They they will give in on that. I think they will need GOP votes in NY and Cali.


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.

[USN_Hokie]

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%

You left off the 1.5T increase in our deficit. But I haven't seen a lot of worry on here about that.

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]

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

They they will give in on that. I think they will need GOP votes in NY and Cali.


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.

OK. I’ll let Bay Area know.


Sent from my iPhone using Tapatalk