Senate passes a sweeping Tax Reform Bill.

[dennishoddy]

I've just finished watching Mitch McConnell take credit for passing the Tax Reform Bill in the senate as he called it.
(its not)
Not one word was directed at President Trump that had this as one more campaign promise that was kept.
That worm needs to be buried.
Ryan did the same damned thing.
The swamp is still needing to be drained.

 

[cdschoonie]

I've just finished watching Mitch McConnell take credit for passing the Tax Reform Bill in the senate as he called it.
(its not)
Not one word was directed at President Trump that had this as one more campaign promise that was kept.
That worm needs to be buried.
Ryan did the same damned thing.
The swamp is still needing to be drained.

Ryan's been proving to be a weasel more and more every day.

 

[mr ed]

I hope Trump reads it over real good and vetoes it if they made too many changes.

 

[SlugSlinger]

Of course the rinos will take credit for the passage. At least the media is calling it the Trump tax.

I'm going to pull out last years return and compare it to this calculator. One thing is for sure, it's a lot easier to calculate the taxes as compared to the 40 something pages I filed last year.

Some interesting things I see in the calculations are you get to write off the following even with the standard deduction, at least the Fox Trump Tax Calculator is doing this:
Mortgage interest
Charitable deductions
State and local income taxes
Property taxes

Previously I believe the only way to see these items as a write off was to itemize. The way the calculator is working, these are in addition to the standard deduction of 12,000 or 24,000, which is a big deal!

http://www.foxbusiness.com/politics/2017/12/19/tax-calculator-what-tax-reform-means-for.html

 

[SMS]

By all appearances, this plan puts more people in the “don’t pay any federal taxes” category AND it increases the direct cash payments some of those people receive in refundable child tax credit.

I kinda thought a big republican/conservative pillar was that everyone should pay something and that government taking money from one person and handing it directly to another was immoral.

I’m confused. I don't recognize the republican/conservative movement I spent my entire adult life supporting (up until a few years ago).

I should be cheering the plan because the final tax brackets might end up saving me a little money but overall I don’t see how it’s “good for America” to lose taxpayers and engage in more wealth redistribution.

 

[Hobbes]

Of course the rinos will take credit for the passage. At least the media is calling it the Trump tax.

I'm going to pull out last years return and compare it to this calculator. One thing is for sure, it's a lot easier to calculate the taxes as compared to the 40 something pages I filed last year.

Some interesting things I see in the calculations are you get to write off the following even with the standard deduction, at least the Fox Trump Tax Calculator is doing this:
Mortgage interest
Charitable deductions
State and local income taxes
Property taxes

Previously I believe the only way to see these items as a write off was to itemize. The way the calculator is working, these are in addition to the standard deduction of 12,000 or 24,000, which is a big deal!

http://www.foxbusiness.com/politics/2017/12/19/tax-calculator-what-tax-reform-means-for.html

Negative GhostRider

You either itemize OR take the standard deduction but not both.
You'll notice the Mortgage Interest, Charitable, and SALT buttons are disabled if you choose standard deduction.

 

[SlugSlinger]

According to the tax calculator I linked above, I didn't see the direct cash payments you speak of. I see flat and marginal taxes paid based on agi less the standard deductions. Even when you plug in excessive interest and taxes paid, it still shows the amount of taxes owed based on the tax established brackets.

According to the calculator, people will not receive extra child tax credits you speak of. It says you are not eligible.

 

[Hobbes]

The rich liberals from high tax states like NY, NJ, CA, and IL will be hurting if they can't deduct off all those state and local income taxes.

I wonder how many of them will move to states with NO state income tax like FL or TX, or low income tax states like OK?

 

[SlugSlinger]

Negative GhostRider

You either itemize OR take the standard deduction but not both.
You'll notice the Mortgage Interest, Charitable, and SALT buttons are disabled if you choose standard deduction.

Yep, your right. I didn't notice the disabled buttons using my phone.

 

[SMS]

According to the tax calculator I linked above, I didn't see the direct cash payments you speak of. I see flat and marginal taxes paid based on agi less the standard deductions. Even when you plug in excessive interest and taxes paid, it still shows the amount of taxes owed based on the tax established brackets.

According to the calculator, people will not receive extra child tax credits you speak of. It says you are not eligible.

View attachment 111141

It’s buried in the numbers but I believe your initial tax liability has to be above $3k to trigger the refundable credit (Pending final wording of course).

$3k tax - $4k tax credit = $1k return on zero taxes paid.

Granted, that’s always been there but now the credit is larger, the refundable portion is larger and the income range of who can claim it is larger.