The Republican tax bill got worse: now the top 1% gets 83% of the gains

[Ebunoluwa 6,136]

14 hours ago, Italian_in_NYC said:

That's cute, but get your facts straight (did not vote for Trump btw).

Corporate rates are all about being competitive. And the breaks for (all except millionaires on salary) individuals are not permanent only because a handful of democrats could not override ideology to vote for a good tax bill. It will be on them to extend them in 10 years.

Watching pitiful senators like Warren and Sanders spewing falsity and nonsense on the Senate floor was hilarious tonight.

Go beyond the ideology and run your 2017 return with the new rules. I did it at work and I'd be paying over $9k less in federal taxes this year.

My facts are straight.
My thoughts on voting themselves a tax break aren't fit for this forum. 
Sanders and Warren aren't spreading falsity at all, unless you have a crystal ball and can predict the future you have no idea what the economy will do,

this is political theater and counting on a specific economic growth is laughable.
Exactly, you cemented my point,  the breaks for individuals aren't permanent, fYI I did run a calculator for my income bracket which will get a little boost and then
taxes will increase after 2025 for me and most people but of course not for the wealthy, my tax increase will pay for their benefit, so will your kids.  Messed up !
If I go beyond my ideology then it wouldn't be a ideology. 
If all you can see is YOUR 9k savings and not the rest of the American people then fine but it is not a fair tax break for all as they portray it to be
and increases the deficit which our kids will have to pay for. What a legacy ! It's like buying a Porsche for your kid and then not being able to make the payments.
Big shiny Christmas gift my foot. A gift to Trump & Co and to all his benefactors who wanted him there for this purpose.
You talk about Sanders and Warren spreading falsities, Trump is not capable of even understanding what he is doing and when he does he manipulates
the masses by constant lies. The lobbyists have their sticky fingers in this pie and they will run this "deal". Most senators have no idea what's even in the 
tax bill. Insanity at it's finest.

[Italian_in_NYC 259]

1 minute ago, Ebunoluwa said:

My facts are straight.
My thoughts on voting themselves a tax break aren't fit for this forum. 
Sanders and Warren aren't spreading falsity at all, unless you have a crystal ball and can predict the future you have no idea what the economy will do,

this is political theater and counting on a specific economic growth is laughable.
Exactly, you cemented my point,  the breaks for individuals aren't permanent, fYI I did run a calculator for my income bracket which will get a little boost and then
taxes will increase after 2025 for me and most people but of course not for the wealthy, my tax increase will pay for their benefit, so will your kids.  Messed up !
If I go beyond my ideology then it wouldn't be a ideology. 
If all you can see is YOUR 9k savings and not the rest of the American people then fine but it is not a fair tax break for all as they portray it to be
and increases the deficit which our kids will have to pay for. What a legacy ! It's like buying a Porsche for your kid and then not being able to make the payments.
Big shiny Christmas gift my foot. A gift to Trump & Co and to all his benefactors who wanted him there for this purpose.
You talk about Sanders and Warren spreading falsities, Trump is not capable of even understanding what he is doing and when he does he manipulates
the masses by constant lies. The lobbyists have their sticky fingers in this pie and they will run this "deal". Most senators have no idea what's even in the 
tax bill. Insanity at it's finest.

It's the Democrats' fault if the cuts are temporary. All they needed was 60 votes in the Senate.

But they will be extended or made permanent.

[Ebunoluwa 6,136]

12 minutes ago, Italian_in_NYC said:

It's the Democrats' fault if the cuts are temporary. All they needed was 60 votes in the Senate.

But they will be extended or made permanent.

Maybe yes and maybe no.
Maybe the deficit is so large by then that they will come for your SS and Medicare next....domino effect.

[LionessDeon 2,060]

2 hours ago, jayjayj said:

You really are triggered by The_Donald aren't you?  A lot of nerves are being struck tonight.

Yes yes we’re all triggered and nerve struck. In every thread. 🙄

[smilesammich 10,727]

6 minutes ago, Ebunoluwa said:

Maybe yes and maybe no.
Maybe the deficit is so large by then that they will come for your SS and Medicare next....domino effect.

ryan is chompin at the bit.

[Ebunoluwa 6,136]

4 minutes ago, smilesammich said:

ryan is chompin at the bit.

He can hardly contain himself, he is literally foaming at the mouth.

[charmander 692]

Anyone interested in running numbers according to the new brackets; they are explained here (Pages 2-4); but also found this simulator, seems correct.

 

 

[The Nature Boy 7,659]

1 hour ago, charmander said:

Anyone interested in running numbers according to the new brackets; they are explained here (Pages 2-4); but also found this simulator, seems correct.

 

 

Can some of the smart people here tell us if it will change this year's return any 

[Steeleballz 7,550]

7 minutes ago, Nature Boy Flair said:

Can some of the smart people here tell us if it will change this year's return any 

 

    It goes into effect next year. It doesn't affect this years return.

 

   Your tax withheld should change on the first check after January 1st unless there is a delay somewhere. 

[Italian_in_NYC 259]

1 hour ago, charmander said:

Anyone interested in running numbers according to the new brackets; they are explained here (Pages 2-4); but also found this simulator, seems correct.

 

 

I am

[yuna628 9,713]

It's all about as clear as mud to me, but from what I can determine the effect is barely negligible, there's no real gains for us or anybody I know... and I'm actually seeing a few persons which might see their taxes go up. Which is what I find so ironic.. all this back patting and making it sound like they're giving us all some incredible savings... it's a self-aggrandizing joke. It doesn't effect this year's return either... and remember eventually the taxes are slated to go up. Our governor is already looking at legislation to negate some of what this bill does to MD residents... and he is a republican, it will surely be a bipartisan effort for our state as well.

[charmander 692]

5 minutes ago, Steeleballz said:

 

    It goes into effect next year. It doesn't affect this years return.

 

   Your tax withheld should change on the first check after January 1st unless there is a delay somewhere. 

Let's see when the new W4s become available. IRS says wait till February.

[Italian_in_NYC 259]

1 minute ago, yuna628 said:

It's all about as clear as mud to me, but from what I can determine the effect is barely negligible, there's no real gains for us or anybody I know... and I'm actually seeing a few persons which might see their taxes go up. Which is what I find so ironic.. all this back patting and making it sound like they're giving us all some incredible savings... it's a self-aggrandizing joke. It doesn't effect this year's return either... and remember eventually the taxes are slated to go up. Our governor is already looking at legislation to negate some of what this bill does to MD residents... and he is a republican, it will surely be a bipartisan effort for our state as well.

It is a great bill for upper-middle class with kids. Awesome bill if you live in a State with no income tax like Florida or Texas.

And for low-income families.

 

Could be good for some passthrough businesses.

 

I did many simulations and I found that all salaried millionaires in high-tax States are going to pay more. Not much, but definitely more.

[yuna628 9,713]

3 minutes ago, Italian_in_NYC said:

It is a great bill for upper-middle class with kids. Awesome bill if you live in a State with no income tax like Florida or Texas.

And for low-income families.

 

Could be good for some passthrough businesses.

 

I did many simulations and I found that all salaried millionaires in high-tax States are going to pay more. Not much, but definitely more.

My family is in the lower middle class column, and certainly not upper-middle class with kids. We pay state income tax, it's ridiculous how much comes out of his check. He also works in a different state, so taxes filed there must be first and then an additional form given to MD for a credit to avoid dual taxation.

[Italian_in_NYC 259]

4 minutes ago, yuna628 said:

My family is in the lower middle class column, and certainly not upper-middle class with kids. We pay state income tax, it's ridiculous how much comes out of his check. He also works in a different state, so taxes filed there must be first and then an additional form given to MD for a credit to avoid dual taxation.

Nothing will change at the State level.

If you were not itemizing, now your standard deduction is almost doubled.

If you have kids and qualified for the child tax credit before, you will still qualify and get $2,000 tax credit (not deduction) each, instead of $1,000.

That will more than offset the elimination of personal exemptions.