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12-05-2017, 04:56 PM
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#1
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Just another Facist
Join Date: Mar 2002
Location: Now in Houston
Posts: 52,790
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Skeptical on the tax cut by Trump
I still don’t think this is going to happen. Somebody is going to muck this up
It’s going to soak blue state populations so hard......something is going to happen yet.
About 40 States are about to get serious personal income hair cuts. They get to deduct State and Local Taxes from their Federal liability. If this bill comes out of committee as it went in.....those deductions are gone.
Especially those states where the state income tax is exorbitant. California and NY to name a few.
Somebody will get bribed to throw a monkey wrench into this thing yet............
__________________
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12-05-2017, 05:54 PM
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#2
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Registered User
Join Date: Mar 2013
Posts: 5,414
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That will never happen. Those deductions will remain.
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12-05-2017, 05:55 PM
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#3
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Registered User
Join Date: Mar 2013
Posts: 5,414
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I redid my taxes from last year using these new figures and I'll keep $6600 more of my money
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12-05-2017, 06:00 PM
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#4
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Registered User
Join Date: Oct 2001
Posts: 46,883
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Quote:
Originally Posted by chadk66
That will never happen. Those deductions will remain.
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That's what I'm thinking...even though it's always the libs crying and whining about tax loopholes.
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Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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12-05-2017, 06:05 PM
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#5
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gelding
Join Date: Oct 2008
Posts: 8,883
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Quote:
Originally Posted by chadk66
I redid my taxes from last year using these new figures and I'll keep $6600 more of my money
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Wow, just a couple days ago you said you re-did them and would save $5K. Can't wait to check back with you this weekend when you'll be saving $8K!
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12-05-2017, 06:25 PM
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#6
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Registered User
Join Date: May 2011
Posts: 22,647
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you start with a higher standard deduction, so will only get screwed if have high mortgage interest on 2 homes and donate big bucks to charities like the Clinton Foundation.
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12-05-2017, 06:28 PM
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#7
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Registered User
Join Date: Nov 2007
Location: Houston, TX
Posts: 1,517
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Quote:
Originally Posted by chadk66
I redid my taxes from last year using these new figures and I'll keep $6600 more of my money
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You mean the track's money.
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12-05-2017, 06:35 PM
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#8
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Registered User
Join Date: Dec 2011
Posts: 4,285
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One thing that you never hear discussed about the SALT deductions is that many taxpayers who have high SALT deductions are paying the Alt Min Tax and consequently don't get to write those deductions off in any event. Losing that deduction is not much of a loss. Not having to pay the Alt Min Tax will be to their benefit.
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12-05-2017, 06:54 PM
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#9
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Registered User
Join Date: Oct 2004
Posts: 14,036
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Quote:
Originally Posted by AndyC
One thing that you never hear discussed about the SALT deductions is that many taxpayers who have high SALT deductions are paying the Alt Min Tax and consequently don't get to write those deductions off in any event. Losing that deduction is not much of a loss. Not having to pay the Alt Min Tax will be to their benefit.
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Every tax bracket should have a Minimum Tax requirement. EVERY BRACKET.
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12-05-2017, 07:01 PM
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#10
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Registered User
Join Date: May 2011
Posts: 22,647
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Quote:
Originally Posted by elysiantraveller
Every tax bracket should have a Minimum Tax requirement. EVERY BRACKET.
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just more paperwork since half of the country GETS money from everyone else
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12-05-2017, 07:03 PM
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#11
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Registered User
Join Date: Nov 2007
Location: Houston, TX
Posts: 1,517
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Quote:
Originally Posted by elysiantraveller
Every tax bracket should have a Minimum Tax requirement. EVERY BRACKET.
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Yep, the minimum tax right now for the lower brackets is a negative number.
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12-05-2017, 10:13 PM
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#12
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Registered User
Join Date: Oct 2004
Posts: 14,036
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Quote:
Originally Posted by davew
just more paperwork since half of the country GETS money from everyone else
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I don't care if people come out ahead when benefits and stuff are factored in but... everyone should have a minimum tax liability based on income.
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12-05-2017, 11:02 PM
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#13
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Just another Facist
Join Date: Mar 2002
Location: Now in Houston
Posts: 52,790
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Quote:
Originally Posted by elysiantraveller
I don't care if people come out ahead when benefits and stuff are factored in but... everyone should have a minimum tax liability based on income.
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38% of Americans pay no tax at all
That’s a problem
__________________
WE ARE THE DUMBEST COUNTRY ON THE PLANET!
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12-06-2017, 12:23 AM
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#14
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Veteran
Join Date: Aug 2007
Location: Vancouver Canada
Posts: 3,204
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Quote:
Originally Posted by JustRalph
38% of Americans pay no tax at all
That’s a problem
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No FEDERAL tax.
But they pay PAYROLL tax, SALES tax, etc.
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12-06-2017, 12:47 AM
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#15
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Veteran
Join Date: Mar 2010
Posts: 5,222
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Quote:
Originally Posted by Burls
No FEDERAL tax.
But they pay PAYROLL tax, SALES tax, etc.
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So what? Everyone else pays those taxes too.
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