Author Topic: Taxes (GOP 2017 edition)  (Read 136738 times)

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Offline star seed 7

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Re: Taxes (GOP 2017 edition)
« Reply #101 on: November 02, 2017, 12:25:54 PM »
Looks like I'll get a cut, I'm a standard deduction'r though.
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Offline cfbandyman

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Re: Taxes (GOP 2017 edition)
« Reply #102 on: November 02, 2017, 12:58:24 PM »
I don't like dropping the state and local deductions for income and sales tax, but keeping them for property tax. They should either drop them all or keep them all.

This and
Student loan interest deduction gone? :curse: FY GOP!

And the medical deduction and personal exemptions removals are major effs that hurt more than help and are major no goes to making this viable IMO.

I like the cap on mortgage deductions.

Despite the fact I generally like more tax brackets the fact the didn't touch the top and moved up the 2nd highest to 35% is a decent move, and they did well on the lower parts with the rate and deduction amounts.

Generally fine with business parts.

It's such a mixed bag I can't really seeing it being a boon to anyone, not even really the rich, businesses win mostly so that's fine.

If this plan were to keep most of deductions (personal, medical, student loans) in place, changed the 10k cap on deduction to just be property tax to include state and sales and move the cap to 20k, and kept alternative minimum and estate tax in place, I would be pretty good with the plan.
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The Big Train

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Re: Taxes (GOP 2017 edition)
« Reply #103 on: November 02, 2017, 01:12:53 PM »
Student loan interest deduction gone? :curse: FY GOP!

I thought you said you couldn’t claim this anymore because you’re married?  The deduction was the main reason I got a pretty good chunk back last year.  Would suck ass if they took it away.

KSUW saying that student debt is mostly reckless borrowing is a joke.  If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food.  I have quite a bit and 0% of it was reckless borrowing.

Offline star seed 7

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Re: Taxes (GOP 2017 edition)
« Reply #104 on: November 02, 2017, 01:15:56 PM »
Keep in mind that tuition was like $50/hr when kdub was in school
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Offline 8manpick

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Re: Taxes (GOP 2017 edition)
« Reply #105 on: November 02, 2017, 01:17:02 PM »
I'm sure my accountant will take care of this, whatever ends up happening.
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Offline 420seriouscat69

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Re: Taxes (GOP 2017 edition)
« Reply #106 on: November 02, 2017, 01:17:57 PM »
Student loan interest deduction gone? :curse: FY GOP!

I thought you said you couldn’t claim this anymore because you’re married?  The deduction was the main reason I got a pretty good chunk back last year.  Would suck ass if they took it away.

KSUW saying that student debt is mostly reckless borrowing is a joke.  If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food.  I have quite a bit and 0% of it was reckless borrowing.
Yeah, I totally forgot about that. I could have if I would have claimed married but filing separately, but it would have hurt Mrs. Wacky, so I didn't do that. I thought i'd be able to do it for this year, but I believe it would hurt Mrs wacky again due to her unemployment. It's complicated and way over my head.

It's a big deal for recent grads trying to make it in the world and having large payments per month.

Offline 420seriouscat69

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Re: Taxes (GOP 2017 edition)
« Reply #107 on: November 02, 2017, 01:18:49 PM »
I don't read much of KSUW's posts, but that student loan take was hot garbage. Woof!

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Re: Taxes (GOP 2017 edition)
« Reply #108 on: November 02, 2017, 01:21:09 PM »
Keep in mind that tuition was like $50/hr when kdub was in school
:lol:

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Re: Taxes (GOP 2017 edition)
« Reply #109 on: November 02, 2017, 01:21:52 PM »
Keep in mind that tuition was like $50/hr when kdub was in school

Yeah I thought about that.  It’s almost $400 rough ridin' dollars per credit hour right now for engineering classes. That’s absolutely insane.

https://www.k-state.edu/admissions/finaid/

Offline cfbandyman

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Re: Taxes (GOP 2017 edition)
« Reply #110 on: November 02, 2017, 01:25:51 PM »
Student loan interest deduction gone? :curse: FY GOP!

I thought you said you couldn’t claim this anymore because you’re married?  The deduction was the main reason I got a pretty good chunk back last year.  Would suck ass if they took it away.

KSUW saying that student debt is mostly reckless borrowing is a joke.  If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food.  I have quite a bit and 0% of it was reckless borrowing.

Yeah, it's mostly a joke to say a lot is reckless, he's lumping a lot of people into that who didn't take out loans recklessly, and then go on to have decent jobs and still saddled with debt.

I do consider myself lucky, I had 30k in loans when I graduated, and thanks to 3 total (paid) internships and working jobs during school was able to keep my interest from increasing over the life of the loans, and then when I started full time got a roommate to share expenses and essentially plowed every bit of discretionary income into it and killed it off with that + my bonuses in 2 years.

But I didn't have to pay for:
Kids
House
or Auto

and I waited those 2 years not taking any real vacation.

If I had any one of those items (kids, house, auto) which many students after graduation get into, I'd be paying those damn loans off still for a long time. I am KSUW wet dream of how it should go and I can tell you, it's not a common path at all, and I don't advise anyone should have to do what I did just to pay off student loans in a short time period.
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The Big Train

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Re: Taxes (GOP 2017 edition)
« Reply #111 on: November 02, 2017, 01:25:53 PM »
Student loan interest deduction gone? :curse: FY GOP!

I thought you said you couldn’t claim this anymore because you’re married?  The deduction was the main reason I got a pretty good chunk back last year.  Would suck ass if they took it away.

KSUW saying that student debt is mostly reckless borrowing is a joke.  If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food.  I have quite a bit and 0% of it was reckless borrowing.
Yeah, I totally forgot about that. I could have if I would have claimed married but filing separately, but it would have hurt Mrs. Wacky, so I didn't do that. I thought i'd be able to do it for this year, but I believe it would hurt Mrs wacky again due to her unemployment. It's complicated and way over my head.

It's a big deal for recent grads trying to make it in the world and having large payments per month.

Good, I’m not going insane for remembering that wrong.  I’ve always done my own taxes but will be using a service this year for sure.

If I didn’t have a good job I wouldn’t be able to pay for mine plus rent plus everything else.  I wouldn’t want to just be starting out college now for sure with how it is.

Offline 420seriouscat69

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Re: Taxes (GOP 2017 edition)
« Reply #112 on: November 02, 2017, 01:26:53 PM »
 :thumbs: Samesies.

Offline cfbandyman

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Re: Taxes (GOP 2017 edition)
« Reply #113 on: November 02, 2017, 01:29:02 PM »
Student loan interest deduction gone? :curse: FY GOP!

I thought you said you couldn’t claim this anymore because you’re married?  The deduction was the main reason I got a pretty good chunk back last year.  Would suck ass if they took it away.

KSUW saying that student debt is mostly reckless borrowing is a joke.  If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food.  I have quite a bit and 0% of it was reckless borrowing.

Yeah, it's mostly a joke to say a lot is reckless, he's lumping a lot of people into that who didn't take out loans recklessly, and then go on to have decent jobs and still saddled with debt.

I do consider myself lucky, I had 30k in loans when I graduated, and thanks to 3 total (paid) internships and working jobs during school was able to keep my interest from increasing over the life of the loans, and then when I started full time got a roommate to share expenses and essentially plowed every bit of discretionary income into it and killed it off with that + my bonuses in 2 years.

But I didn't have to pay for:
Kids
House
or Auto

and I waited those 2 years not taking any real vacation.

If I had any one of those items (kids, house, auto) which many students after graduation get into, I'd be paying those damn loans off still for a long time. I am KSUW wet dream of how it should go and I can tell you, it's not a common path at all, and I don't advise anyone should have to do what I did just to pay off student loans in a short time period.

Oh, yeah, and my debt would be 60k, not 30k, since my parents took 1/2 the debt, so I lucked out there too.
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Offline Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #114 on: November 02, 2017, 01:37:09 PM »

Offline 420seriouscat69

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Re: Taxes (GOP 2017 edition)
« Reply #115 on: November 02, 2017, 01:40:05 PM »
JFC!

Quote
These families are in the minority, yes. But there are a lot of them. About 17 percent of households earning between $50,000 and $150,000 would see their taxes rise immediately, according to the only rigorous analysis so far, by the Tax Policy Center. Among households earning between $150,000 and $250,000, the share is about 35 percent.

Offline Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #116 on: November 02, 2017, 01:51:37 PM »
If the personal exemptions could be restored and offset by eliminating other deductions like mortgage interest and property tax, I think that would be better.

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Re: Taxes (GOP 2017 edition)
« Reply #117 on: November 02, 2017, 01:51:49 PM »
“Cut Cut Cut!”

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #118 on: November 02, 2017, 02:55:35 PM »
Ok, ok, crisis averted (I think). Turns out that doubling the standard deduction would actually slightly surpass my itemized deductions, so I save a little money there and it makes the loss of the SALT deduction irrelevant to me. And I forgot that the proposal eliminates the AMT, which has eff'd me the past several years, so that's more savings. All told, even after losing the personal exemptions, I should be somewhere between a $200 increase and a $500 decrease.

So this crap basically does nothing for me, and doesn't really simplify tax time at all, but I guess it's not going to eff me over, either. And if it significantly boosts the economy then that's good for my investments. Man, what an emotional rollercoaster I've been on today!
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline Kat Kid

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Re: Taxes (GOP 2017 edition)
« Reply #119 on: November 02, 2017, 03:00:29 PM »
Ok, ok, crisis averted (I think). Turns out that doubling the standard deduction would actually slightly surpass my itemized deductions, so I save a little money there and it makes the loss of the SALT deduction irrelevant to me. And I forgot that the proposal eliminates the AMT, which has eff'd me the past several years, so that's more savings. All told, even after losing the personal exemptions, I should be somewhere between a $200 increase and a $500 decrease.

So this crap basically does nothing for me, and doesn't really simplify tax time at all, but I guess it's not going to eff me over, either. And if it significantly boosts the economy then that's good for my investments. Man, what an emotional rollercoaster I've been on today!

see, you can rationalize even a tax increase. this is going to be great!

Offline chum1

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Re: Taxes (GOP 2017 edition)
« Reply #120 on: November 02, 2017, 03:09:39 PM »
Hopes rising that they'll totally eff this up.

https://twitter.com/samstein/status/926169427762143232

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #121 on: November 02, 2017, 03:13:16 PM »
Ok, ok, crisis averted (I think). Turns out that doubling the standard deduction would actually slightly surpass my itemized deductions, so I save a little money there and it makes the loss of the SALT deduction irrelevant to me. And I forgot that the proposal eliminates the AMT, which has eff'd me the past several years, so that's more savings. All told, even after losing the personal exemptions, I should be somewhere between a $200 increase and a $500 decrease.

So this crap basically does nothing for me, and doesn't really simplify tax time at all, but I guess it's not going to eff me over, either. And if it significantly boosts the economy then that's good for my investments. Man, what an emotional rollercoaster I've been on today!

see, you can rationalize even a tax increase. this is going to be great!

As long as it doesn't eff me over and helps a lot of other people, I can live with it. I guess I just care more than you about people getting to keep more of their money.

You know who's gonna do really well under this plan? Older high earners without any dependents in the home. I wonder who that might describe....
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline Phil Titola

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Re: Taxes (GOP 2017 edition)
« Reply #122 on: November 02, 2017, 03:18:51 PM »
I am looking for who is helping.... Nobody is raising their hand yet

Offline Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #123 on: November 02, 2017, 03:21:36 PM »
I'm not sure the republicans will be able to hold onto the house if this thing passes. Seems like a lot of republicans from blue states might be in trouble.

Offline star seed 7

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Re: Taxes (GOP 2017 edition)
« Reply #124 on: November 02, 2017, 04:11:06 PM »
Get ready for some sweet trickle down  :excited:
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