Author Topic: Taxes (GOP 2017 edition)  (Read 136735 times)

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Offline Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #75 on: November 02, 2017, 10:48:34 AM »
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.

Offline 420seriouscat69

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Re: Taxes (GOP 2017 edition)
« Reply #76 on: November 02, 2017, 10:49:41 AM »
Student loan interest deduction gone? :curse: FY GOP!

Offline Phil Titola

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Re: Taxes (GOP 2017 edition)
« Reply #77 on: November 02, 2017, 10:50:33 AM »
I'm intrigued.

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #78 on: November 02, 2017, 10:55:00 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

If anything close to this gets through the Senate.... :love: :woot: :party:

Here is a useful illustration of how the tax brackets would change when they are collapsed from 7 to 4.



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 treysolid

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Re: Taxes (GOP 2017 edition)
« Reply #79 on: November 02, 2017, 10:55:43 AM »
this thing is DOA

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #80 on: November 02, 2017, 10:56:15 AM »
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.

Fair point, but I think the reasoning is they still want to incentivize middle class home ownership. I’m ok with it even though it benefits folks in some states disproportionately.

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #81 on: November 02, 2017, 10:57:45 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

If anything close to this gets through the Senate.... :love: :woot: :party:

Here is a useful illustration of how the tax brackets would change when they are collapsed from 7 to 4.



Serious questions:

1. What do you think the odds are of this passing in its current form?

2. What do you think the odds are of Republicans getting ANYTHING passed on tax reform?

Offline Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #82 on: November 02, 2017, 11:00:04 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #83 on: November 02, 2017, 11:00:38 AM »
Student loan interest deduction gone? :curse: FY GOP!

I sympathize, a little, for people with student loan debt. But not that much. We shouldn't be subsidizing reckless borrowing. And yes, a lot of student loan debt is reckless borrowing. If you get a valuable degree and work a part time job in college, you can pay off your loans fairly quickly. If you don't, that's tough. This will help deflate the college tuition bubble, too.
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 K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #84 on: November 02, 2017, 11:02:14 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

If anything close to this gets through the Senate.... :love: :woot: :party:

Here is a useful illustration of how the tax brackets would change when they are collapsed from 7 to 4.



Serious questions:

1. What do you think the odds are of this passing in its current form?

2. What do you think the odds are of Republicans getting ANYTHING passed on tax reform?

1. No chance - of course there will be changes as it goes through the House and Senate, the question is how much.

2. Good chance - the GOP is much more unified over tax cuts and they know they have to produce some results.
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 420seriouscat69

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Re: Taxes (GOP 2017 edition)
« Reply #85 on: November 02, 2017, 11:04:04 AM »
Student loan interest deduction gone? :curse: FY GOP!

I sympathize, a little, for people with student loan debt. But not that much. We shouldn't be subsidizing reckless borrowing. And yes, a lot of student loan debt is reckless borrowing. If you get a valuable degree and work a part time job in college, you can pay off your loans fairly quickly. If you don't, that's tough. This will help deflate the college tuition bubble, too.
None of mine was reckless borrowing. It was an unfortunate situation. That's not everyone's case, dude. Also, since my family made too much $, but couldn't help, I got the minimal federal loan, which meant we had to use private loans. I also went to school FT and worked 2 part time jobs, so get mumped dude!

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #86 on: November 02, 2017, 11:08:27 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

No. I haven't seen that in the proposal. Have you?
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 Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #87 on: November 02, 2017, 11:09:41 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

No. I haven't seen that in the proposal. Have you?

Yes, the current proposal eliminates personal exemptions.

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #88 on: November 02, 2017, 11:12:34 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

No. I haven't seen that in the proposal. Have you?

Yes, the current proposal eliminates personal exemptions.

Link? I can't find that in the proposal.
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 star seed 7

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Re: Taxes (GOP 2017 edition)
« Reply #89 on: November 02, 2017, 11:15:27 AM »
Lower upper class rejoice!
Hyperbolic partisan duplicitous hypocrite

Offline Rage Against the McKee

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Re: Taxes (GOP 2017 edition)
« Reply #90 on: November 02, 2017, 11:17:11 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

No. I haven't seen that in the proposal. Have you?

Yes, the current proposal eliminates personal exemptions.

Link? I can't find that in the proposal.

It's about halfway down the sheet here. Just ctrl-f "personal".

https://www.wsj.com/livecoverage/tax-bill-2017

Offline Phil Titola

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Re: Taxes (GOP 2017 edition)
« Reply #91 on: November 02, 2017, 11:36:23 AM »
Mine goes up. Shocking

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #92 on: November 02, 2017, 11:39:57 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

No. I haven't seen that in the proposal. Have you?

Yes, the current proposal eliminates personal exemptions.

Link? I can't find that in the proposal.

It's about halfway down the sheet here. Just ctrl-f "personal".

https://www.wsj.com/livecoverage/tax-bill-2017

Well eff, that might result in a slight tax increase for me. Thanks for peeing in my cheerios, Rage. I'm going to have to do some more number crunching tonight.
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 catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #93 on: November 02, 2017, 11:40:25 AM »
I think the only way I’d be more mumped under this plan is if they got rid of the charitable deduction.

Offline Institutional Control

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Re: Taxes (GOP 2017 edition)
« Reply #94 on: November 02, 2017, 11:54:28 AM »
I feel bad for all the accountants at H&R Block that are going to lose their jobs based on all this tax reform.

Offline Kat Kid

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Re: Taxes (GOP 2017 edition)
« Reply #95 on: November 02, 2017, 11:55:38 AM »
By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).

Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?

No. I haven't seen that in the proposal. Have you?

Yes, the current proposal eliminates personal exemptions.

Link? I can't find that in the proposal.

It's about halfway down the sheet here. Just ctrl-f "personal".

https://www.wsj.com/livecoverage/tax-bill-2017

Well eff, that might result in a slight tax increase for me. Thanks for peeing in my cheerios, Rage. I'm going to have to do some more number crunching tonight.

 :lol:

Offline chum1

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Re: Taxes (GOP 2017 edition)
« Reply #96 on: November 02, 2017, 11:58:49 AM »
If $1,182 is what they're touting, imagine what the actual outcome will be.

https://twitter.com/DailyMail/status/926128870620876800

Offline mocat

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Re: Taxes (GOP 2017 edition)
« Reply #97 on: November 02, 2017, 11:59:59 AM »
student loans = reckless borrowing  :love: :love: :love:

Offline star seed 7

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Re: Taxes (GOP 2017 edition)
« Reply #98 on: November 02, 2017, 12:08:40 PM »
Cut cut cut
Hyperbolic partisan duplicitous hypocrite

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #99 on: November 02, 2017, 12:19:57 PM »
If $1,182 is what they're touting, imagine what the actual outcome will be.

https://twitter.com/DailyMail/status/926128870620876800

If they manage to save that much while cutting corporate taxes as much as they are AND still not add to the deficit it would be a pretty amazing achievement.

However, right now it looks like the government would be more or less subsidizing corporations and redistributing money from wealthier Americans to the middle class in order to make it more palatable for the general population.