Author Topic: Taxes (GOP 2017 edition)  (Read 137653 times)

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Offline treysolid

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Re: Taxes (GOP 2017 edition)
« Reply #125 on: November 02, 2017, 04:27:19 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.

there's a 1.2T hole right there. good luck!

Offline Dugout DickStone

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Re: Taxes (GOP 2017 edition)
« Reply #126 on: November 02, 2017, 04:52:13 PM »
Where is the gd plan ?

Offline treysolid

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Re: Taxes (GOP 2017 edition)
« Reply #127 on: November 02, 2017, 08:12:57 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.

there's a 1.2T hole right there. good luck!

I was wrong - it's a 1.5T hole.

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Taxes (GOP 2017 edition)
« Reply #128 on: November 02, 2017, 08:18:49 PM »
Tax plan looks great!

Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
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Re: Taxes (GOP 2017 edition)
« Reply #129 on: November 02, 2017, 08:29:01 PM »
Tax plan looks great!

Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.

Feel free to post a picture of the arithmetic you did by hand. TIA.

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Taxes (GOP 2017 edition)
« Reply #130 on: November 02, 2017, 08:29:30 PM »
Student loan interest deduction gone? :curse: FY GOP!

It's already capped at $2k wacky, take your $300 lump in exchange for a 3%+ leaser tax rate (unless you make less than $10k, in which case---you don't pay taxes anyways)

^^^
Simple arithmetic
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Offline SdK

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Re: Taxes (GOP 2017 edition)
« Reply #131 on: November 02, 2017, 08:29:42 PM »
Tax plan looks great!

Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?

Offline SdK

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Re: Taxes (GOP 2017 edition)
« Reply #132 on: November 02, 2017, 08:33:39 PM »
Or not be bad for me? I'm ok with that too.

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Re: Taxes (GOP 2017 edition)
« Reply #133 on: November 02, 2017, 08:35:47 PM »
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.

Standard deduction way up though! Increased child credit!
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Re: Taxes (GOP 2017 edition)
« Reply #134 on: November 02, 2017, 08:40:04 PM »
Tax plan looks great!

Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?

The only way you might lose is if you have a huge mortgage and live in a place like NY with super high SALT

If you can't do math and are naive enough to believe leftist propoganda, you might be tricked into believing you're getting screwed, though.

If the left rallies around "deficits", you know we've won!
goEMAW Karmic BBS Shepherd

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Re: Taxes (GOP 2017 edition)
« Reply #135 on: November 02, 2017, 08:44:55 PM »
401k contributions weren't touched, despite all the leftist bullshit to the contrary
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Offline SdK

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Re: Taxes (GOP 2017 edition)
« Reply #136 on: November 02, 2017, 08:45:59 PM »
I rent and work in KCMO but live in KS. I guess this means I'll be good. Thanks, FSD!
« Last Edit: November 02, 2017, 08:53:04 PM by SdK »

Offline SdK

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Re: Taxes (GOP 2017 edition)
« Reply #137 on: November 02, 2017, 08:46:48 PM »
401k contributions weren't touched, despite all the leftist bullshit to the contrary
Great! That matched 5% makes SdK happy in his heart.

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Re: Taxes (GOP 2017 edition)
« Reply #138 on: November 02, 2017, 08:50:26 PM »
I'm so jacked about the thousands of extra dollars I'll have each year once this sails through the Senate.

Might even buy (finance of course) a cobalt boat and F150 Super Duty to bring to cat tailgates to party in! #merica
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Offline SdK

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Re: Taxes (GOP 2017 edition)
« Reply #139 on: November 02, 2017, 08:54:10 PM »


I'm so jacked about the thousands of extra dollars I'll have each year once this sails through the Senate.

Might even buy (finance of course) a cobalt boat and chipped Duramax to bring to cat tailgates to party in! #merica

:thumbs:

Offline puniraptor

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Re: Taxes (GOP 2017 edition)
« Reply #140 on: November 02, 2017, 09:11:03 PM »
my taxes are very confusing so I will have no idea whether this ends up hurting or helping me

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #141 on: November 02, 2017, 09:14:09 PM »
Tax plan looks great!

Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?

The only way you might lose is if you have a huge mortgage and live in a place like NY with super high SALT

If you can't do math and are naive enough to believe leftist propoganda, you might be tricked into believing you're getting screwed, though.

If the left rallies around "deficits", you know we've won!

I can do math, don't have a huge mortgage, do not live in a big SALT state, and will definitely end up paying more in taxes under this plan.

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Taxes (GOP 2017 edition)
« Reply #142 on: November 02, 2017, 09:37:34 PM »
Tax plan looks great!

Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?

The only way you might lose is if you have a huge mortgage and live in a place like NY with super high SALT

If you can't do math and are naive enough to believe leftist propoganda, you might be tricked into believing you're getting screwed, though.

If the left rallies around "deficits", you know we've won!

I can do math, don't have a huge mortgage, do not live in a big SALT state, and will definitely end up paying more in taxes under this plan.

How?  Heavy corporate debt?
goEMAW Karmic BBS Shepherd

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #143 on: November 02, 2017, 09:39:40 PM »
There's a lot of give and take here. As a higher wage earner with multiple kids, the benefits of this reform are relatively small and uncertain.

I take a huge hit right off the bat by losing the personal exemptions for me and my family. That deduction was worth over $20k.

On the flip side, doubling the standard deduction will equal or perhaps slightly exceed my itemized deduction. So it might help me a little or be a wash. It certainly makes losing the SALT deduction irrelevant for me.

Eliminating the AMT should be worth about $1000.

Collapsing the brackets also significantly reduced my marginal rate.

So if you take all those savings together, it might be enough to offset losing the personal exemptions and maybe even giving me a small tax cut.

What would be awesome is if, in addition to increasing the child tax credit from $1000 to $1600, they also increase the income threshold at which that credit phases out. Currently we don't get that credit because of the phase out. If we got even part of it under this new plan, I'd feel more confident that my net result will be a cut.

« Last Edit: November 02, 2017, 09:46:38 PM by K-S-U-Wildcats! »
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.

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Re: Taxes (GOP 2017 edition)
« Reply #144 on: November 02, 2017, 09:42:46 PM »
I thought I read the child credit phase out was gone
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Re: Taxes (GOP 2017 edition)
« Reply #145 on: November 02, 2017, 09:44:00 PM »
Either way, it's reckless neglect to have 4 kids and both parents working full time.
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Re: Taxes (GOP 2017 edition)
« Reply #146 on: November 02, 2017, 09:44:18 PM »
A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
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 #147 on: November 02, 2017, 09:45:18 PM »
I thought I read the child credit phase out was gone

Hope that is true - would be huge for us - but I haven't seen that reported.
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 SdK

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Re: Taxes (GOP 2017 edition)
« Reply #148 on: November 02, 2017, 09:47:03 PM »
Either way, it's reckless neglect to have 4 kids and both parents working full time.
Hahahahahah

Offline Phil Titola

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Re: Taxes (GOP 2017 edition)
« Reply #149 on: November 02, 2017, 09:47:23 PM »
I don't live life like republicans want me to live so I don't get a tax break.....oh well.  Use my tax increase for good please.