Author Topic: Taxes (GOP 2017 edition) (Read 140699 times)

wetwillie · « **Reply #1625 on:** January 31, 2019, 01:47:41 PM »

Is it not obvious how wealthy chum1 is? And you think he has a mortgage

treysolid · « **Reply #1626 on:** January 31, 2019, 02:29:12 PM »

Don't have a mortgage? ---> Write a property tax check
Have a mortgage but elected not to escrow ---> Write a property tax check

sys · « **Reply #1627 on:** January 31, 2019, 02:45:33 PM »

if i didn't have a mortgage, i'd go out and get one just so i didn't have to try and remember to pay taxes and insurance.

gatoveintisiete · « **Reply #1628 on:** January 31, 2019, 03:20:46 PM »

Quote from: wetwillie on January 31, 2019, 01:47:41 PM

Is it not obvious how wealthy chum1 is? And you think he has a mortgage

It's weird Chum cant give us a straight answer on his tax pain threshold, it's just a number, I mean surely he wants to keep some percentage of his income.

chum1 · « **Reply #1629 on:** January 31, 2019, 03:27:39 PM »

Quote from: gatoveintisiete on January 31, 2019, 03:20:46 PM

Quote from: wetwillie on January 31, 2019, 01:47:41 PM
Is it not obvious how wealthy chum1 is? And you think he has a mortgage

It's weird Chum cant give us a straight answer on his tax pain threshold, it's just a number, I mean surely he wants to keep some percentage of his income.

I have to wait until I get home to have access. I might be to lazy to get on my laptop, though.

steve dave · « **Reply #1630 on:** January 31, 2019, 03:37:44 PM »

Quote from: K-S-U-Wildcats! on January 31, 2019, 01:45:13 PM

Quote from: steve dave on January 31, 2019, 11:16:53 AM
Quote from: 8manpick on January 31, 2019, 10:43:19 AM
Quote from: steve dave on January 31, 2019, 08:19:31 AM
but now I'm enraged about them because they capped my SALT deduction
Trump needed the SALT cap to stick it to the rich-ish people in high-tax lib states like California, New York, Illinois, and ...wait, Nebraska?

yeah, we are a weird outlier state that has super high prop taxes. like, rich people states, states with no state income tax, and NE for some rough ridin' reason.

https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/

My levy is actually 2.41. and now I can't even deduct any of it.

You can deduct up to $10,000 of it.

I've got some terrible news for you ksu-dub. I pay state income taxes too. VERY SAD AND VERY UNFAIR.

K-S-U-Wildcats! · « **Reply #1631 on:** January 31, 2019, 04:29:57 PM »

Quote from: chum1 on January 31, 2019, 03:27:39 PM

Quote from: gatoveintisiete on January 31, 2019, 03:20:46 PM
Quote from: wetwillie on January 31, 2019, 01:47:41 PM
Is it not obvious how wealthy chum1 is? And you think he has a mortgage

It's weird Chum cant give us a straight answer on his tax pain threshold, it's just a number, I mean surely he wants to keep some percentage of his income.

I have to wait until I get home to have access. I might be to lazy to get on my laptop, though.

I'm not trying to be an a-hole, btw. This is a topic that legitimately fascinates me. I want as many people as possible to win under this tax reform. The vast majority should.

Phil Titola · « **Reply #1632 on:** January 31, 2019, 04:51:08 PM »

I assume you mean winning in the short term micro context? Taxpayers paying s little less each could easily bring more negatives as a whole than we gain individually.

sys · « **Reply #1633 on:** January 31, 2019, 05:20:56 PM »

are you interested in the % at which he would feel he is paying too much, or the % he actually pays right now, that he does not think is too much?

steve dave · « **Reply #1634 on:** January 31, 2019, 05:22:24 PM »

KSUDub - I texted my CPA this afternoon and they are going to figure my effective tax rate over the last couple years and send it to me this weekend. I did that for this thread alone. Wow!

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catastrophe · « **Reply #1635 on:** January 31, 2019, 06:08:53 PM »

Turbo tax did that for me automatically last year!

steve dave · « **Reply #1636 on:** January 31, 2019, 06:11:39 PM »

My CPA is rough ridin' fired then

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chum1 · « **Reply #1637 on:** January 31, 2019, 06:22:20 PM »

2017: 11.75
2018: TBD

chum1 · « **Reply #1638 on:** January 31, 2019, 06:26:04 PM »

If someone would have asked me what I thought it was, I would have said between 5 and 15%. Right on the money.

wetwillie · « **Reply #1639 on:** January 31, 2019, 07:18:06 PM »

23.5 wouldn’t even phase you really

Spracne · « **Reply #1640 on:** January 31, 2019, 07:20:19 PM »

I have the feeling I'm paying a lot less in taxes than I thot

K-S-U-Wildcats! · « **Reply #1641 on:** January 31, 2019, 07:24:22 PM »

Quote from: Phil Titola on January 31, 2019, 04:51:08 PM

I assume you mean winning in the short term micro context? Taxpayers paying s little less each could easily bring more negatives as a whole than we gain individually.

My gawd Phil please cheer up.

steve dave · « **Reply #1642 on:** January 31, 2019, 07:33:23 PM »

phil, just cheer up and know that you win if your EFT is a fraction lower than it was last year.

star seed 7 · « **Reply #1643 on:** January 31, 2019, 07:37:41 PM »

did kdub give his #'s? i don't remember

Phil Titola · « **Reply #1644 on:** January 31, 2019, 07:41:12 PM »

Quote from: steve dave on January 31, 2019, 07:33:23 PM

phil, just cheer up and know that you win if your EFT is a fraction lower than it was last year.

sys · « **Reply #1645 on:** January 31, 2019, 07:46:50 PM »

what numbers go in the numerator and denominator in this calculation?

steve dave · « **Reply #1646 on:** January 31, 2019, 07:52:52 PM »

Quote from: libstradamus on January 31, 2019, 07:37:41 PM

did kdub give his #'s? i don't remember

I think he did a BIG DON! post about them being lower but don't think he was comfortable enough to share.

steve dave · « **Reply #1647 on:** January 31, 2019, 07:53:54 PM »

Quote from: sys on January 31, 2019, 07:46:50 PM

what numbers go in the numerator and denominator in this calculation?

just do them interchangeably until you get to a number that is reasonable. that is irl how I passed all math classes I've ever taken. 17,950,456 isn't it......0000057 isn't it......0.17 (to self: rough ridin' nailed it probably).

sys · « **Reply #1648 on:** January 31, 2019, 08:21:54 PM »

i mean like on the tax side it it just income tax, income + cap gains + divs, all those + payroll taxes? and then on the other side, include deferred income or no, add back in employer 401k matches, health care and/or employer side payroll taxes? etc.

K-S-U-Wildcats! · « **Reply #1649 on:** January 31, 2019, 08:31:52 PM »

Do whatever numbers you want, but I’m talking FIT only. Total FIT / AGI = Effective (aka “Average”) FIT.