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Tax plan calculator

By DASKAA following x   2017 Nov 30, 1:11pm 4,649 views   73 comments   watch   sfw   quote     share    


http://taxplancalculator.com/calc
#politics

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34   CovfefeButDeadly   ignore (4)   2017 Dec 1, 8:44am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Sniper says
Fucking White Male says
NewOldUser says
For all the renters here: you do realize that your gains can now be freely converted into rent increases by your landlords, right?


Landlords can only raise rents to what the market will bear.


So if all the tenants have additional free cash, why won't they go after it?


They will in markets that are under built.

However, in most places, landlords will still be competing against other landlords. When rents go high enough, buildings go up(Look at Downtown LA once average rents crossed the $2k per month threshhold....buildings are going up and it just wont stop).
35   CovfefeButDeadly   ignore (4)   2017 Dec 1, 8:49am   ↑ like (1)   ↓ dislike (0)   quote   flag        

mell says
anon_8f378 says
"Fairness" is a horrible standard to use when designing a tax plan. It's completely subjective and ones' interpretation of what is "fair" will vary widely from person to person.

A tax plan should be designed to reward the type of behavior that helps the economy and penalizes the types of behavior that harm the economy.

eg, reward hard work, penalize rent seeking.


No it's not to reward anything as this leads to crony capitalism, lobbyism and bubbles. It simply should take the absolute lowest amount of taxes from everybody. The point about rent seeking is well taken, but it currently is prevalent exactly because of the deductions.


Its gross really.

A "landlord" could buy a bank owned property cash for a huge discount(and lets assume its in non livable condition). Said landlord could deem market rent to be $2000 per month and let the property just sit, vacant. Maybe run a craigslist ad and just not respond to any inquiries. $24,000 tax deduction off their personal federal tax liability each year. Assuming the 25% tax bracket, thats an actual $6K per year less taxes paid by that person.
36   anonymous   ignore (null)   2017 Dec 1, 9:17am   ↑ like (0)   ↓ dislike (0)   quote   flag        

mell says
No it's not to reward anything as this leads to crony capitalism, lobbyism and bubbles. It simply should take the absolute lowest amount of taxes from everybody. The point about rent seeking is well taken, but it currently is prevalent exactly because of the deductions.


Lowest taxes for everyone is a meaningless statement. We're talking about how to structure the tax plan to generate the needed revenue, whatever that number is.

Fiscal policy absolutely needs to be structured in a way to offset and control some of the less desirable natural features of capitalism.
37   anonymous   ignore (null)   2017 Dec 1, 10:10am   ↑ like (1)   ↓ dislike (0)   quote   flag        

KimJongUn says
Fucking White Male says
HEYYOU says
KimJongUn says
I'll lose between $250 and $500 depending on the bill version. Motherfuckers.

That's an insult to Motherfuckers! lol

REPUBLICANS RAISE TAXES!
Do you know who your enemy is?


I know who my enemy is: my one-time cost of Prop30 getting into effect (retro-fucking-actively) was $12K.


Prop 30 won by about 1.5 million votes, majority voted for it, so residents of california must accept if they choose to live here. Moreover, this increase basically only targets millionaires in a serious way. Previously everyone paid 9.3% max marginal unless they were millionaires when they paid 10.3% marginal. Now, people pay as follows:

Proposition 30 instituted the following changes:

Raised California’s sales tax to 7.5 percent from 7.25 percent, a 3.45 percent increase over the previous policy, between January 1, 2013 and December 31, 2016. (Under the Brown Tax Hike, the sales tax would have increased to 7.75 percent.)[3][4]
Created four high-income tax brackets for taxpayers with taxable incomes exceeding $250,000, $300,000, $500,000 and $1,000,000. This increased tax was set to be in effect for seven years.[3][5][6]
Imposed a 10.3 percent tax rate on taxable income over $250,000 but less than $300,000—an increase of 10.6 percent over the previous policy of 9.3 percent. The 10.3 percent income tax rate was previously paid only by taxpayers with over $1 million in taxable income.[7]
Imposed an 11.3 percent tax rate on taxable income over $300,000 but less than $500,000—an increase of 21.5 percent over the previous policy of 9.3 percent.
Imposed a 12.3 percent tax rate on taxable income over $500,000 up to $1,000,000—an increase of 32.26 percent over the previous policy of 9.3 percent.
Imposed a 13.3 percent tax rate on taxable income over $1,000,000—an increase of 29.13 percent over the previous "millionaires tax" policy of 10.3 percent.
Since this proposition was passed in November 2012, the income tax applied retroactively to all income earned or received after January 1, 2012.
Based on California Franchise Tax Board data for 2009, the additional income tax was imposed on the top 3 percent of California taxpayers.[8]

Also, no single household making under 250K or married filing with joint household under 500K is affected. If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.
38   CovfefeButDeadly   ignore (4)   2017 Dec 1, 10:13am   ↑ like (3)   ↓ dislike (0)   quote   flag        

anon_bb95f says
If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.


Would love to know who you are, as this is a HORRIBLE argument for your position, usually only put forward by government staffers.
39   DASKAA   ignore (3)   2017 Dec 1, 10:29am   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_bb95f says
Also, no single household making under 250K or married filing with joint household under 500K is affected.


The calculator disagrees.
40   anonymous   ignore (null)   2017 Dec 1, 10:55am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Fucking White Male says
anon_bb95f says
If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.


Would love to know who you are, as this is a HORRIBLE argument for your position, usually only put forward by government staffers.


I work in private sector. I do however strongly believe in unions, both private and public. Essentially, whoever benefits from prop 30 tax increase benefits so more that the taxpayer who is "hurt" by this increase. These people who have to pay more under prop 30 make lots of money, they won't even feel it. Meanwhile these increases can fund lots of government jobs that help our society. Also, if you notice the usual suspects aka Jarvis Foundation opposed this plan...that tells us all that we need to know.
41   DASKAA   ignore (3)   2017 Dec 1, 11:04am   ↑ like (3)   ↓ dislike (0)   quote   flag        

anon_bb95f says
Meanwhile these increases can fund lots of government jobs that help our society.


Help how? CA schools are shittiest in the nation despite all the money poured into them.
42   CovfefeButDeadly   ignore (4)   2017 Dec 1, 12:12pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_bb95f says
Fucking White Male says
anon_bb95f says
If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.


Would love to know who you are, as this is a HORRIBLE argument for your position, usually only put forward by government staffers.


I work in private sector. I do however strongly believe in unions, both private and public. Essentially, whoever benefits from prop 30 tax increase benefits so more that the taxpayer who is "hurt" by this increase. These people who have to pay more under prop 30 make lots of money, the...


Wow.
43   anonymous   ignore (null)   2017 Dec 1, 1:20pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

KimJongUn says
The calculator disagrees.


That stat about 250K/500K was only about california Prop 30. Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey. However, there will be serious collateral damage among wealthy core republicans especially those who live in orange county. Talk about irony - they primarily voted for him hoping for a tax cut only to be slammed with a tax increase....
44   CovfefeButDeadly   ignore (4)   2017 Dec 1, 1:36pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

anon_313db says
KimJongUn says
The calculator disagrees.


That stat about 250K/500K was only about california Prop 30. Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey. However, there will be serious collateral damage among wealthy core republicans especially those who live in orange county. Talk about irony - they primarily voted for him hoping for a tax cut only to be slammed with a tax increase....


Again a ridiculous position by you. California and NY/NJ are about as far away from electing Trump as it gets, regardless of how many Republicans in those states vote for him. .
45   DASKAA   ignore (3)   2017 Dec 1, 1:43pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

anon_313db says
However, there will be serious collateral damage among wealthy core republicans especially those who live in orange county. Talk about irony - they primarily voted for him hoping for a tax cut only to be slammed with a tax increase....


There is no irony to talk about because their vote didn't matter one iota in this God-forsaken gone-to-donkey-shit state.
46   HEYYOU   ignore (18)   2017 Dec 1, 4:18pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

We still don't have a passed & signed Republican Tax Increase that very many have read.We will have to pass it to know how much it will affect an individual/family budget.

Calculating one's taxes with no formula is patnet brilliance.

If one is on patnet someone should be concerned about their mental health.
My psychiatrist said that he couldn't help me & didn't know anyone that could.
47   anonymous   ignore (null)   2017 Dec 1, 5:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

KimJongUn says
There is no irony to talk about because their vote didn't matter one iota in this God-forsaken gone-to-donkey-shit state.


Their vote did not matter, but they certainly did not matter to trump. Just placed on the altar to be sacrificed to Baal.
48   DASKAA   ignore (3)   2017 Dec 1, 5:17pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

anon_bb95f says
KimJongUn says
There is no irony to talk about because their vote didn't matter one iota in this God-forsaken gone-to-donkey-shit state.


Their vote did not matter, but they certainly did not matter to trump. Just placed on the altar to be sacrificed to Baal.


Meaningless word gymnastics.
49   WatermelonUniversity   ignore (6)   2017 Dec 1, 8:50pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

mell says
It's not socialist. The opposite is socialist, having itemizations benefitting some at the expense of others, That is socialism. No deduction at all or the same standard deduction for everybody only levels the playing field and upholds equal opportunity without fostering bubbles. There are absolutely zero reasons except for crony capitalism / socialism to allow a homeowner to deduct mortgage interest for their homes but not to allow a stock investor to deduct their margin interest. Or a piano collector to deduct their interest from debt accrued from buying pianos.


sounds like you can't itemize much so you hate seeing other who can itemize and come out better than you. that is pure jealousy.
"if i can't take advantage of it no one can" bullshit.

by your pick & choose what can and cannot be deducted, you demonstrated a very poor grasp of the how the government use taxes to encourage economy growth as a whole. investing in stocks does nothing for growing the economy. buying a house will because it creates jobs for a lot of people. you are just angry because you can't afford a house.

same thing they'll give you tax breaks for having kids and helping produce a future work force or take out a student loan and not a personal loan. nothing crony capitalism about any of these. you spend money on growing the economy in a way not many are willing to do (like opening a business or hiring) or benefiting society as a whole (teaching expenses as you mentioned), you get a tax deduction. that is the essence of the tax deductions. instead of complaining no fair you should think more objectively and stop having a victim mentality.
50   NewOldUser   ignore (0)   2017 Dec 1, 10:58pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Updated version of Senate Bill is much better. Please try the calculator again to see what shakes out.
51   Rew   ignore (0)   2017 Dec 1, 11:47pm   ↑ like (1)   ↓ dislike (3)   quote   flag        

NewOldUser says
Updated version of Senate Bill is much better. Please try the calculator again to see what shakes out.


Not a single person knows the full details of what is in the plan that just passed the senate vote. Not a single soul. It's over 450 pages, with hand written annotations in the columns, and lobbyist pork added all over it just in the past 4 hours.

What it may do for taxes in income it doesn't at all do for other deductions the plebeian underclasses use, and it is "soft repeal" of the ACA to boot.

Anything you are using as calculation right now, isn't even 1/4 of the story of what this bill is. Your income taxes may go down, but unless you are a many-times-over multimillionaire, you probably just lost ... because the majority of the American people and consumers lost tonight.
52   ThreeBays   ignore (0)   2017 Dec 2, 12:56am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I'm getting around $2k and $17k (!) better off under house & senate plans respectively.
53   lostand confused   ignore (0)   2017 Dec 2, 2:21am   ↑ like (0)   ↓ dislike (1)   quote   flag        

Rew says
Your income taxes may go down, but unless you are a many-times-over multimillionaire, you probably just lost ... because the majority of the American people and consumers lost tonight.

Yeah right. So you must be God, because you claimed this.
Rew says
Not a single person knows the full details of what is in the plan that just passed the senate vote. Not a single soul.
54   Rew   ignore (0)   2017 Dec 2, 12:08pm   ↑ like (1)   ↓ dislike (2)   quote   flag        

lostand confused says
Yeah right. So you must be God, because you claimed this.


If you believe the idle rich will "trickle down", than you can just call me wrong, and move on. If you think I believe this bill is bad, simply because it was created by the GOP congress, and that I am only partisan in my position, you can stop reading now.

--

From what I have managed to read of the bill, and what I can see from reporting on the process used, the following is clear:

A) This wasn't a "tax bill", alone
B) Its primary intent was NOT helping the middle class
C) It makes the growing economic inequality in the nation worse. (i.e. this is not a bill that will fuel economic growth.)

The bill's primary motivation was to give back to donors and reduce taxes on inheritances. It had over 6 thousand lobbyists actually working on it. During this legislative push, multiple congressional members have stated motivations of giving back to their donors.

Yes, many of us will be up a few thousand on income taxes. We will lose elsewhere, in greater amount. Because this bill benefits fewer individuals than it helps and it pays for it by running up the deficit by 1 Trillion dollars.

A society where private jets have more tax exemption than school supplies, and where a 40K pension has a higher tax rate, than a multi-million dollar inheritance, is one doomed to fail.

We all lost, even those that think they won.
55   anonymous   ignore (null)   2017 Dec 2, 3:34pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Sniper says

You and the whole Dem party are partisan in your positions. Why dance around that fact?

Please explain why the Senate bill got approved exactly down party lines, that only one Repub didn't vote for it and EVERY Dem didn't vote for it? You want us to believe that not a single Dem Senator saw anything good in the plan?


You think if there's one good thing and 1000 bad things, a senator should vote for it?

This bill was a complete piece of shit. Every non-partisan organization that has looked at it agrees. It's a complete sell-out to the 1% donors of the Republican party. Senators have even gone on record saying they have to pass this or else they will not get any donations when it comes time to run for re-election They don't even hide the fact that they are bought and paid for by the 1%. It's very sad.

But folks on here don't care because Trump says Merry Christmas.
56   MrMagic   ignore (11)   2017 Dec 2, 3:42pm   ↑ like (1)   ↓ dislike (2)   quote   flag        

anon_3b28c says
This bill was a complete piece of shit.


If that's the case, why didn't MORE repubs vote against it? They haven't been afraid to vote against other bills this year.
57   CovfefeButDeadly   ignore (4)   2017 Dec 2, 3:42pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

anon_3b28c says
Sniper says

You and the whole Dem party are partisan in your positions. Why dance around that fact?

Please explain why the Senate bill got approved exactly down party lines, that only one Repub didn't vote for it and EVERY Dem didn't vote for it? You want us to believe that not a single Dem Senator saw anything good in the plan?


You think if there's one good thing and 1000 bad things, a senator should vote for it?

This bill was a complete piece of shit. Every non-partisan organization that has looked at it agrees. It's a complete sell-out to the 1% donors of the Republican party. Senators have even gone on record saying they have to pass this or else they will not get any donations when it comes time to run for re-election They don't even hide the fact that they are bought and paid for by the 1%. It's very sad.

But folks on here don't care because Trump says Merry Christmas.


Link a few articles.

I assume you won't because those "non partisan organizations" are not so non partisan.

The fact is that nearly every article against the tax plan as it stand actually makes up facts and misrepresents statistics. The most basic lie is a simple one...that a tax "cut" is actually an expense or somehow a giveaway. Its like someone took an accounting class and didn't quite understand that lowering tax rates isn't an "expense",

Its a beyond preposterous position and I'm ready to label anyone who makes that argument a complete and total liar.
58   HappyGilmore   ignore (1)   2017 Dec 2, 7:13pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Sniper says
If that's the case, why didn't MORE repubs vote against it? They haven't been afraid to vote against other bills this year.

anon_3b28c says
It's a complete sell-out to the 1% donors of the Republican party. Senators have even gone on record saying they have to pass this or else they will not get any donations when it comes time to run for re-election They don't even hide the fact that they are bought and paid for by the 1%. It's very sad.
59   Rew   ignore (0)   2017 Dec 2, 11:52pm   ↑ like (2)   ↓ dislike (8)   quote   flag        

Fucking White Male says
The most basic lie is a simple one...that a tax "cut" is actually an expense or somehow a giveaway.


It's not an expense its a pay cut, which increase the amount by which the government already cannot pay its bills.

The budget score came in approximately an hour after the bill passed in the Senate. Just as standard process and norms dictate. (snicker)
https://www.jct.gov/publications.html?func=startdown&id=5046
And, the score is exactly as McConnell promised. "Should be Revenue Neutral" ... meaning it absolutely isn't.

There ARE things worth ballooning the deficit over, like an infrastructure bill, like stabilizing a collapsing economy. Tax breaks for myself and millionaires didn't make my list. Did they make yours?
60   DASKAA   ignore (3)   2017 Dec 21, 8:13pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

The calculator has been updated with the final bill.

Ran the numbers again: yuuuge tax break for me despite deductions cap at $10K
61   CovfefeButDeadly   ignore (4)   2017 Dec 22, 1:52am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Rew says
It's not an expense its a pay cut, which increase the amount by which the government already cannot pay its bills


Were just gonna let this sentence incubate.
62   TwoScoopsOfSpaceForce   ignore (4)   2017 Dec 22, 6:56am   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_313db says
That stat about 250K/500K was only about california Prop 30. Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey. However, there will be serious collateral damage among wealthy core republicans especially those who live in orange county. Talk about irony - they primarily voted for him hoping for a tax cut only to be slammed with a tax increase....


Nope. For the first time since the Great Depression, the crony capitalists in Orange County decided their future was better in the corruptible hands of Clinton. Not since FDR!
http://www.latimes.com/projects/la-pol-ca-2016-orange-county-results/
63   WatermelonUniversity   ignore (6)   2017 Dec 22, 7:15am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Cheer now. Your kids will pay for all this.
64   anonymous   ignore (null)   2017 Dec 22, 10:51am   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_313db says
Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey.


You're learning, voting Democrat and voting for Hillary has consequences.

But in reality, it's your STATE representatives that are fucking you over in those states. Stop voting for the Blue team.
65   DASKAA   ignore (3)   2017 Dec 22, 11:50am   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_313db says
Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey.


Well, the calculator based on the final version of the bill disagrees: they won't be "punished".
66   anonymous   ignore (null)   2017 Dec 22, 1:33pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Satoshi_Nakamoto says
anon_313db says
Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey.


Well, the calculator based on the final version of the bill disagrees: they won't be "punished".


Calculator shows that Cali millionaire household with $18,000 property taxes (1.5 million dollar home) and $60,000 in interest costs will pay a little more than $1,000 in federal taxes than they used to. The punishment will be unbearable...
67   WatermelonUniversity   ignore (6)   2017 Dec 22, 10:35pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

You forgot state income tax deduction.
I’m not remotely close to a millionaire but SALT deduction cap at $10K hurt my refund dramatically.


anon_7ebb1 says
Satoshi_Nakamoto says
anon_313db says
Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey.


Well, the calculator based on the final version of the bill disagrees: they won't be "punished".


Calculator shows that Cali millionaire household with $18,000 property taxes (1.5 million dollar home) and $60,000 in interest costs will pay a little more than $1,000 in federal taxes than they used to. The punishment will be unbearable...
68   WatermelonUniversity   ignore (6)   2017 Dec 22, 10:39pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

All CA republican senators and House rep better brush up their resume because hey are all FIRED next election.
69   MrMagic   ignore (11)   2017 Dec 23, 8:31am   ↑ like (1)   ↓ dislike (0)   quote   flag        

BorderPatrol says
All CA republican senators and House rep better brush up their resume because hey are all FIRED next election.


Except it was all the DEM elected politicians that voted for and allowed the ridiculous property taxes and state income taxes in the first place in CA.

Please focus on the real SOURCE of the problem.

Voting DEM has consequences!
71   HEYYOU   ignore (18)   2017 Dec 23, 10:36am   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_7ebb1 says
pay a little more than $1,000 in federal taxes than they used to.

TAX INCREASE!
Why do Republicans want to defend paying more taxes?

Bert Einsteinski
The difference between genius & Republicans,Republicans will DIE DUMB!
72   HEYYOU   ignore (18)   2017 Dec 23, 10:47am   ↑ like (1)   ↓ dislike (0)   quote   flag        

How many here know if their taxes will increase?

I'll be talking to my adding & subtracting bookkeeper/CPA,after the new year.
Hope he doesn't have to use multiplication to figure my taxes under the new Republican Tax Increase Bill.

I've bookmarked this,will keep an eye out for responses.
73   DASKAA   ignore (3)   2017 Dec 24, 12:05pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

BorderPatrol says
You forgot state income tax deduction.
I’m not remotely close to a millionaire but SALT deduction cap at $10K hurt my refund dramatically.


I'll call BS on this one.

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