Senate bill is looking pretty good for us now....
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Senate bill is looking pretty good for us now....

By anonymous following x   2017 Dec 2, 8:39am 2,476 views   134 comments   watch   quote     share    


#poltics All the changes helped my $200k dual income family.... even though we won’t itemized anymore. Losing the SALT deduction and home equity loan interest deduction make it impossible to itemize now... but atleast the lower brackets and ability to get a $2000 tax credit for our child offset any higher taxes due to not being able to itemize.

Hopefully the house passes this thing with minimal changes since the property tax deduction survived. The house bill was horrible for upper middle class earners in blue states. This softens the blow. There’s about a $3000 difference now between the senate and house bills for us.

It’s still stupid all these tax changes and it’s basically a wash for our family all said and done. Just glad we didn’t stretch and buy a really expensive house.... those people in our income level are getting screwed if they can’t combine those interest payments with SALT for a fat deduction.

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1   FortWayne   ignore (0)   2017 Dec 2, 8:55am   ↑ like (2)   ↓ dislike (1)     quote      

I don't fully understand the new tax bill. Some people are screaming "greatness", others are screaming "bloody murder". Too much noise, too little info. Some are saying that it's mostly cuts for 1%, while others are only getting temp tax cuts till 2027.

No idea what's going on.
2   WildMind   ignore (0)   2017 Dec 2, 9:44am   ↑ like (0)   ↓ dislike (0)     quote      

It’s because there’s a lot giving with one hand and taking with the other. And the “double deduction” is a total lie for families of 4. The standard deduction plus personal exemptions is larger now than it is under the new tax law. So that’s very disingenuous.

The childcare credit is very helpful for middle and upper class families... but it cancels out credits we used like the $5000 FSA childcare deduction which I think disappears now.

It’s definitely a gift for corporations... and will leave the government screwed when the next inevitable recession /depression hits. This should juice the market for 2 years though.
3   anon_25c83   ignore (3)   2017 Dec 2, 9:53am   ↑ like (1)   ↓ dislike (0)     quote      

What's going on is quite simple. We have massive deficit spending and an accelerating national debt so Republicans decided to make large cuts in taxes so billionaires can have a lot more money and everyone else can have a lot more debt.

They aren't doing this in a recession for the purpose of stimulating the economy, they are doing this when the economy is good so they can shovel as much cash into their pockets as possible.
4   anon_fad35   ignore (0)   2017 Dec 2, 9:54am   ↑ like (1)   ↓ dislike (1)     quote      

Breaking even is not “pretty good.”

You got screwed when everyone gets $2-4K back, their rich friends get millions back and you get nothing.
5   Quigley   ignore (0)   2017 Dec 2, 10:20am   ↑ like (1)   ↓ dislike (0)     quote      

Glad they added the property tax deduction back. Thanks to the rather Liberal senator from Maine.
The “conservative” senators were all hot to raise our taxes, the assholes!

And yes, the child tax credit is going to be YUUUGE for working families. With my three kids, it’s making a large difference. Making up for the lost State income tax deduction.
6   anon_66227   ignore (0)   2017 Dec 2, 10:36am   ↑ like (0)   ↓ dislike (0)     quote      

anon_fad35 says
Breaking even is not “pretty good.”

You got screwed when everyone gets $2-4K back, their rich friends get millions back and you get nothing.


Don't be so sure about that. Me & the wife are closing in on 450k/yr so what most people would say is "rich" - but under the senate bill I will pay another 4K in taxes per year.
7   lostand confused   ignore (0)   2017 Dec 2, 10:43am   ↑ like (1)   ↓ dislike (1)     quote      

I know Rand Paul introduced an amendment to get rid of the dreaded FATCA . This impacts overseas citizens etc and made life a nightmare for 8 million Americans as it put onerous reporting and horrible consequences for people and financial institutions outside. Lot of international companies stopped dealing with individual Americans for small amounts. The Mitt Romneys were fine.

As usual Obama sticking it to the middle class. Was it included in the bill-can't find info anywhere about weather the amendment was added and passed.
8   HEYYOU   ignore (4)   2017 Dec 2, 10:46am   ↑ like (0)   ↓ dislike (2)     quote      

To those that have read every word in the senate & house bills,has either one eliminated handouts, business subsidies & mandates to get Republicans off their addiction of tax dollars.

The child deduction has to go,NOW.
This is nothing but Socialism that Republican parents don't want to give up.
Republican parents love entitlements.
What's their waste of sperm & "special" eggs affect on the infrastructure until they are able to work & pay taxes
that make an insignificant improvement compared to the damage they do.

Fuck you if you don't have children.
Childless GenXers & Mills are so stupid.
Where your "special" deduction?

Once again Rep/Cons can't use Dem/Lib arguments against an INDEPENDENT!
Still Nothing?

Maybe Santa Clause will bring me two voodoo dolls,labeled Republicans & Democrats & long barbed needles
9   WildMind   ignore (0)   2017 Dec 2, 11:09am   ↑ like (0)   ↓ dislike (0)     quote      

Compared to what the senate bill looked like a few weeks ago...or what the house bill looks like now with it’s stupid 3 brackets... breaking even feels pretty good. I was gonna owe 3-4 grand more last week with either bill.

The fact that the senate bill adds back in a form of AMT... might kill it in he House. But otherwise I see nothing in this the House won’t sign off on if the deficit isn’t raised higher in this bill vs the House.


anon_fad35 says
Breaking even is not “pretty good.”

You got screwed when everyone gets $2-4K back, their rich friends get millions back and you get nothing.
10   anon_ca717   ignore (0)   2017 Dec 2, 11:26am   ↑ like (1)   ↓ dislike (1)     quote      

How does any of you know how it affects you when there are changes being made every day?
11   Quigley   ignore (0)   2017 Dec 2, 11:53am   ↑ like (4)   ↓ dislike (0)     quote      

anon_fad35 says
You got screwed when everyone gets $2-4K back, their rich friends get millions back and you get nothing.


You can’t give everyone millions back, or we’d be the United States of Zimbabwe!
Learn about how percentages work.
And brush up on your math.
12   joshuatrio   ignore (0)   2017 Dec 2, 12:10pm   ↑ like (0)   ↓ dislike (0)     quote      

anon_66227 says
Me & the wife are closing in on 450k/yr so what most people would say is "rich" - but under the senate bill I will pay another 4K in taxes per year.


Same boat we are. Find a good accountant and he/she can do wonders when it comes to sheltering your cash.
13   FP   ignore (1)   2017 Dec 2, 1:23pm   ↑ like (1)   ↓ dislike (0)     quote      

anon_66227 says
Me & the wife are closing in on 450k/yr so what most people would say is "rich"


Nah, you are not rich. You belong to the direct servants to the rich (courtier) class. Same as I.

So much fuss about a couple $K in taxes. My wife just got a 10% raise, and I'll get ~5-7% in a month. The tax changes are puny in comparison. But I enjoy the show of human greed and stupidity.
14   Strategist   ignore (0)   2017 Dec 2, 1:51pm   ↑ like (0)   ↓ dislike (1)     quote      

anon_ca717 says
How does any of you know how it affects you when there are changes being made every day?


FP says
So much fuss about a couple $K in taxes.


Won't make much of a difference to most people.
15   anon_3b28c   ignore (1)   2017 Dec 2, 3:34pm   ↑ like (0)   ↓ dislike (0)     quote      

Strategist says

Won't make much of a difference to most people.


Except for the $1.4 Billion that gets added to the debt.

I guarantee that if the government just evenly divided up the $1.4B and mailed out a check to every taxpayer I'd get a hell of a lot more than I will under this POS tax plan.
16   anon_b368e   ignore (0)   2017 Dec 2, 3:39pm   ↑ like (0)   ↓ dislike (0)     quote      

Breaking news 2 seconds ago:
We don't have a passed & signed Republican Tax Increase,yet.

Speculation is FACT!
17   Fucking White Male   ignore (2)   2017 Dec 2, 3:46pm   ↑ like (1)   ↓ dislike (1)     quote      

I know people who make in the hundreds of K's annually.

How the hell do you people find time to post here?
18   Rew   ignore (0)   2017 Dec 2, 6:42pm   ↑ like (0)   ↓ dislike (4)     quote      

anon_b368e says
Speculation is FACT!


You have the bill as is, that has passed the senate vote. It goes back to the house now, and both senate and congress work to reconcile any differences.

The fact remains, we very much know big chunks of what this bill does, and the senate and house bill deviated from one another in window dressing ways only.

It's not middle class tax relief. It's an inequality boosting bill.
19   Strategist   ignore (0)   2017 Dec 2, 6:52pm   ↑ like (1)   ↓ dislike (1)     quote      

anon_3b28c says
Strategist says

Won't make much of a difference to most people.


Except for the $1.4 Billion that gets added to the debt.

I guarantee that if the government just evenly divided up the $1.4B and mailed out a check to every taxpayer I'd get a hell of a lot more than I will under this POS tax plan.


You mean $1.4 trillion. We need to give our corporations a fighting chance when it comes to competing. The average corporate tax rate in the developed world is 22%. Reducing our rates to 20% will benefit us in the long run. Plus the hundreds of billions, probably a lot more, that our corporations have hoarded in other countries will come home.
20   Strategist   ignore (0)   2017 Dec 2, 6:54pm   ↑ like (0)   ↓ dislike (1)     quote      

Rew says
It's not middle class tax relief. It's an inequality boosting bill.


Then why are so many democrats supporting it?
21   Jimbo in SF   ignore (0)   2017 Dec 2, 8:24pm   ↑ like (0)   ↓ dislike (0)     quote      

anon_66227 says
will


We make very similar income and Senate plan shows me saving $8k (flat under house plan).

Do you have a mortgage that you deduct ?
22   WookieMan   ignore (0)   2017 Dec 2, 8:41pm   ↑ like (0)   ↓ dislike (0)     quote      

Fucking White Male says
I know people who make in the hundreds of K's annually.

How the hell do you people find time to post here?

Work smarter not harder? Spouse makes a substantial portion of the income? Those would be my ideas why a high incomer has time to Dick around here.
23   Rew   ignore (0)   2017 Dec 2, 11:22pm   ↑ like (1)   ↓ dislike (3)     quote      

Strategist says
Then why are so many democrats supporting it?


House:


Senate:
24   NewOldUser   ignore (0)   2017 Dec 2, 11:49pm   ↑ like (1)   ↓ dislike (0)     quote      

makes half a million bucks per year
"worries" that cheap housing will decrease before buying a place

sounds dubious...
25   NewOldUser   ignore (0)   2017 Dec 2, 11:53pm   ↑ like (0)   ↓ dislike (0)     quote      

makes half a million bucks per year
calls other people "stupid" and "greedy"
26   anon_3b28c   ignore (1)   2017 Dec 3, 1:29am   ↑ like (0)   ↓ dislike (0)     quote      

Sniper says
Why weren't you worrying about that when Obama added $10 Trillion to the debt?


Why were you worrying back then but not now?
27   anon_3b28c   ignore (1)   2017 Dec 3, 1:29am   ↑ like (0)   ↓ dislike (0)     quote      

Strategist says

Then why are so many democrats supporting it?


Which Dems support it? I know of none.
28   anon_82501   ignore (0)   2017 Dec 3, 1:29am   ↑ like (0)   ↓ dislike (0)     quote      

They all got paid.
29   anon_88388   ignore (0)   2017 Dec 3, 1:30am   ↑ like (0)   ↓ dislike (0)     quote      

WookieMan says
Spouse makes a substantial portion of the income


yup ..that's it for me ... HHI is split more or less 50/50
30   HappyGilmore   ignore (1)   2017 Dec 3, 9:13am   ↑ like (0)   ↓ dislike (0)     quote      

Sniper says
First, because the bill hasn't been signed into law yet, so these "debt claims" aren't supported by... well.. nothing...


Multiple GAO evaluations are "nothing"?
31   anon_eeac3   ignore (0)   2017 Dec 3, 11:30am   ↑ like (0)   ↓ dislike (0)     quote      

Was it included in the bill-can't find info anywhere about weather the amendment was added and passed.

Rand Paul's Repeal FATCA amendment was introduced into the 'Manager's Amendment' (a collection of individual amendments). It is #1623 here:
https://www.rpc.senate.gov/tax-cuts-and-jobs-act-reconciliation-tracker ... The MA was passed, so then Repeal FATCA is included in HR1.

The strange thing is that there has not been a chorus of "Ding Dong The Witch is Dead" from anyone. No news coverage, either. I'm starting to doubt what I'm seeing.
32   bob2356   ignore (1)   2017 Dec 3, 2:02pm   ↑ like (0)   ↓ dislike (0)     quote      

Sniper says

Second, the debt "projection" is just that, a "projection", and we know how well these projections work out when it comes to reality.


Yes we know how these projections work out. There will be a lot more debt than projected.
33   anon_e0eaf   ignore (0)   2017 Dec 4, 7:03am   ↑ like (0)   ↓ dislike (0)     quote      

Sniper says
FortWayne says
Some people are screaming "greatness", others are screaming "bloody murder".


That's all because of what side of the aisle they are on and where they get their news.

anon_ca717 says
How does any of you know how it affects you when there are changes being made every day?


One person who gets it.

I've tried at least 3 different tax scenario calculators, and they all came back with wide ranging numbers that weren't even close to each other.


It’s not that difficult to figure out....the new tax bills make it nearly impossible to itemize unless you have a $600k to million dollar mortgage and a ton of charitable contributions.

With no SALT deduction to combine with mortgage interest and property tax deduction most married people won’t get over the $24k standard deduction threshold. So after that you basically just calculate your income after 401k contributions based on the new brackets. And tack on the $2k credit per child.
34   BlueSardine   ignore (1)   2017 Dec 4, 7:09am   ↑ like (0)   ↓ dislike (0)     quote      

Irrelavent for the same reasons trump was elected At this point Change for the sake of change Is desired Once Washington wraps itself around the idea of change then it can be focused in a particular direction right now this moment in Washington there is no such thing as change
anon_e0eaf says
anon_ca717 says
How does any of you know how it affects you when there are changes being made every day?
35   BlueSardine   ignore (1)   2017 Dec 4, 7:10am   ↑ like (0)   ↓ dislike (0)     quote      

In regards to the tax code
36   BlueSardine   ignore (1)   2017 Dec 4, 7:12am   ↑ like (0)   ↓ dislike (0)     quote      

Trump is the icebreaker the ice must be broken Before the ships of pork Can Sail in their various directions
37   BlueSardine   ignore (1)   2017 Dec 4, 7:30am   ↑ like (0)   ↓ dislike (0)     quote      

Libbies take note. :
In 1932, in the depths of the Great Depression, Franklin D. Roosevelt called for “bold, persistent experimentation” and said: “It is common sense to take a method and try it; if it fails, admit it frankly and try another. But above all, try something.”
38   Quigley   ignore (0)   2017 Dec 4, 7:45am   ↑ like (0)   ↓ dislike (0)     quote      

anon_e0eaf says
And tack on the $2k credit per child.


Yah that’s a pretty nice bump for working families! It’s about time they started recognizing the work and sacrifice it requires to raise children in this economy and awarded a little financial incentive to do so! The only alternative to Americans having children is importing more third world people to do that for us.
39   errc   ignore (2)   2017 Dec 4, 7:57am   ↑ like (0)   ↓ dislike (0)     quote      

Quigley says
anon_e0eaf says
And tack on the $2k credit per child.


Yah that’s a pretty nice bump for working families! It’s about time they started recognizing the work and sacrifice it requires to raise children in this economy and awarded a little financial incentive to do so! The only alternative to Americans having children is importing more third world people to do that for us.


Crony Capitalism ftw
40   HappyGilmore   ignore (1)   2017 Dec 4, 8:11am   ↑ like (1)   ↓ dislike (0)     quote      

BlueSardine says
Libbies take note. :
In 1932, in the depths of the Great Depression, Franklin D. Roosevelt called for “bold, persistent experimentation” and said: “It is common sense to take a method and try it; if it fails, admit it frankly and try another. But above all, try something.”


Newsflash--trickle down has been tried already. And it failed.

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