« prev   random   next »

2
0

New Federal Tax rates chart

By FortWayneIndiana following x   2018 Nov 29, 4:56pm 501 views   26 comments   watch   sfw   quote     share    


https://www.investors.com/etfs-and-funds/personal-finance/how-tax-reform-impacts-your-tax-bracket-and-rate/

Scroll down a bit in the webpage, there are 2 charts with single and married tax rates. Down for most people.

Personal opinion: Still though taxes are too high in this country. 30% federal if you are not broke. Then add CA 10% state, 10% sales tax.
1   Patrick   ignore (1)   2018 Nov 29, 5:33pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

Here they are, for convenience:


2   FortWayneIndiana   ignore (0)   2018 Nov 29, 5:37pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

THanks Patrick
3   Patrick   ignore (1)   2018 Nov 29, 5:48pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

Another interesting thing about tax rates: even when they stay at the same percentage, the actual tax you pay keeps rising with inflation.

Maybe your salary and prices both double because of inflation over 10 years. Guess what? The government is now going to take a higher percentage of your income because you'll be in a higher bracket.

You didn't actually double your income, it's the same in purchasing power because prices also doubled, if you ignore taxes.

But you actually are going to be paying more in taxes, because you'll pay a higher percentage of your income now that you're in a higher bracket.

Now you can buy less stuff that you could 10 years ago, because the government is taking a higher percentage of your income.

Eventually, with inflation, everyone will be in the top tax bracket paying 37%, even the poorest people. They will all make a million dollars a year, but a million dollars will be like $10,000 today.
4   FortWayneIndiana   ignore (0)   2018 Nov 29, 5:51pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

didn't even think about it, that is true.

inflation has brought a lot of incomes up, but the buying power has not kept up, only higher taxes.
5   HEYYOU   ignore (21)   2018 Nov 29, 6:06pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

FortWayneIndiana says
Down for most people.


What I love is the misdirection.

If one makes $315,000 - 24%.
Make an extra dollar $315,001 - 32%.
Republicans are stealing 8% more of that dollar.
Look at every bracket.
6   HEYYOU   ignore (21)   2018 Nov 29, 6:18pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Can't wait to see the bitching & moaning next April.
7   cmdrdataleak   ignore (0)   2018 Nov 29, 6:32pm   ↑ like (5)   ↓ dislike (0)   quote   flag        

HEYYOU says
FortWayneIndiana says
Down for most people.


What I love is the misdirection.

If one makes $315,000 - 24%.
Make an extra dollar $315,001 - 32%.
Republicans are stealing 8% more of that dollar.
Look at every bracket.


This is not quite how it works.

If you make $315,001, your income is taxed in brackets thusly:

the first $9,525 at 10%,
the amount between $9,526 and $38,700 ($29,174) at 12%,
... at 22%,
... at 24%,
...,
...,
and only that remaining top $1 at 32%.

so you add up the totals in each bracket, and that's your total tax liability.
8   Booger   ignore (1)   2018 Nov 29, 6:53pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

HEYYOU says
Can't wait to see the bitching & moaning next April.


I have already done a tax calculation and concluded that it's most likely not going to affect my taxes much. The increase in the rates for single payers should not affect me much since any income over 157,501 is going to be taxed at long term capital gains rates instead of the higher 32% rate.
9   FortWayneIndiana   ignore (0)   2018 Nov 29, 7:53pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

HEYYOU says
Make an extra dollar $315,001 - 32%.
Republicans are stealing 8% more of that dollar.


Used to be 37% of that dollar. So it's down by 5%.
10   rocketjoe79   ignore (0)   2018 Nov 30, 7:07pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

But didn't they make the standard deduction about 2x, so most folks don't need to take the interest deduction anymore? I think it's the beginning of phasing out deductible mortgage interest. Then they can slowly drop the standard deduction to raise taxes later. This is a ten year -ish program.....
11   lostand confused   ignore (0)   2018 Nov 30, 7:34pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Those with kids have a 2,000 bucks a child tax credits. This time you can make 200k for singles and I think close to 400k for married folks. This is a big deal for some. Especially people like Octomom-assuming she makes money from her porn gigs. Though her kids ar eover the cutover stage.
12   FortWayneIndiana   ignore (0)   2018 Nov 30, 8:00pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

rocketjoe79 says
But didn't they make the standard deduction about 2x, so most folks don't need to take the interest deduction anymore? I think it's the beginning of phasing out deductible mortgage interest. Then they can slowly drop the standard deduction to raise taxes later. This is a ten year -ish program.....


that's already there. mortgage interest is no longer deductible as per new tax bill. this year.
13   Sunnyvale94087   ignore (0)   2018 Nov 30, 8:09pm   ↑ like (4)   ↓ dislike (0)   quote   flag        

FortWayneIndiana says
rocketjoe79 says
But didn't they make the standard deduction about 2x, so most folks don't need to take the interest deduction anymore? I think it's the beginning of phasing out deductible mortgage interest. Then they can slowly drop the standard deduction to raise taxes later. This is a ten year -ish program.....


that's already there. mortgage interest is no longer deductible as per new tax bill. this year.

That's not right. Here's my understanding, as a single filer...
• I can take $12k standard deduction, which is a large increase from previous year's standard deduction. In this case you don't write off state and local taxes, your mortgage interest, or your charitable contributions. Joint filers get get 2x single filers: $24k standard deduction.
• Or I can take deductions for my state and local taxes CAPPED to $10k deductions + charitable contributions (not capped?) + add on my mortgage interest payments with limits no more restrictive than before (but if I refinance than I'll have somewhat more restrictive limits).

If you hit AMT every year very hard (and even are hit by the AMT deduction phase out), then you weren't writing off any state and local taxes anyway. New AMT limits and phaseout are more generous than before, so if you already paid off your mortgage then you're coming out ahead. If you fall into the AMT category and are making large mortgage interest payments, then you might win or you might lose; it depends on the specifics.

The big takeaway is no different than ever before: you need to start your own (government blessed) religion. Unlimited deductions!
14   HEYYOU   ignore (21)   2018 Nov 30, 9:10pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Tax brackets are more on some dollars than on other dollars even if it's only one?

I was waiting for children to come up.
Those with children get a bigger tax break than those without children? I need to adopt 20 children.

Reps & Dems do not & can not represent me.
No taxation without representation.
FMTT! I can't fight 126,000,000 Socialist Rep & Dem voters. They live their lives in debt. They place the govt. in debt & want me to help pay for it.
15   adarmiento   ignore (0)   2018 Nov 30, 10:51pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

I agree Patrick as that is one way the federal guvmit inflates itself out of a further debt crisis.
16   CovfefeButDeadly   ignore (4)   2018 Nov 30, 11:07pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Thank you President Trump!
17   CovfefeButDeadly   ignore (4)   2018 Nov 30, 11:08pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Kiss my ass California Democrats!
18   PrivilegedtobeWhite   ignore (1)   2018 Dec 1, 8:42am   ↑ like (3)   ↓ dislike (0)   quote   flag        

I need to get out of California, but my wife and kids love it here. I max out every tax deductible vehicle I can just to avoid my high tax situation. My hope is that I'll retire in some place like Reno with low taxes and withdraw a much lower income to live.
19   ThreeBays   ignore (0)   2018 Dec 1, 9:29am   ↑ like (0)   ↓ dislike (1)   quote   flag        

Patrick says
Another interesting thing about tax rates: even when they stay at the same percentage, the actual tax you pay keeps rising with inflation.

Maybe your salary and prices both double because of inflation over 10 years. Guess what? The government is now going to take a higher percentage of your income because you'll be in a higher bracket.

You didn't actually double your income, it's the same in purchasing power because prices also doubled, if you ignore taxes.

But you actually are going to be paying more in taxes, because you'll pay a higher percentage of your income now that you're in a higher bracket.

Now you can buy less stuff that you could 10 years ago, because the government is taking a higher percentage of your income.

Eventually, with inflation, everyone will be in the top tax bracket paying 37%, even the poorest people. They will all make a million dollars a year, but a million dollars will be like $10,000 today.


Tax brackets get adjusted up based on inflation, so what you say isn't correct except to the extent that the CPI measurement used in the tax code under-tracks real wage inflation.

Now of course, the CPI measures used do feel like they are under-tracking real inflation, and not only that but the GOP stealthily raised your long term taxes by switching the tax code to the C-CPI-U measure. Thanks liar liar party.

https://fredblog.stlouisfed.org/2018/01/new-tax-code-new-price-index-new-tax-bracket-adjustments/
20   rocketjoe79   ignore (0)   2018 Dec 1, 2:11pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

For me the new tax changes were a wash. Which means as my home mortgage ages, I'm paying less interest and more principal, so good for me.
Shouldn't this higher standard deductible make the MI deduction irrelevant except to the wealthy? And poorer folks get a tax break, right?
21   HeadSet   ignore (1)   2018 Dec 1, 3:17pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

And poorer folks get a tax break, right?

Yes, because families who rent or do not have 24k worth of deductions benefit from that higher standard deduction.
22   HEYYOU   ignore (21)   2018 Dec 1, 3:34pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Fuck every tax payer that has children so they can enjoy their Republican Socialist tax breaks at the cost of those that have to carry their waste of egg & sperm when they procreate trash.
GREEDY TAKERS!
23   Strategist   ignore (2)   2018 Dec 1, 8:25pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

cmdrdataleak says
What I love is the misdirection.

If one makes $315,000 - 24%.
Make an extra dollar $315,001 - 32%.
Republicans are stealing 8% more of that dollar.
Look at every bracket.


This is not quite how it works.


Shame on you, Hey You.
24   Strategist   ignore (2)   2018 Dec 1, 8:29pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Booger says
I have already done a tax calculation and concluded that it's most likely not going to affect my taxes much.


If many democrats did their calculations, they would conclude they still don't pay any taxes.
25   Strategist   ignore (2)   2018 Dec 1, 8:36pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

If you want to save taxes, get an electric car. $7,500 savings on federal tax.
Or else.....don't complain.




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


about   best comments   contact   one year ago   suggestions