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I'm sorry, the tax cut is effective for tax year beginning 1.1.18, which means 2018 taxes are filed and paid in 2019. How would you know how much savings there are when the year is not even 1/3 complete?
I'll throw you a bone and say middle class is $100k in family income ($58k or so is the actual median/middle class family income). Not a chance in hell a middle class person is saving $10k. Or paying AMT.
I'm sorry, the tax cut is effective for tax year beginning 1.1.18, which means 2018 taxes are filed and paid in 2019. How would you know how much savings there are when the year is not even 1/3 complete?
SFace saysI'm sorry, the tax cut is effective for tax year beginning 1.1.18, which means 2018 taxes are filed and paid in 2019. How would you know how much savings there are when the year is not even 1/3 complete?
Because the outline of the plan, along with tax rates have been published. There are numerous online calculators available that will tell you your approximate tax liability under the new plan.
You should use that Smartphone for something useful, instead of just looking up sports scores.
If middle class is 100k, than every government employee here is upper class dude, because they all make way more. In CA, 100k is not bad, but in a city that won't go far. It's an expensive state. I know I've done well last few years for myself. In Indiana 100k is great, in CA that's not much.
FortWayne saysIf middle class is 100k, than every government employee here is upper class dude, because they all make way more. In CA, 100k is not bad, but in a city that won't go far. It's an expensive state. I know I've done well last few years for myself. In Indiana 100k is great, in CA that's not much.
I get what you're saying, but median is middle. $58k is what the middle family makes. I get people make different amounts in different places, but $100k is technically not middle class, it's middle upper class. You saying you're middle class AND pay AMT seems a little tone deaf to me.
I don't know your guys income. But just make up a scenario at least to show me how you're saving high 4 figures and some saying 5 figures. If these calculators are readily available this should be pretty short work. I'll be honest, I doubt the claims, but am open to seeing some data. I'll eat ...
Cause the calculator said so. Lmfao
SFace saysCause the calculator said so. Lmfao
I'm going to give the benefit of the doubt here. I have no problem being proven wrong, honestly. I just don't know any scenario where someone making $200k in 2017 is going to save $10k in federal taxes in 2018 all thing being equal, besides the new tax law. This is my income range and have done my own taxes for 15 years. I'm interested in these calculators or some data to back the claims up is all. .
The tax cuts are well documented, the median person gets 1800 or so.
But claiming 10k in savings say 200k in income is effectively a 5% effective tax rate cut. We know that only applies if all the stars are aligned
I have no problem being proven wrong, honestly.
It's 4% difference on $200K between tax rates 2017 versus 2018, before tweaking:
Even better with MFJ (second column).
I wonder where those two guys ran away too?????
I wonder where those two guys ran away too?????
I'm here. I still haven't heard an explanation of how you yourself are going to save $8-10k or FW
a tax cut that understands that 2 people = income x2, not income x1.2 and penalize you for making more than that
Even better with MFJ
I'm here. I still haven't heard an explanation of how you yourself are going to save $8-10k or FW. Plug the numbers in on your own chart and the best you can do math wise with $200k income is a $6,300 savings with everything else excluded
I'm just fighting the numbers you guys are presenting.
This tax cut was totally intended to fuck blue states with high property taxes and income taxes.
SFace saysBut claiming 10k in savings say 200k in income is effectively a 5% effective tax rate cut. We know that only applies if all the stars are aligned
It's 4% difference on $200K between tax rates 2017 versus 2018, before tweaking:
28% on $200K in 2017
Versus 24% on $200K in 2018
WookieMan saysI have no problem being proven wrong, honestly.
Alright, you both can admit you're wrong now.
Hi Wookieman,
I believe your quibble with Ft Wayne is over what constitutes middle class. I’ve had the same argument with people claiming family income of $250-500k a year is middle class.
FWIW, based on rising rents and housing costs in LA and OC, I’ve personally adjusted my definition of middle class in LA and OC as thusly:
$80-120k lower middle class
$125-175k middle class
$175-250k upper middle class
I know that sounds crazy but by that standard, lower middle class is completely priced out of buying anywhere but ghetto and will struggle to find a rental unit with a good school district, the middle class person is mostly relegated to an hour plus commute or a townhome in a decent school district, and the upper middle class family should be able to afford a sfr in a decent are, though it won’t be fancy unless it’s in one of the outer suburbs.
Personally in calculating the lower tax amount, our family income is in the $125-150k range and we ar...
That's because you don't know how to be creative when it comes to taxes. I prepaid a bunch of things in 2017 to get the full deduction. Now in 2018, I'll take the standard deduction of $24K, but since I got full deduction of items in 2017, I'll save between $8K -$10K this year based on out of pocket expenses.
I'll save between $8K -$10K this year based on out of pocket expenses.
Based on quick math, I'll also be saving around $8K - $10K next year too.
FortWayne saysEven better with MFJ (second column).
Plus the increase in the standard deduction to $24K for 2018 (up from $12K).
and if you have kids, The child tax credit will increase from $1,000 to $2,000 per child under age 17.
I wonder where those two guys ran away too?????
FWIW, based on rising rents and housing costs in LA and OC, I’ve personally adjusted my definition of middle class in LA and OC as thusly:
$80-120k lower middle class
$125-175k middle class
$175-250k upper middle class
I'm MFJ. 2017 = marriage penalty. 2018 = no penalty. Everyone is different of course. Some people can take advantage of child credit, and bigger standard deduction (12->24). Others are simply in better brackets, such as in our case. There is no magic here. Just simply better tax plan that works for everyone. Rich got the smallest tax cut, just 1%.
FortWayne saysI'm MFJ. 2017 = marriage penalty. 2018 = no penalty. Everyone is different of course. Some people can take advantage of child credit, and bigger standard deduction (12->24). Others are simply in better brackets, such as in our case. There is no magic here. Just simply better tax plan that works for everyone. Rich got the smallest tax cut, just 1%.
Dude, I don't know what to believe anymore. You were just talking about AMT and now you're talking about tax brackets? It can't be both, you do understand that, right? If you're having to go AMT route, there's a good (great) chance you've got enough income to be phased out of the child tax credit. So again, not sure where you are going with this. Just say you like the tax plan and don't get into the details.
WookieMan saysNot sure if this is sarcasm.I have a high income. Well above $250K.
WookieMan saysNot sure if this is sarcasm.I have a high income. Well above $250K.
Which state will pay the defense budget when all states become like red states, deadbeat states?
Then your $8k claim is good by me. There are ways to get that kind of savings over $250k income. Sniper explained his savings as well, though I think he misspoke about the time frame of those savings. Not a big deal though.
SFace saysBut I would expect that from someone who has no problem and no concern giving all his personal information away on his phone.
Is that a lecture from someone who is living in 1950 (and good for you that you are disconnected)? I'm sure you like to spend 2 weeks doing something that takes 2mins. I value efficiency. Plus don't even begin to lecture about security because you have not even bothered. Sounds like the Kennedy senator that asks how FB made $$. I know how FB makes money, how Banks margin/leverage, how insurance prices, I study Blockchain technology; you just lecture based on what you learned from grandma
I said SAVINGS, as in DOLLARS in my pocket, but some of the people here in this thread can't seem to understand that point, and are just trying to apply a "tax rate" to some hypothetical income amount. Of course, just applying a rate to an income, won't help certain people comprehend that point, and they can bang their calculators until there's nothing left.
I said SAVINGS, as in DOLLARS in my pocket, but some of the people here in this thread can't seem to understand that point, and are just trying to apply a "tax rate" to some hypothetical income amount. Of course, just applying a rate to an income, won't help certain people comprehend that point, and they can bang their calculators until there's nothing left.
Since I live in a blue state and will get hit with SALT limitations, I went ahead and increased my withholding to make up for the amount my withholding was decreased. If necessary, I will adjust that after tax season next year. It seems to be the only prudent thing to do, unless you potentially like paying interest and penalties on top of your income taxes.
I think most here would say I'm a reasonable commenter at Patnet.
I'm lost at this point.
Based on quick math, I'll also be saving around $8K - $10K next year too.
Lolz. Dude drop it.
So basic math skills here, $24K deduction - $15K ACTUALLY spent = $9K out of pocket savings (money that I didn't spend on the Schedule A).
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https://www.usatoday.com/story/opinion/2018/04/10/donald-trump-gop-tax-cuts-wont-deliver-big-raise-column/471188002/
In selling you their trickle-down tax plan, President Trump and congressional Republicans promised you a $4,000 pay raise.
"This change, along with a lower business tax rate, would likely give the typical American household around a $4,000 pay raise," Trump said in October.
“At least $4,000,” House Speaker Paul Ryan emphasized in a post on his official website.
So now that rich people like me have gotten our billions of dollars in tax cuts, you might be wondering where your $4,000 raise is.
Spoiler alert: You’re not getting one.