How much will you save?
- BackInTex
- Posts: 12804
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
How much will you save?
NYT Tax Bill Calculator
I hope this is fairly accurate.
Not sure how the child tax credit works. It asks about children under 17 living at home (which I have none), but I don't know if that extends to dependent children over 17 but still in school. If so, I save even more.
I hope this is fairly accurate.
Not sure how the child tax credit works. It asks about children under 17 living at home (which I have none), but I don't know if that extends to dependent children over 17 but still in school. If so, I save even more.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- Bob78164
- Bored Moderator
- Posts: 21642
- Joined: Mon Oct 08, 2007 12:02 pm
- Location: By the phone
Re: How much will you save?
Can't get into the link until I get home, but I'm pretty sure my taxes will go up two or three thousand dollars. But I'm in California so I guess my losses don't count. Except, of course, for the California Republicans who voted to raise my taxes. I'll be working next year to put them on unemployment. --Bob
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear." Thomas Jefferson
- BackInTex
- Posts: 12804
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
Re: How much will you save?
Bob78164 wrote:Can't get into the link until I get home, but I'm pretty sure my taxes will go up two or three thousand dollars. But I'm in California so I guess my losses don't count. Except, of course, for the California Republicans who voted to raise my taxes. I'll be working next year to put them on unemployment. --Bob
Sounds like you'll be busy next year.
I'm glad to see we Texans no longer are subsidizing your state's liberal policies. I know it hurts, but its those local Democrats you elected that have done the damage, not the Republicans.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- Bob78164
- Bored Moderator
- Posts: 21642
- Joined: Mon Oct 08, 2007 12:02 pm
- Location: By the phone
Re: How much will you save?
You never were. Even under current law, California is a donor state. And I'm going to place the blame squarely where it belongs -- on Republicans who repealed a deduction for state and local income taxes paid by individuals that has been in place since our very first income tax law.BackInTex wrote:Bob78164 wrote:Can't get into the link until I get home, but I'm pretty sure my taxes will go up two or three thousand dollars. But I'm in California so I guess my losses don't count. Except, of course, for the California Republicans who voted to raise my taxes. I'll be working next year to put them on unemployment. --Bob
Sounds like you'll be busy next year.
I'm glad to see we Texans no longer are subsidizing your state's liberal policies. I know it hurts, but its those local Democrats you elected that have done the damage, not the Republicans.
Come to think of it, businesses, unlike individuals, still get to deduct state and local taxes. I guess it's time for some of us to consider shifting some of the tax burden at the state level from individuals to businesses. I've always thought it was insane to apply the restrictions of Proposition 13 to business property. Perhaps now enough Californians will agree with me to make it happen. --Bob
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear." Thomas Jefferson
- Bob78164
- Bored Moderator
- Posts: 21642
- Joined: Mon Oct 08, 2007 12:02 pm
- Location: By the phone
Re: How much will you save?
And let's not forget to factor in the benefits that will be lost under PAYGO rules (Medicare is now on the chopping block) and the increased insurance premiums that we will pay directly because of this tax bill. I wonder how much of the tax cut that will swallow for those middle class taxpayers who, unlike me, are fortunate enough to enjoy one.
When Republicans start talking about the need to live within our means, never forget they just added $1.4 trillion to the deficit in order to give their donors a huge tax cut. --Bob
When Republicans start talking about the need to live within our means, never forget they just added $1.4 trillion to the deficit in order to give their donors a huge tax cut. --Bob
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear." Thomas Jefferson
- BackInTex
- Posts: 12804
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
Re: How much will you save?
LOL. That'll work.Bob78164 wrote: I guess it's time for some of us to consider shifting some of the tax burden at the state level from individuals to businesses.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- silverscreenselect
- Posts: 23257
- Joined: Mon Oct 08, 2007 11:21 pm
- Contact:
Re: How much will you save?
By my figuring, we should save about $1500, which doesn't make this a good bill.
If you take the standard deduction, for a couple without children, before you could deduct ($13,000 + $8,300 = $21,300). Now you can deduct $24,000, which means $2700 less taxable income at, for most middle income people, either a 15% or 25% rate.
In addition, the tax rates above $19050 will be cut by 3%. So, your taxes will go down by $30 for each $1,000 in taxable income you have over $19,050.
What's going to happen is that employers will cut back on raises because employees have already gotten a "raise" due to the tax cut.
If you take the standard deduction, for a couple without children, before you could deduct ($13,000 + $8,300 = $21,300). Now you can deduct $24,000, which means $2700 less taxable income at, for most middle income people, either a 15% or 25% rate.
In addition, the tax rates above $19050 will be cut by 3%. So, your taxes will go down by $30 for each $1,000 in taxable income you have over $19,050.
What's going to happen is that employers will cut back on raises because employees have already gotten a "raise" due to the tax cut.
Check out our website: http://www.silverscreenvideos.com
- BackInTex
- Posts: 12804
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
Re: How much will you save?
LOL Yeah, that's how it works.silverscreenselect wrote: What's going to happen is that employers will cut back on raises because employees have already gotten a "raise" due to the tax cut.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- BackInTex
- Posts: 12804
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
Re: How much will you save?
But you are mum on the increased premiums for ACA.Bob78164 wrote:increased insurance premiums that we will pay directly because of this tax bill.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- Bob Juch
- Posts: 26461
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: How much will you save?
They say it will be $7,820 but actually my Type S LLC will save me much more.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Bob78164
- Bored Moderator
- Posts: 21642
- Joined: Mon Oct 08, 2007 12:02 pm
- Location: By the phone
Re: How much will you save?
That’s a point. If I incorporate I may be able to convert my state income tax into business expenses that will be fully deductible. That won’t help our staff, nor can I get the 20% deduction that most pass-through entities (those not owned by doctors or lawyers will get), but it should help. The people who will truly get screwed will be our support staff, particularly those who own homes. —BobBob Juch wrote:They say it will be $7,820 but actually my Type S LLC will save me much more.
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear." Thomas Jefferson
- silverscreenselect
- Posts: 23257
- Joined: Mon Oct 08, 2007 11:21 pm
- Contact:
Re: How much will you save?
If only you were a Senator like Bob Corker or 14 of his Republican colleagues, you could have taken full advantage of this deduction that's sure to lead to a veritable torrent of new job creation.Bob78164 wrote:nor can I get the 20% deduction that most pass-through entities
Check out our website: http://www.silverscreenvideos.com
- Ritterskoop
- Posts: 5727
- Joined: Thu Oct 11, 2007 10:16 pm
- Location: Charlotte, NC
Re: How much will you save?
I read an interesting article about how this would change the way people think about home ownership. Policy for the past 60 years or so has been to give a big deduction for mortgage interest, but that's going away for a lot of folks. Not everyone thinks that's a bad move - we were being influenced to buy rather than rent, and that may not have been good social policy. Or it was, whatever.
I guess my mortgage interest is so low it didn't really do anything for me taxwise.
The tax bills always make me snicker anyway - we real people won't see all that much of a difference for 10 years, and by then, someone else will have put in a new tax bill, so there is not much point in getting all worked up about it.
I guess my mortgage interest is so low it didn't really do anything for me taxwise.
The tax bills always make me snicker anyway - we real people won't see all that much of a difference for 10 years, and by then, someone else will have put in a new tax bill, so there is not much point in getting all worked up about it.
If you fail to pilot your own ship, don't be surprised at what inappropriate port you find yourself docked. - Tom Robbins
--------
At the moment of commitment, the universe conspires to assist you. - attributed to Johann Wolfgang von Goethe.
--------
At the moment of commitment, the universe conspires to assist you. - attributed to Johann Wolfgang von Goethe.
- Bob78164
- Bored Moderator
- Posts: 21642
- Joined: Mon Oct 08, 2007 12:02 pm
- Location: By the phone
Re: How much will you save?
What's worth getting worked up about is the $1.4 trillion it's going to add to the deficit, which the Republicans are already starting to use as an excuse to slash programs that are popular with the American people but that Republican donors don't like. The attack on Obamacare is just the start. Paul Ryan has already expressed an intent to go after Social Security and Medicare. --BobRitterskoop wrote:I read an interesting article about how this would change the way people think about home ownership. Policy for the past 60 years or so has been to give a big deduction for mortgage interest, but that's going away for a lot of folks. Not everyone thinks that's a bad move - we were being influenced to buy rather than rent, and that may not have been good social policy. Or it was, whatever.
I guess my mortgage interest is so low it didn't really do anything for me taxwise.
The tax bills always make me snicker anyway - we real people won't see all that much of a difference for 10 years, and by then, someone else will have put in a new tax bill, so there is not much point in getting all worked up about it.
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear." Thomas Jefferson
- silverscreenselect
- Posts: 23257
- Joined: Mon Oct 08, 2007 11:21 pm
- Contact:
Re: How much will you save?
It may or may not have been good social policy, but it was definitely good for the housing industry, having the federal government in essence foot up to 25% of the bill or more for home buyers thanks to deductibility.Ritterskoop wrote:Policy for the past 60 years or so has been to give a big deduction for mortgage interest, but that's going away for a lot of folks. Not everyone thinks that's a bad move - we were being influenced to buy rather than rent, and that may not have been good social policy. Or it was, whatever.
We haven't been able to itemize for years because our interest eventually vanished as well. The good news is that our housing costs are a fraction what they would be if we were renting now or trying to buy a new home from scratch (we still pay a condo fee).
Check out our website: http://www.silverscreenvideos.com
- Bob Juch
- Posts: 26461
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: How much will you save?
Trump and his fellow real estate magnates would much prefer you rent.Ritterskoop wrote:I read an interesting article about how this would change the way people think about home ownership. Policy for the past 60 years or so has been to give a big deduction for mortgage interest, but that's going away for a lot of folks. Not everyone thinks that's a bad move - we were being influenced to buy rather than rent, and that may not have been good social policy. Or it was, whatever.
I guess my mortgage interest is so low it didn't really do anything for me taxwise.
The tax bills always make me snicker anyway - we real people won't see all that much of a difference for 10 years, and by then, someone else will have put in a new tax bill, so there is not much point in getting all worked up about it.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.