How much will you save?

[BackInTex]

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.

[Bob78164]

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

[BackInTex]

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.

[Bob78164]

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.

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 And I'm going to place the blame squarely where it belongs -- on Republicans who repealed a deduction for state and local income taxes paid by individuals that has been in place since our very first income tax law.

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

[Bob78164]

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

[BackInTex]

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.

LOL. That'll work.

[silverscreenselect]

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.

[BackInTex]

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.

LOL Yeah, that's how it works.

[BackInTex]

increased insurance premiums that we will pay directly because of this tax bill.

But you are mum on the increased premiums for ACA.

[Bob Juch]

They say it will be $7,820 but actually my Type S LLC will save me much more.

[Bob78164]

They say it will be $7,820 but actually my Type S LLC will save me much more.

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. —Bob

[silverscreenselect]

nor can I get the 20% deduction that most pass-through entities

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.

[Ritterskoop]

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.

[Bob78164]

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.

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. --Bob

[silverscreenselect]

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.

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.

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).

[Bob Juch]

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.

Trump and his fellow real estate magnates would much prefer you rent.