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Author Topic: Money  (Read 7068 times)

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Re: Money
« Reply #240 on: December 05, 2017, 03:12:33 pm »
Have you seen how much you could save under President Trump's tax reform?  ;)


Andrew Wheeler, political watcher and guy who reads a lot

Answered Thu ∑ Upvoted by Nathan Herkowitz, M.S. Taxes, Walsh College
Using my 2016 figures, since I have that tax return handy, and the calculator at CalcXML, hereís what I see.

For actual 2016, I paid $2,299 in federal tax. Under the Trump plan, an income of exactly the same size would incur a tax liability of $4,264. So my taxes would nearly double.

Also, Iím not clear whether this calculator includes the loss of deductions for state and local taxes and for mortgage interest. Iím pretty far into my mortgage, so the latter isnít as major, but I live in New Jersey and work in New York City, so losing SALT deductibility would hit me hard.

Plus, I have one son in college now, and will have another beginning college in 2019. The changes to student loans will have an additional detrimental effect on my income, and that effect will persist for many years for both my household and the eventual households of my two sons.

To answer the question: yes, I have seen how much my taxes and additional expenses would increase under the Trump plan. That amount is substantial. If that increase were part of a wider reform that, for example, would bring the budget into balance, I might possibly be in favor of it.

But doubling, or more than doubling, my taxes in order to give huge tax breaks to the rich and to multinational corporations while at the same time increasing the deficit by over $1.5TÖthat is a horrible plan that runs the risk of entirely destroying this country. It is stupid, it is asinine, and it is borderline criminal negligence of duty for any elected representative to vote for such a thing.


I paid $188,960.00 for 2016. That was a good year. My worst year was $240K (2014) .

I see no way my taxes won't be worse under the new "tax reform".

An increase in the standard deduction does only one thing. It makes it easier for the IRS to process returns, which will free up agents to do more audits. As far as I know, not a single journalist out there has been smart enough to figure that out. You heard it here first.

And the increase in the standard deduction is mostly erased by the loss of the personal exemption. Almost a wash. Smoke and mirrors.

The highest marginal rate is roughly the same for me. The slight changes there might save me a tiny bit. Not enough to even matter much.

Eliminate the alternative minimum tax? So what. I don't have passive real estate income that would trigger that. I actively manage all my investment properties. Only people who own a LOT of property were getting stuck with that.

Eliminate the estate tax? Who has an 11 million dollar estate? Not me. Not even close.

Drop the corporate rate? Big woop. That's only for C corps. Doctors and lawyers can only be S corps, a special kind of corporation deliberately made years ago to keep doctors and lawyers from getting the same breaks as big companies. The rates for S corps are are NOT dropped under the new plan.

Obviously, the end game (they tried but could get no traction for these things this time out)  is going to be eliminating the mortgage interest deduction, the exemption on capital gains for the sale of your home, and the deduction for other interest paid on various loans and mortgages. It's not here, but they want it, and in the fullness of time, it will come.

And the eventual end to itemized deductions altogether (makes enforcement easier). Then they will come after the expense column of the Schedule C's of small business owners, another place where there is more easy money to collect.

If you're remotely middle class, this tax cut does nothing to help you, as far as I can see.

Exactly right! 

By "simplifying" ;)  the return so more people will not itemize, this is probably another back door attempt (later on) tp claim the IRS "doesn't need" that many employees (How convenient for the elite bastards that have most to gain by a dysfunctional IRS ).

All that said, there are people like me out there that will see a small decrease in their taxes.   

But that is part of the massive con here! The income taxes on a retired person who does not itemize are a TINY part of retired people's expenses and health insurance a GIGANTIC (about TEN TIMES MORE - AT LEAST!) part of annual expenses. Health insurance is going to SKYROCKET with the individual mandate gone!

I shudder to think what BCBS is going to hit me with in 2019. Yeah, I've got Medicare part A and B, but those plans are not enough for proper coverage. And, of course, those plans are going to be destroyed, along with Social Security, by the massive deficit this Tax Scam incurs.

So actually, ANYBODY who is not part of the bastard crooks in the top 1% is going to see their overall expenses go WAY UP. 

Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12


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