Tax bill

[Schneed10]

Originally Posted by Giantone

LOL, NO. People in 2,500 range the first year will see about 255 ,the second and owe about 180 in the third. If you have a high property tax you should pay it this year so you can still get the deduction,it's being cut .

All so remember Obama care didn't self destruct trump and the GOP just fucked over the American people on health care by dumping the mandate.

Giantone, what you're saying doesn't make any sense, and the pieces I can actually make sense out of aren't true.

The tax changes in this bill will remain in effect until 2026, at which time the tax rates will revert to 2017 levels.

There may be certain deductions phasing in and out, but the pieces that affect the majority of the population will remain in effect from 2018 - 2025, changing back to the way we have them now in 2026.

[Giantone]

Originally Posted by Schneed10

Giantone, what you're saying doesn't make any sense, and the pieces I can actually make sense out of aren't true.

The tax changes in this bill will remain in effect until 2026, at which time the tax rates will revert to 2017 levels.

There may be certain deductions phasing in and out, but the pieces that affect the majority of the population will remain in effect from 2018 - 2025, changing back to the way we have them now in 2026.

Still looking for where I found those other numbers but this should be a good read ..............

https://www.cnbc.com/2017/12/20/fami...od&par=xfinity

[CRedskinsRule]

Originally Posted by Giantone

Still looking for where I found those other numbers but this should be a good read ..............

https://www.cnbc.com/2017/12/20/fami...od&par=xfinity

EDIT: I missed this line in the article:

In all, the family's taxes would fall by $2,119 in 2018, according to the Tax Policy Center.

If that is the largest source of pain from this tax plan, then it's not a bad deal.

By 2027, this hypothetical family with two kids would wind up paying an additional $150 in taxes, compared with what they'd pay under today's framework because the enhanced child tax credits — and a range of individual income tax provisions — expire in 2025, the Tax Policy Center found.

I would say $75K, 2 kids is right in the middle class range, so I would rather they didn't take a hit, but $10-$12/month, that's about what they will pay when they sign up for Disney's upcoming streaming service.

S/N I STILL hate misleading headlines. "Families will feel the pain" yet their example family, gets a $2k lower tax bill in 2018. HOW IS THAT A RESPONSIBLE HEADLINE???

[CRedskinsRule]

Originally Posted by Giantone

Still looking for where I found those other numbers but this should be a good read ..............

https://www.cnbc.com/2017/12/20/fami...od&par=xfinity

I think it was either in the fake news or media bias pages.

[Schneed10]

Originally Posted by Giantone

Still looking for where I found those other numbers but this should be a good read ..............

https://www.cnbc.com/2017/12/20/fami...od&par=xfinity

It's because the other numbers are either made up or entirely wrong.

But regardless... this CNBC article is correct that losing the personal exemption hurts, but the family tax credit is added, and the child tax credit is doubled. That helps offset the loss of the personal exemption.

That's why, in CRed's example, a $75K family can lose the exemption but have taxes go down by $2100. The loss of the personal exemption hurts, the gain of the family tax credit helps, and they basically offset each other.

But that is a very specific circumstance, and this CNBC article shows clear bias (unsurprisingly), by attacking the removal of one exemption without mentioning the addition of another. Any accountant (I am one) will tell you that's not a fair, balanced, and complete picture.

And this CNBC article is clear that the reversion back to existing rates doesn't occur until 2026.

You coming on here and saying that it will be a problem in "Year 2" is tantamount to spreading fake news. Get yourself educated or shut the fuck up.