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Joined: Aug 2005
Posts: 26,337
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 26,337 |
win-win so long as we continue to pay taxes. repubs are making taxes more palatable by lessening their impact. that's a good thing.
the foreign debt remains, as it has for ages, and no one has any intention of paying it off, in so far as can be seen.
lowering taxes is a lot better than raising taxes, so the repubs get the win. but taxes remain.
it's become a game of theatrics, drama, and downing the other party.
taxes are way too high, even after the promised cuts.
the debt has to be dealt with.
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Joined: Sep 2010
Posts: 31,417
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,417 |
From reading a couple weeks back this will axe the AMT Yep
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Sep 2004
Posts: 29,383
Campfire Ranger
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Campfire Ranger
Joined: Sep 2004
Posts: 29,383 |
win-win so long as we continue to pay taxes. repubs are making taxes more palatable by lessening their impact. that's a good thing.
the foreign debt remains, as it has for ages, and no one has any intention of paying it off, in so far as can be seen.
lowering taxes is a lot better than raising taxes, so the repubs get the win. but taxes remain.
it's become a game of theatrics, drama, and downing the other party.
taxes are way too high, even after the promised cuts.
the debt has to be dealt with. ^^^^^^ I doubt it makes an iota of difference on my end
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Joined: Jan 2015
Posts: 7,848
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2015
Posts: 7,848 |
Anyone affected by this? http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductionsThe House Republican tax bill would eliminate the ability for individuals to deduct qualified medical expenses, a provision that could have major implications for households with extremely high health-care costs.
Under current law, the IRS allows individuals to deduct qualified medical expenses that exceed 10 percent of a person’s adjusted gross income for the year. The bill would repeal that itemized deduction, effective in 2018.
The cost to repeal the medical expense deduction is about $10 billion per year.
The IRS currently allows individuals to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses.
The medical expense deduction can also be used for long-term care expenses for chronically ill patients.
The provision could be a flashpoint for Republicans, as the repeal could hit both patients themselves and their families, who sometimes help pay for care. I wonder how this will effect a Health Savings Account (HSA) type of health insurance. The money I put into the HSA every year is tax deductible now.
"Government is not the solution to our problem, government is the problem."
Ronald Reagan
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Joined: Sep 2006
Posts: 985
Campfire Regular
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Campfire Regular
Joined: Sep 2006
Posts: 985 |
Didn't I see somewhere that the estate tax would be phased out?
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Joined: Aug 2005
Posts: 26,337
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 26,337 |
win-win so long as we continue to pay taxes. repubs are making taxes more palatable by lessening their impact. that's a good thing.
the foreign debt remains, as it has for ages, and no one has any intention of paying it off, in so far as can be seen.
lowering taxes is a lot better than raising taxes, so the repubs get the win. but taxes remain.
it's become a game of theatrics, drama, and downing the other party.
taxes are way too high, even after the promised cuts.
the debt has to be dealt with. ^^^^^^ I doubt it makes an iota of difference on my end nor on mine, my dear friend, nor on mine. but, the media needs something to talk about.
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Joined: May 2001
Posts: 18,345
Campfire Ranger
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Campfire Ranger
Joined: May 2001
Posts: 18,345 |
What about the Alternative Minimum Tax? That’s what kills me. All this means nothing for a lot of taxpayers if they don’t fix the AMT. AMT is evil, pure and simple.
Carpe' Scrotum
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Joined: Sep 2010
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,417 |
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Jan 2006
Posts: 69,329
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,329 |
I've read that over 40% of Americans don't pay any fed income tax. I wonder how that will wash out with this. It's all a combination of standard deductions & personal exemptions.
“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Sep 2003
Posts: 23,409
Campfire Ranger
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Campfire Ranger
Joined: Sep 2003
Posts: 23,409 |
If you'd figure out how much we actually pay in taxes on both the federal, state, and local level, both in income, sales, and property taxes, not to mention fees paid to the .gov for various things, you'd be amazed and depressed at the same time.
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,417 |
Eliminates the EITC too I think. No more refunds for folks that didn't pay any. IIRC
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Sep 2004
Posts: 4,712
Campfire Tracker
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Campfire Tracker
Joined: Sep 2004
Posts: 4,712 |
That medical deduction the way they have you figure it is nothing but a cheat. Anyone who has enough medical costs to exceed the disallowed amount is already is deep ****.
I am sure any time any politician is doing me a favor I better grease up.
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Joined: Dec 2004
Posts: 716
Campfire Regular
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Campfire Regular
Joined: Dec 2004
Posts: 716 |
Eliminates the EITC too I think. No more refunds for folks that didn't pay any. IIRC Best news I've heard in a long, long time! It's one thing to not earn enough money to pay income tax, but to get a "refund" when you didn't pay in the first place? What a scam.
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Joined: Jan 2006
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Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,329 |
The EITC doesn't give refunds. It gives welfare.
“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Sep 2010
Posts: 31,417
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,417 |
I got an EITC refund a couple of times in college. Thanks guys! Flame on!
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Dec 2004
Posts: 716
Campfire Regular
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Campfire Regular
Joined: Dec 2004
Posts: 716 |
The EITC doesn't give refunds. It gives welfare. Exactly.
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Joined: Jan 2001
Posts: 8,737
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2001
Posts: 8,737 |
That EITC has always been a bizarre and really unfair process. I know two people personally that get this and each one has 8 kids with low income.
I'm sorry they have such an expensive life with 8 kids each, poor education, low paying jobs, and generally miserable existance. However that was their choice to have this huge family. The rest of America should not be burdened with the decisons by others like this. I told them both what I thought of this face to face. One of them agreed with me that the concept of him getting a refund of plus or minus 6000 bucks every april was insane when he paid nothing all year into it!
Of course he never turned it away, he needs that money to function! Now his wife will have to work to close the gap. This is Still not Americas responsibility to sort this for them. It's their role to sort it out.
www.huntingadventures.netAre you living your life, or just paying bills until you die? When you hit the pearly gates I want to be there just to see the massive pile of dead 5hit at your feet. ( John Peyton)
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Joined: Sep 2010
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,417 |
I think I bought booze with it, so it helped the local economy.
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Sep 2010
Posts: 31,417
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,417 |
Geeze I feel bad about it now.... It was just a couple hundred.... If'n any buyer's remorse, there's a thread for that. 
Last edited by MtnBoomer; 11/02/17.
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Feb 2010
Posts: 16,076
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,076 |
Eliminates the EITC too I think. No more refunds for folks that didn't pay any. IIRC I like this part. I've not seen enough information to know how it will affect me.
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