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The Tax Plan #12371343 11/02/17
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StoneCutter Offline OP
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In a nut shell after I was listening to Rush.

Corporate tax 20%

The first $90K you pay 12%
From $90K up to $260K you pay 25%
From $260K up to $1M you pay 35%
Over $1M you pay 39%

It eliminates State and Local tax deduction though. If you live in a high tax Blue State, the tax cut might not be all that.

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

Last edited by StoneCutter; 11/02/17.

The beatings will continue until morale improves.
BP

Re: The Tax Plan [Re: StoneCutter] #12371361 11/02/17
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EdM Offline
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Appears to work for me.


Conduct is the best proof of character.
Re: The Tax Plan [Re: StoneCutter] #12371364 11/02/17
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458 Lott Offline
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From a quick google:

Income Tax Rate Income Levels for Those Filing As:
Current Tax Act Single Married-Joint
10 - 15% 12% $0-$44,999 $0 - $89,999
25 - 28% 25% $45,000 - $199,999 $90,000 - $259,999
28 - 39.6% 35% $200,000 - $499,999 $260,000 - $999,999
39.6% 39.6% $500,000+ $1M+

The tax plan eliminates itemized deductions except for those on charitable contributions, mortgage interest, property taxes, and retirement savings. But it only allows the mortgage deduction for new mortgages of $500,000 or less.

Hopefully that works out about the same for us, but a significant change in deductions could really screw us.


Donald Trump wasn't elected president in spite of who he is and how he acts, he was elected precisely because of who is and how he acts. Remember that.
Re: The Tax Plan [Re: StoneCutter] #12371377 11/02/17
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MtnBoomer Offline
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Ok with it.

It seems to fairly reduce fed income tax rate for all that matter to me. If your SALT it screwing you, take it up locally.

Not 100% certain my overall tax paid will change much but like the simplification and fairness.


Time to get another kid or two, if wife would just cooperate.


Oh, they've included property tax deduction up to 10k.

MAGA

Last edited by MtnBoomer; 11/02/17.

Critical thinking not needed.

Re: The Tax Plan [Re: StoneCutter] #12371391 11/02/17
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Steve Offline
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Think our adjusted rate after deductions is ~22-24%. So we'll probably take a slight hit. Depends how the mortgage stuff works out.

IC-A

Re: The Tax Plan [Re: StoneCutter] #12371400 11/02/17
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Calvin Offline
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Its doubling the personal exceptions, right? Most folks who itemized, won't any more if they have any kids.


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Re: The Tax Plan [Re: StoneCutter] #12371409 11/02/17
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colorado bob Offline
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It's got a long way to go before it's passed by Congress. I don't see it passing.

Re: The Tax Plan [Re: StoneCutter] #12371416 11/02/17
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StoneCutter Offline OP
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I just read something where a "Pass Through", like an S Corp, will be paying 25%. I'm an S Corp and was hoping on that 20% tax rate. At this point, I'll take what I can get. I'll get my accountant's opinion once they get it sorted out.

The other issue to consider is, will it pass?


The beatings will continue until morale improves.
Re: The Tax Plan [Re: StoneCutter] #12371419 11/02/17
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KFWA Offline
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I don't know the difference between tax bracket and tax as a % of income.


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Re: The Tax Plan [Re: StoneCutter] #12371423 11/02/17
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denton Offline
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Sounds really good to me.

Corporations never really pay taxes. They hide the cost of taxes in the prices they charge. If your country's corporate taxes are higher than others, then your products and services are not competitive in the world market. Watch for a major influx of jobs when the rate drops from 35% to 20%. That may be the most helpful part of the reform.

Repatriate earnings, or pay 12%.... also excellent.

Bumping up the individual deduction greatly simplifies things.

I'm liking it so far.


I don't associate with snobby people. I'm much too good for that.
IC-B

Re: The Tax Plan [Re: StoneCutter] #12371429 11/02/17
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denton Offline
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Quote
will it pass?


Something will. If the Repubs don't get tax reform passed, they will be dead meat in the 2018 elections. Self preservation requires that they pass something, and what we're seeing may be pretty close to what we get.


I don't associate with snobby people. I'm much too good for that.
Re: The Tax Plan [Re: StoneCutter] #12371510 11/02/17
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NeBassman Offline
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Anyone affected by this?

http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductions

Quote
The 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.


"Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence". John Adams

"A dishonest man can always be trusted to be dishonest". Captain Jack Sparrow
Re: The Tax Plan [Re: StoneCutter] #12371516 11/02/17
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Bob_H_in_NH Offline
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It caps mortgage interest and property tax deduction, but raises the standard deduction. My GUESS is more of middle America will not itemize, so taxes/forms become easier and shorter. Win win.

Re: The Tax Plan [Re: EdM] #12371522 11/02/17
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jorgeI Offline
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Originally Posted by EdM
Appears to work for me.



El Ditto


Teddy Roosevelt, John Wayne, Winston Churchill paid to hunt....
Re: The Tax Plan [Re: StoneCutter] #12371524 11/02/17
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nighthawk Offline
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An indignant young thing on MSNBC was interviewing a congressman about eliminating the deduction for state/local taxes who said to the effect that states with low taxes were effectively subsidizing states with high taxes.She demanded proof of that. He replied it was Economics 101. She never did get it. Amazing!

You couldn't make this stuff up. MSNBC is certainly entertaining.


The key elements in human thinking are not numbers but labels of fuzzy sets. -- L. Zadeh

Which explains a lot.
Re: The Tax Plan [Re: StoneCutter] #12371528 11/02/17
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plainsman456 Offline
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As of now i have no problem with it.

It needs to start somewhere.

Re: The Tax Plan [Re: StoneCutter] #12371530 11/02/17
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Crow hunter Offline
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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.

Re: The Tax Plan [Re: StoneCutter] #12371532 11/02/17
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Bwana_1 Offline
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It's going to screw me to a wall, I always liked Canada smile

Re: The Tax Plan [Re: Calvin] #12371533 11/02/17
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Ward Offline
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Personal exemptions are eliminated. The standard deduction goes up but not enough to offset losing 3 personal exemptions for a married couple or losing two personal exemptions for a single person.

Re: The Tax Plan [Re: StoneCutter] #12371534 11/02/17
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micky Offline
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From reading a couple weeks back this will axe the AMT


"Pain and fear are your best friends. Pain lets you know you're alive and fear lets you know you're still saine."
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