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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.

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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.

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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.

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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.


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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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It's got a long way to go before it's passed by Congress. I don't see it passing.

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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?


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I don't know the difference between tax bracket and tax as a % of income.


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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.


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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.


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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.


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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.

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Originally Posted by EdM
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El Ditto


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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.


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Which explains a lot.
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As of now i have no problem with it.

It needs to start somewhere.

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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.

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It's going to screw me to a wall, I always liked Canada smile

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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.

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From reading a couple weeks back this will axe the AMT


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