Championship Subdivision Football | FCS Football | Stadiums | Blogs | Forums

Are they kidding me?

The only people benefiting from this are businesses & people that don't make much money.

People filing married with incomes starting at $90k now are in the 25% tax bracket? The 25% tax bracket starts much higher than that now....that's going to piss off a lot of people. Make $260K & now it's 35%? Jesus.

They took the mortgage interest deduction away from people paying more than $500K on hosues - watch Toll Brothers stock plummet. The SALT deductions are going away or being slashed. Basically if you itemized deductions in the past chances are you just received a tax INCREASE.

Not a happy Trump voter right now....

bluehenbillk wrote:Are they kidding me?

The only people benefiting from this are businesses & people that don't make much money.

People filing married with incomes starting at $90k now are in the 25% tax bracket? The 25% tax bracket starts much higher than that now....that's going to piss off a lot of people. Make $260K & now it's 35%? Jesus.

They took the mortgage interest deduction away from people paying more than $500K on hosues - watch Toll Brothers stock plummet. The SALT deductions are going away or being slashed. Basically if you itemized deductions in the past chances are you just received a tax INCREASE.

Not a happy Trump voter right now....

Bubba, 5 dollars in the pocket of a WV coal miner is a lot like an Obama phone

He ain’t interested in you anyway

On paper, I don't think it's that bad of a plan (except for the elimination of the estate tax)...but only if they figure out how to not balloon the deficit. Cutting corporate taxes is fine if it doesn't come at the expense of hurting programs that actually help people. But knowing the GOP, it will hurt people.

∞∞∞ wrote:I'm ok with cutting corporate taxes if it doesn't come at the expense of hurting social programs that actually help people.

You don't actually think that's a concern of theirs, do you?

bandl wrote:

∞∞∞ wrote:I'm ok with cutting corporate taxes if it doesn't come at the expense of hurting social programs that actually help people.

You don't actually think that's a concern of theirs, do you?

I know it isn't.

Unless your family makes less than $90K in taxable income you're getting socked with an increase. If you're single & make more than $45K in taxable income you'll pay more.

bluehenbillk wrote:Are they kidding me?

The only people benefiting from this are businesses & people that don't make much money.

People filing married with incomes starting at $90k now are in the 25% tax bracket? The 25% tax bracket starts much higher than that now....that's going to piss off a lot of people. Make $260K & now it's 35%? Jesus.

They took the mortgage interest deduction away from people paying more than $500K on hosues - watch Toll Brothers stock plummet. The SALT deductions are going away or being slashed. Basically if you itemized deductions in the past chances are you just received a tax INCREASE.

Not a happy Trump voter right now....

Pardon me while I laugh my ass off

As long as Bandel and Flaggy pay more taxes and I pay less, I will consider this a good plan.

93henfan wrote:As long as Bandel and Flaggy pay more taxes and I pay less, I will consider this a good plan.

Well we'll still be in the top tax bracket at 39.6%.
The elimination of the estate tax will benefit me.
As will the reduced corporate tax.
Maybe a wash until that estate transfer occurs.

EDIT: Yikes, I meant we'll be in the 35% tax bracket up from the 33% (i think?). It actually changes every year between the 28 & 33 bracket

I will drop from the 28% bracket to the new 25%, so that’s a cool extra few thousand in my pocket. I’ll take it.

Now if they would include a provision whereby child support is deductible, I would do a little dance. If they also made the child support recipient have to report it as income, I’d spike the football.

93henfan wrote:I will drop from the 28% bracket to the new 25%, so that’s a cool extra few thousand in my pocket. I’ll take it.

Now if they would include a provision whereby child support is deductible, I would do a little dance. If they also made the child support recipient have to report it as income, I’d spike the football.

Explain why your taxes go from 28% to 25%

Chizzang wrote:

93henfan wrote:I will drop from the 28% bracket to the new 25%, so that’s a cool extra few thousand in my pocket. I’ll take it.

Now if they would include a provision whereby child support is deductible, I would do a little dance. If they also made the child support recipient have to report it as income, I’d spike the football.

Explain why your taxes go from 28% to 25%

Because of the new brackets.

For individuals in 2016, the 28% bracket was $91,151-$190,150. Under the new plan, the 25% bracket is $45k-$200k.

93henfan wrote:I will drop from the 28% bracket to the new 25%, so that’s a cool extra few thousand in my pocket. I’ll take it.

Now if they would include a provision whereby child support is deductible, I would do a little dance. If they also made the child support recipient have to report it as income, I’d spike the football.

Do you itemize your deductions? If you answer yes that will pretty much eat up most, if not all of that 3%. They're trying to jam as many people as possible into the standard deduction.

93henfan wrote:

Chizzang wrote:
Explain why your taxes go from 28% to 25%

Because of the new brackets.

For individuals in 2016, the 28% bracket was $91,151-$190,150. Under the new plan, the 25% bracket is $45k-$200k.

$45K to $200K is 25% now... I see said the blind prick

Also my taxes just went down from 35% to 20%



I love this new Trump guy, he's the best

bluehenbillk wrote:

93henfan wrote:I will drop from the 28% bracket to the new 25%, so that’s a cool extra few thousand in my pocket. I’ll take it.

Now if they would include a provision whereby child support is deductible, I would do a little dance. If they also made the child support recipient have to report it as income, I’d spike the football.

Do you itemize your deductions? If you answer yes that will pretty much eat up most, if not all of that 3%. They're trying to jam as many people as possible into the standard deduction.

Nope. Standard deduction and that’s doubling, so even more money in my pocket.

I’ve been getting $5k returns the past few years, so I’d expect $10k-ish under the new plan.

So you live in an apartment?

bluehenbillk wrote:So you live in an apartment?

Essentially. I rent my parents’ second house from them. Actually it’s my house now, because they added me to their family trust earlier this year. So, I rent a house from me, my parents, and my sister.

Makes sense... the majority of us will suffer. Regretting we didn't have a better choice a year ago..

Chart showing the brackets in this article.

http://www.businessinsider.com/trump-go ... m=referral

If I did my math correctly a married couple filing jointly with taxable income (income after whatever deductions they qualify for) of $200K sees their tax bill go down about $4,600. Same couple with $100K taxable income saves about $3,200.

Big question is how the various deductions impact you to get to your taxable income.

Our house is about paid for so our mortgage interest deduction was small enough that itemizing isn't much more than the standard deduction. I should come out pretty well on this.

Many components of the bill appear to be a big FU to the blue states.

HI54UNI wrote:Many components of the bill appear to be a big FU to the blue states.

So an FU to most states that aren't federal dependents?

∞∞∞ wrote:

HI54UNI wrote:Many components of the bill appear to be a big FU to the blue states.

So an FU to most states that aren't federal dependents?

It's awesome isn't it? Make the donor states pay more!

HI54UNI wrote:
If I did my math correctly a married couple filing jointly with taxable income (income after whatever deductions they qualify for) of $200K sees their tax bill go down about $4,600. Same couple with $100K taxable income saves about $3,200.

You must've learned the "new math" they teach in schools nowadays. No idea how you come up with those #'s. If you lived for filling out Schedule A (like I did to the tune of around $35K last year) you're in for a sick wake-up call.

Personal exemptions - gone
Healthcare exemptions - gone
State & local income exemptions - gone

What stays:
Mortgage interest - unless you're house was over $500K (but if you take the doubled standard deduction this is gone too)
Property tax deduction - up to $10K, but again if you take the doubled standard deduction this is gone to)
Charitable giving

So the bottom line - if you claimed more than $24,000 on Schedule A last year you're screwed, because you can no longer itemize deductions

I'll add one thing that's a positive that I just read. The Child Tax Credit which know maxes at about $140K of income give or take is morphed into the Family Tax Credit which maxes instead at around $230K & has a max credit of $1,600 per child versus the old $1,000 per.

The disappointing part of all of this is that it doesn’t really do anything to simplify the tax code. These changes shrink it from about 73,954 pages to maybe 73,950.

Yay.