^^^^
That's my first respone "they're just paying their fair share!"

I don't give a crap is rich liberals have to pay more taxes, what are they going to do, vote democrate next time?

AT&T plans to invest an additional $1 billion in the U.S. in 2018 and pay a special bonus of $1,000 to more than 200,000 U.S. employees once the Republican tax reform bill is signed into law.

“If the President signs the bill before Christmas, employees will receive the bonus over the holidays,” AT&T said in a press release Wednesday.

The company said the bonus payments will go to union-represented, non-management, and front-line managers. In other words, the working men and women who President Donald Trump has promised will be helped by the tax reform bill.

“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said AT&T chief Randall Stephenson. “This tax reform will drive economic growth and create good-paying jobs.”


http://www.breitbart.com/big-g...00000-u-s-employees/

Those "state tax deductions" have always been a slap in the face to people in states without an income tax.

quote:

Originally posted by zoom6zoom:
Those "state tax deductions" have always been a slap in the face to people in states without an income tax.

It's State and Local, so the deduction is also for property taxes as well. It just so happens that the highest tax states are all Democrat states.
I'm glad the deduction is being limited to $10,000. There's no reason for people in lower tax states to partially subsidize people in higher tax states.

quote:

Originally posted by zoom6zoom:
Those "state tax deductions" have always been a slap in the face to people in states without an income tax.

Mmmmm. In Texas, I paid over $8000 in property tax to make up for no income tax. And a lot of that pays for someone else’s kid to go to school. So no slap in my face. The $10K cap is a slap when you add in mortgage interest.

I wonder is this was part of the plan or just a coincidence



GOP tax bill could end Puerto Rico's reign as tax haven:

Just when you think things couldn’t get any worse for cash-strapped, hurricane-ravaged Puerto Rico—it does.


The new GOP tax reform bill could put the island at risk of losing its designation as a “tax haven,” forcing foreign businesses to leave due to higher tax penalties.

The final draft, which received approval from the House and Senate on Wednesday, clearing the way for President Donald Trump to sign in early January, calls for a 12.5% tax on any income generated from patents and licenses held by foreign companies outside the U.S. Under the U.S. tax code, companies in Puerto Rico are treated as foreign corporations, even if their parent organization is located in the mainland United States and even if they employ U.S. citizens.

“[The] tax bill they just squeezed through Congress could drive businesses like drug and medical device makers away from the island,” democratic strategist Joel Payne told FOX Business.

The current tax system has allowed Puerto Rico to serve as a tax haven for many drug companies and medical device makers, which can incorporate in the commonwealth as foreign subsidiaries but label their products as “made in the U.S.”

Before the bill was passed, Puerto Rico Governor Ricardo Rossello wrote a letter to Congress calling the tax reform legislation “a serious setback” for the island, which has been struggling to get back on its feet since Hurricane Maria struck in early October.

Rossello told FOX Business that he has been talking to lawmakers in D.C. this week about the inclusion of “provisions in the Supplemental that address the penalty of the tax reform against the American citizens residing in Puerto Rico.”

“We are confident that the members of Congress will ensure that this reform does not threaten the economic development of Puerto Rico, because the PROMESA Act itself enacted by Congress is intended to ensure financial stability and economic development,” Rossello added.

When reporters asked House Ways and Means Committee Chairman Rep. Kevin Brady (R-Texas) about possibly exempting Puerto Rico from the 12.5% tax on Tuesday, Brady said that other measures are in the works to support the island during its recovery and that they are “absolutely committed to helping [Puerto Rico] rebuild.”


Jack Brewer, CEO and portfolio manager of The Brewer Group, Inc., told FOX Business that he believes Congress will likely consider the majority of Puerto Rico an “opportunity zone”, which should allow companies to invest in the island and pay limited or no capital gains.

“This could offset many of the negative effects of the current tax bill. Puerto Rico is still able to offer companies and individuals their Act 20 and Act 22 Benefits, which allow companies and individuals who move to the island the opportunity to enjoy a 20 years of significant tax exemptions,” Brewer said.


However, Brewer added that at the end of the day, no tax bill will address every individual situation but Congress does have an opportunity to help Puerto Rico, which is currently in the worse economic shape than any U.S. state.


http://www.foxbusiness.com/fea...gn-as-tax-haven.html

So USA Today finally found a scenario where someone will have to pay more in taxes

Just a quick possible correction to my earlier post with the spreadsheet... It looks like the numbers I had may have been updated. I'm not sure which set of tax brackets are correct but the newer numbers I saw show me saving a few more hundred.

Did the tax calculator thing from here. I am saving a whopping $460 next year, or $8.85 a week. If I don't supersize my meal that means I can buy a fast food combo meal with my tax savings. WHOOOO HOOOOO!!!!!

quote:

Originally posted by Skins2881:
Did the tax calculator thing from here. I am saving a whopping $460 next year, or $8.85 a week. If I don't supersize my meal that means I can buy a fast food combo meal with my tax savings. WHOOOO HOOOOO!!!!!

Okay I used the calculator. I'm curious about one of the items. The child tax credit. I was not eligible for it before, basically income just a bit too high to be worth anything. Also my one child deduction is part of my divorce and he doesn't live with me.

I only found one article about the new child tax credit and it says income was increased to 400K from 110K for married. If that is true and I somehow become eligible I save another 2K. I make much less than 200K.

Anyone know anything about that?

ETA: I think I'm gonna be in good shape. I do have the form 8332 giving me the ability to claim my child as dependent. Since my income was previously too high I didn't get the credit. Now I think I will get it and that will really help me out. I may save almost 4K next year.

Comcast just gave out $100 Million in extra bonuses to over 100,000 employees because of the taxes they'll save due to the bill. Everyone below VP or making less than $250k/yr is getting an even $1000/ea in a couple of weeks.

Trump just signed it into law. Before Christmas as promised!

quote:

Originally posted by frayedends:
Trump just signed it into law. Before Christmas as promised!

Yes!!!

[QUOTE]Originally posted by lkdr1989:
So USA Today finally found a scenario where someone will have to pay more in taxes

I’m sorry, but I have less than zero sympathy for someone who makes a million dollars a year in income, is so miserly with their charitable contributions, and is too stupid to better arrange their financial house. Even for folks with a lot less income, there are plenty of opportunities to legally arrange one’s affairs to *legally* minimize one’s tax liability.

ETA: To clarify, I meant already existing opportunities prior to the new bill. I’m sure this bill will create more and different ones, but anyone stupid enough to fit the example they described would be lucky that breathing is an autonomic process, because if it required conscious thought to breathe, anyone that stupid would die. I seriously doubt there is anyone making a million dollars a year who is stupid enough to organize their affairs so poorly.

This message has been edited. Last edited by: slosig,

quote:

Originally posted by slosig:
Even for folks with a lot less income, there are plenty of opportunities to legally arrange one’s affairs to *legally* minimize one’s tax liability.

Absolutely. Based on what I've read I am going to look in to forming a company so that I can pay taxes at the new, low, pass through rate.

This bill is going to be a bonanza for people and companies who find and exploit the loopholes and, combined with the staff reductions at the IRS, should help certain segments of the population save a hell of a lot of money.

I don’t care if I save $1 or $1000 dollars, anything above $0 is money in my pocket.

And the individual mandate is GONE, which is the most important thing. No “free” nation should tax their people just for being born.

How the demonrats feel