quote:

Originally posted by frayedends:
Looks like I will lose a bit with this plan. I make about $105K. I have one child I can claim (divorced). My rate will stay 25%. I double my personal exemption to 12k. I lose $8100 in deductions (personal and child). I lose money state income tax deduction (about $5200. ). The increased child tax credit gets me about $100. Prior to this increase I was not eligible at all. Am I missing anything?

I have a fear that I'm losing out with this new plan as well, but I really can't say for sure as I'm not real savvy in understanding this stuff.

I itemize quite a bit due to my job. I'm just not sure how this all applies to me yet.

I'm going to lose due to the loss of state income tax deduction. Sucks, but probably fair. I might have gained from the 25% cap on business income, but it looks like professional services are not going to qualify unless something changes.

quote:

I'm going to lose due to the loss of state income tax deduction. Sucks, but probably fair.

Let's wait and see how it all shakes out...
It won't be final until it's "marked-up", sent to the floor, debated, passed and "conferenced" with whatever comes out of the Senate.
This is just the opening round of a long fight.
Overall, I think it's a winner... but not everyone will like every provision. Every deduction and every credit has a constituency.

I'm not poor or ultra wealthy. So in the end, I'm always going to be fucked.

Just saw this:

quote:

Sports Stadiums Would Lose Access to Tax-Exempt Bonds Under House Tax Plan

Sports stadiums could no longer take advantage of tax breaks created to help states and cities borrow under the tax proposal released Thursday by congressional Republicans.

Lawmakers of both parties have long sought to limit the use of municipal bonds to benefit sports teams. A 2016 report by the Brookings Institution found the federal government has lost about $3.2 billion in federal tax dollars on construction or renovation of professional sports stadiums since 2000, including a $431 million subsidy for Yankee stadium.

The losses occur when stadium projects are allowed to take advantage of a tax exemption created to help municipalities borrow at lower rates. Bondholders are willing to lend money more cheaply because they are not required to pay taxes on the interest they earn.

About $8.5 billion in stadium bonds are currently outstanding, according to an analysis of Bloomberg data by Municipal Market Analytics, with much of the borrowing in New York, Texas and Florida. The prohibition would apply only to future borrowing.

Local governments usually justify granting tax-exempt borrowing privileges to stadiums on the basis that they will stimulate economic development. But federal officials, good-government groups, and municipal market analysts question whether those projects would go forward even without the incentives.

“If you’re looking at something like a football stadium, the owners are usually billionaires and their franchises are so valuable that there’s a question about whether or not they should be receiving tax-exempt status,” said Howard Cure, director of municipal bond credit research at Evercore Wealth Management.

https://www.wsj.com/livecovera...2017/card/1509652395

There it is, the proverbial devil in the details...

This Tax Reform bill includes a provision to repeal the Johnson Amendment.

What's the Johnson Amendment?

quote:

The Johnson Amendment is a provision in the U.S. tax code, since 1954, that prohibits all 501(c)(3) non-profit organizations from endorsing or opposing political candidates.

Section 501(c)(3) organizations are the most common type of nonprofit organization in the United States, ranging from charitable foundations to universities and churches.

In short, the religious right wants their churches to both (a) maintain their tax exempt status, and (b) be able to endorse candidates and therefore actively participate in elections.

Want to participate in elections, pay your damn taxes like any other organization. This takes No Taxation Without Representation and turns it upside down, via enabling Representation Without Taxation, and worse, also allows Mosques and liberal leaning Universities (of which there are tons) and the like to support candidates as well. A terrible idea, couched in a Free Speech / Tax Reform argument when it's really nothing but an opportunistic religious power grab and more politics as usual - which is the worst kind.

It doesn't matter if Bob paid taxes before also giving money to Mega Church So And So, it's not Bob's money anymore, and his former tax burden is irrelevant, and that institution ought to be taxed like any other. They already avoid billions upon billions in taxes as it is, under the additional guise of their charitable efforts, but it's not really charity or at least is not as charitable if everyone else has to subsidize it, as we do now via the taxes they avoid.

Figures.

Let's hope the entire thing fails, then, as it should, despite what seems like a few good Tax Reform ideas otherwise. Or maybe, if we're lucky, they'll strike this particular provision.

I just ran some solid numbers and it actually looks like I will save $1000. The only issue I found was my old taxes. I was not deducting my state income tax. Apparently you have to itemize to do that. I haven't itemized sine my divorce about 3 years ago. Not sure if I should have and why Turbo Tax didn't tell me that.

Update to add: Apparently if I itemize I lose the standard deduction and since that was more than my state taxes it made sense to no itemize.

Okay so Trump's plan will save me a little. Now I'm happier.

quote:

Update to add: Apparently if I itemize I lose the standard deduction and since that was more than my state taxes it made sense to no itemize.

Yes, exactly.
You only itemize if the total of your itemized deductions is greater than your standard deduction. With the doubling of the standard deduction under this plan the great majority of people will not have to itemize deductions, making taxes much simpler for most people.

John McCain.... Of course.... John McCain

John McCain Confirms: Tax Reform Is "DOA In The Senate"

It’s official: The Republican tax reform bill is dead on arrival in the Senate now that John McCain has become the third Republican senator to confirm that he plans to vote against it.

What’s worse for the Trump administration, McCain reportedly wants the bill to receive input from both parties – a criticism that he cited as his reason for voting against the Trump administration’s plan to repeal and replace Obamacare. This is particularly problematic because there’s approximately zero chance that any Democratic lawmakers will break ranks to vote with Republicans, despite President Donald Trump repeatedly saying that he expects to win a modicum of bipartisan support.

McCain reportedly confirmed that the bill in its current form is effectively DOA during an interview with Fox Business’s Charlie Gasparino.



In recent weeks, John McCain has reiterated his demand that Republicans pass their tax plan through a bipartisan process. McCain voted down his party’s Obamacare repeal bill precisely because it failed to meet this standard. And it will be impossible to pass the House plan - or anything close to it - through anything but a secretive, partisan process.

On Monday, Susan Collins declared her opposition to repealing the tax on multimillion-dollar estates. The current bill includes such a repeal, and many House conservatives seem deeply attached to repealing what Republicans have successfully tagged as "the death tax." And for months now, Bob Corker has also insisted that he wouldn’t vote for any tax plan that adds even a penny to the debt, even during the first ten years, where Congress would legally be allowed to do so. As it stands, the House plan would increase the deficit by a total of $1.5 trillion over ten years.

http://www.zerohedge.com/news/...ax-reform-doa-senate

The more he opens his mouth the more I'm convinced the commies turned him when he was a POW.

He is opossing everything for the sole reason of having a personal beef with Trump. He could give a shit about the American people.

quote:

Originally posted by lkdr1989:
Just saw this:

quote:

Sports Stadiums Would Lose Access to Tax-Exempt Bonds Under House Tax Plan

Sports stadiums could no longer take advantage of tax breaks created to help states and cities borrow under the tax proposal released Thursday by congressional Republicans.

https://www.wsj.com/livecovera...2017/card/1509652395

This sounds great because the politicians are going to fuck those greedy billionaires but if one digs deeper it's being reported that the new tax bill will eliminate tax free interest provision for ALL quasi bonds. That means municipalities will lose their advantage in issuing bonds for housing projects, transportation, sewer and water services, landfills, bridge authorities, and other project that is set up as a quasi.

quote:

John McCain Confirms: Tax Reform Is "DOA In The Senate"

Could he please just retire?

Letting more people and businesses keep a little more of their own money won't cause the deficit to increase by 1.5 Trillion dollars, its spending so very much more than the record amounts of money the government is already collecting.

I just checked and I had about 28,000 in deductions last year. So I’ll still itemize. I think I like the new plan though, overall. Should save a few bucks.

i don't see anyway this thing will pass. McCain is setting it up to stick it to Trump. Thanks Arizona.

No idea how accurate this is or how much it will change, but here's a start:

https://www.marketwatch.com/st...o-you-owe-2017-10-26

Good grief

quote:

Stocks Slump on News Senate Plan Delays Tax Cuts Until 2019


The stock market is the closest thing America has to an instant gauge on economic news. Even if it is an often fickle judge, the stock market bears watching when economically relevant news breaks.

Stocks fell sharply on Thursday after the Washington Post reported that the Senate Republican tax plan would delay the cut in the corporate tax rate until 2019. While some in the Senate have objected to the delay, they were overruled by Senate Republican leaders, the Post reported.

The one year delay would lower the cost of the tax bill by $100 billion, according to the newspaper. But it would likely dull the economic impact of tax cuts by encouraging companies to delay repatriating foreign profits or making investments until they can take advantage of the lower rate.

The Dow Jones Industrial Average, which closed at a record high on the anniversary of the election of Donald Trump, fell by more 200 points. The S&P fell by 1 percent. The information technology sector fell by 1.8 percent. The broader index was on track for its worse day in 3 months.

http://www.breitbart.com/big-g...elays-tax-cuts-2019/

Screw these people (Republicans)...

The argument that you have to vote for a Republic, or the Democratic will win, is dead to me. I will not accept that logic anymore. I will simply respond to that argument forevermore with "Fuck You" (the same position many of us are now taking respect to calls for "sensible gun control")... Republicans are feckless and have no ability to get anything done even though they are in power (and I will not accept that they do not have supermajority... that is a copout).

I will never vote for a Republican again, short of the office of the president, unless they are a pure, lily-white conservative or libertarian. At this point, I do not care if new laws are passed or freedoms are "taken away" because Democrats may or have regained power. I will not comply with anything that is in conflict with the Consitution or my belief system. By their inaction, broken promises and swamp mentality, they are quickly pushing me towards becoming a criminal. With this budget/tax reform bullshit, they are also affecting my ability to make the money I am depending on to be able to care for me and my family as well as my retirement goals.

I have no children and my wife is like-minded, so send the law after me... I will resist.

The assholes should just recess now and not come back until after the election. I believe we would be better off if that were to happen. Trump can run things just beautifully on his own, with his phone, his pen, and Twitter.

It is the same elected officials over and over again that keep sticking it to America.

quote:

Originally posted by 46and2:
There it is, the proverbial devil in the details.....

In short, the religious right wants their churches to both (a) maintain their tax exempt status, and (b) be able to endorse candidates and therefore actively participate in elections.....

Something that leftist non-profits have been doing for decades.