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 Post subject: Re: Tax Reform
PostPosted: December 11 18, 4:31 pm 
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Jocephus wrote:

Winning


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 Post subject: Re: Tax Reform
PostPosted: January 7 19, 10:55 am 
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Just roughed out our 2018 taxes. Net Fed tax went down about 1.6 percent** compared to 2017. We already received the benefit in our paycheck withholding. When we file we will end up relatively with the same net balance due/refund balances on our 2018 return vs 2017.

I wouldn't suggest that you could apply this rule of thumb to your situation. Even though our return is relatively basic, too many factors -i.e. #of kids under 17 is a biggie. and how your withholding was handled to compare to other people.

If you anticipate a refund with filing your return, you will have to be patient. With shutdown (IRS employees hammered by it)
it could be held up. Also, new laws will have tax filing software behind, especially at state levels. Other complexities. such as a business ownership, will make it even more slow.


** fine print caveat- the 1.6 % reduction includes benefit of larger child credit. I compared to Adjusted gross income, before itemized/standard & dependent deduction (which is gone in 2018). So basically am comparing our net fed tax to income levels to arrive at the 1.6%. Lots of other factors that could apply (did you put more in 401k between each year etc). basically this will all depend on your situation


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 Post subject: Re: Tax Reform
PostPosted: January 15 19, 2:47 pm 
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Are they really doing this stupid postcard sized 1040?

Because of this silly promise, you have to fill out the "postcard" 1040 and then attach SIX additional forms (Schedules 1-6). This accomplishes nothing other then as a pretend way to fulfill a stupid promise and makes filling things out with reference to last years taxes more work.

The 1040EZ already existed!


Last edited by Arthur Dent on January 15 19, 3:51 pm, edited 1 time in total.

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 Post subject: Re: Tax Reform
PostPosted: January 15 19, 3:04 pm 
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Arthur Dent wrote:
Are they really doing this stupid postcard sized 1040?

Because of this silly promise, you have to fill out the "postcard" 1040 and then attach SIX addition forms (Schedules 1-6). This accomplishes nothing other then as a pretend way to fulfill a stupid promise and makes filling things out with reference to last years taxes more work.

The 1040EZ already existed!

The EZ is gone, instead they split it into 2 pages, with bottom half empty. A little cutting and its a double-sided postcard!

Then there are all those schedules. Trump University Doctorate Paul Ryan came up with this.


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 Post subject: Re: Tax Reform
PostPosted: January 24 19, 3:31 pm 
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Elizabeth Warren to propose new ‘wealth tax’ on very rich Americans, economist says
Quote:
Sen. Elizabeth Warren (D-Mass.) will propose a new annual “wealth tax” on Americans with more than $50 million in assets, according to an economist advising her on the plan, as Democratic leaders vie for increasingly aggressive solutions to the nation’s soaring wealth inequality.

Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion, according to Saez.

The wealth tax would raise $2.75 trillion over a ten-year period from about 75,000 families, or less than 0.1 percent of U.S. households, Saez said.







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 Post subject: Re: Tax Reform
PostPosted: January 28 19, 10:24 am 
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Quote:
WASHINGTON (Reuters) - The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more than 30 years.

The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.


https://www.reuters.com/article/us-usa- ... SKCN1PM0B0



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 Post subject: Re: Tax Reform
PostPosted: January 28 19, 10:34 am 
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pioneer98 wrote:
Elizabeth Warren to propose new ‘wealth tax’ on very rich Americans, economist says
Quote:
Sen. Elizabeth Warren (D-Mass.) will propose a new annual “wealth tax” on Americans with more than $50 million in assets, according to an economist advising her on the plan, as Democratic leaders vie for increasingly aggressive solutions to the nation’s soaring wealth inequality.

Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion, according to Saez.

The wealth tax would raise $2.75 trillion over a ten-year period from about 75,000 families, or less than 0.1 percent of U.S. households, Saez said.


A person could have 50 million in assets and 50 million in liabilities and still be subject to this?


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 Post subject: Re: Tax Reform
PostPosted: January 28 19, 10:39 am 
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Diddy wrote:
A person could have 50 million in assets and 50 million in liabilities and still be subject to this?

No.


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 Post subject: Re: Tax Reform
PostPosted: January 28 19, 11:19 am 
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Arthur Dent wrote:
Diddy wrote:
A person could have 50 million in assets and 50 million in liabilities and still be subject to this?

No.


Ok because this doesn’t make a distinction between income, or net worth, or assets, which are all very different.


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 Post subject: Re: Tax Reform
PostPosted: January 28 19, 11:29 am 
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Diddy wrote:
Arthur Dent wrote:
Diddy wrote:
A person could have 50 million in assets and 50 million in liabilities and still be subject to this?

No.


Ok because this doesn’t make a distinction between income, or net worth, or assets, which are all very different.

It does make those distinctions. It’s a net worth tax.


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