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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 1:04 pm 
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This is TrumpCare 2. Not gonna pass.


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 1:19 pm 
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thrill wrote:
This is TrumpCare 2. Not gonna pass.

Pretty much my thought, otherwise there will be a lot of money being thrown at the Democrats for 2018...although I bet the corporate tax cut gets through.


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 1:36 pm 
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I lose my deductions but still get a ~$2.4k cut. Sweet.

Also, it sounds like this doesn't add up - it will cost way more than their budget calls for, and the whole thing is a bizarre attempt at a showpiece to kick the thing to the Senate, which has the only real say.


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 2:44 pm 
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has a link from 538 to share
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How did you figure your taxes AD? Is there a calculator or something? With all the changes to deductions, etc I'm struggling to understand how this plan will impact me.


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 2:52 pm 
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I inferred by reading the Forbes summary:

https://www.forbes.com/sites/kellyphillipserb/2017/11/02/from-mortgage-caps-to-tax-brackets-how-the-house-tax-bill-could-impact-your-taxes/#254cd2a5eb83

The tax cut comes from the new bracket structure (12% marginal rate up to $90k for married filing jointly before the 25% rate kicks in). That shaves several points off my effective rate, which, for me, turns out to be worth more than the balance of the impact of the proposed changes to personal exemptions and deductions.


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 3:08 pm 
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darjeeling sipping elite
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Arthur Dent wrote:
I inferred by reading the Forbes summary:

https://www.forbes.com/sites/kellyphillipserb/2017/11/02/from-mortgage-caps-to-tax-brackets-how-the-house-tax-bill-could-impact-your-taxes/#254cd2a5eb83

The tax cut comes from the new bracket structure (12% marginal rate up to $90k for married filing jointly before the 25% rate kicks in). That shaves several points off my effective rate, which, for me, turns out to be worth more than the balance of the impact of the proposed changes to personal exemptions and deductions.



Great. My wife makes just enough to [expletive] us.


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 3:12 pm 
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just can't quit you.
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lukethedrifter wrote:
Arthur Dent wrote:
I inferred by reading the Forbes summary:

https://www.forbes.com/sites/kellyphillipserb/2017/11/02/from-mortgage-caps-to-tax-brackets-how-the-house-tax-bill-could-impact-your-taxes/#254cd2a5eb83

The tax cut comes from the new bracket structure (12% marginal rate up to $90k for married filing jointly before the 25% rate kicks in). That shaves several points off my effective rate, which, for me, turns out to be worth more than the balance of the impact of the proposed changes to personal exemptions and deductions.



Great. My wife makes just enough to [expletive] us.


Damn 1%er


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 3:30 pm 
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lukethedrifter wrote:
Arthur Dent wrote:
I inferred by reading the Forbes summary:

https://www.forbes.com/sites/kellyphillipserb/2017/11/02/from-mortgage-caps-to-tax-brackets-how-the-house-tax-bill-could-impact-your-taxes/#254cd2a5eb83

The tax cut comes from the new bracket structure (12% marginal rate up to $90k for married filing jointly before the 25% rate kicks in). That shaves several points off my effective rate, which, for me, turns out to be worth more than the balance of the impact of the proposed changes to personal exemptions and deductions.



Great. My wife makes just enough to [expletive] us.

To be clear, that's a marginal rate -- you only pay it on the portion of your taxable income that exceeds $90k. So, for example, if your taxable income is between $90k and $260k (the start of the next bracket), your tax is 0.12*90k+0.25*(taxable income - 90k)*0.25.

Edit: Also, the brackets apply to taxable income, meaning after you've taken out deductions. Under this plan, you'd need to have a pretty expensive house to get anything other than the standard deduction, which would be $24.4k for married couples. That means you have to make at least $90k + $24.4k = $114.4K before you enter the 25% marginal rate window.


Last edited by Arthur Dent on November 2 17, 3:52 pm, edited 1 time in total.

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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 3:34 pm 
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Sucking on the Rally Nipple
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Arthur Dent wrote:
I inferred by reading the Forbes summary:

https://www.forbes.com/sites/kellyphillipserb/2017/11/02/from-mortgage-caps-to-tax-brackets-how-the-house-tax-bill-could-impact-your-taxes/#254cd2a5eb83

The tax cut comes from the new bracket structure (12% marginal rate up to $90k for married filing jointly before the 25% rate kicks in). That shaves several points off my effective rate, which, for me, turns out to be worth more than the balance of the impact of the proposed changes to personal exemptions and deductions.


So for a married couple, income is taxed at 12% up to 90k, then 25% from 90k - 260K?


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 Post subject: Re: Tax Reform
PostPosted: November 2 17, 3:48 pm 
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darjeeling sipping elite
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Arthur Dent wrote:
lukethedrifter wrote:
Arthur Dent wrote:
I inferred by reading the Forbes summary:

https://www.forbes.com/sites/kellyphillipserb/2017/11/02/from-mortgage-caps-to-tax-brackets-how-the-house-tax-bill-could-impact-your-taxes/#254cd2a5eb83

The tax cut comes from the new bracket structure (12% marginal rate up to $90k for married filing jointly before the 25% rate kicks in). That shaves several points off my effective rate, which, for me, turns out to be worth more than the balance of the impact of the proposed changes to personal exemptions and deductions.



Great. My wife makes just enough to [expletive] us.

To be clear, that's a marginal rate -- you only pay it on the portion of your taxable income that exceeds $90k. So, for example, if your taxable income is between $90k and $260k (the start of the next bracket), your tax is 0.12*90k+0.25*(taxable income - 90k)*0.25.
.

Gotcha. Thanks.


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