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United States13132 Posts
On November 03 2017 02:25 KwarK wrote:Show nested quote +On November 03 2017 02:22 Blitzkrieg0 wrote:On November 03 2017 01:55 IyMoon wrote:On November 03 2017 01:51 KwarK wrote:
I've explained this infinity times but it's worth repeating that increasing the standard deduction while removing exemptions is effectively class warfare against blended and single parent households. The previous system was a tax deduction based on household size. The proposed system is to give individuals a $12,200 deduction and married couples $24,400, regardless of the number of dependents. Combined with an increase in the lowest bracket from 10% to 12% this is a "fuck you" to single parents, larger families, and anyone supporting elderly parents and the like. There are no longer any tax benefits to dependents. It is going to be nice as a single man though. All of trumps tax plans dont hurt me in the slightest and will actually give me more money. That being said holy shit is it a bad idea It isn't actually that great. As a single man you get a better standard deduction, but then you're paying all that money back in the higher tax bracket anyway. It's $2,689 for him filing as an individual. The expanded 12% bracket helps him a lot.
Edited my initial post as it wasn't my intention to dispute that he would be paying more. Just that long term it isn't much difference, especially if you're planning on having children eventually. You're going to have to be single for a long time to make up for that bit.
The standard deduction increase makes it seem like you're going to get 5900 tax break, when in fact you're just going to pay most of that in higher tax bracket is my point.
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On November 03 2017 02:33 Nevuk wrote:
I don't think this passes in its current form. Some conservatives (real ones) seem upset that it doesn't actually cut taxes.
But it's still got the whole "let's make poor people even more poor so that they realize they need to work harder and bootstrap etc" thing going for it.
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United States44439 Posts
On November 03 2017 02:37 Blitzkrieg0 wrote:Show nested quote +On November 03 2017 02:25 KwarK wrote:On November 03 2017 02:22 Blitzkrieg0 wrote:On November 03 2017 01:55 IyMoon wrote:On November 03 2017 01:51 KwarK wrote:
I've explained this infinity times but it's worth repeating that increasing the standard deduction while removing exemptions is effectively class warfare against blended and single parent households. The previous system was a tax deduction based on household size. The proposed system is to give individuals a $12,200 deduction and married couples $24,400, regardless of the number of dependents. Combined with an increase in the lowest bracket from 10% to 12% this is a "fuck you" to single parents, larger families, and anyone supporting elderly parents and the like. There are no longer any tax benefits to dependents. It is going to be nice as a single man though. All of trumps tax plans dont hurt me in the slightest and will actually give me more money. That being said holy shit is it a bad idea It isn't actually that great. As a single man you get a better standard deduction, but then you're paying all that money back in the higher tax bracket anyway. It's $2,689 for him filing as an individual. The expanded 12% bracket helps him a lot. Edited my initial post as it wasn't my intention to dispute that he would be paying more. Just that long term it isn't much difference, especially if you're planning on having children eventually. You're going to have to be single for a long time to make up for that bit.
The increased child tax credit limits will actually offset the loss of the exemptions for dependents for him. This tax plan represents a significant improvement for him. You've got to remember that their $120,000 is actually already double the median household income for America. He's not 1%, but he is top 20%. The tax changes will definitely make a favourable difference to him, especially if his income progression continues.
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On November 03 2017 02:32 KwarK wrote:Show nested quote +On November 03 2017 02:28 xDaunt wrote:
Biggest thing for the tax plan -- go buy your homes now before this thing passes, particularly if you're in a region with high property values. The value of itemizing has been halved by the doubling of the standard deduction. Let's say you're getting a 3% mortgage on a million dollar home. That's $30,000 of deductible interest. The standard deduction is $24,400, giving you a tax deduction of $5,600, worth $1,400 at the 25% bracket. Probably hold off on buying that million dollar home for the tax benefit.
If you're buying a home where the mortgage is $500k or greater, you're probably going to have plenty of other deductions to throw in as well and a high enough income such that you'll want to lock in your home now to benefit from the full mortgage deduction for the long term.
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On November 03 2017 02:34 Plansix wrote:Show nested quote +On November 03 2017 02:32 zlefin wrote:
so what does this new brazile thing have for evidence? (i.e. beyond brazile's own words) Nothing. But as we stated, it would be very easy to disprove if she was lying.
no evidence? ok. i'll just disregard it then. ty for info.
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United States44439 Posts
On November 03 2017 02:48 xDaunt wrote:Show nested quote +On November 03 2017 02:32 KwarK wrote:On November 03 2017 02:28 xDaunt wrote:
Biggest thing for the tax plan -- go buy your homes now before this thing passes, particularly if you're in a region with high property values. The value of itemizing has been halved by the doubling of the standard deduction. Let's say you're getting a 3% mortgage on a million dollar home. That's $30,000 of deductible interest. The standard deduction is $24,400, giving you a tax deduction of $5,600, worth $1,400 at the 25% bracket. Probably hold off on buying that million dollar home for the tax benefit. If you're buying a home where the mortgage is $500k or greater, you're probably going to have plenty of other deductions to throw in as well and a high enough income such that you'll want to lock in your home now to benefit from the full mortgage deduction for the long term.
Care to name a few of the plenty of other deductions thrown in? State and local tax deduction is getting capped while medical is getting eliminated entirely.
Here's a schedule A for you.
https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
I think you'll have trouble finding $25k on there without medical, and with state and local taxes capped.
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Hmm, if you can deduct business expenses you might be able to beat the standard deduction.
If I'm reading this right, this tax plan would be sweet for me personally. My taxes will go from 25% to 12%. Kinda awful for most of America though.
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On November 03 2017 02:21 xDaunt wrote:Show nested quote +On November 03 2017 02:07 Gorsameth wrote:
@xDaunt.
"I linked a bunch of articles without going into specifics that you all debunked but i'm not going to commit to saying anything myself because then you disprove what I say with facts rather then fiction so I'm just going to randomly bring it up constantly like its an actual thing".
Also, you still haven't explained why Trump hasn't ordered Sessions to start an investigation with all this proof that now exists. Esp when it would discredit Mueller's investigation through his connection to the Uranium One report.
I wonder if its because he knows its complete and utter horseshit. 1) Nothing has been debunked. Like I said above, the facts are the facts. The Clintons received a shitton of money (directly and indirectly) from Russian/Rosatom-connected sources. The Clintons lobbied for the deal. Those things happened. Where I have acknowledged that there's a dispute is whether there is a connection between the money and lobbying. And I have already acknowledged that we do not yet know of a smoking gun. However, the discovery of all of the lies surrounding the deal circumstantially show that there may be something there. Regardless, I'm content to wait and see what else comes out. I just think that it is vastly premature to conclude that there's nothing to see here. That position is untenable. 2) As for why Trump has not ordered an investigation, I can think of a couple good reasons. First, who is to say that there isn't one ongoing already? Like I mentioned last week, there is an FBI informant out there who was previously subject to a gag order and who knows what happened. His attorney has publicly said as such. His attorney has also said that this informant has been talking with Mueller and other investigators. Furthermore, Trump lifted the gag order last week, freeing this guy to talk to more people. The lawyer had made it clear that he intends to. Second, and from Trump's point of view, he has to be careful about being too involved in any investigation. It's a bad look politically for obvious reasons, even if there's merit to the investigation. It's far better for him to let other people do this for him, which I suspect is happening.
I hope his advisors prevail for (2) keeping his trap shut. He's already done enough harm for jury selection on the NYC truck case.
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On November 03 2017 02:55 ticklishmusic wrote:
Hmm, if you can deduct business expenses you might be able to beat the standard deduction.
If I'm reading this right, this tax plan would be sweet for me personally. My taxes will go from 25% to 12%. Kinda awful for most of America though.
25 to 12!? What bracket are you in? What makes it that much lower?
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United States44439 Posts
On November 03 2017 02:58 Mohdoo wrote:Show nested quote +On November 03 2017 02:55 ticklishmusic wrote:
Hmm, if you can deduct business expenses you might be able to beat the standard deduction.
If I'm reading this right, this tax plan would be sweet for me personally. My taxes will go from 25% to 12%. Kinda awful for most of America though. 25 to 12!? What bracket are you in? What makes it that much lower?
He means marginal.
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On November 03 2017 02:58 KwarK wrote:Show nested quote +On November 03 2017 02:58 Mohdoo wrote:On November 03 2017 02:55 ticklishmusic wrote:
Hmm, if you can deduct business expenses you might be able to beat the standard deduction.
If I'm reading this right, this tax plan would be sweet for me personally. My taxes will go from 25% to 12%. Kinda awful for most of America though. 25 to 12!? What bracket are you in? What makes it that much lower? He means marginal.
Right. Too lazy to do the math on my effective.
Let's say "most" of my income is taxed at 25% right now, but under the proposal almost all of it will go under 12%. So while not exactly halving my tax bill, it's pretty big cut. The NYT description I looked at first is pretty bad.
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United States44439 Posts
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On November 03 2017 02:51 zlefin wrote:Show nested quote +On November 03 2017 02:34 Plansix wrote:On November 03 2017 02:32 zlefin wrote:
so what does this new brazile thing have for evidence? (i.e. beyond brazile's own words) Nothing. But as we stated, it would be very easy to disprove if she was lying. no evidence? ok. i'll just disregard it then. ty for info.
Well her statement is evidence, but not the type you are looking for.
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On November 03 2017 02:52 KwarK wrote:Show nested quote +On November 03 2017 02:48 xDaunt wrote:On November 03 2017 02:32 KwarK wrote:On November 03 2017 02:28 xDaunt wrote:
Biggest thing for the tax plan -- go buy your homes now before this thing passes, particularly if you're in a region with high property values. The value of itemizing has been halved by the doubling of the standard deduction. Let's say you're getting a 3% mortgage on a million dollar home. That's $30,000 of deductible interest. The standard deduction is $24,400, giving you a tax deduction of $5,600, worth $1,400 at the 25% bracket. Probably hold off on buying that million dollar home for the tax benefit. If you're buying a home where the mortgage is $500k or greater, you're probably going to have plenty of other deductions to throw in as well and a high enough income such that you'll want to lock in your home now to benefit from the full mortgage deduction for the long term. Care to name a few of the plenty of other deductions thrown in? State and local tax deduction is getting capped while medical is getting eliminated entirely. Here's a schedule A for you. https://www.irs.gov/pub/irs-pdf/f1040sa.pdfI think you'll have trouble finding $25k on there without medical, and with state and local taxes capped.
The business deductions can be huge.
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Some weirdness is going on with Google's cloud service for docs. I've seen at least three reputable journalists and a couple students complain that their documents were suddenly unavailable.
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United States44439 Posts
On November 03 2017 03:13 xDaunt wrote:Show nested quote +On November 03 2017 02:52 KwarK wrote:On November 03 2017 02:48 xDaunt wrote:On November 03 2017 02:32 KwarK wrote:On November 03 2017 02:28 xDaunt wrote:
Biggest thing for the tax plan -- go buy your homes now before this thing passes, particularly if you're in a region with high property values. The value of itemizing has been halved by the doubling of the standard deduction. Let's say you're getting a 3% mortgage on a million dollar home. That's $30,000 of deductible interest. The standard deduction is $24,400, giving you a tax deduction of $5,600, worth $1,400 at the 25% bracket. Probably hold off on buying that million dollar home for the tax benefit. If you're buying a home where the mortgage is $500k or greater, you're probably going to have plenty of other deductions to throw in as well and a high enough income such that you'll want to lock in your home now to benefit from the full mortgage deduction for the long term. Care to name a few of the plenty of other deductions thrown in? State and local tax deduction is getting capped while medical is getting eliminated entirely. Here's a schedule A for you. https://www.irs.gov/pub/irs-pdf/f1040sa.pdfI think you'll have trouble finding $25k on there without medical, and with state and local taxes capped. The business deductions can be huge.
Which line of the Schedule A are the business deductions on?
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On November 03 2017 03:06 Plansix wrote:Show nested quote +On November 03 2017 02:51 zlefin wrote:On November 03 2017 02:34 Plansix wrote:On November 03 2017 02:32 zlefin wrote:
so what does this new brazile thing have for evidence? (i.e. beyond brazile's own words) Nothing. But as we stated, it would be very easy to disprove if she was lying. no evidence? ok. i'll just disregard it then. ty for info. Well her statement is evidence, but not the type you are looking for.
quite right indeed. ty again for info.
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On November 03 2017 03:13 xDaunt wrote:Show nested quote +On November 03 2017 02:52 KwarK wrote:On November 03 2017 02:48 xDaunt wrote:On November 03 2017 02:32 KwarK wrote:On November 03 2017 02:28 xDaunt wrote:
Biggest thing for the tax plan -- go buy your homes now before this thing passes, particularly if you're in a region with high property values. The value of itemizing has been halved by the doubling of the standard deduction. Let's say you're getting a 3% mortgage on a million dollar home. That's $30,000 of deductible interest. The standard deduction is $24,400, giving you a tax deduction of $5,600, worth $1,400 at the 25% bracket. Probably hold off on buying that million dollar home for the tax benefit. If you're buying a home where the mortgage is $500k or greater, you're probably going to have plenty of other deductions to throw in as well and a high enough income such that you'll want to lock in your home now to benefit from the full mortgage deduction for the long term. Care to name a few of the plenty of other deductions thrown in? State and local tax deduction is getting capped while medical is getting eliminated entirely. Here's a schedule A for you. https://www.irs.gov/pub/irs-pdf/f1040sa.pdfI think you'll have trouble finding $25k on there without medical, and with state and local taxes capped. The business deductions can be huge.
The Lines 21-27 stuff.
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United States13132 Posts
On November 03 2017 02:44 KwarK wrote:Show nested quote +On November 03 2017 02:37 Blitzkrieg0 wrote:On November 03 2017 02:25 KwarK wrote:On November 03 2017 02:22 Blitzkrieg0 wrote:On November 03 2017 01:55 IyMoon wrote:On November 03 2017 01:51 KwarK wrote:
I've explained this infinity times but it's worth repeating that increasing the standard deduction while removing exemptions is effectively class warfare against blended and single parent households. The previous system was a tax deduction based on household size. The proposed system is to give individuals a $12,200 deduction and married couples $24,400, regardless of the number of dependents. Combined with an increase in the lowest bracket from 10% to 12% this is a "fuck you" to single parents, larger families, and anyone supporting elderly parents and the like. There are no longer any tax benefits to dependents. It is going to be nice as a single man though. All of trumps tax plans dont hurt me in the slightest and will actually give me more money. That being said holy shit is it a bad idea It isn't actually that great. As a single man you get a better standard deduction, but then you're paying all that money back in the higher tax bracket anyway. It's $2,689 for him filing as an individual. The expanded 12% bracket helps him a lot. Edited my initial post as it wasn't my intention to dispute that he would be paying more. Just that long term it isn't much difference, especially if you're planning on having children eventually. You're going to have to be single for a long time to make up for that bit. The increased child tax credit limits will actually offset the loss of the exemptions for dependents for him. This tax plan represents a significant improvement for him. You've got to remember that their $120,000 is actually already double the median household income for America. He's not 1%, but he is top 20%. The tax changes will definitely make a favourable difference to him, especially if his income progression continues.
I didn't realize there were child tax credit changes as well. So the key is to not have a non-nuclear family then I guess.
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EPT
