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Subject: Realistically, how does the new tax bill affect you? rss

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So yeah, this new tax bill is going to screw the nation as a whole, how does it affect you as an individual?

For me this is the outlook:

My tax rate goes from 28% to 22% Positive gain. +6%

My standard deduction goes from $12,700 to $24,000 Positive gain. I never seem to surpass the standard through itemized, so this didn't affect me there. +$11,300

My Mortgage Interest is still deductible. +/- 0

As for my health insurance, that remains to be seen. My insurance actually went down this year by $200 a month for the same coverage as last year. I don't get federal subsidies. -?

I do lose two children personal deductions of $4,150 per child. So I am losing $8,300. -8,300

The law increase the child credit from $1000 to $2000, which I didn't qualify for before, so this is a $4000 gain for me. +$4000


EDIT:
So personally, the plan is a positive gain of 6% less taxes + $4000 credit + $3000 in deductions.(minus the unknown in health care)


 
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Flat...except I will be paying more in health insurance premiums so really a loss.

The crumbs alloted to this peasant will have to be given to another.
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Leo Zappa
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Looks like ours will be reduced by $6,450 next year. Healthcare is through my employer (of course, I contribute to that plan), so I don't think anything changes on that front. I certainly won't mind having an additional $6,450 in our family coffers, but I still think this plan is bad for the country. Time will tell.
 
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Mac Mcleod
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Realistically, it will lead to my loss of insurance which will put me at risk of early death and financial ruin. It is also looking like it will lead to further social security benefit cuts and medicare cuts.

The calculator showed it would lower my taxes slightly for a few years and then my taxes will go up permanently.

Single, no kids, no mortgage.
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You can't count a credit the same as a deduction, though, as a credit reduces your TAX while a deduction decreases your taxable income.

My taxable income goes way up, thanks to eliminating the deudctions, and then that tax gets wiped out by the credits. $1000 per kid in tax reduction vs. $4150 in taxable income reduction... well, if the tax bracket I'm in is under 24% them I'm doing better with the CTC, and if it's over 24% I would do better with the reduction in taxable income.

I'm still in the lower brackets so I believe this helps me, especially if it translates over to Additional CTC (which is a refunding credit).
 
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Sixty-seven years old. Still working but single, no kids and no mortgage. On Medicare and paying for a good supplement. Without any insurance my medical expenses would have exceeded $20,000 in 2017 and I didn't even have a serious problem. As it was, my out of pocket expense was zero. Of course, except for the monthly premiums.

I have had my payroll deductions calculated to be a wash but in 2017 I had to pay taxes on 6 months of Social Security benefits. Not sure how things will come out but I expect to pay since even though the standard deduction is double I will be paying on a full year SS draw.
 
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Don't know yet. I'm opposed to the bill for the simple fact that it's a POS money grab and generally terrible...I'll say that if I come out ahead or behind.

Not to mention, we should be looking at how things stand a few years from now (unless we are counting on it being rolled back IF the GOP gets the boot)
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Bwian, just
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MWChapel wrote:
My tax rate goes from 28% to 22% Positive gain. +6%

That’s your marginal tax rate. When you integrate across your income, what are the savings?
 
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Chengkai Yang
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Bay Area resident, the change to houses is likely to further alienate my chances of home ownership. We're talking an already shit market where median is 900k-1.3M.
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Bwian wrote:
MWChapel wrote:
My tax rate goes from 28% to 22% Positive gain. +6%

That’s your marginal tax rate. When you integrate across your income, what are the savings?


It really depends on my final income next year, which might be vastly different. I am usually tittering on two different tax rates, but looking at the tables, I am not sure all the deductions would take me down to the next lowest rate. It will keep me at the lower of the rates, which I chose. Really the tax "credits" will help me the most.
 
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It's hard to find proper calculators: Too many make terrible assumptions. For instance, one I looked at was wrong in my current taxes by 20k.

Last year my itemized deductions far exceeded the new standard deduction, and a majority of that was state and local taxes. I might end up pretty close to the new standard deduction, depending on what I do. I'll have to do the math mid year, when I have more realistic income numbers to decide on what to do tactically to lower those taxes. It's possible that my best play is to pay the house off, and alter donations down, as my amounts were inflated because the tax deduction was very relevant. It's also possible that I might find a new employment arrangement that lets me look more like a business.

One thing is clear, and it's that I am going to spend quite a bit of time talking with my accountant.
 
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Matt Brown
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Any chart I have seen gets me money back for the first year. It goes down after that, and eventually I pay more, and it continues on that pathway at an exponential rate. Of course, if I could simply double my income...
 
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Governor Hogan says he will protect us from the Republican tax increases!

 
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A complete answer will require calculating taxes across at least the next 10 years, since the cut for CY18 is greatest, and diminishes from there for most people whose income is mostly from wages. Corporations do great, though.
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Someone have a link to a reputable calculator? It will be a pain since taxes for me change significantly with marriage.
 
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draxx01 wrote:
Bay Area resident, the change to houses is likely to further alienate my chances of home ownership. We're talking an already shit market where median is 900k-1.3M.

I'm against almost everything else in the Republican tax bill except for the caps on the mortgage deduction. It ought to be lower imo, around $500k max instead of $750k. It is just a handout to the upper middle class & upper class anyway.

In any case, in theory it should result in reducing the price of housing in areas where the mortgage would be beyond the maximum deduction. It should thus result in no change as far as you being able to afford a house if you don't have one. Those who already own a high priced house should see the price of their house drop, or at least over time it will not go up as fast as the lower priced houses.
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My wife is a subspecialist doctor in a high-tax town in New York. We’re the people the bill was actively hostile toward, so it’s going to hurt.
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Bwian, just
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MWChapel wrote:
Bwian wrote:
MWChapel wrote:
My tax rate goes from 28% to 22% Positive gain. +6%

That’s your marginal tax rate. When you integrate across your income, what are the savings?


It really depends on my final income next year, which might be vastly different. I am usually tittering on two different tax rates, but looking at the tables, I am not sure all the deductions would take me down to the next lowest rate. It will keep me at the lower of the rates, which I chose. Really the tax "credits" will help me the most.

Even looking at your current tax rate, you’re asking me to believe that you’re currently making over $400k taxable income a year, but don’t itemize your deductions. That is certainly possible, but I would be surprised.
 
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Derry Salewski
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Should save me money.

Single, 32, homeowner, not in a crazy valuable part of the country.

Even with a brand new mortgage and 4k in medical bills itemising was basically saving me nothing and just making money for the tax software companies. This will make filing easier (not that it was hard.)

Even if I work a lot of overtime to push up near 45-50k this new system should keep me from getting gouged a little more on taxes.

My company makes it's own insurance plan so best case nothing changes. Middle I find a doctor and attend some nutrition course to reduce what I pay since I'm technically overweight I'm sure. Worst I go without healthcare which I'm only paying for for emergencies anyway since I never go to the doctor.

Selfishly I'm glad. Also glad trump won cause it's hillarious.

Less selfishly I'll take Bernie and socialized medicine and useful college.
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Mac Mcleod
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KrazyIrish89 wrote:
maxo-texas wrote:
Realistically, it will lead to my loss of insurance which will put me at risk of early death and financial ruin. It is also looking like it will lead to further social security benefit cuts and medicare cuts.

The calculator showed it would lower my taxes slightly for a few years and then my taxes will go up permanently.

Single, no kids, no mortgage.


Didn't you say you were going to lose your insurance last year too? Maybe it won't be so doom and gloom after all


With the removal of the mandate, my rates will go up to unsustainable levels as it will for millions of other americans.

And the republicans have spent the last 10 months trying. Even failing to remove my insurance by one vote. Gee, I guess I'm just being unrealistic.

 
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rinelk wrote:
My wife is a subspecialist doctor in a high-tax town in New York. We’re the people the bill was actively hostile toward, so it’s going to hurt.


Shame on you for living a proscribed lifestyle. You must pay!
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4oish k single (last yr) itemize. If I tell CNN I live in a high tax zone (Pa isn't bad but local is high) I take a hit that starts at 3% and escalates to 7% by 2025 then drops back to 2%.

If I don't say that I live in a high tax zone then I get 3% which ralidly dwindles into a tiny loss over the years
 
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Bwian wrote:
MWChapel wrote:
Bwian wrote:
MWChapel wrote:
My tax rate goes from 28% to 22% Positive gain. +6%

That’s your marginal tax rate. When you integrate across your income, what are the savings?


It really depends on my final income next year, which might be vastly different. I am usually tittering on two different tax rates, but looking at the tables, I am not sure all the deductions would take me down to the next lowest rate. It will keep me at the lower of the rates, which I chose. Really the tax "credits" will help me the most.

Even looking at your current tax rate, you’re asking me to believe that you’re currently making over $400k taxable income a year, but don’t itemize your deductions. That is certainly possible, but I would be surprised.


What table are you looking at?
 
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MWChapel wrote:
Bwian wrote:
MWChapel wrote:
Bwian wrote:
MWChapel wrote:
My tax rate goes from 28% to 22% Positive gain. +6%

That’s your marginal tax rate. When you integrate across your income, what are the savings?


It really depends on my final income next year, which might be vastly different. I am usually tittering on two different tax rates, but looking at the tables, I am not sure all the deductions would take me down to the next lowest rate. It will keep me at the lower of the rates, which I chose. Really the tax "credits" will help me the most.

Even looking at your current tax rate, you’re asking me to believe that you’re currently making over $400k taxable income a year, but don’t itemize your deductions. That is certainly possible, but I would be surprised.


What table are you looking at?

https://www.forbes.com/sites/kellyphillipserb/2016/10/25/irs...
 
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Bwian wrote:
MWChapel wrote:
Bwian wrote:
MWChapel wrote:
Bwian wrote:
MWChapel wrote:
My tax rate goes from 28% to 22% Positive gain. +6%

That’s your marginal tax rate. When you integrate across your income, what are the savings?


It really depends on my final income next year, which might be vastly different. I am usually tittering on two different tax rates, but looking at the tables, I am not sure all the deductions would take me down to the next lowest rate. It will keep me at the lower of the rates, which I chose. Really the tax "credits" will help me the most.

Even looking at your current tax rate, you’re asking me to believe that you’re currently making over $400k taxable income a year, but don’t itemize your deductions. That is certainly possible, but I would be surprised.


What table are you looking at?

https://www.forbes.com/sites/kellyphillipserb/2016/10/25/irs...


28% to 22% is nowhere NEAR $400k....I think you should reassess your math.

EDIT: I think you were looking for the nominal rate, I was quoting the bracket I would be in(that is what was available online). If I use the calculator below, this would be a better outlook for you:



So it looks like, rough math, I'll be saving about ~6k. I guess I am in the sweet spot of only having two kids.
 
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