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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: So hows the new tax bill going to affect me
Posted by MrsT809
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It's ridiculous. Seems like they keep adding more and more to appease people with no thought into what this is going to cost. People were mad about things like not being able to deduct grad school costs or taking away the teacher expense deductions so they put them back in. That's just two examples so when all is said and done the 1.5 trillion added to the deficit becomes what?? A huge addition to the deficit so typically families can save a few hundred and corporations can save millions. Trump is right on one thing, the system is broken.
We can't afford healthcare, let the CHIP program expire, are going to have to go after entitlements and all to pay off their donors. BTW, are the personal tax rates still temporary?
From what I can find, they may have a vote on this bill tomorrow, but with how fast and furious, and secretive they've been with changes, NOBODY actually knows everything that's in the bill. Everyone who is voting for it is either voting party lines, or getting one (or more) personal items that they wanted, so they don't care about the rest of the bill.
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Posted 12/18/17 8:30 AM  |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: So hows the new tax bill going to affect me
The House just passed the bill. The Senate is going to vote tonight.... 
We're headed back in a recession fairly soon if this passes....
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| Posted 12/19/17 3:12 PM |
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RainyDay
LIF Adult
Member since 6/15 3986 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by GoldenRod
The House just passed the bill. The Senate is going to vote tonight....
We're headed back in a recession fairly soon if this passes....
Cnn named republicans who voted against it. Sgould we be surprised that they were from NY NJ and CA?
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| Posted 12/19/17 3:44 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by RainyDay
Posted by GoldenRod
The House just passed the bill. The Senate is going to vote tonight....
We're headed back in a recession fairly soon if this passes....
Cnn named republicans who voted against it. Sgould we be surprised that they were from NY NJ and CA?
Revote in the House tomorrow, due to some procedural issues.
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| Posted 12/19/17 5:27 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: So hows the new tax bill going to affect me
I'm really hoping this tax bill is not implemented. It is going to screw over everyone on LI, being that our taxes are sky high and not able to deduct them..... this is going to drive away more people from LI and property values will decrease.
Does anyone know how this will affect W2's? Right now my DH and I claim married 0 because we like to see a return in April (sort of a forced savings for us) but now that we can't deduct as much (the big one being property taxes and state taxes) I'm guessing we won't see that return... so I may as well add dependents? I'm so confused. I left a message for an accountant at the firm that does our taxes but they were out of the office.
Message edited 12/20/2017 1:59:27 PM.
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| Posted 12/20/17 1:58 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by lightblue
I'm really hoping this tax bill is not implemented. It is going to screw over everyone on LI, being that our taxes are sky high and not able to deduct them..... this is going to drive away more people from LI and property values will decrease.
Does anyone know how this will affect W2's? Right now my DH and I claim married 0 because we like to see a return in April (sort of a forced savings for us) but now that we can't deduct as much (the big one being property taxes and state taxes) I'm guessing we won't see that return... so I may as well add dependents? I'm so confused. I left a message for an accountant at the firm that does our taxes but they were out of the office.
It passed. Im not a doomsday person by any means and I am assuming many lessons will be learned for Nov 2018
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| Posted 12/20/17 2:20 PM |
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Re: So hows the new tax bill going to affect me
The changes in the tax bill are not going to affect everyone until January 1st, 2019.
http://www.cnn.com/2017/12/13/politics/calculate-americans-taxes-senate-reform-bill/index.html
Based on the calculations above, the majority of Americans will see taxes actually go down (there are a few middle class Americans in the lower tax brackets who will be paying more if they Itemized deductions in the past). This is all a ploy to get Trump re-elected in 2020. Americans are not going to see the jump until after 2020 and more likely around 2024-2027 when many of the tax cuts expire.
All around, just another typical GOP exercise in kicking the can down to the younger folks in the future. 
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| Posted 12/20/17 4:11 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: So hows the new tax bill going to affect me
I used this calculator and my taxes aren't going to change much according to this. http://taxplancalculator.com/ We have high property taxes 17K a year but the 4% lower tax bracket seems to be off setting this. I can't see how the bill is harmful to most of the country since probably most of the country the SALT CAP won't effect. That is a local issue here we should be taking up with our local politicians as to why we are paying exuberant property taxes/state taxes where as other states seem to make it work with no income tax and significantly lower property taxes.
Tax Calculator
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| Posted 12/21/17 7:07 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: So hows the new tax bill going to affect me
EVERYTHING in this bill is for the super rich and corporations. How nice for corporations that they will now be taxed at only 21% instead of 35%. How nice that the super rich now get out of paying the AMT and estate taxes. How SAD that the deductions that were available to actual average Americans have been reduced, deductions that actually matter to people living in highly taxed areas. The "middle class tax break" is a joke and will be short lived. I think this whole reform bill is will no doubt land us back in the mess we were in 10 years ago. Not even kidding, there truly are days where I sometimes wonder if we really are living in the "greatest nation" because it doesn't feel that way anymore.
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| Posted 12/21/17 9:49 AM |
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lisa0807
LIF Adolescent
Member since 4/10 572 total posts
Name:
Lisa
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Re: So hows the new tax bill going to affect me
So it looks like if you have a dependent child who is 17 you lose the family tax credit.
My property taxes are over 10k so when I use the calculator it looks like I am losing about $600.
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| Posted 12/21/17 10:02 AM |
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jamnmore
LIF Adult
Member since 6/16 989 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by mommy2Alex
I used this calculator and my taxes aren't going to change much according to this. http://taxplancalculator.com/ We have high property taxes 17K a year but the 4% lower tax bracket seems to be off setting this. I can't see how the bill is harmful to most of the country since probably most of the country the SALT CAP won't effect. That is a local issue here we should be taking up with our local politicians as to why we are paying exuberant property taxes/state taxes where as other states seem to make it work with no income tax and significantly lower property taxes.
Tax Calculator
I just did the calculator it says I am going to save about $3600 a year.
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| Posted 12/21/17 11:26 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: So hows the new tax bill going to affect me
Posted by jamnmore
Posted by mommy2Alex
I used this calculator and my taxes aren't going to change much according to this. http://taxplancalculator.com/ We have high property taxes 17K a year but the 4% lower tax bracket seems to be off setting this. I can't see how the bill is harmful to most of the country since probably most of the country the SALT CAP won't effect. That is a local issue here we should be taking up with our local politicians as to why we are paying exuberant property taxes/state taxes where as other states seem to make it work with no income tax and significantly lower property taxes.
Tax Calculator
I just did the calculator it says I am going to save about $3600 a year.
Says I'll save approx $4100 a year.
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| Posted 12/21/17 3:06 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by mommy2Alex
I used this calculator and my taxes aren't going to change much according to this. http://taxplancalculator.com/ We have high property taxes 17K a year but the 4% lower tax bracket seems to be off setting this. I can't see how the bill is harmful to most of the country since probably most of the country the SALT CAP won't effect. That is a local issue here we should be taking up with our local politicians as to why we are paying exuberant property taxes/state taxes where as other states seem to make it work with no income tax and significantly lower property taxes.
Tax Calculator
Majority of our property taxes are school taxes, I pay 8k in just school tax... other states do not have as high taxes because on LI, pretty much every town has it's own SD, and in other states districts are run by county, so there's not as much administration/spending... but on LI that would probably never happen because people will say they don't want consolidation of districts because they don't want their property values to go down...
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| Posted 12/21/17 3:26 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: So hows the new tax bill going to affect me
That calculator says I'll pay over $5k more. There is not one SINGLE provision in this bill that benefits me. It is complete ********.
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| Posted 12/21/17 3:31 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: So hows the new tax bill going to affect me
I'm really not sure how accurate that calculator is. I can't imagine I'd be paying that much less.
I mean, I'd love it, but I just am skeptical. It didn't ask for much info
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| Posted 12/21/17 3:39 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by EclecticEsq10810
The changes in the tax bill are not going to affect everyone until January 1st, 2019.
http://www.cnn.com/2017/12/13/politics/calculate-americans-taxes-senate-reform-bill/index.html
Based on the calculations above, the majority of Americans will see taxes actually go down (there are a few middle class Americans in the lower tax brackets who will be paying more if they Itemized deductions in the past). This is all a ploy to get Trump re-elected in 2020. Americans are not going to see the jump until after 2020 and more likely around 2024-2027 when many of the tax cuts expire.
All around, just another typical GOP exercise in kicking the can down to the younger folks in the future.
I really am going to be hopefull and say that Trump will not be re-elected (though I fear he will be  )
can the new president change the current tax bill that passed or is that it. We are stuck with it till it expires ( I really don't know much about it)
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| Posted 12/21/17 10:55 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: So hows the new tax bill going to affect me
Posted by blu6385
Posted by EclecticEsq10810
The changes in the tax bill are not going to affect everyone until January 1st, 2019.
http://www.cnn.com/2017/12/13/politics/calculate-americans-taxes-senate-reform-bill/index.html
Based on the calculations above, the majority of Americans will see taxes actually go down (there are a few middle class Americans in the lower tax brackets who will be paying more if they Itemized deductions in the past). This is all a ploy to get Trump re-elected in 2020. Americans are not going to see the jump until after 2020 and more likely around 2024-2027 when many of the tax cuts expire.
All around, just another typical GOP exercise in kicking the can down to the younger folks in the future.
I really am going to be hopefull and say that Trump will not be re-elected (though I fear he will be )
can the new president change the current tax bill that passed or is that it. We are stuck with it till it expires ( I really don't know much about it)
The GOP is already saying that they screwed up (there's probably a few billion they haven't stolen yet....), and they'll need to pass a new bill next year to fix all of the problems that should have been fixed before this bill was voted on....
https://www.huffingtonpost.com/entry/republican-tax-bill-technical-corrections_us_5a380422e4b01d429ccb49c8
Rep. Kevin Brady (R-Texas), the lead author of the tax legislation in the House of Representatives, said Friday that he expected Congress would need to draft another bill to make “technical corrections.”
“I can’t imagine any major undertaking like this that doesn’t require technical corrections in the future,” Brady told reporters.
Republicans have repeatedly adjusted major provisions of their legislation over the past several weeks. The final version of the bill released Friday contained yet more significant changes to a business deduction that tax experts have warned could result in a lot of creative accounting and unintended consequences.
Technical corrections to major legislation are indeed common, but usually they aim to fix errors that lawmakers discover after passing a bill ? not ones they assume exist beforehand.
Steven Rosenthal, a lawyer and tax expert who formerly worked for the congressional Joint Committee on Taxation, said he was not aware of any other instance in which lawmakers anticipated technical corrections for tax legislation that had not even been enacted.
“This legislation is tax policy malfeasance,” Rosenthal said.
...
They just need the bill in place long enough for their donors to steal their billions, then they can blame the Democrats somehow, and make a half-hearted attempt to "fix" it. Enough people will believe that they are getting something for nothing, and will vote R in November...
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| Posted 12/22/17 7:49 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: So hows the new tax bill going to affect me
Our accountant did a side by side comparison for 2018 and if all things stay equal we will save 6K a year. And we are well above the SALT Cap. Our property taxes alone are 17K.
Did anyone else's accountant do something similar?
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| Posted 3/21/18 7:39 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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So hows the new tax bill going to affect me
Ours did. We'll get back about 2k more but with the decreased withholdings I think our refund will end up about the same.
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| Posted 3/21/18 7:45 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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So hows the new tax bill going to affect me
Ours also did a comparison sheet. It will basically be the same for us. We will owe more than usual but we are getting more money in each check. No win no loss.
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| Posted 3/21/18 10:21 AM |
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ChilisWife
God Bless America
Member since 5/05 3570 total posts
Name:
A.K.
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Re: So hows the new tax bill going to affect me
Ours did as well. We are way above the SALT cap so I was worried but he did the return and said we would be about the same, maybe a few hundred more or less of a refund, nothing too bad. He said that the lower tax rates and additional tax credits are way more beneficial than deductions and will outweigh the loss of such deductions. Phew!
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| Posted 3/21/18 10:47 AM |
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