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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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So hows the new tax bill going to affect me
The one that passed in the middle of the night
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Posted 12/2/17 7:35 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
The tax reform is so shady and so self serving. The way they rammed it through without carefully going through the details of it. It's disgusting. Lousy Republicans lining their own pockets and screwing the rest of America. 
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| Posted 12/2/17 8:45 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: So hows the new tax bill going to affect me
Are you a multi millionaire? No, congratulations your taxes will go up within the next ten years. Any benefits you or your family members might have received are disappearing, and you can say thank you to the republicans.
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| Posted 12/2/17 11:09 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
And a huge majority of CEOs, when asked outright, if they will take their massive windfall and help the economy, they said no. They admitted that they will take their extra billions, and give it to shareholders, or buy back their stocks. Trickle-down economics never works for anyone but massive corporations.
I have no problem helping small businesses, but this tax "plan"  won't help them. It will hurt the majority of the middle and lower class, and give tiny crumbs to some people for a little while.
It will give massive amounts of money to billionaires (read: trump family), and increase the national debt tremendously, which the middle class will be paying off for decades.
Then, in a few years, when the debt balloons, the GOP will say that we need to cut the budget to compensate, and gut Medicare, Medicaid, SS, and other services that help the middle and lower classes.
Most of the middle class that take tax deductions will see an immediate hit in their income for the year, since we won't have anywhere near the deductions we used to, if any....
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| Posted 12/2/17 12:11 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
... AND, they were making changes to the bill as they were voting, so NOBODY that voted for it actually knew what they were voting on. They only voted just to pass SOMETHING.
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| Posted 12/2/17 12:15 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: So hows the new tax bill going to affect me
Posted by GoldenRod
... AND, they were making changes to the bill as they were voting, so NOBODY that voted for it actually knew what they were voting on. They only voted just to pass SOMETHING.
I found that mind boggling. 
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| Posted 12/2/17 2:21 PM |
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JennP
LIF Adult
Member since 10/06 3986 total posts
Name:
Jenn
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Re: So hows the new tax bill going to affect me
It's hard to say exactly right now because they still have to go back to committee to reconcile the differences, then whatever comes out of that committee has to pass both houses again.
The Senate version is worse than the House version (for the tri state area) mainly due to the complete elimination of the state and local tax deduction under the former plan. We shall see what happens to that in committee.
Overall, independent studies show that both versions of the bill mostly take from the middle class and poor and give to the rich in both the short and long term but especially the latter.
There are crumbs for the middle class and poor, like the doubling of the standard deduction, but that is also counterbalanced by the elimination of the personal exemption.
Lots of other things will hurt the middle class and poor such as the elimination of the deduction for student loan interest. Worst of all is that Congressmen are admitting that they are going to have to make cuts to Medicare, Medicaid, and face issues renewing CHIP. 
Most people know how I feel and I have nothing good to say.
If people who call themselves Republicans actually have souls, this can only lead to a reckoning for the party. Private jets over sick children? Anti LGBTQ? Fetuses rate higher than children? I could go on. And on and on.
What is happening is loathsome, shameful, and infuriating.
We got robbed in the middle of the night when everyone was sleeping - literally and figuratively.
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| Posted 12/3/17 12:22 AM |
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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 JennP
It's hard to say exactly right now because they still have to go back to committee to reconcile the differences, then whatever comes out of that committee has to pass both houses again.
The Senate version is worse than the House version (for the tri state area) mainly due to the complete elimination of the state and local tax deduction under the former plan. We shall see what happens to that in committee.
Overall, independent studies show that both versions of the bill mostly take from the middle class and poor and give to the rich in both the short and long term but especially the latter.
There are crumbs for the middle class and poor, like the doubling of the standard deduction, but that is also counterbalanced by the elimination of the personal exemption.
Lots of other things will hurt the middle class and poor such as the elimination of the deduction for student loan interest. Worst of all is that Congressmen are admitting that they are going to have to make cuts to Medicare, Medicaid, and face issues renewing CHIP.
Most people know how I feel and I have nothing good to say.
If people who call themselves Republicans actually have souls, this can only lead to a reckoning for the party. Private jets over sick children? Anti LGBTQ? Fetuses rate higher than children? I could go on. And on and on.
What is happening is loathsome, shameful, and infuriating.
We got robbed in the middle of the night when everyone was sleeping - literally and figuratively.
I hate to say it but hope karma gets them all and anyone else backing this.
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| Posted 12/3/17 8:47 AM |
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StaceyLu
LIF Adolescent
Member since 2/17 572 total posts
Name:
Stacey
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So hows the new tax bill going to affect me
One small example of last minute changes, quoted from NY Times:
"While wealthy investors and business would receive numerous tax cuts — including eliminating the estate tax for all but a tiny sliver of the country’s wealthiest households — the Senate moved to tighten deductions for lower- and middle-income wage earners. The bill, for example, prohibits employers from rewarding employees with gift cards so that a reward of, say, $25 or $50 in the form of a gift card doesn’t escape being taxed.
At the same time, a provision to fund the I.R.S. so that it could offer advice to low-income filers was rejected in the final bill.
Although the bill expands the child tax credit by a year to 17-year-olds, that change ends at the end of 2024, a year before other individual tax cuts are scheduled to expire — so families with children born in 2008 will see that credit end when their children are still 16."
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| Posted 12/4/17 10:51 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
Posted by StaceyLu
One small example of last minute changes, quoted from NY Times:
"While wealthy investors and business would receive numerous tax cuts — including eliminating the estate tax for all but a tiny sliver of the country’s wealthiest households — the Senate moved to tighten deductions for lower- and middle-income wage earners. The bill, for example, prohibits employers from rewarding employees with gift cards so that a reward of, say, $25 or $50 in the form of a gift card doesn’t escape being taxed.
At the same time, a provision to fund the I.R.S. so that it could offer advice to low-income filers was rejected in the final bill.
Although the bill expands the child tax credit by a year to 17-year-olds, that change ends at the end of 2024, a year before other individual tax cuts are scheduled to expire — so families with children born in 2008 will see that credit end when their children are still 16."
Those things almost seem spitefully aimed at the Middle Class, with no financial or logical reason for having it...
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| Posted 12/4/17 11:05 AM |
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StaceyLu
LIF Adolescent
Member since 2/17 572 total posts
Name:
Stacey
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Re: So hows the new tax bill going to affect me
Posted by GoldenRod
Posted by StaceyLu
One small example of last minute changes, quoted from NY Times:
"While wealthy investors and business would receive numerous tax cuts — including eliminating the estate tax for all but a tiny sliver of the country’s wealthiest households — the Senate moved to tighten deductions for lower- and middle-income wage earners. The bill, for example, prohibits employers from rewarding employees with gift cards so that a reward of, say, $25 or $50 in the form of a gift card doesn’t escape being taxed.
At the same time, a provision to fund the I.R.S. so that it could offer advice to low-income filers was rejected in the final bill.
Although the bill expands the child tax credit by a year to 17-year-olds, that change ends at the end of 2024, a year before other individual tax cuts are scheduled to expire — so families with children born in 2008 will see that credit end when their children are still 16."
Those things almost seem spitefully aimed at the Middle Class, with no financial or logical reason for having it...
It's such a big f*** you. So many suckers who thought he would help them.
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| Posted 12/4/17 11:27 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
Posted by StaceyLu
Posted by GoldenRod
Posted by StaceyLu
One small example of last minute changes, quoted from NY Times:
"While wealthy investors and business would receive numerous tax cuts — including eliminating the estate tax for all but a tiny sliver of the country’s wealthiest households — the Senate moved to tighten deductions for lower- and middle-income wage earners. The bill, for example, prohibits employers from rewarding employees with gift cards so that a reward of, say, $25 or $50 in the form of a gift card doesn’t escape being taxed.
At the same time, a provision to fund the I.R.S. so that it could offer advice to low-income filers was rejected in the final bill.
Although the bill expands the child tax credit by a year to 17-year-olds, that change ends at the end of 2024, a year before other individual tax cuts are scheduled to expire — so families with children born in 2008 will see that credit end when their children are still 16."
Those things almost seem spitefully aimed at the Middle Class, with no financial or logical reason for having it...
It's such a big f*** you. So many suckers who thought he would help them.
In an astonishing defense of dropping “death taxes” for individual estates worth more than $5.5 million, GOP Iowa Sen. Chuck Grassley implied that people not currently affected by that tax are “spending every darn penny ... on booze or women.”
“I think not having the estate tax recognizes the people that are investing — as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies,” Grassley told the Des Moines Register in an interview published Saturday. Grassley, who serves on the Finance Committee, made the remark when asked about the Senate tax reform measure which would double the exemption for estates to $11 million for an individual and $22 million for a couple. Heirs would inherit the estates tax-free.
.... and *there's* the rationalizing behind this....
He's ON the Finance Committee, and he has no idea how finances work....
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| Posted 12/4/17 11:46 AM |
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Bugaboo
Relax!
Member since 5/05 2133 total posts
Name:
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Re: So hows the new tax bill going to affect me
Here are two articles on how the tax bill will specifically impact NY.
How New Yorkers Would Lose Under The Republican Tax Bill
Among The Tax Bill's Biggest Losers
Message edited 12/5/2017 10:27:27 AM.
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| Posted 12/5/17 10:14 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: So hows the new tax bill going to affect me
One of DH's uncles was soooo proud of the new tax bill like it was a huge accomplishment for Trump. You could tell he didn't even understand the ramifications. He was just beaming that Trump "stuck it to the liberals and democrats". I can't wait for him to realize he'll be paying more.
Message edited 12/5/2017 2:57:57 PM.
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| Posted 12/5/17 11:18 AM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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So hows the new tax bill going to affect me
You know it's going to be bad when your accountant sends you an email asking if you have any questions as to how it'll affect you and then lists all of the deductions that you'll lose including how much each one was. Basically we're fcuked.
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| Posted 12/7/17 12:18 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
Posted by SecretlyTTC14
One of DH's uncles was soooo proud of the new tax bill like it was a huge accomplishment for Trump. You could tell he didn't even understand the ramifications. He was just beaming that Trump "stuck it to the liberals and democrats". I can't wait for him to realize he'll be paying more.
The one thing that the GOP is actually doing very well, is that they are polarizing the country so extremely, that they have everyone thinking it's US vs THEM, with "US" being either Dem or Rep. However, the "US" is the 1%, and "THEM" is the rest of us. They are letting us fight among each other while they steal us blind...
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| Posted 12/7/17 6:31 AM |
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newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by ElizaRags35
You know it's going to be bad when your accountant sends you an email asking if you have any questions as to how it'll affect you and then lists all of the deductions that you'll lose including how much each one was. Basically we're fcuked.
Can you list some of the deductions that we are going to lose.
Thanks
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| Posted 12/7/17 5:14 PM |
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Re: So hows the new tax bill going to affect me
More losers than winners:
https://www.marketwatch.com/story/how-the-gop-tax-bill-will-impact-middle-class-and-wealthy-taxpayers-2017-11-03
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| Posted 12/8/17 12:08 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: So hows the new tax bill going to affect me
Posted by newlywedT
Posted by ElizaRags35
You know it's going to be bad when your accountant sends you an email asking if you have any questions as to how it'll affect you and then lists all of the deductions that you'll lose including how much each one was. Basically we're fcuked.
Can you list some of the deductions that we are going to lose.
Thanks
SALT is a big one.
http://www.taxpolicycenter.org/sites/default/files/styles/full_width_1200x/public/paragraph-images/untitled.jpg?itok=hYhUu66V
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| Posted 12/8/17 10:20 PM |
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LIRascal
drama. daily.
Member since 3/11 7287 total posts
Name:
Michelle
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Re: So hows the new tax bill going to affect me
Posted by ElizaRags35
You know it's going to be bad when your accountant sends you an email asking if you have any questions as to how it'll affect you and then lists all of the deductions that you'll lose including how much each one was. Basically we're fcuked.
We got one, too. Haven't they learned that trickle-down didn't work?
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| Posted 12/10/17 12:09 AM |
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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
When will this go into effect. When I file this year the new rules apply or is it when I file next year.
It has been officially passed correct?
ETA: I am confused what is bad about this. I am being serious I am trying to figure out what I am losing the chart seems to be giving more so I know I must be reading it wrong.
Message edited 12/11/2017 12:55:11 PM.
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| Posted 12/11/17 12:52 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
When will this go into effect. When I file this year the new rules apply or is it when I file next year.
It has been officially passed correct?
ETA: I am confused what is bad about this. I am being serious I am trying to figure out what I am losing the chart seems to be giving more so I know I must be reading it wrong.
The Senate and House have to come to an agreement about the final plan. They are still making changes to it, so nobody knows exactly what it's going to look like.
There are some people who will benefit in the short term (not counting the super rich, who make out like bandits in the short and long term). However, more people will be worse off, and nearly everyone in the middle and lower classes will be worse off in several years.
Plus, when the economy doesn't surge like the GOP is predicting (experts put the increase in the economy at less than 1% over what it currently is), they will have to cut programs to cover the debt and deficit that they incurred. That means cutting programs that you or people you know are relying on.
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| Posted 12/11/17 1:37 PM |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Re: So hows the new tax bill going to affect me
Has anyone read cnns article about your w4 allowances are going to be overhauled? Basically anybody who takes a lot of deductions (like myself) May end up screwed. I’ve never had a huge tax refund because I never liked giving the government extra money so they could make an additional profit off of me..
This just keeps getting better and better
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| Posted 12/12/17 8:16 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
https://www.huffingtonpost.com/entry/taxbreak-addition-needed-for-votes-cornyn_us_5a3708d8e4b0ff955ad42cb4?ncid=inblnkushpmg00000009
A last-minute addition to the tax bill that could personally save Donald Trump and several GOP leaders millions of dollars in taxes was a way to “cobble together” enough votes to get the controversial measure passed, Sen. John Cornyn (R-Texas) admitted to ABC.
The new provision would allow owners of income-producing real estate to take advantage of a 20 percent deduction for money in “pass-through” entities such as limited liability companies. The deduction would likely save the president, his family, and Republican leaders tens of millions of dollars in taxes, according to an analysis by the International Business Times. Trump and other members of Congress have stakes in several real estate-related LLCs and similar entities.
The new deduction was slipped into the tax measure Friday during the process reconciling the two bills from the House and Senate. Shortly after the provision was added, GOP swing vote Sen. Bob Corker (R-Tenn.) suddenly declared his support for the bill. If passed, the provision would boost Corker’s income through his real estate holdings, IBT reported.
...
Sen. Chris Van Hollen (D-Md.) told ABC that he doesn’t know how the provision slipped into the bill. “What we do know is they’re behind closed doors,” he said. “There are a whole army of lobbyists who were surrounding them, and the longer they’re in there, the more you see these special interest provisions.” He said the provision “would be a windfall to Donald Trump based on everything we know. Of course, he hasn’t released his tax returns.”
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IBT previously reported that 13 GOP lawmakers wielding key power in the tax bill — including House Speaker Paul Ryan — have between $36 million and $163 million in pass-through real estate Entities, which generated between $2.6 million and $16 million in “pass through” income.
Trump made between $41 million and $68 million from 25 “pass-through” businesses he owned in 2016, while Corker earned between $1.2 million and $7 million in rental income from his companies last year, IBT reported.
...
So, now we know how much a GOP vote costs...
They're "cobbling together" this bill, and making last-minute changes on something that has a monumental effect on the national economy, and personal economies, and there is no debate, no input (other than lobbyists), no analysis, no anything. "How will this personally help me, my donors, and my lobbyists"....
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| Posted 12/18/17 7:46 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: So hows the new tax bill going to affect me
Posted by GoldenRod
https://www.huffingtonpost.com/entry/taxbreak-addition-needed-for-votes-cornyn_us_5a3708d8e4b0ff955ad42cb4?ncid=inblnkushpmg00000009
A last-minute addition to the tax bill that could personally save Donald Trump and several GOP leaders millions of dollars in taxes was a way to “cobble together” enough votes to get the controversial measure passed, Sen. John Cornyn (R-Texas) admitted to ABC.
The new provision would allow owners of income-producing real estate to take advantage of a 20 percent deduction for money in “pass-through” entities such as limited liability companies. The deduction would likely save the president, his family, and Republican leaders tens of millions of dollars in taxes, according to an analysis by the International Business Times. Trump and other members of Congress have stakes in several real estate-related LLCs and similar entities.
The new deduction was slipped into the tax measure Friday during the process reconciling the two bills from the House and Senate. Shortly after the provision was added, GOP swing vote Sen. Bob Corker (R-Tenn.) suddenly declared his support for the bill. If passed, the provision would boost Corker’s income through his real estate holdings, IBT reported.
...
Sen. Chris Van Hollen (D-Md.) told ABC that he doesn’t know how the provision slipped into the bill. “What we do know is they’re behind closed doors,” he said. “There are a whole army of lobbyists who were surrounding them, and the longer they’re in there, the more you see these special interest provisions.” He said the provision “would be a windfall to Donald Trump based on everything we know. Of course, he hasn’t released his tax returns.”
...
IBT previously reported that 13 GOP lawmakers wielding key power in the tax bill — including House Speaker Paul Ryan — have between $36 million and $163 million in pass-through real estate Entities, which generated between $2.6 million and $16 million in “pass through” income.
Trump made between $41 million and $68 million from 25 “pass-through” businesses he owned in 2016, while Corker earned between $1.2 million and $7 million in rental income from his companies last year, IBT reported.
...
So, now we know how much a GOP vote costs...
They're "cobbling together" this bill, and making last-minute changes on something that has a monumental effect on the national economy, and personal economies, and there is no debate, no input (other than lobbyists), no analysis, no anything. "How will this personally help me, my donors, and my lobbyists"....
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?
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| Posted 12/18/17 7:59 AM |
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