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Thread: Tax Bill Calculator: Will Your Taxes Go Up or Down?

  1. #11
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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by <alt>doxygen View Post
    My wife also gets paid in cash, lol...I'm not so lucky, but I do make WAY more than she does.
    Very little of my non-social security income is reported on a 1099. Technically, I am semi-retired and self-employed (receive only modest 1099 income), I do not file federal income tax returns but have been "asked" by the IRS to file only once (since I stopped filing in 1998) and then only owed "self-employment" taxes which are the employer/employee "contributions" for FICA compliance. I am willing to bet that the cost of "requesting" and processing that meager FICA "contribution" exceeded its value and I have never heard from the IRS since.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by ttwtt78640 View Post
    You are quite free to write a $760 (or more) check to the US treasury if you feel that the added revenue will prevent cuts in vital federal programs.
    Apparently, you missed the second part of my statement where it says "to make sure millionaires and billionaires aren't getting more giveaways, and that these programs stay in place." My tax cut isn't going to be any good, and my one check won't do didly to help the poor. We use tax money to solve these problems because they belong to the entire society. Particularly those who have benefitted the most from the society. If you benefit exponentially from a society, then you should be paying exponentially more to maintain it.

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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by Barnacle View Post
    If you don't want it, let me have it ... I'll send you my PayPal address ...
    Nope, I want to make sure it's re-invested back into our society, and I want to make sure that everyone else who is benefitting from our society and reaping the rewards of that investment is contributing their fair share.

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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by MrWonka View Post
    Nope, I want to make sure it's re-invested back into our society, and I want to make sure that everyone else who is benefitting from our society and reaping the rewards of that investment is contributing their fair share.
    Oh ... I'll make sure it will be re-invested into our society ...

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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by chuckiechan View Post
    Well, you just can't trust the NY Time to give honest answers. So they produced a simple interactive chart so you can see for yourself how badly you are being screwed by the Republicans! Easy- peasy!



    https://www.nytimes.com/interactive/...alculator.html
    Well the screwing if any is yet to be determined, the amount of debt we are foisting on future generations makes me ill.



    Anyway my hamburger today is going to be in the $4,500-$7,500 range depending on how the pass-through income regs shake out.
    "In all those things which deal with people, be liberal, be human. In all those things which deal with people's money, or their economy, or their form of government, be conservative."

  6. #16
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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by ttwtt78640 View Post
    Very little of my non-social security income is reported on a 1099. Technically, I am semi-retired and self-employed (receive only modest 1099 income), I do not file federal income tax returns but have been "asked" by the IRS to file only once (since I stopped filing in 1998) and then only owed "self-employment" taxes which are the employer/employee "contributions" for FICA compliance. I am willing to bet that the cost of "requesting" and processing that meager FICA "contribution" exceeded its value and I have never heard from the IRS since.
    I understand.

    I was an independent contractor for about 2 years, and got paid in a mixture of 1099 income and cash/check. It depended on the job. My wife is a yoga instructor, and she gets paid in cash/checks. The reaction of the bank when she first took in her weeks worth of cash was funny. The teller called it, "stripper money". Ones, fives, tens, and the occasional twenty. We still joke about it.
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  7. #17
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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by chuckiechan View Post
    Well, you just can't trust the NY Time to give honest answers. So they produced a simple interactive chart so you can see for yourself how badly you are being screwed by the Republicans! Easy- peasy!



    https://www.nytimes.com/interactive/...alculator.html
    To repeat what I wrote in a different thread when this came up, I think the tax code could certainly be simplified, and I think the corporate tax rates needed to be drastically simplified and the statutory rate brought down to the average rate companies actually pay. However, I don't think we could really afford a tax cut for anyone. Taxes are not high for the postwar era, and with all the baby boomers retiring, we are going to need as much revenue as possible.

    What I would like to see is one of the parties to be honest with the American people and say we cannot afford a tax cut and we cannot afford any new big programs either.

    I don't like paying taxes anymore than anyone else does, but some taxes are needed. We are an upper middle class household, we actually would benefit pretty well from the Republican tax bill, but I don't think the country can afford to give us a tax cut, and as much as I will like having some extra money, I don't actually need it.
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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by Harshaw View Post
    What jobs were you going to create if you got a larger tax cut?
    I'm going to eat out more, make more trips, spend money on my garden. If I spend my money instead of the government spending it doesn't that create more useful jobs?

    Don't we have enough lawyers in Washington DC already?

    I'm not running short of Washington lawyers are you?

    How am I helped by the Democrats investigating the Republicans and vise versa, cut them all off.

  9. #19
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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by chuckiechan View Post
    Well, you just can't trust the NY Time to give honest answers. So they produced a simple interactive chart so you can see for yourself how badly you are being screwed by the Republicans! Easy- peasy!



    https://www.nytimes.com/interactive/...alculator.html
    This is not helpful for me.

    I expect to get a few thousand out of this, if not more (still not clear on what the effect will be on cashing stock options and incurring capital gains - but I have a feeling selling the market on Jan 2 is probably a good thing), but I could get much more depending on how the AMT thing goes. But then again, between property tax and state income tax deductions being eliminated, I might get screwed.

    Sounds like the AMT is going to be curtailed , and hopefully enough where I dont pay it (it costs me 5-10k/yr), but there is no way this calculator can even come close to telling me what my tax liability will be. Makes it hard to plan for the future.

    Either way, this entire tax bill is stupid, and I'm sure even if I make $10,000/yr off the deal, I will end up being worse off in the long run because of the future deficit whiners in Congress. I have a neighbor that will probably be pulling in six figures from a tax break (he's a corporate attorney who went from a personal income tax to a pass through corporate rate) and he's of the same mind.
    Many Trump supporters have lots of problems, and those deplorables are bringing those problems to us. They’re racists. They’re misogynists. They’re islamophobic. They're xenophobes and homophobes. And some, I assume, are good people.

  10. #20
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    Re: Tax Bill Calculator: Will Your Taxes Go Up or Down?

    Quote Originally Posted by chuckiechan View Post
    Well, you just can't trust the NY Time to give honest answers. So they produced a simple interactive chart so you can see for yourself how badly you are being screwed by the Republicans! Easy- peasy!



    https://www.nytimes.com/interactive/...alculator.html
    I'm getting a tax cut. I read the major changes are the tax brackets, but it's not really that big of a reduction for high income people.
    Can still take mortgage interest deduction for the first $750,000. This is for new mortgages. Existing mortgages - no change.
    Keeps the the student loan deduction.
    You can deduct up to $10,000 in state and local taxes.
    Expands deductions for medical expenses.
    Increase in child tax credit.
    Keeping the AMT
    Doubles the standard deduction.
    Home equity lines of credit interest is no longer deductible.

    For a middle class person such as I, there isn't much to hate about it.

    Forgot my link
    https://www.thebalance.com/trump-s-t...ts-you-4113968
    Last edited by holbritter; 12-20-17 at 01:45 PM.

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