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

chuckiechan

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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!

This chart shows how the bill would affect 220,000 real households. Answer the questions below to find the ones like yours. (The calculator covers only personal taxes. Business owners and investors could also benefit from corporate tax cuts.)

https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html
 
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/2017/12/17/upshot/tax-calculator.html

Supposedly getting a $760 cut, and I don't want it. $760 split over 24 pay periods works out to about $31 dollars every two weeks. That's nothing. I might buy a nicer bottle of bourbon with it, but not more of it. This will result in no meaningful change whatsoever in my quality of life, nor will I create any jobs with it. Meanwhile this will drive massive deficits, and then Republicans will try and use those deficits as an excuse to make cuts to welfare, foodstamps, education, and subsidies for health care and programs like CHIP.

I will happily pay an extra $760 per year to make sure millionaires and billionaires aren't getting more giveaways, and that these programs stay in place. If Republicans wanted to do something that would truly benefit me they'd eliminate student loan debt instead of getting rid of the tax credits I receive for the interest I'm paying on it.
 
I'm coming in at $2.5K tax cut. I'm not happy either, which is ridiculous. (Only in 2017, hey?) The bill impacts the budget by significantly lowering revenues, meaning there's less resource available to the Feds for what (I feel) should be bigger priorities: addressing aging infrastructure, health insurance & education subsidies, research, etc.

The action would be desirable during an economic slowdown as it allows consumer spending and investing to increase. But we're not facing an economic slowdown, there's no scarcity of capital, and there's no real reason to do this at this time. Therefore a bunch of Americans are getting back money in taxes where the cost is just going to be crappier service from government.
 
Supposedly getting a $760 cut, and I don't want it. $760 split over 24 pay periods works out to about $31 dollars every two weeks. That's nothing. I might buy a nicer bottle of bourbon with it, but not more of it. This will result in no meaningful change whatsoever in my quality of life, nor will I create any jobs with it. Meanwhile this will drive massive deficits, and then Republicans will try and use those deficits as an excuse to make cuts to welfare, foodstamps, education, and subsidies for health care and programs like CHIP.

I will happily pay an extra $760 per year to make sure millionaires and billionaires aren't getting more giveaways, and that these programs stay in place. If Republicans wanted to do something that would truly benefit me they'd eliminate student loan debt instead of getting rid of the tax credits I receive for the interest I'm paying on it.

What jobs were you going to create if you got a larger tax cut?
 
Supposedly getting a $760 cut, and I don't want it. $760 split over 24 pay periods works out to about $31 dollars every two weeks. That's nothing. I might buy a nicer bottle of bourbon with it, but not more of it. This will result in no meaningful change whatsoever in my quality of life, nor will I create any jobs with it. Meanwhile this will drive massive deficits, and then Republicans will try and use those deficits as an excuse to make cuts to welfare, foodstamps, education, and subsidies for health care and programs like CHIP.

I will happily pay an extra $760 per year to make sure millionaires and billionaires aren't getting more giveaways, and that these programs stay in place. If Republicans wanted to do something that would truly benefit me they'd eliminate student loan debt instead of getting rid of the tax credits I receive for the interest I'm paying on it.

Then feel free to donate your $760 per year to the government, if it's not worth it to you. :roll:

I agree that taxes should be spent on those things government is supposed to focus on, defense, infrastructure, justice, etc.

I personally would like to see major cuts in all sorts of government spending, and the best way to do that is reducing the amount of money the government takes in to spend.

It is only a first step. The next involves reductions in both deficit spending and commensurate borrowing from the Federal Reserve.
 
Supposedly getting a $760 cut, and I don't want it. $760 split over 24 pay periods works out to about $31 dollars every two weeks. That's nothing. I might buy a nicer bottle of bourbon with it, but not more of it. This will result in no meaningful change whatsoever in my quality of life, nor will I create any jobs with it. Meanwhile this will drive massive deficits, and then Republicans will try and use those deficits as an excuse to make cuts to welfare, foodstamps, education, and subsidies for health care and programs like CHIP.

I will happily pay an extra $760 per year to make sure millionaires and billionaires aren't getting more giveaways, and that these programs stay in place. If Republicans wanted to do something that would truly benefit me they'd eliminate student loan debt instead of getting rid of the tax credits I receive for the interest I'm paying on it.

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.
 
Supposedly getting a $760 cut, and I don't want it. $760 split over 24 pay periods works out to about $31 dollars every two weeks. That's nothing. I might buy a nicer bottle of bourbon with it, but not more of it. This will result in no meaningful change whatsoever in my quality of life, nor will I create any jobs with it. Meanwhile this will drive massive deficits, and then Republicans will try and use those deficits as an excuse to make cuts to welfare, foodstamps, education, and subsidies for health care and programs like CHIP.

I will happily pay an extra $760 per year to make sure millionaires and billionaires aren't getting more giveaways, and that these programs stay in place. If Republicans wanted to do something that would truly benefit me they'd eliminate student loan debt instead of getting rid of the tax credits I receive for the interest I'm paying on it.

If you don't want it, let me have it ... I'll send you my paypal address ... :)
 
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.
 
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.
 
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.
 
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 ...:lol:
 
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/2017/12/17/upshot/tax-calculator.html

Well the screwing if any is yet to be determined, the amount of debt we are foisting on future generations makes me ill.

VoV3o3W.jpg


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.
 
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.
 
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/2017/12/17/upshot/tax-calculator.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.
 
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.
 
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/2017/12/17/upshot/tax-calculator.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.
 
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/2017/12/17/upshot/tax-calculator.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-tax-plan-how-it-affects-you-4113968
 
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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.

I generally get paid by the job (rather than in installments) so since the size of my jobs vary widely, from $30 to mow a lot to $4K to renovate/remodel a building, the bank is clueless as to how I make money other than my social security deposit and quite a few widely variable personal check and cash deposits. Only my commercial customers (landlords) send in 1099 information so that they can write off my maintenance/repair bills on their income taxes.
 
For a middle class person such as I, there isn't much to hate about it.

Yeah except for when they use the resulting deficits as even more of an excuse to slash your future Social Security benefits and exchange your future Medicare for vouchers. Then when you are trying to pay for private sector insurance in your 70s out of pocket you will have plenty to complain about.

We cannot afford any new big programs in this country and we cannot afford any tax cuts either. The fiscal strain with all the retiring baby boomers is immense. Moreover, we need to be investing in our infrastructure which requires tax revenues. I just got back from spending some time in China. My third trip there over the last decade. Spend some time in our economic rival China, and you will see that we had better get our **** together in this country and make the kind of infrastructure investments here that they are making there. Otherwise we are going to have our asses handed to us economically over the next couple of decades.
 
Yeah except for when they use the resulting deficits as even more of an excuse to slash your future Social Security benefits and exchange your future Medicare for vouchers. des.

that's the theory but they never do it.

The GOP is big on the tax cut thing but not on the small Government thing.
 
Yeah except for when they use the resulting deficits as even more of an excuse to slash your future Social Security benefits and exchange your future Medicare for vouchers. Then when you are trying to pay for private sector insurance in your 70s out of pocket you will have plenty to complain about.

We cannot afford any new big programs in this country and we cannot afford any tax cuts either. The fiscal strain with all the retiring baby boomers is immense. Moreover, we need to be investing in our infrastructure which requires tax revenues. I just got back from spending some time in China. My third trip there over the last decade. Spend some time in our economic rival China, and you will see that we had better get our **** together in this country and make the kind of infrastructure investments here that they are making there. Otherwise we are going to have our asses handed to us economically over the next couple of decades.

Don’t forget repealing the individual mandate, which will certainly help premiums go ever higher as people forego insurance until they get sick.
 
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.

Was that sarcasm, or did the point go over your head?

It is fiscally irresponsible to hedge on future growth to pay for the heavy debt these cuts will produce. If you and I are in debt, we do not cut our incoming income, and hope it does not rain tomorrow. The GOP used claim fiscal responsibility, another illusion. Trickle down did not work so well in the 80's, but hey, their rich donors got there payoff. Bye bye Trump !!
 
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