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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow the tax bill would affect you - Thumbs up/down
A site where you answer "Yes" or "No" to get a perspective on how the tax bill would impact you:
https://www.nytimes.com/interactive/2017/12/15/us/politics/republican-tax-affect-you.html?_r=0
underpants
(182,826 posts)But we don't own a house in a high tax state but do have a child.
Yonnie3
(17,444 posts)I have 1099 work as a small business.
Some businesses qualify for an extra deduction off the top. I haven't seen the details, but 45's businesses qualify.
At present I can deduct all my medical and dental insurance from the net business proceeds. This is not the itemized deduction everyone is talking about (on Schedule A) but is on schedule C.
I am a Senior, so I have gotten an extra $1250 deduction. I've seen conflicting reports on this surviving the bill.
Since I get Social Security, the portion of my social security that is taxed is determined by my other income. If I lose the items above I will be taxed on up to 85%. In other words, for every dollar I earn I'll be taxed on $1.85.
Depending on the answers I either am either screwed or saving a few bucks
I suspect I'll not know the answers until 2018 is over.
exboyfil
(17,863 posts)for my wife and me, but I hate this legislation with a passion. I have contacted my legislators more than even ACA (Blum, Grassley, and Ernst). I have never been so active in politics before now. I even used to be a Republican.
Hoyt
(54,770 posts)the implications of this legislation.
Almost everyone here gets it, but I bet we don't represent the thoughts of 1% of voters.
Most folks will look at their paychecks when the change in withholding hits, and wonder what all the screaming was about. And they won't remember when the junk hits the fan like it did in 2007.
Kirk Lover
(3,608 posts)a few extra bucks but it's crumbs while the 1% including tRUMP are looting the tax code. I will be loudly complaining how my company hasn't just up and given me a raise yet...what's up w/ that? Oh there is plenty to work with even though folks will see a few pennies back in their pocket. PLENTY.
a kennedy
(29,672 posts)Lifelong Protester
(8,421 posts)It was helpful, for now and what we know.
handmade34
(22,756 posts)the real cost is coming from cuts imposed later because we need to make up for the large deficit that will result from the tax cuts
you and I may see a couple of dollars extra in our paycheck but that will never make up for the long term damage of deficits, environmental costs and social costs
Kirk Lover
(3,608 posts)on the backs of our children and grandchildren is SHAMEFUL and IRRESPONSIBLE...and I don't even have children! People are dying from no healthcare, CHIP not funded while we give away our country to corporations. I'm extra pissed today.
Joe941
(2,848 posts)packman
(16,296 posts)That is the truly evil part of this. Roses and chocolates for the first few years then rates will go up , particularly for the lower middle income . Makes it nice and sugary and heaping praise on the Repukes, then reality will hit.
Look at this site which shows what the tax bill will do by 2027 - devastating to those that got that first tax break
https://www.cnbc.com/2017/12/19/heres-how-the-final-gop-tax-bill-would-hit-your-wallet.html
Hoyt
(54,770 posts)Its kind of like bush tax cuts. Corporate rates wont automatically revert. I think the individual rate decrease in the bill was sunset to stay within the $1.5T cap. Kind of stupid since tax rates get changed frequently.
roamer65
(36,745 posts)Repealing the mandate will drive up premiums sizably.
Response to packman (Original post)
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