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underpants

(182,826 posts)
1. Very interesting- Net it's a positive for us
Tue Dec 19, 2017, 02:07 PM
Dec 2017

But we don't own a house in a high tax state but do have a child.

Yonnie3

(17,444 posts)
2. I still don't have a clue exactly how this will affect me.
Tue Dec 19, 2017, 02:31 PM
Dec 2017

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)
3. $200/mo. more in the pay envelope
Tue Dec 19, 2017, 02:33 PM
Dec 2017

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)
5. That's the problem, most people will get more money in paycheck. But few are like you and get
Tue Dec 19, 2017, 02:39 PM
Dec 2017

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)
13. I get it...and I don't want their crumbs. I just keep pushing that yeah we're getting
Tue Dec 19, 2017, 10:36 PM
Dec 2017

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.

handmade34

(22,756 posts)
7. too simplistic...
Tue Dec 19, 2017, 03:05 PM
Dec 2017

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)
8. This is absurd...it's negative for everybody! Getting thrown a few crumbs so the debt can be laid
Tue Dec 19, 2017, 03:07 PM
Dec 2017

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.

 

packman

(16,296 posts)
10. Yes, it does - for the first few years
Tue Dec 19, 2017, 09:36 PM
Dec 2017

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)
14. In 2027 the rates go back to current levels for individuals, unless someone changes that.
Tue Dec 19, 2017, 11:14 PM
Dec 2017

It’s kind of like bush tax cuts. Corporate rates won’t 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)
11. The $100-$200 a month extra will be eaten up by next years health ins premium increases.
Tue Dec 19, 2017, 10:20 PM
Dec 2017

Repealing the mandate will drive up premiums sizably.

Response to packman (Original post)

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