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Find out if your taxes are going up or down (1 Viewer)

Jeez
House-You'd save $5,852
Senate-You'd save $6,684

Maybe I'd have to get behind this after all...

 
sublimeone said:
According to this calculator I would be paying $3,280 less in taxes under the proposed plan or $2,954 under the senate plan
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If there is any truth to this I don't see why tax reform wouldn't pass and most of the people in the political forum should be ashamed of themselves.

Sabertooth said:
No kidding.  I'm waiting to hear which Russian programmer wrote this.  I have yet to put a combination in there that showed raised taxes.  
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Oh, of course.

 
I'm a loser under either plan.  

I lose $1,680 under the house plan

I lose $3,209 under the senate plan.  

Looks like capping/losing the property tax deduction will hurt.  

 
I'd save about a grand with either plan.    

Damn reconciliation rule that only allows the deficit to increase by 1.5T over the next ten years.  Imagine how much we'd all save if that didn't exist.

 
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Looks like I'll save around $2K either way.

Not trying to be a selfish d-bag, but that is money we could seriously use at this time of life.  Kids coming up on teen years, I'm changing careers, wife going back to school, etc.  Owing almost $1K on last year's taxes was a gut punch at that time.  Would be nice to get a refund in future years.

 
I am not sure that I trust that calculator but if it is correct I still wonder how the republicans are going to pay for all of the lost revenue.  Or doesn't that matter?

 
Jayrod said:
Looks like I'll save around $2K either way.

Not trying to be a selfish d-bag, but that is money we could seriously use at this time of life.  Kids coming up on teen years, I'm changing careers, wife going back to school, etc.  Owing almost $1K on last year's taxes was a gut punch at that time.  Would be nice to get a refund in future years.
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You might want to check and see what your taxes would be 3-4 years from now.  Thats the caveat.

This is a redistribution of wealth from the poor, middle, etc to the wealthy.  Thats what it is, nothing more, nothing less.

 
House plan you'd lose $459

Senate plan you'd lose $2170

I like the current tax situation best where I stay where I am, thanks. 

 
Godsbrother said:
I am not sure that I trust that calculator but if it is correct I still wonder how the republicans are going to pay for all of the lost revenue.  Or doesn't that matter?
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Where are all the righties who were #####ing about the runaway national debt a few years back?

I really hope a lot of them lose on this, while watching us add another trillion+ bones to the debt. 

 
Doctor Detroit said:
House plan you'd lose $459

Senate plan you'd lose $2170

I like the current tax situation best where I stay where I am, thanks. 
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I could handle paying a little more if we were paying down the deficit or providing healthcare to those that can't afford it.  But it really irks me that I am going to be paying more in taxes so corporations and wealthy pay less while the deficit soars.

 
Ilov80s said:
I assume that's just for the next year and doesn't account for the fact that many of the tax cuts are temporary, right?
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:goodposting: Others seem to be missing this:

NOTE: Senate rate cuts expire in 2025 unless exended
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With the Deficit climbing as high as they expect, whomever is in charge in 2024 is more then likely not going to extend it .

 
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Godsbrother said:
I could handle paying a little more if we were paying down the deficit or providing healthcare to those that can't afford it.  But it really irks me that I am going to be paying more in taxes so corporations and wealthy pay less while the deficit soars.
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Yep, I'm with you.  I'll pay an extra $2k if there was a benefit to all Americans.  This plan stinks worse than the Cowboys defense. 

 
I had heard us NYers get screwed under this plan because we would no longer be able to deduct state or real estate taxes from our itemized deductions but according to the calculator I would save $651 under the House plan and $1032 under the Senate plan.

 
State save $5,800  Senate save $10,300

Assuming this is semi accurate, as Gawain mentioned above, maybe I have to get behind this. I thought I would be paying more under both plans.  

 
shadyridr said:
I had heard us NYers get screwed under this plan because we would no longer be able to deduct state or real estate taxes from our itemized deductions but according to the calculator I would save $651 under the House plan and $1032 under the Senate plan.
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I have hypertension and have to watch my sodium intake but I am taking the results given by this calculator with a huge grain of salt.

 
shadyridr said:
I had heard us NYers get screwed under this plan because we would no longer be able to deduct state or real estate taxes from our itemized deductions but according to the calculator I would save $651 under the House plan and $1032 under the Senate plan.
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Property tax deduction is up to 10k.   No state though.  From a state and local reduction point of view,  I guess you could get hurt by this if you're paying a lot in prop taxes b/c if you're paying a lot in state taxes you should be seeing a nice drop in your federal with the new brackets to offset that.  

 
NutterButter said:
Property tax deduction is up to 10k.   No state though.  From a state and local reduction point of view,  I guess you could get hurt by this if you're paying a lot in prop taxes b/c if you're paying a lot in state taxes you should be seeing a nice drop in your federal with the new brackets to offset that.  
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My big win is because wife and I rent and don't make enough to itemize just on NY state tax. With two kids, we basically break even, so it's just pure income tax brackets being lowered.
If we were homeowners on long island, we'd be singing a different tune. This will really help guys with cash to buy homes w/o financing to then rent them out. Housing prices have to come down a bit if there's no mortgage deduction.

 
Gawain said:
My big win is because wife and I rent and don't make enough to itemize just on NY state tax. With two kids, we basically break even, so it's just pure income tax brackets being lowered.
If we were homeowners on long island, we'd be singing a different tune. This will really help guys with cash to buy homes w/o financing to then rent them out. Housing prices have to come down a bit if there's no mortgage deduction.
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There's a mortgage deduction.  its just half of what is was.   

 
Looks like a solid win/win for us.

If this passes a lot of people are going to be overlooking Trump's infinite faults.

 
This just tells me serious pain (48K more in house version and 20K more in senate version) but it clearly says that it doesn't take into account removal of the AMT so not really applicable at all to my situation and I would imagine anyone else who pays AMT.  NYC might be the absolute worse place to live under this bill. 

 
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