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Don't worry....there are plenty of loopholes that you can probably take advantage of...that's what I usually do when this sort of thing happens and I'm just over. Just look and see how much over into the new bracket you are and adjust accordingly. Ours doesn't appear to be impacted though...was hoping for a cut, but we're smack dab in the middle of our bracket this go around.
Huh?So now we want to argue about maybe's? Doesn't really surprise me.
Loopholes ... you mean like claiming a multi million dollar loss so I don't have to pay any tax for 17 years?
Yes. I'm assuming we're talking about a few thousand dollars or so...donations, contributions to a retirement account....all those sorts of things can do the trick.
I'm sorry I wasted my time responding to you. I thought we could have an actual discussion on Trumps tax proposal.
When we actually see his proposal and not from a dumb website, then it can be up for discussion. Until then, try not to create news.
Yeah, you probably shouldn't really expect anything resembling an intelligent conversation from them. They're just not capable of much outside of "brown people = bad."
Love the way the Libs handle themselves....... "If you don't agree with me, you're an idiot"
Not all Libs act childish, but a lot of the keyboard varitey sure do.
I just put in 150k subject to tax into this calculator from taxfoundation.org, single filer with no deductions, and it came out ahead with Trump's tax proposal and all elements baked in by a shade under $1,500 (Hillary's plan was unchanged from the current code).
Hint: not just "Libs" hate you orange puppet master, guy. Pretty much anyone on either side of the aisle that's not a moron realizes what a disaster he is.Love the way the Libs handle themselves....... "If you don't agree with me, you're an idiot"
Carry on
What is interesting is Trump's plan has changed... this must have just happened. His official plan now has different tax brackets
Well, I checked the brackets on moneytalksnews and the taxfoundation website for Trump's plan and they tie out to one another, so I think you'll see upside here. Unless he capped or limited deductions in any new proposal, which I didn't see in either link.
Rich people like you should pay more. I'd love to be in that bracket. Quit your pissing and moaning.
Thanks.Finally, a discussion worth having.
If I have to pay more taxes while the president is signing exec orders eliminating programs I support ... it's frustrating and it sucks actually.
The daily race card with no basis compliments of the local bigot. Consistent if nothing else.
I modeled this out with 2016 serving as current tax code, and 2017 as Trump's proposed plan going through as written currently. Spreadsheet Link
. Now the question is whether it goes through as drafted, time will tell on that end.
Whoa, great analysis. Will revisit in the morning ... thanks!I modeled this out with 2016 serving as current tax code, and 2017 as Trump's proposed plan going through as written currently. Spreadsheet Link
The tax due would go up about $600 if you only focused on the bracket itself. Trump's plan will eliminate the personal exemption of $4,050 in 2016, which is a bad guy and would cost you more on top of the $600 already calculated. However, Trump's plan increases the standard deduction from $6,300 to $15,000 which is a gigantic swing of a good guy in your favor. So in reality, you're calculating your tax under Trump's proposal - when you take the standard deduction and personal exemption proposals into account - you're starting at a point that's $4,650 lower based on his tax policy.
So, even with the brackets changing, it's only half the story. You will save almost $1,500 dollars under his proposed policy if you had $150,000 in earnings subject to tax. It will be harder to get to itemizing $15,000 in mortgage interest/property taxes, etc and charitable contributions unless they total over $15,000, but you're ahead already anyways. Traditional 401k contribution increases will further reduce your windfall, as it will reduce the amount of taxable dollars "exposed to the bracket." You mentioned a dependent, so if this is a child you could further your windfall with deductions for childcare costs up to the average in your state, as well as "HSA-like pre-tax contribution accounts" for child care expenses which is phenomenal, HSA's are the best deal in the tax code IMO.
The MoneyTalksBlog went into none of the above detail, which is a disservice to its readers and truly understanding the proposed tax changes, which as you see are a nice refund check for higher earners. I had a 30,000 foot understanding of all this prior to today, but liked reading the policy and hammering the math out here as I now understand the proposal better. I'm a CPA, but do corporate accounting and not individual tax as my job (do family and friends taxes for free, not complex or over my head returns) so this was a good refresher/learning on Trump's proposed tax policy. Let me know any other questions, I like diving into this stuff and I hope it helped you out and enjoy the
ETA: The MoneyTalksBlog technically touched on the standard deduction raise, but didn't seem like the tone of the article or the key takeaway, which when you do the math is a huge driver, much moreso than the bracket changes.
I have a mortgage loan of interest less than 1% (personal family loan FWIW). Paid off student loans a while ago (but I think that's phased out anyway). My daughter attends private K but will be going to a public school in August so starting 2018, child care expenses will be much lower. I do the HSA pre tax deduction currently (yes, that's a wonderful benefit).I modeled this out with 2016 serving as current tax code, and 2017 as Trump's proposed plan going through as written currently. Spreadsheet Link
The tax due would go up about $600 if you only focused on the bracket itself. Trump's plan will eliminate the personal exemption of $4,050 in 2016, which is a bad guy and would cost you more on top of the $600 already calculated. However, Trump's plan increases the standard deduction from $6,300 to $15,000 which is a gigantic swing of a good guy in your favor. So in reality, you're calculating your tax under Trump's proposal - when you take the standard deduction and personal exemption proposals into account - you're starting at a point that's $4,650 lower based on his tax policy.
So, even with the brackets changing, it's only half the story. You will save almost $1,500 dollars under his proposed policy if you had $150,000 in earnings subject to tax. It will be harder to get to itemizing $15,000 in mortgage interest/property taxes, etc and charitable contributions unless they total over $15,000, but you're ahead already anyways. Traditional 401k contribution increases will further reduce your windfall, as it will reduce the amount of taxable dollars "exposed to the bracket." You mentioned a dependent, so if this is a child you could further your windfall with deductions for childcare costs up to the average in your state, as well as "HSA-like pre-tax contribution accounts" for child care expenses which is phenomenal, HSA's are the best deal in the tax code IMO.
The MoneyTalksBlog went into none of the above detail, which is a disservice to its readers and truly understanding the proposed tax changes, which as you see are a nice refund check for higher earners. I had a 30,000 foot understanding of all this prior to today, but liked reading the policy and hammering the math out here as I now understand the proposal better. I'm a CPA, but do corporate accounting and not individual tax as my job (do family and friends taxes for free, not complex or over my head returns) so this was a good refresher/learning on Trump's proposed tax policy. Let me know any other questions, I like diving into this stuff and I hope it helped you out and enjoy the
ETA: The MoneyTalksBlog technically touched on the standard deduction raise, but didn't seem like the tone of the article or the key takeaway, which when you do the math is a huge driver, much moreso than the bracket changes.
The xenophobia and nativism was literally the only consistent and clearly articulated position put forth during the entirety of his Presidential campaign. And you love the guy, so yeah. I understand that I'm probably asking way to much if I want you Trumpkins to be man enough to own it, but that doesn't make it any less true.
beavers said:
Seems like the executive order is actual progress, no? One does not exclude the other.beavers said:
Translation: "I can buy cheap Chinese steel whenever I want but you must do as I say, not as I do." Shocking how so many supporters of the Constitution, free markets and capitalistic policy in general support a guy who is continually pushing policy towards nationalization bordering on straight communist policy.Drumpf said: “From now on, we’re going to be making pipeline in the United States. We build the pipelines, we want to build the pipe. We’re going to put a lot of workers, a lot of skilled workers, back to work. We will build our own pipeline, we will build our own pipes, like we used to in the old days.”
$40 billion and lots of people will notice but his base won't care.
Why aren't you defending the first president who will be pro same sex marriage for their entire term? Seems hypocritical.
He's going to be THE BEST president for the lgbt community has ever had. A real friend
If so, he sure hasn't started out that way. With friends like this...
I know. And unless the Federal Government does all the labor and procurement (I guess that could happen) they are going to need contractors and demand they use US steel, which is not a very free market position.
Generally speaking, if Spanish (and other foreign languages) are removed from government sites, how are non-English speakers going to find official government information on finding and developing English language skills?
Seriously squissy , seriously???? The 40s .
My guess is they'll have to figure it out like I would if I went to Mexico.
Your Daily Caller piece did not address the other LGBT content taken down that was not part of Obama's page which was mentioned above:
And that helps our economy how?
