Chocura750

Last I looked a married couple filing jointly with two kids had about $16,000 of exemptions and a $14,000 standard deduction or a total of $30,000 of sheltered income. Under the new tax same couple will lose all exemptions, but have a standard deduction increased to $24,000. A loss of $6,000 of sheltered income. That seems like a tax increase to me.

Super Dave Loc: Realville, USA

Every loophole has it's lobbyists.

Floyd Brown Loc: Milwaukee WI

That is just standard Right Wing logic. They think we are just people that will fall for their sort of logic like those that vote for them.

I don't care what kind of numbers the Right will put up. After all is said & done even some die hard Right supporters will stop voting for the Right Wing.
After all there has to be some with a bit of smarts left.

Super Dave Loc: Realville, USA

Smart people think Americans are not undertaxed.

PeterS

If that's true then that's what it would be.

PeterS

Well, if this raises taxes then smart people didn't write the "tax cut" correct!

Super Dave Loc: Realville, USA

Democrats claim it cuts so much in taxes that it explodes the deficit.

Pick a Democrat lie and stick with it.

pafret Loc: Northeast

There is absolutely no doubt this will increase the deficit significantly. While some of the lower incomes might see a tax increase, the bulk of the government's tax income comes from Corporations and the uber-wealthy, both of which got a large tax reduction. There was no offset reduction in government expenditures so it is a simple proposition, keep spending more than you take in and you have a deficit. Reduce what you take in while spending at the same rate and you have a bigger deficit.

I am not going to hold my breath while waiting for the economy to boom because the rich now have more money to spend. Investments in new facilities and business are only made to satisfy demand. There was no shortage of Capital available for new enterprise startups. The majority of the people in this country have maxed out their demand satisfiers (credit cards).

Super Dave Loc: Realville, USA

This may ruin your day, but the economy is already improving.

Consumer confidence is soaring in the face of MSM fake news refusing to report the facts.

pafret Loc: Northeast

The proof of the pudding will be this holiday season. Black Friday was no great shakes and if this Christmas season doesn't show a boom either then you will know it is all smoke and mirrors.

Radiance3

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Dumb bells don't understand that one of the benefits of removing personal exemption is this. It corrects the fraudulent scheme of many tax filers especially those claiming so many dependents. Many of them are from Mexico or the Hispanic countries who claim so many kids, relatives, cousins, brothers, sisters, parents, grandparents, friends who are illegal aliens hiding in their abode, or even those living in Mexico, who never lived here are also claimed as dependents. This was discovered by the IRS. As result, every year they claim billions of dollars. It is a golden egg for these Mexicans who hibernate 24 creatures in their abode.

Every year IRS reported losses of tens of billions of dollars as a result of this fraudulent schemes. Now, with this new tax bill, a Mexicans married or single, could not claim personal exemptions anymore.

Due to their fraudulent dependent claims, all their withheld taxes were all refunded. Thus ended up not paying any federal tax at all.

That is why every year US spends $116 billion for Mexicans and their kids in schools, their medical care, their good stamps, and other welfare benefits.

Radiance3

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Ladies and Gentlemen: Celebrate for this new tax bill is coming. Most taxpayers will be paying lesser federal tax. Though not 100% but at least 95% will reduce their tax liabilities. There is no such thing as perfect, but this is good for all of us. Please don’t listen to democrats or liberals who present these as negative.
They are jealous.
They have no positive to contribute to our country but,lies, fraud, and corruptions.

Here are the reasons why this new tax bill is good for all of us.
a. Standard deduction almost doubled.
b. The property or state sales tax are given $10,000 limit to deduct.
c. The Mortgage interest income is allowed with a maximum of $750,000 mortgage liability.
d. The Charitable giving is allowed.
e. College loan interest expense are allowed
f. Families with kids are given a more than double amount allowance to $2,300.
g. And many others not mentioned here.
OTHER BENEFITS:
1. The tax rates are reduced while the taxable income is raised higher.
2. Check your tax brackets below. You will see the reduction of your taxes, and for those still working will see their take home pay higher in 2018.
3. Corporate tax bracket is lowered to 21%. This means, more employment. And companies will generate more income. More income means more taxes they will pay.
4. When more people work, more will pay taxes to IRS. Social Security, and Medicare funds.
5. When more people work, they will be taken out from the food stamp business and the welfare status. Lesser dependents to be paid by the US Treasury and taxpayers.
6. Elimination of personal exemption is a positive thing. Why? Because it has been proven that the IRS found so many fake dependents claimed by may taxpayers specially those from Mexico, and the Hispanic community. Tens of billions of dollars were fraudulently, thus these frauds ended up not paying taxes at all.
7. Due to reduction of corporate rate to21%, US companies now abroad will be attracted to come home. Then more employment is needed to work for their companies. These companies will file their taxable income, and more taxes are therefore paid to the US Treasury.
8. Our economy will boom!
9. Your 401K or 403B retirement funds will rise because stock market will boom.

Here’s the comparison
For single filers for the new tax bill
10% 0-to $9525
12% $9525 to $38700
22% $38700 to $82500
24% $82500 to $ 157500
32% $157500 to $ 200000
35% $200000 to $ 500000
37% $500000 and up

For married filing for this new tax bill
10% 0 to $ 19050
12% $19050 to $77400
22% $ 77400 to $ 165000
24% $ 165000 to $ 315000
32% $315000 to $400000
35% $400000 to $600000
37% $ 600000 and above

Compare with the CURRENT tax brackets we pay to the IRS: They are much higher rates.
Current tax bracket that we have
Single Filer
10% $ 0 to $9525
12% $ 9525 to $38700
25% $ 38700 to $ 93700
28% $93700 to $ 195450
33% $ 195450 to $ 424950
35% $ 424950 to $ 426700
39.6% $ 426700 and up

For current tax we have
For Married filers
10% $0 to $ 19050
12% $ 19050 to $77400
25% $ 77400 to $158150
28% $ 158150 to $237950
33% $ 237950 to $ 424950
35% $ 424950 to $ 480050
39.6% $ 480050 and up.

Try to compute your 2018 federal tax liability based on the proposed tax brackets.
Your gross income:
Less: doubled standard deduction
Less: Mortgage interest if you own mortgage but not to exceed than $750K
Less: Property tax or State Sales tax if you have any, no more than $10,000.
Less: Interest on student loans if you have any
Less: Charitable giving if you donate to charity
The balance will be a lot smaller, and the tax rates are reduced.
In addition if you have young kids, they are given a $2,300 raised by Senator Rubio and Sen. Lee.

These items may not be complete. These items were reported 2 days ago yet.

Super Dave Loc: Realville, USA

Consumer confidence, the stock market, unemployment have all been on an excellent upward trend since Obama left office.

Coincidence?



Nahhh

Floyd Brown Loc: Milwaukee WI

Taxes smacks. It is only money. Spread it around. Get in the Spirt of giving.

They keep telling me I can't take it with me.

I of my daughters wanted a Christmas present. So I had to by 28 more for others. Because I have to be fair.
I would have just forgot about the whole gift thing otherwise.

At 80 I am trying to shed some of the junk that takes up too much space in my life.
But my children refuse to take any thing.
It seems they would always want what is behind the door they didn't choose.
Or may be they don't want it because they gave it to me.

WhenI was young Christmas was wonderful. But being Santa's helper has taken the fun out of Christmas.

It was a challenge this year with the sales prices. 25% - 40% off listed price & the $50.00 off on $100.00 spent.
That just took all of the fun out of shopping for my wife.

I would say demand was up. But only time will tell if any one got good deals or make a Profit.

Or maybe people really believe that Trumps tax plan will really make things better.

I put it as a last bash before the big crash.

In any event: HAPPY HOILDAYS!