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  #211  
Old 11-20-17, 05:45 AM
SWMCinci SWMCinci is offline
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Quote:
Originally Posted by Happygoluckky View Post
Waiting for Trumps "great Healthcare"
America doesn't need Taxpayer funded wealth transfer scams, they need policies that extricate government interference from their daily lives and encourages growth and full competitive employment.
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  #212  
Old 11-20-17, 08:13 AM
Happygoluckky Happygoluckky is offline
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Originally Posted by SWMCinci View Post
America doesn't need Taxpayer funded wealth transfer scams, they need policies that extricate government interference from their daily lives and encourages growth and full competitive employment.

This bill absolutely does not accomplish that.
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  #213  
Old 11-20-17, 08:36 AM
Happygoluckky Happygoluckky is offline
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CEO's with an awkward response on investments post tax cuts. (It does have a very nice provision for them to manage their personal taxes) It is not going to create jobs, increase wages or help taxpayers that have WAGES(W20) as main sources of income. This bill is not good for working Americans.

http://www.businessinsider.com/trump...n-bill-2017-11
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  #214  
Old 11-20-17, 08:38 AM
HTFF HTFF is offline
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Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
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  #215  
Old 11-20-17, 09:18 AM
SWMCinci SWMCinci is offline
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
That's because he's attending all of Pelosi's and Schumer's pressers......

It simplifies a lot and for those people that have a hard time meeting the 2% threshold it should help a lot.
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  #216  
Old 11-20-17, 09:50 AM
Indiandad Indiandad is offline
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Originally Posted by winbypin View Post
Hard to justify Obamacare but that didn't stop things....
You're right, However how does another bad policy improve things?
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  #217  
Old 11-20-17, 09:58 AM
Altor Altor is online now
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Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
I admit I haven't read any of these bills. But, I thought I had first heard on the radio that the standard deduction will be doubled. Then, nobody said a word about that for a long time. So, I wasn't sure if it had been removed or not.

But, that's a big part of why I wasn't worried about any of the other deductions being removed. I'm right on the edge of the break-even where filing a Schedule A becomes worthwhile. If they double the standard deduction, I don't care if they take away a mortgage deduction. I suspect there are more people like me that would benefit from that. Nobody was mentioning it, so I didn't bring it up because I wasn't sure if it was still true.
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  #218  
Old 11-20-17, 10:02 AM
winbypin winbypin is offline
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Quote:
Originally Posted by Indiandad View Post
You're right, However how does another bad policy improve things?
I didn't say it did. I also didn't say this was a bad or good bill.

Just pointing out that Happy surely turned a blind eye to that piece of bad legislation because it came from his side of the aisle.
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  #219  
Old 11-20-17, 02:11 PM
domi domi is offline
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
That part does benefit me since i dont have any kids but wouldnt that hurt those with two or more kids?
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  #220  
Old 11-20-17, 02:13 PM
Indiandad Indiandad is offline
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Originally Posted by winbypin View Post
I didn't say it did. I also didn't say this was a bad or good bill.

Just pointing out that Happy surely turned a blind eye to that piece of bad legislation because it came from his side of the aisle.
Fair enough.
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  #221  
Old 11-20-17, 03:56 PM
HTFF HTFF is offline
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Originally Posted by domi View Post
That part does benefit me since i dont have any kids but wouldnt that hurt those with two or more kids?
These are not exemptions. Deductions. Single or married. Number of kids does not matter
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  #222  
Old 11-20-17, 05:53 PM
Altor Altor is online now
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Originally Posted by domi View Post
That part does benefit me since i dont have any kids but wouldnt that hurt those with two or more kids?
Only if the kids have serious medical issues and you are deducting a bunch of medical expenses and even then it wouldn't hurt you. You just wouldn't benefit from the extra standard deduction.
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  #223  
Old 11-20-17, 06:04 PM
lotr10 lotr10 is offline
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
I'm not surprised the proposed new deductions are not being commented on as they represent potentially a huge tax savings and simplification for the working poor & Middle Class. Take a married couple with a small business (landscaping, roofing, etc.) and give them a $24,000 deduction and they will see a lower tax bill in most cases.
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  #224  
Old 11-20-17, 06:16 PM
domi domi is offline
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Originally Posted by HTFF View Post
These are not exemptions. Deductions. Single or married. Number of kids does not matter
Correct but isnt the kiddo deductiin going away?
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  #225  
Old 11-20-17, 06:21 PM
lotr10 lotr10 is offline
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Quote:
Originally Posted by domi View Post
Correct but isnt the kiddo deductiin going away?
I don't think so and I was under the impression it's being increased by $600 per kid?
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  #226  
Old 11-20-17, 06:25 PM
Altor Altor is online now
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Originally Posted by domi View Post
Correct but isnt the kiddo deductiin going away?
As was said, those are exemptions, not deductions. And it does appear that the original plan would eliminate the personal and dependent exemptions. But, it also allowed for a higher tax credit per person instead. So, you would get taxed on the extra $4000 per dependent. But, then you might take $1000 off the tax. For most people, that's a wash. For those in high income brackets (those evil rich people), they pay more in that situation.
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  #227  
Old 11-20-17, 07:03 PM
HTFF HTFF is offline
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I think exemptions are phased out for higher income taxpayers
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