Crumbs

[Buster]

Again, I’ll donate mine to the government as soon as you donate yours to a 1%er. You can always choose to not do that, if the government decides to increase my taxes in the future, I don’t have any choice in that.

Is there any logic in that statement? Forget it. I wasn’t expecting logic from a lib anyway.

 

[Ron Burgundy]

As much as I like what Trump is doing. I think somethings need adjusted on the tax reform. Last year I itemized about 21,000 plus the personal exemption x4. That is now gone and I will be losing at least 13,000 in deductions. My wife and I barely make 100,000 a year and I am diabetic type two my daughter in college is type 1 our expenses our high but not high enough to meet the threshold to write off because you can’t include the cost of insurance payments. Almost every salesman in my company is facing this issue and some much worse.

But the standard deduction is doubling to about $19,000.

 

[Superman]

Again, I’ll donate mine to the government as soon as you donate yours to a 1%er. You can always choose to not do that, if the government decides to increase my taxes in the future, I don’t have any choice in that.

Ron Burgundy doesn't need Tim's money. Bernie needs yours. Submit your payment to the gubmint so Bernie can buy another house.

 

[Steeltime]

Again, I’ll donate mine to the government as soon as you donate yours to a 1%er.

Let's see if I can explain this to you.

1. Private citizens don't take my money under threat of jail.
2. The government does.
3. I have long stated that the bloated government gets way too much of my money.
4. I have stated that I am all in favor of cutting my inflated tax burden.
5. I received a tax cut that I wanted and supported.
6. Therefore, my keeping MY money - and don't get confused here, this is MY MONEY - from the tax cut is 100% consistent
7. You criticized and mocked the tax cut.
8. You received a tax cut that you did not support.
9. Your keeping that money would thereby be inconsistent. Hypocritical, if you will. Go ahead and return the money ...
10. Since private citizens at no time had the authority or the power or the wherewithal to forcefully take my money, giving them my tax cut would be nonsensical. Stop re-posting stupid **** off Huffington.

Get it?

 

[Hypocycloids]

It doesn't matter how good it gets, a-hole libs will find a problem with it regardless of how far they have to reach.

"Why don't you donate to corporations" lol

 

[oneforthebus]

As much as I like what Trump is doing. I think somethings need adjusted on the tax reform. Last year I itemized about 21,000 plus the personal exemption x4. That is now gone and I will be losing at least 13,000 in deductions. My wife and I barely make 100,000 a year and I am diabetic type two my daughter in college is type 1 our expenses our high but not high enough to meet the threshold to write off because you can’t include the cost of insurance payments. Almost every salesman in my company is facing this issue and some much worse.


Sent from my iPhone using Steeler Nation mobile app

Standard deduction for married filing jointly will be $24,000. Also your top marginal rate at $100,000 in income will go from 25% to 22%.

 

[SteelerInLebanon]

Do you want to write off the amount that is deducted from your paycheck for company health insurance?

No as it is pretax already. I just wish I could be in my wife’s insurance. But thanks to ACA I was kicked off and had to go on my companies which is much more expensive.


Sent from my iPhone using Steeler Nation mobile app

 

[SteelerInLebanon]

Standard deduction for married filing jointly will be $24,000. Also your top marginal rate at $100,000 in income will go from 25% to 22%.

Yeah that is the problem I deducted 21000 and had the personal deductions but those are now gone so it is crushing me. I gain 3000 in the standard but lose 16000 in personal exemptions. I was not aware of the loss of the personal exemption. After deductions and exemptions I was a much lower tax bracket.


Sent from my iPhone using Steeler Nation mobile app

 

[ark steel]

No as it is pretax already. I just wish I could be in my wife’s insurance. But thanks to ACA I was kicked off and had to go on my companies which is much more expensive.


Sent from my iPhone using Steeler Nation mobile app

That is an interesting effect of ACA that I do not think people are aware of, in general.

My wife doesn't work, so it didn't affect us.

I'm not sure if it is written directly in the law or if, due to other requirements in the law, the companies have adopted these policies. My guess is that it is written in the law or a piece of the law, indirectly, leads to this requirement.

If i have it right, husband and wife work. you cannot choose the best and pick whose insurance you are both on. you must be under your own company's plan, even if it is not what you want and is more expensive.

I don't know how this made healthcare "better", though. I guess, since the point of ACA wasn't to actually make healthcare better for everyone, it make sense.

 

[oneforthebus]

Yeah that is the problem I deducted 21000 and had the personal deductions but those are now gone so it is crushing me. I gain 3000 in the standard but lose 16000 in personal exemptions. I was not aware of the loss of the personal exemption. After deductions and exemptions I was a much lower tax bracket.


Sent from my iPhone using Steeler Nation mobile app

I'm a bit confused because if you barely make 100,000, and you get a $24,000 standard deduction, you should still be in the second to bottom tax bracket. The threshold is $77,400. And that's not even factoring in that your health insurance comes out pretax so would reduce your taxable income further. You'd have to be making below $19,500 to be in the bottom one.

http://fortune.com/2017/12/20/gop-tax-bill-brackets/

 

[SteelerInLebanon]

That is an interesting effect of ACA that I do not think people are aware of, in general.

My wife doesn't work, so it didn't affect us.

I'm not sure if it is written directly in the law or if, due to other requirements in the law, the companies have adopted these policies. My guess is that it is written in the law or a piece of the law, indirectly, leads to this requirement.

If i have it right, husband and wife work. you cannot choose the best and pick whose insurance you are both on. you must be under your own company's plan, even if it is not what you want and is more expensive.

I don't know how this made healthcare "better", though. I guess, since the point of ACA wasn't to actually make healthcare better for everyone, it make sense.

I think it was an indirect effect. It has to do with both companies offering qualified plans and becomes a cost savings to not carry both. It is costing me close to 6,000 a year.


Sent from my iPhone using Steeler Nation mobile app

 

[oneforthebus]

Plus the child tax credit goes from $1000 per kid to 2000.

 

[Ron Burgundy]

Yeah that is the problem I deducted 21000 and had the personal deductions but those are now gone so it is crushing me. I gain 3000 in the standard but lose 16000 in personal exemptions. I was not aware of the loss of the personal exemption. After deductions and exemptions I was a much lower tax bracket.

If I understand correctly, you claimed $21,000 in itemized deductions for 2017. For 2018 your standard deduction will be $24,000. This is $3000 more. I fail to see what the problem is. Yes you lose the itemized deductions you had before but the standard deduction is higher.

 

[SteelerInLebanon]

If I understand correctly, you claimed $21,000 in itemized deductions for 2017. For 2018 your standard deduction will be $24,000. This is $3000 more. I fail to see what the problem is. Yes you lose the itemized deductions you had before but the standard deduction is higher.

You could claim the personal exemptions and itemize. A loss of a huge exemption.


Sent from my iPhone using Steeler Nation mobile app

 

[SteelerInLebanon]

Plus the child tax credit goes from $1000 per kid to 2000.

Not for children 17 and older.


Sent from my iPhone using Steeler Nation mobile app

 

[oneforthebus]

That is an interesting effect of ACA that I do not think people are aware of, in general.

My wife doesn't work, so it didn't affect us.

I'm not sure if it is written directly in the law or if, due to other requirements in the law, the companies have adopted these policies. My guess is that it is written in the law or a piece of the law, indirectly, leads to this requirement.

If i have it right, husband and wife work. you cannot choose the best and pick whose insurance you are both on. you must be under your own company's plan, even if it is not what you want and is more expensive.

I don't know how this made healthcare "better", though. I guess, since the point of ACA wasn't to actually make healthcare better for everyone, it make sense.

The ACA is a clusterfuck.

Here's a new one I learned this year...so we are self employed and our premium is 1465.00/month with a 6750 indivual deductible, 13000 family. So last year I was able to find a HSA qualified plan and we paid for our out of pocket expenses pre-tax. Found out that his year there are no HSA qualified plans being sold in my area. Why is my plan not HSA qualified? Because it pays some measly couple hundred dollars towards a sick appointment. That's it. Any plan that pays out any sort of benefit before the deductible is met, no matter how tiny, is disqualified from being HSA eligible.

What the ever loving ****?

 

[oneforthebus]

Not for children 17 and older.


Sent from my iPhone using Steeler Nation mobile app

If she's in college there's a tax credit for tuition too right? We're phased out but I don't think you would be.

I don't know, it's so hard to tell until you actually sit down and crunch everything out. We have no frigging idea what we're going to owe next year. Being self-employed we should benefit from the corporate tax cut but there's all these new weird rules on that too. It's not made things any simpler to figure out, that's for sure.

 

[ark steel]

You could claim the personal exemptions and itemize. A loss of a huge exemption.


Sent from my iPhone using Steeler Nation mobile app

Correct. I mentioned this in another thread. Claiming that the standad decuction doubled, whipe true, does not tell the whole story because you lose the personal exemption.

It should still be in your favor if you only have yourself or yourself and spouse to claim for the exemption. If you have more, there is an issue.

 

[oneforthebus]

Correct. I mentioned this in another thread. Claiming that the standad decuction doubled, whipe true, does not tell the whole story because you lose the personal exemption.

It should still be in your favor if you only have yourself or yourself and spouse to claim for the exemption. If you have more, there is an issue.

So, this is a bit of an oversimplification, but claiming the $16000 personal exemption in the 15% bracket saves them $2400 in taxes. However, they get the extra $3000 deduction from the standard deduction, so they are really only losing $13000 from the personal exemption, which would be losing a tax savings of $1950.

But a rate cut from 15% to 12% on say $75000 in income saves them $2250. Plus they get an extra $1000 on the one child's tax credit over last year. So they should still come out ahead, right? I mean I know the rates are marginal so it's a bit more complicated, but I'm not the actuary here

 

[21STEELERS21]

Your going to have to deduct the consequences of tax cuts for any additional money you pocket. The dollar has been tanking so gas prices and imports prices will be going up.
Interest rates will be heading way up, so anyone that has a variable rate mortgage or doesn't pay their credit card off each month, will be paying a lot more.

And if foreigners get scared off of funding our deficits, interest rates and inflation could be going way, way up.

Latest calculation on the deficit is that it is going from 516 billion in 2017 to 994 billion in 2018. After that it will be over a trillion a year. Market is starting to tank because some are becoming aware that
the republicans might have miscalculated the effect of the tax cuts. With 4% unemployment more stimulus can cause a fire.

 

[ark steel]

I have a hard time believing that the tax cuts have anything to do with the dollar tanking and gas prices going up. I'd be more inclined to believe that it is the actual incessant spending in DC that is more directly related.,

 

[ark steel]

So, this is a bit of an oversimplification, but claiming the $16000 personal exemption in the 15% bracket saves them $2400 in taxes. However, they get the extra $3000 deduction from the standard deduction, so they are really only losing $13000 from the personal exemption, which would be losing a tax savings of $1950.

But a rate cut from 15% to 12% on say $75000 in income saves them $2250. Plus they get an extra $1000 on the one child's tax credit over last year. So they should still come out ahead, right? I mean I know the rates are marginal so it's a bit more complicated, but I'm not the actuary here

actuaries don't do taxes, we are just super-duper smart.

I have not delved into that much detail yet. I wouldn't have thought you could take the personal exemption for the daughter in college, though, either.

 

[Superman]

actuaries don't do taxes, we are just super-duper ******** with the personality of wet cardboard.

true. very true.

 

[Ron Burgundy]

So, this is a bit of an oversimplification, but claiming the $16000 personal exemption in the 15% bracket saves them $2400 in taxes. However, they get the extra $3000 deduction from the standard deduction, so they are really only losing $13000 from the personal exemption, which would be losing a tax savings of $1950.

But a rate cut from 15% to 12% on say $75000 in income saves them $2250. Plus they get an extra $1000 on the one child's tax credit over last year. So they should still come out ahead, right? I mean I know the rates are marginal so it's a bit more complicated, but I'm not the actuary here

 

[Superman]