$1.4 Trillion, Now We're Talking

[500mag]

I decided to take a quick break from studying for next week's engineering finals, and I'm sure glad I did.

http://www.foxnews.com/politics/2017/12/02/senate-passes-major-tax-reform-package.html

[Atfulldraw]

close....really close

[stickemhard3]

Nancy Pelosi hates it. That's enough to make me like it!!

[Pullersboy]

Nancy Pelosi hates it. That's enough to make me like it!!

That lady is a nut. As if she wasn't a super lib to begin with, over the last few years, she has really just lost her marbles. She can't even put together a coherent thought.

[bphillips]

Seems like I’ll have the same rate and less deductions. Not sure what good I would see from it

[Man]

over the last few years, she has really just lost her marbles. She can't even put together a coherent thought.

Yes and still running things...lets keep it that way.

[HoustonHunter]

That lady is a nut. As if she wasn't a super lib to begin with, over the last few years, she has really just lost her marbles. She can't even put together a coherent thought.

Last FEW years? Sheeeeet...

[stickemhard3]

That lady is a nut. As if she wasn't a super lib to begin with, over the last few years, she has really just lost her marbles. She can't even put together a coherent thought.

If I wrote what I really think about her, I would be sent to the icebox.

[txjustin]

Seems like I’ll have the same rate and less deductions. Not sure what good I would see from it

If you don't itemize now you'll have double the standard deduction.

[ByronB]

Not sure this is going to help me either year to year. Outside Sales.....so, there could be a $25,000 difference or more/less that could throw me either way even after deductions. I looked up my deductions from 2016 and they were much more than the proposed $24,000 flat rate. That particular year would not have helped. Is there something else I am missing here or is this pretty well spelled out?

[mikeyb_23]

Whats considered middle class now? How is it going to really help the middle class?

[rtp]

Whats considered middle class now? How is it going to really help the middle class?

What we consider middle class is considered rich by our govt for taxation purposes.

[bphillips]

If you don't itemize now you'll have double the standard deduction.

Guess I missed that

I’ll still be surprised if this is any good in the long run. Seems both sides don’t really have the peoples best interest at heart. I’m sure it will help corporations plenty. The increase in revenue covering the amount of cuts provided seems like a stretch but I guess it’s possible

[zztex]

Whats considered middle class now? How is it going to really help the middle class?

24,000 (married standard deduction)
-12,700 (previous standard deduction)
=+11,300
-8100 (no longer personal deduction)
=+3300 (more deduction)
X25% (tax bracket)
=+$825 in your pocket

[Hunter_Man]

so does this take effect this upcoming filing season?