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Old 12-21-2017, 09:38 AM   #51
GarGuy
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Here is my take.... The tax bill is GOOD NEWS. Does it fix all the problems? HECK NO! Will this pay us out of debt? I doubt it but it will at least slow the trend while entitlements are assessed. the thought process is that entitlement spending will decrease as more good paying jobs pull people that are currently on Gov support back into the work force and start paying SS.

Do we have to ride this mule? Yes! At least we have a mule to ride uphill instead of a snake slithering down hill..
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Old 12-21-2017, 10:22 AM   #52
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Originally Posted by Black Ice View Post
When they say save will this be more money in my check each week or will I not have to write a check anymore?

Also when does this take place?

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Assuming Trump signs it, the new tax rates tax effect January 1st. It will take a couple more weeks for the IRS to adjust the withholding tables that employers use to calculate how much income tax to withhold from your paycheck, so it will be February before you see a little more take home pay in your paycheck. Even though they will still be withholding more in January, you will still ultimately be taxed at the new lower rates for the entire year. Whenever you file your 2018 tax return in early 2019, you'll settle up on the final numbers then, as usual. You'll either get a refund if you had too much withheld, or you'll write an additional check when you file if you didn't withhold enough during the year. Either way, the total amount that the IRS ends up taking from you for 2018 will be lower than it would have been if the tax cut would not have passed.

There is talk about Trump waiting until January to sign the bill. If that happens, the tax cut still takes effect January 1, 2018. But it would postpone required cuts to federal spending until 2019. If he signs the bill into law during 2018, then they will be required to cut spending in 2018. That would be best, of course. But they won't do that, I'm sure.

Last edited by Shane; 12-21-2017 at 10:26 AM.
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Old 12-22-2017, 08:01 AM   #53
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Quote:
Originally Posted by Shane View Post
Assuming Trump signs it, the new tax rates tax effect January 1st. It will take a couple more weeks for the IRS to adjust the withholding tables that employers use to calculate how much income tax to withhold from your paycheck, so it will be February before you see a little more take home pay in your paycheck. Even though they will still be withholding more in January, you will still ultimately be taxed at the new lower rates for the entire year. Whenever you file your 2018 tax return in early 2019, you'll settle up on the final numbers then, as usual. You'll either get a refund if you had too much withheld, or you'll write an additional check when you file if you didn't withhold enough during the year. Either way, the total amount that the IRS ends up taking from you for 2018 will be lower than it would have been if the tax cut would not have passed.

There is talk about Trump waiting until January to sign the bill. If that happens, the tax cut still takes effect January 1, 2018. But it would postpone required cuts to federal spending until 2019. If he signs the bill into law during 2018, then they will be required to cut spending in 2018. That would be best, of course. But they won't do that, I'm sure.
Good chance no signing until January. Need to make sure no backlash for midterm elections due to cut backs hitting voters. I have not seen anything about doing basic taxes on a postcard? I guess the CPA ASSOCIATION got that kicked out.

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Old 12-22-2017, 08:04 AM   #54
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Originally Posted by GarGuy View Post
Here is my take.... The tax bill is GOOD NEWS. Does it fix all the problems? HECK NO! Will this pay us out of debt? I doubt it but it will at least slow the trend while entitlements are assessed. the thought process is that entitlement spending will decrease as more good paying jobs pull people that are currently on Gov support back into the work force and start paying SS.

Do we have to ride this mule? Yes! At least we have a mule to ride uphill instead of a snake slithering down hill..
U are correct Steve. I pray the "devil in the details" is digestible. The entitlement discussion will be pure fireworks......but entertaining!

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Old 12-22-2017, 08:32 AM   #55
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I'm going to pay $1000 to $1200 less in taxes next year.

Neighbor said this tax bill wasn't going to save him any money, he's on full disability and doesn't pay income taxes, but he's hoping the **** stupid high property and school taxes are next.
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Old 12-22-2017, 11:45 AM   #56
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my wife and I will save ~$4300.00. I'll take it. That is about how much a decent lease costs these days!!
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Old 12-22-2017, 11:52 AM   #57
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Well its signed now! Go Trump for sticking to his word and getting stuff done.
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Old 12-22-2017, 12:41 PM   #58
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It's a positive start. You can't turn around a carrier on a dime. It takes time and a lot of power.
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Old 12-22-2017, 06:00 PM   #59
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Now if I could pay less for health care as well as taxes, then I would be ok. As it is now I already pay 3 times more for insurance than I do for taxes annually.


Taxation(and mandated health care) is theft.
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Old 12-22-2017, 10:04 PM   #60
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Now if I could pay less for health care as well as taxes, then I would be ok. As it is now I already pay 3 times more for insurance than I do for taxes annually.


Taxation(and mandated health care) is theft.
Maybe we stop calling it healthcare (mandated ore otherwise) and call it what it IS.... insurance.
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Old 12-22-2017, 10:17 PM   #61
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Maybe we stop calling it healthcare (mandated ore otherwise) and call it what it IS.... insurance.
Not sure it can be classified as insurance either
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Old 01-24-2018, 06:10 PM   #62
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I'm trying to figure out why everyone says it's horrible. Is it not a large enough tax cut for the actual tax payers?
Because they eliminated the $4050/per person exemption,(which was deducted whether you itemized or not) plus eliminating many deductions (state and local property taxes, work expenses, investment advisory fees, etc) the amount we will be taxed on is more. So even though the rate is less, it will end up costing me about the same if Iím lucky...perhaps more. Even doubling the standard deduction only makes up a portion of the loss of the personal exemptions, and is worse if your a family of 3 or more.
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Old 01-24-2018, 06:26 PM   #63
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For a family of 4 with 2 young kids and earning $45K in Texas and paying $3,000 in property taxes, the tax cut will save them $1,401 according to the calculator here:

http://taxplancalculator.com/calc

Plug in your numbers to see what you might expect.
Plugged mine in and Iíll end up losing $381.
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Old 01-24-2018, 06:58 PM   #64
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I should save in the neighborhood of 3k
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Old 01-24-2018, 09:57 PM   #65
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Big savings for me too, Kirby.
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Old 01-24-2018, 10:07 PM   #66
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Big savings for me too, Kirby.
It will be nice if reality is fairly close to the numbers that calculator spit out
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Old 01-24-2018, 10:21 PM   #67
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Default The Tax Reform Bill..........

When it comes to taxes and presidents Iím all about me. Who is going to put the most money in my pocket at year end?


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Old 01-24-2018, 10:25 PM   #68
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When it comes to taxes and presidents Iím all about me. Who is going to put the most money in my pocket at year end?


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You mean, who is going to let you keep more of your money by years end.
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Old 01-24-2018, 10:37 PM   #69
Black Ice
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Default The Tax Reform Bill..........

Quote:
Originally Posted by flywise View Post
You mean, who is going to let you keep more of your money by years end. b


Nope. If I can rat hole more money into ďmy pocketĒ during the year then that means the warden(wife) gets less at the end of the year.


For the record my wife hates when I refer to her as the warden

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Last edited by Black Ice; 01-24-2018 at 10:40 PM.
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