New Senate Tax Plan

[nate]

4 minutes ago, fan_since79 said:

Schumer strikes me as disingenuous, as it's doubtful that many senators read ANY of the thousand-plus page bills that come across their desks.

None of the Democrats read the Obamacare bill, which ran to a few thousand pages of legalese. In the House, Pelosi famously said they needed to pass it to see what was in it.

 

This is a fallacy that needs to stop.  It was debated for months before it was passed.

Also, the tax bill totally sets up for the future of America to fail.  Graduate tuition not being tax deductible means that people who receive scholarships will be out of pocket about $10k a year in taxes.  It basically disincentivizes post graduate education in the US so much so that it becomes pointless.

[wopphil]

34 minutes ago, fan_since79 said:

As far as I can gather, they're keeping the property tax deduction up to $10,000, and the mortgage interest deduction on properties worth less than $500,000 (not sure I'm expressing that accurately). State income tax is probably going, though.

 

What is the deal with the child tax credit? Is it the same phase out schedule?

[nate]

4 minutes ago, wopphil said:

What is the deal with the child tax credit? Is it the same phase out schedule?

no, you get the full credit any time you owe taxes.  Big part of me getting a $5k tax break.

[fan_since79]

Crazy Bernie is up now ranting about the Koch brothers.

 

[fan_since79]

3 minutes ago, nate said:

no, you get the full credit any time you owe taxes.  Big part of me getting a $5k tax break.

You might get more. I could be wrong, but I thought they pushed through something tonight to double the child tax credit to $2,000.

 

Edited December 2, 2017 by fan_since79

[nate]

2 minutes ago, fan_since79 said:

You might get more. I could be wrong, but I thought they pushed through something tonight to double the child tax credit to $2,000.

 

Yeah Senate plan is 2k, house plan is $1600.  I am including that as well as the bracket adjustment for $140k-$300k joint bracket.  It was 28% for $153k-$233k, now it will be 24% but starting at $140k... still, it makes a nice difference.

[Vegas Halo Fan]

1 hour ago, wopphil said:

I am concerned this tax bill is going to kill me. I rely heavily on deductions for property tax, state income tax, and mortgage interest, and I get no child tax credit.

Don't feel alone. Trump acts like he is going to completely offset $25K worth of lost deductions with a $6K increase in the personal exemption. That is as big of a joke as the stories about the magical transformations brought about by an extra $700 per year in a family budget.

[nate]

Remember how they were going to close all the tax loopholes to pay for their tax bill?  Yeah... sure.

[red321]

6 minutes ago, nate said:

Remember how they were going to close all the tax loopholes to pay for their tax bill?  Yeah... sure.

They are, for those who aren’t millionaires 

[fan_since79]

The rate they're going, maybe we'll have the actual vote before dawn??

This is painful.

 

[Catwhoshatinthehat]

2 hours ago, Adam said:

My tax guy said my mortgage and property taxes are such that I should do okay.

If a married couple itemized more than 24K in 2016 then they could take a hit by losing the SALT deduction.  That said everyone's situation is different and obviously there's a lot of factors.  In our current place looking at was one version of the bill we'd pay about $280 less in taxes because while we itemize slightly more than that the lower tax rate bracket makes up for it.   If we get into a house and they don't change the current mortgage interest deduction rules we'd pay about $2,000 more a year than we would under the current tax structure.  If this all goes through I'm interested to see what happens at the state level because we live in the state with the highest income tax rate and I imagine there's going to be push back by some taxpayers.  That said I don't doubt that the people in Sacramento and enough voters can continue to hammer the shrinking middle class.

[Adam]

Yeah we’ll see we definitely itemize more than $24K.

[fan_since79]

Democrats are introducing amendment after amendment after amendment, each one of which has to be voted on with every senator called. Where's McConnell to restore order? I haven't seen him. Why is he allowing this farce to continue?

It's 1:30 am and who knows when the vote will happen, but they will not adjourn until they vote. Could be 6 am before this is finished. Some senators are dozing off right now.

This is a load of crap. Our dysfunctional government. A bunch of rich, spoiled children. Democrats keeping everyone up all night just out of spite. The vote totals are a foregone conclusion, but they won't allow it to happen.

 

Edited December 2, 2017 by fan_since79

[Blarg]

It would fuck over the same amount of idiots, if not more, that voted for Clinton. So, yeah, pretty much well worth it.

[Rico]

So is that thing where California and New York tax payers get screwed over more still part of the tax bill?

[tdawg87]

If you defend this disgrace of a tax "bill" then you're a fucking shitheel.

[aznhockeyguy]

Bill got passed in the senate. 51-49.

[Glen]

Both parties are the same.

[Spirit]

Agreed

 

 

[Adam]

Ditto

[Blarg]

7 hours ago, Rico said:

So is that thing where California and New York tax payers get screwed over more still part of the tax bill?

I think that portion if the bill was labeled the Clinton Penalty targeting high population blue states.

[Catwhoshatinthehat]

I read an article that said the elimination of the SALT deduction was really a way for Trump to get back at blue states that didn't vote for him.  Who knows for sure but I wouldn't put it past him and the removal of that deduction will screw taxpayers in blue states who pay far more to the feds than they get back. 

[Lhalo]

Maybe the blue states should lower their tax rates. 

[Adam]

California is absurd

[Catwhoshatinthehat]

8 minutes ago, LHalo said:

Maybe the blue states should lower their tax rates. 

They definitely should but the fact remains they help support a lot of red states who are net takers at the federal level.  Like I said I'll be interested to see what kind of fall out there is in CA over this because I can see some of the R's who are still left facing po'd voters but voting them out and putting a D in definitely isn't the answer.  We have a governor who supported the newest gas tax increase saying people could afford it and voters who have been able to raise taxes on people making more.  If we continue on the same path we're going to get to a tipping point where even more businesses and people who make a decent living decide it just isn't worth it to be here.  I'm not going to hold my breath waiting for CA to lower the taxes we pay in state.