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Thread: Tax Reform question ....

  1. #1
    Senior Member Array title="BnG_Hevn has much to be proud of"> BnG_Hevn's Avatar
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    Tax Reform question ....

    What salary range is middle class?

    Can anyone who knows taxes tell how this would benefit me? I make $105K per year, nearest I can figure middle class is $77K to mid to high $100s.

    Does the standard deduction work in conjunction with things like mortgage interest?

    Rounding to $100K for simplicity, is this correct?

    Paying 25% = $25K.

    Reduce salary by the deduction + child credits ($27K), that means I'd pay 25% of $73K, correct?


    No way I can get my taxable income down to the 12% bracket; this is totally confusing.

    I understand this is just a proposal.

    If it's a choice between standard deductions and itemizing, I am confused on how this helps me.

    On a very low level, if I currently get back $3K - $5K per year, does it stand to reason that I'd get more back?
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    Senior Member Array title="AtlantaDan has a reputation beyond repute"> AtlantaDan's Avatar

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    Re: Tax Reform question ....

    Quote Originally Posted by BnG_Hevn View Post
    What salary range is middle class?

    Can anyone who knows taxes tell how this would benefit me? I make $105K per year, nearest I can figure middle class is $77K to mid to high $100s.

    Does the standard deduction work in conjunction with things like mortgage interest?

    Rounding to $100K for simplicity, is this correct?

    Paying 25% = $25K.

    Reduce salary by the deduction + child credits ($27K), that means I'd pay 25% of $73K, correct?


    No way I can get my taxable income down to the 12% bracket; this is totally confusing.

    I understand this is just a proposal.

    If it's a choice between standard deductions and itemizing, I am confused on how this helps me.

    On a very low level, if I currently get back $3K - $5K per year, does it stand to reason that I'd get more back?
    The lobbyists are going to earn their money on this - as you note, introduction of the proposed bill is just the kickoff

    New York Times article link

    Why It’s Too Soon to Predict What the Tax Changes Will Mean for You

    Nothing may come of any of this....

    Sacred cows are hard to slay....

    https://www.nytimes.com/2017/11/02/y...T.nav=top-news

    This Washington Post article walks through a number of issues - too many to summarize

    All your major questions about the GOP tax plan, answered

    https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.6014226ecb2b





  3. #3
    Ghost Poster Array title="ALLD has a reputation beyond repute"> ALLD's Avatar

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    Re: Tax Reform question ....

    It's good for red states and those who don't pay a lot of property tax. Right now there is a $10k proposed tax pass through for state income and property tax. The big money will go to large corporations that supply jobs. Small businesses like S-Corps and LLCs will not benefit.
    All Defense!

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    Senior Member Array title="BnG_Hevn has much to be proud of"> BnG_Hevn's Avatar
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    Re: Tax Reform question ....

    I'd think with a flat rate of 20% that small companies would also benefit.

    I don't put much stock in mainstream media, hoping to get more objective views here
    “They say all marriages are made in heaven, but so are thunder and lightning.”
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    Senior Member Array title="AtlantaDan has a reputation beyond repute"> AtlantaDan's Avatar

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    Re: Tax Reform question ....

    Quote Originally Posted by BnG_Hevn View Post
    I'd think with a flat rate of 20% that small companies would also benefit.

    I don't put much stock in mainstream media, hoping to get more objective views here
    This calculator from WSJ Market Watch does not provide views, just calculations

    Estimate what you may pay under the new plan

    https://graphics.wsj.com/marketwatch...lator/?embed=1

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    Re: Tax Reform question ....

    We're getting fucked again. Not surprised. We barley make it and will still owe. Fuck em all.


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