New Tax Bill - Are you getting relief?
 

The tax bill has passed. Do you anticipate lower taxes? States with high taxes are less likely to get a benefit. Not sure how high our taxes are in MA.

I am for the tax plan, but from what I can see I don't think I will get any savings from it. How about you?

Re: New Tax Bill - Are you getting relief?
 

We have no state income tax in Nevada and I don't have a mortgage so we take the standard deduction. I expect we'll save a little bit since the standard deduction is increased (though I believe the personal exemption is eliminated?) and the brackets have been slightly reduced. We'll see.

Re: New Tax Bill - Are you getting relief?
 

It's going to be a real toss up for a lot of people. I think those who had a lot of exemptions (for example contractors) are going to be hit pretty hard by this. But for those who are more "regular" who have one job, a mortgage, and nothing too crazy I think there will be little change other than things becoming easier. This being my first year where I don't have 2 or 3 consulting/contracting jobs to worry about, nor student loan interest, I think I may come out ahead.

I see this more as a move to the "easier" tax return that so many desire, than a foundational shift in federal taxes.

Re: New Tax Bill - Are you getting relief?
 

I didn't bother last year. This year is gonna hurt.
Fortunately my buddy is the county tax collector/doer.
Taxes suck.

Re: New Tax Bill - Are you getting relief?
 

Actually, on further review I think I am lowering my tax liability! I was looking at the current tax brackets when I first post.

Re: New Tax Bill - Are you getting relief?
 

"Only white man could cut 1 foot off top of blanket, sew it to bottom of blanket and proclaim the blanket is now longer"
--Keith Sellers aka: Big Chief / SkidMarx

Re: New Tax Bill - Are you getting relief?
 

I haven't looked at whether I'll personally save any money but the way I figure it, the simpler the better. If I had my way, there would be a flat tax with no deductions, in other words, a one line tax code. The way I see it, if we are all equal, as stated in the Declaration of Independence, then the tax code should treat us all equally; rich and not-so-rich alike. I'm just a security guard but I am so sick of society thinking that just because someone is wealthy they are somehow "prey animals" for the rest of us to feed upon, figuratively speaking.

Re: New Tax Bill - Are you getting relief?
 

So, they say we will say a difference in the paycheck. How is that going to happen? Do withholding's change or is that just analogy? For sure if there is a break, you'd notice it by April 2019 when doing taxes. I generally over-withhold to ensure I can cover any 1099 income that I may generate. The worst is having to write a check to the Govt for me. I'd rather get money back.

Re: New Tax Bill - Are you getting relief?
 

Employers will recalculate withholding based on your W2 and the new tax tables, so folks who get a paycheck will see an increase.

Looks like I will no longer be itemizing. Really happy about that. Taxable income will be higher, but tax owed will be lower by a couple thousand $. Even happier about that.;)

I agree with Subvet, we should all pay a flat rate, no deductions or credits. I get tired of people who don't pay taxes demanding others must pay more. Everyone should have skin in the game.

Re: New Tax Bill - Are you getting relief?
 

Even better, just trash the 16th Amendment altogether and go back to taxing the way it was previously.

Re: New Tax Bill - Are you getting relief?
 

Now that all my income comes from my LLC i'm hoping the 21% tax bracket is better than the 35% I was paying...

Re: New Tax Bill - Are you getting relief?
 

check here: Simplemathduh.com

:)