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12-20-2017, 01:34 PM | #1 |
That's a Corgi
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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?
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Port Wine & Claret | British Cars | Welsh Corgi's |
12-20-2017, 01:55 PM | #2 |
Ol' Dude
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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.
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12-20-2017, 02:49 PM | #3 |
Life's too short Swishers
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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. |
12-21-2017, 06:28 AM | #5 |
That's a Corgi
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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.
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Port Wine & Claret | British Cars | Welsh Corgi's |
12-21-2017, 08:35 AM | #6 |
Grrrrrr
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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 |
12-22-2017, 05:55 AM | #7 |
Bilge Rat
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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.
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"Man's mind is his basic tool of survival. Life is given to him, survival is not." -John Galt |
12-22-2017, 07:41 AM | #8 |
That's a Corgi
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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.
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Port Wine & Claret | British Cars | Welsh Corgi's |
12-22-2017, 11:55 AM | #9 |
Dr of Quantum Inebrionics
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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.
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"I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form." Winston Churchill |
12-25-2017, 07:51 AM | #10 | |
Cigar Smokin' Patriot
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Re: New Tax Bill - Are you getting relief?
Quote:
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Emancipate yourselves from mental slavery None but ourselves can free our minds |
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01-14-2018, 08:40 PM | #12 | |
Juan of 11
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Re: New Tax Bill - Are you getting relief?
Quote:
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Communities Not Commodities. Punctuation challenged, but trying. Proud winner of phase 1 of the Weight loss contest |
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