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NEW TAX BRACKETS ARE OUT

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  • #61
    Whats crazy is the estate tax thing of not removing the step up basis rule. You could (you meaning billionaires, etc...as most effective there) have forever assets that were never ever subject to taxes of any kind.

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    • #62
      Crazy? Or on purpose? That could favor trump and co.

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      • #63
        Just got quoted in Bloomberg. This one has a twist on the "fake positives" in the bill.

        Here's a Juicy Tax Break. Now, How to Keep Everybody From Claiming It?
        Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #64




          Just got quoted in Bloomberg. This one has a twist on the “fake positives” in the bill.

          Here’s a Juicy Tax Break. Now, How to Keep Everybody From Claiming It?
          Click to expand...


          This post is interesting as well. Even the tax cuts for the middle class look as if they sunset and could turn neutral to actually hikes in only 5 years.

          https://medium.com/@kamin_83016/how-a-tax-cut-turns-into-a-tax-increase-960c32d1ba82

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          • #65
            You've now bashed our president in every single one of your posts, whether they were about electricity or your personal tax situation. Why the anger? I'm pretty sure Trump inherited $20T in debt. Why do you need to slip Trump into every post? Are you obsessed with him? Personally, I frequently go many months or years without even thinking of who the president is or what he is doing, and my quality of life only improves year over year.
            The reason Trump was elected was simply a response to the demasculanization, political correctness, and entitlement menality the public has been fed for for the better part of 30 years. Nothing more.

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            • #66
              It doesn't seem like I pay very much taxes relatively due to being military. How does one calculate how this new proposed tax bill affects our personal taxes for 2017 income. If there a simple way I can do a 'back of the napkin' calculation? Thanks.

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              • #67




                You’ve now bashed our president in every single one of your posts, whether they were about electricity or your personal tax situation. Why the anger? I’m pretty sure Trump inherited $20T in debt. Why do you need to slip Trump into every post? Are you obsessed with him? Personally, I frequently go many months or years without even thinking of who the president is or what he is doing, and my quality of life only improves year over year.
                The reason Trump was elected was simply a response to the demasculanization, political correctness, and entitlement menality the public has been fed for for the better part of 30 years. Nothing more.
                Click to expand...


                While its unproductive, it goes both ways. Many get fired up about him, others rush to defend. Neither really do anything. Holding any sort of ideological position that doesnt allow you to see as clear as possible is debilitating no matter what side your 'on'. What does the debt have to do with anything?

                No one knows the exact reasons anyone was elected. Its more likely each person is a bit of a rebuke of the last guy, at least a pattern we've been in for a while. True reason is he got the votes in the right places. Assigning anything else is a narrative, one may be correct but more likely to fool yourself.

                Unless its a lounge discussion we should try to keep it more civil, and I admit I usually have no idea where a topic is.

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                • #68
                  More federal taxes for me.   We lose $65k of Pease phase-out SALT deductions at a marginal rate of 43%.  We add $24k + $10k in standard deductions and property taxes at 35% marginal.  Net ++ $12K.

                  Looking forward to retirement in two years, the loss of AMT makes me giddy.

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                  • #69




                    More federal taxes for me.   We lose $65k of Pease phase-out SALT deductions at a marginal rate of 43%.  We add $24k + $10k in standard deductions and property taxes at 35% marginal.  Net ++ $12K.

                    Looking forward to retirement in two years, the loss of AMT makes me giddy.
                    Click to expand...


                    We are in a similar boat ($70k post-Pease) at 46%, add back the $24k (I am not sure you get the property tax deduction if you tax the standard deduction) BUT, this does not account for paying income tax at a lower effective rate (especially the chunk that is reduced from 39.6% to 35%. I need to sit down with a pen and paper to figure it out...but I think I am going to wait until it passes.

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                    • #70




                      You’ve now bashed our president in every single one of your posts, whether they were about electricity or your personal tax situation. Why the anger? I’m pretty sure Trump inherited $20T in debt. Why do you need to slip Trump into every post? Are you obsessed with him? Personally, I frequently go many months or years without even thinking of who the president is or what he is doing, and my quality of life only improves year over year.
                      The reason Trump was elected was simply a response to the demasculanization, political correctness, and entitlement menality the public has been fed for for the better part of 30 years. Nothing more.
                      Click to expand...


                      Trump (a racist, ignorant, sexist, sad excuse for a man) was elected in response to 8 years of a black man as president by insecure, hate filled, fearful people, nothing more.  This country has an ugly little secret and it's called racism.  And I bash him every chance I get because that's all he deserves.  He's a scum bag and a sexual predator who deserves to be impeached and thrown in prison.  I hope Trump helps you feel more "masculine." I'm not really sure how you equate sexual molestation with being a man? But that's your problem, not mine.  I personally am not threatened by the equal rights of women in this country so my masculinity has never been a thing I worry about

                      You can see him however you want to see him or you can choose to hide your head in the sand and ignore him, that's all fine and I could care less because it's a free country.  I choose to call him out for what he actually is whenever it's needed.

                      Thanks for asking though!  I love it when Trump supporters try to justify their choice for president.  It makes them such easy targets.

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                      • #71
                        @Vagabond MD,    "(I am not sure you get the property tax deduction if you tax the standard deduction)"

                        I suspect you are correct.   The options likely will be (standard)  OR  (property+charitable+mort. interest).

                        So in that likely calculation,   I'll lose $23K and replace it with $8k;  for a federal increase of $15k.

                        One charitable strategy will be to lump DAF contributions every 2-4 years.

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                        • #72
                          @hightower,    where do you get your news.?  Any political discussion should begin with identifying your news source.  Eg.:  " I read exclusively the NYT, and Puffington Host, no righty sources,  so therefore I believe, "  XYZ".    Now, take it to the lounge.   The rest of us would like to discuss strategies for the new tax laws.

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                          • #73







                            You’ve now bashed our president in every single one of your posts, whether they were about electricity or your personal tax situation. Why the anger? I’m pretty sure Trump inherited $20T in debt. Why do you need to slip Trump into every post? Are you obsessed with him? Personally, I frequently go many months or years without even thinking of who the president is or what he is doing, and my quality of life only improves year over year.
                            The reason Trump was elected was simply a response to the demasculanization, political correctness, and entitlement menality the public has been fed for for the better part of 30 years. Nothing more.
                            Click to expand…


                            Trump (a racist, ignorant, sexist, sad excuse for a man) was elected in response to 8 years of a black man as president by insecure, hate filled, fearful people, nothing more. 
                            Click to expand...


                            That is really a difficult case to make when Obama got 4 million more votes in 2008 than Hillary got in 2016 (when the US population had grown by 19 million).  If Hillary had managed to hold on to all those racists who voted for Obama, would we even be really discussing this?

                            Obama the black man would have crushed Trump and everyone with a brain knows it.  Whether he even beats Biden is very debatable.  The only reason Trump won is because the Democrats put all their eggs in the Hillary basket, and they looked under every rock and couldn't find anyone willing to challenge her.
                            I sometimes have trouble reading private messages on the forum. I can also be contacted at [email protected]

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                            • #74




                              @hightower,    where do you get your news.?  Any political discussion should begin with identifying your news source.  Eg.:  ” I read exclusively the NYT, and Puffington Host, no righty sources,  so therefore I believe, ”  XYZ”.    Now, take it to the lounge.   The rest of us would like to discuss strategies for the new tax laws.
                              Click to expand...


                              to be fair most of us don't peruse this forum based on subfora, i never know where a thread is located...

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                              • #75
                                Sorry to perpetuate the politics but I didn't vote for Trump, I think he's a horse's ******************, and nothing that comes from his mouth should be believed.

                                 

                                Having said all that, my feelings about Trump are neither here nor there when it comes to evaluating whether the new tax plan is any good or not.  It should be evaluated on its merits or lack of same. 90+ % of what you're going to read or hear about it is partisan crap and that's a big reason I appreciated the Kitces link.  I don't care about the GOP's motives since what matters is what's proposed.

                                 

                                FWIW I try to get my hard news from the Washington Post and NYT, though like to read opinions from all sides.

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