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Message
re: GOP Tax Bill Votes - In Game Thread - Senate Passes 51 - 49
Posted on 12/2/17 at 7:14 am to tankyank13
Posted on 12/2/17 at 7:14 am to tankyank13
So is this in effect for 2018?
2
Posted on 12/2/17 at 7:15 am to TigersInParis
quote:
TigersInParis
Oh look.
Libgasm over.
New alter from one of our board regulars
Like clockwork
This post was edited on 12/2/17 at 7:16 am
Posted on 12/2/17 at 7:19 am to Displaced
quote:
So is this in effect for 2018?
I was told they want to pass it in 2017 so it will be active for 2017.
Posted on 12/2/17 at 7:30 am to urinetrouble
quote:
So what are the new tax brackets and rates?
.jpg)
Comparison of before and after Trump's plan on $300,000 gross income for a family of 4 (both children dependent students). Remember, tax credits phase out at $230,000, so no credits on this illustration.
BEFORE:
Standard deduction: $12,700 + $16,200 ($4,050x4 exemptions) = $28,900 - remaining taxable = $271,100
$18,650 @ 10% = $1,865 - remaining taxable = $252,450
$57,250 @ 15% = $8,587.50 - remaining taxable = $195,200
$77,200 @ 25% = $19,300 - remaining taxable = $118,000
$80,250 @ 28% = $22,470 - remaining taxable = $37,750
$37,750 @ 33% = $12,457.50
Total tax paid: $64,680
AFTER:
Standard deduction: $24,000 - remaining taxable = $276,000
$90,000 @ 12% = $10,800 - remaining taxable = $186,000
$170,000 @ 25% = $42,500 - remaining taxable = $16,000
$16,000 @ 35% = $5,600
Total tax paid = $58,900
Total difference = +$5,780
That's about a 9% savings.
Around $482 extra dollars per month.
================================================
Let's do it on $200,000 gross income family of 4 now. Tax credits apply here because under $230,000.
BEFORE:
Standard deduction: $12,700 + $16,200 ($4,050x4 exemptions) = $28,900 - remaining taxable = $171,100
$18,650 @ 10% = $1,865 - remaining taxable = $152,450
$57,250 @ 15% = $8,587.50 - remaining taxable = $95,200
$77,200 @ 25% = $19,300 - remaining taxable = $18,000
$18,000 @ 28% = $5,040
Total tax paid = $34,792.50 - $2,000 (2 child tax credits) = $32,792.50
AFTER:
Standard deduction: $24,000 - remaining taxable = $176,000
$90,000 @ 12% = $10,800 - remaining taxable = $86,000
$86,000 @ 25% = $21,500
Total tax paid = $32,300 - $3,800 ($1,600x2 + $300x2 credits) = $28,500
Total difference = +$4,292.50
That's about a 13% savings.
Around $358 extra dollars per month.
================================================
Let's do it on $100,000 gross income family of 4 now.
BEFORE:
Standard deduction: $12,700 + $16,200 ($4,050x4 exemptions) = $28,900 - remaining taxable = $71,100
$18,650 @ 10% = $1,865 - remaining taxable = $52,450
$52,450 @ 15% = $7,867.50
Total tax paid = $9,732.50 - $2,000 (2 child credits) = $7,732.50
AFTER:
Standard deduction: $24,000 - remaining taxable = $76,000
$76,000 @ 12% = $9,120
Total tax paid = $9,120 - $3,800 ($1,600x2 + $300x2 credits) = $5,320
Total difference = +$2,412.50
That's about a 31% savings.
Around $201 extra dollars per month.
==============================================
Here's an example of a single person making $100,000.
BEFORE:
Standard deduction: $6,350 + $4050 (personal exemption) = $10,400 - remaining taxable = $89,600
$9,325 @ 10% = $932.5 - remaining taxable = $80,275
$28,625 @ 15% = $4,293.75 - remaining taxable = $51,650
$51,650 @ 25% = $12,912.50
Total tax paid = $18,138.75
AFTER:
Standard deduction: $12,000 - remaining taxable = $88,000
$45,000 @ 12% = $5,400 - remaining taxable = $43,000
$43,000 @ 25% = $10,750
Total tax paid = $16,150 - $300 (personal tax credit) = $15,850
Total difference = +$2,288.75
That's about a 13% savings.
Around $191 extra dollars per month.
==============================================
Here's an example of a single person making $40,000.
BEFORE:
Standard deduction: $6,350 + $4050 (personal exemption) = $10,400 - remaining taxable = $29,600
$9,325 @ 10% = $932.5 - remaining taxable = $20,275
$20,275 @ 15% = $3,041.25
Total tax paid = $3,973.75
AFTER:
Standard deduction: $12,000 - remaining taxable = $28,000
$28,000 @ 12% = $3,360
Total tax paid = $3,360 - $300 (personal tax credit) = $3,060
Total difference = +$913.75
That's about a 23% savings.
Around $76 extra dollars per month.
Posted on 12/2/17 at 7:32 am to Displaced
Everything in the bills I've seen says for years after 12/31/2017.
Eta: Not completely true. I did read in the Senate Bill that the 100% depreciation is for assets purchased after 9/23/2017.
Eta: Not completely true. I did read in the Senate Bill that the 100% depreciation is for assets purchased after 9/23/2017.
This post was edited on 12/2/17 at 7:45 am
Posted on 12/2/17 at 7:36 am to rds dc
So is this now the law of the land starting in 2018 or are there still hurdles to clear?
This post was edited on 12/2/17 at 7:39 am
Posted on 12/2/17 at 7:40 am to TheMailman
I believe the Senate and House have to reconcile the differences between their bills.
But I'm not sure if it has to go back to vote after it's reconciled or if the reconciling committee has the power to push it through once they agree.
But I'm not sure if it has to go back to vote after it's reconciled or if the reconciling committee has the power to push it through once they agree.
Posted on 12/2/17 at 7:41 am to rds dc
But TRUMP can't pass any legislation through congress! 
Posted on 12/2/17 at 7:42 am to SLafourche07
Thanks. This bill will killl a lot of redevelopment projects not only in New Orleans but in most big cities.
Posted on 12/2/17 at 7:44 am to TigersInParis
You just proved you should just be ignored from now on...
Posted on 12/2/17 at 7:45 am to TheMailman
quote:
This bill will killl a lot of redevelopment projects not only in New Orleans but in most big cities.
How so?
Posted on 12/2/17 at 7:45 am to SLafourche07
quote:
Everything in the bills I've seen says for years after 12/31/2017.
It would really be boss if it would apply to 2017 income. If the bill passed in Senate is for 2018 income can conference change it to apply for 2017?
Freaking Clinton retro acted tax increases back in '93 or '94 so the precedent is there.
This post was edited on 12/2/17 at 7:48 am
Posted on 12/2/17 at 7:47 am to SLafourche07
It eliminates historic tax credits.
Posted on 12/2/17 at 7:47 am to Zephyrius
quote:
It would really be boss if it would apply to 2017 income.
I thought it would.
Posted on 12/2/17 at 7:51 am to Zephyrius
quote:
It would really be boss if it would apply to 2017 income.
I just don't see how they can do that. (I know they can, I mean without getting pushback). Yes, this bill will save a lot of people money, but some people will owe more and it's not really "fair" to hit them with this without giving them time to plan. I say this mainly because of the loss of itemized deductions. If it was just a change in brackets and rates them I could see them making it retroactive.
Posted on 12/2/17 at 7:58 am to SLafourche07
Bill Cassidy states the Historic Tax Credit is preserved
I didn't read the part in the actual bill but I saw this article earlier.
I didn't read the part in the actual bill but I saw this article earlier.
Posted on 12/2/17 at 7:59 am to SLafourche07
Thanks for the link. How about the new market or low income housing tax credits?
This post was edited on 12/2/17 at 8:02 am
Posted on 12/2/17 at 8:06 am to TheMailman
I didn't read anything about that.
Posted on 12/2/17 at 8:11 am to rds dc
I don't like this bill. Can't claim deductions for state & local taxes, mortgage interest paid and property taxes paid.
Not ONE Democratic vote. Not a ONE. The Republicans are weak, desperate and they suck big time
Not ONE Democratic vote. Not a ONE. The Republicans are weak, desperate and they suck big time
Posted on 12/2/17 at 8:11 am to SLafourche07
That’s the most math I’ve seen in a post on TD. Well there you have it naysayers. Show your math or stfu
quote:you ever tried to negotiate with a moron? Why try if you can get what you want done without having to? I’m all for classic legislation but these people aren’t giving a damn inch and seem to have no common sense or their are pushing for their own agenda alone
Not ONE Democratic vote. Not a ONE. The Republicans are weak, desperate and they suck big time
This post was edited on 12/2/17 at 8:14 am
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