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Started By
Message
re: GOP Tax Bill Votes - In Game Thread - Senate Passes 51 - 49
Posted on 12/2/17 at 8:13 am to SLafourche07
Posted on 12/2/17 at 8:13 am to SLafourche07
Looks like the house bill didn't preserve the tax credits. It will be interesting to see what happens
0
Posted on 12/2/17 at 8:14 am to tarzana
quote:
Can't claim deductions for state & local taxes, mortgage interest paid a
Lie
Posted on 12/2/17 at 8:32 am to tarzana
quote:
I don't like this bill. Can't claim deductions for state & local taxes, mortgage interest paid and property taxes paid.
Liar.
They are capping SALT (state and local tax) deduction at $10,000. This covers your property taxes and any excise taxes assessed. This really only effects people in high state tax states, like California and NY, as well as wealthy people who own a bunch of expensive property.
They are also reducing the mortgage interest deduction cap to $500,000 from $1M. In other words, if your home MORTGAGE is valued at $500,000 or less, nothing changes. If your mortgage is over $500,000, you still get to deduct the percentage of interest up to $500,000.
Posted on 12/2/17 at 8:39 am to BeefDawg
Sorry you're poor 
This post was edited on 12/2/17 at 8:39 am
Posted on 12/2/17 at 8:39 am to BeefDawg
Fact to progs is like wooden stakes to vampires.
Posted on 12/2/17 at 8:40 am to BeefDawg
So are the rich finally ‘paying their fair share’ with this?
Conservative my arse
Conservative my arse
Posted on 12/2/17 at 8:44 am to weagle99
quote:
paying their fair share’
Define this.
Posted on 12/2/17 at 8:47 am to tarzana
Not 1 democratic vote says more about the state of the party more than it says about the bill. Sorry poor people....... welfare reform is next!
Posted on 12/2/17 at 8:47 am to BeefDawg
Does anyone know if this tax bill changed the capital gain tax? I
Posted on 12/2/17 at 8:52 am to SelaTiger
quote:
welfare reform is next!
Please! I would love to watch this place melt for that.
Posted on 12/2/17 at 9:01 am to TheMailman
quote:
Sorry you're poor
I’m a financial advisor in GA, and have a $600k mortgage.
My SALT taxes are around $6,500-$7,000/yr on average. I’ll still get to deduct all of it.
And I’ll get to write off 83% of my mortgage interest still.
I’ll be saving about $5,000 on my income taxes too.
My firm, which I’m one of 3 partners, has 25 employees. With the changes to corporate tax rates, I’ll be able to hire 4-5 more employees.
But thanks for being an ignorant twit.
Posted on 12/2/17 at 9:12 am to BeefDawg
quote:
BeefDawg
Nice copypasta, but everything I'm reading about this senate bill says it is 7 brackets, not 4. Where are you getting 4 from?
Posted on 12/2/17 at 9:36 am to Janky
quote:
It would really be boss if it would apply to 2017 income.
I thought it would
This was my understanding as well.
There's still hope for the conference.
Posted on 12/2/17 at 9:36 am to Magician2
quote:
Does anyone know if this tax bill changed the capital gain tax?
No changes to CGT, except the elimination of 3 tax brackets, and the 20% begins at 35% bracket now instead of 33%.
So basically this:
Tax Bracket —— CGT
12% & 25% —— 15%
35% and 39.6% —— 20%
Posted on 12/2/17 at 9:36 am to rds dc
Thanks for posting this. For selfish reasons I like the Senate version. Although single filers continue to get a screw job if they are high income.
Posted on 12/2/17 at 9:49 am to urinetrouble
quote:
Nice copypasta, but everything I'm reading about this senate bill says it is 7 brackets, not 4. Where are you getting 4 from?
I just illustrated the House bill, which only has 4 brackets.
When you do the same thing with the Senate bill the end numbers come out virtually identical, so didn’t make sense to redo it all when they are taking both to committee to come to a compromise on fine details.
Trump wants the House version, so I have a feeling the end result is closer to it with just 4 brackets.
Ultimately though, if the end result is nearly the same dollars in savings from cuts, that’s all that matters.
Posted on 12/2/17 at 9:56 am to BeefDawg
quote:
No changes to CGT, except the elimination of 3 tax brackets, and the 20% begins at 35% bracket now instead of 33%. So basically this:
Tax Bracket —— CGT
12% & 25% —— 15%
35% and 39.6% —— 20%
Appreciate it
Posted on 12/2/17 at 10:43 am to tarzana
quote:
Not ONE Democratic vote. Not a ONE.
Posted on 12/2/17 at 10:57 am to rds dc
So the ACA mandate was removed?
Trump
Trump
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