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Started By
Message
2
Posted on 4/26/17 at 1:43 pm to Bard
It is a good plan for everybody provided they eliminate the AMT.
Posted on 4/26/17 at 1:44 pm to HailHailtoMichigan!
well...anyone have a link to the child care claims?
Posted on 4/26/17 at 1:44 pm to SirWinston
Wait...so liberals here are calling this a tax increase? And they are mad about it? Trump has them arguing against their own policies.
I am going to wait for more details before deciding if I like it.
I am going to wait for more details before deciding if I like it.
Posted on 4/26/17 at 1:45 pm to GetCocky11
the original plans (house and campaign) called for repealing the personal exemptions (per person and per kid) due to the increased standard deduction.
take a couple with $300k AGI, itemizing $50k, and has 3 kids (normal breakout of itemized is 1/3 state/local taxes, 1/3 charitable, 1/3 mortgage interest)
You currently have an aggregate deduction of $70 (personal exemption and itemized combined).
if they take away personal exemptions-- as the campgain and house gop plan both proposed--then you only have a deduction of only $30k (the 2/3 of your $50k still qualifying and no personal exemptions)
the rate adjustments won't make up for brining that extra $40k into taxable income
the saving grace in the campaign was the proposal to allow the child care deductions. if those are not done (but they still repeal PE) then its hard for it to be a tax cut for folks with kids in upper middle income range.
the devil will be in the details, but this is not necessarily good.
And for those of you who live in Louisiana this will significantly reduce the state level itemized deduction (which is ONLY what the feds allow but reduced by fed standard deduction) so you get an extra $1500 or so hit there.
child: the child care credits are way, way less favorable than the proposal during the campaign for upper income folks with more than 1 kids. there are caps (u get almost nothing if u have employer dependant care acct) and they are progresively structured, etc. the current 4,000 personal exemptions plus current system is more favorable than an improved version of the credit will likely be. the blanket deductions proposed in the campaign were great though.
take a couple with $300k AGI, itemizing $50k, and has 3 kids (normal breakout of itemized is 1/3 state/local taxes, 1/3 charitable, 1/3 mortgage interest)
You currently have an aggregate deduction of $70 (personal exemption and itemized combined).
if they take away personal exemptions-- as the campgain and house gop plan both proposed--then you only have a deduction of only $30k (the 2/3 of your $50k still qualifying and no personal exemptions)
the rate adjustments won't make up for brining that extra $40k into taxable income
the saving grace in the campaign was the proposal to allow the child care deductions. if those are not done (but they still repeal PE) then its hard for it to be a tax cut for folks with kids in upper middle income range.
the devil will be in the details, but this is not necessarily good.
And for those of you who live in Louisiana this will significantly reduce the state level itemized deduction (which is ONLY what the feds allow but reduced by fed standard deduction) so you get an extra $1500 or so hit there.
child: the child care credits are way, way less favorable than the proposal during the campaign for upper income folks with more than 1 kids. there are caps (u get almost nothing if u have employer dependant care acct) and they are progresively structured, etc. the current 4,000 personal exemptions plus current system is more favorable than an improved version of the credit will likely be. the blanket deductions proposed in the campaign were great though.
This post was edited on 4/26/17 at 1:58 pm
Posted on 4/26/17 at 1:45 pm to HailHailtoMichigan!
quote:
Child care credit is part of the plan.
God I hope y'all are right. I spend $2k per month for 2 kiddos.
Posted on 4/26/17 at 1:46 pm to roadGator
quote:Several posters are on record for the same thing. Maybe because they listened to the press conference where it was talked about.
You are on record as saying that there will be no child care credits.
Posted on 4/26/17 at 1:47 pm to CalTiger53
As a CPA I can attest. AMT is a complicated mess that wasnt intended to be around this long. They make patch after patch to it in effort to equalize high income lower tax rate individuals and it doesnt even work. Good thing I have software because not even I am sure I could calc it by hand and this is my job.
Posted on 4/26/17 at 1:47 pm to rocket31
quote:
well...anyone have a link to the child care claims?
I can't find anything specific. Just something like what I see on CNN "Bigger breaks for child care costs".
I hope someone else here can offer more specifics.
Posted on 4/26/17 at 1:47 pm to TitleistProV1X
quote:
God I hope y'all are right. I spend $2k per month for 2 kiddos.
Do you have access to a Dependent Care account through your employer?
Posted on 4/26/17 at 1:47 pm to HailHailtoMichigan!
quote:Sorry for the autocorrect, but Steve Mnuchin, the Treasury Secretary, was the one who said it.
The cnn dude needs to be fired then
Posted on 4/26/17 at 1:48 pm to mmcgrath
quote:
Maybe because they listened to the press conference where it was talked about.
That's where I heard them say child care tax credit will be included.
Posted on 4/26/17 at 1:48 pm to mmcgrath
quote:
Several posters are on record for the same thing.
True. But you were the only one to be a bitch about it.
Posted on 4/26/17 at 1:51 pm to roadGator
quote:Maybe because Hail seems insistent on passing along bad information.
True. But you were the only one to be a bitch about it.
Posted on 4/26/17 at 1:52 pm to mmcgrath
I'm relaying what a CNN scroll text said
If it's wrong i apologize
If it's wrong i apologize
Posted on 4/26/17 at 1:56 pm to mmcgrath
I can't imagine that child care credits will be taken away completely.
Let's wait to see the details.
Let's wait to see the details.
Posted on 4/26/17 at 1:57 pm to HailHailtoMichigan!
quote:No problem. here is the cspan link
I'm relaying what a CNN scroll text said
If it's wrong i apologize
It very well could have beven a mistake by Mnuchin, but he seemed pretty damn clear.
Some of the misleading headlines are because people were talking a lot about Trump and Ivanka's plan just yesterday thinking it would stay.
Posted on 4/26/17 at 1:59 pm to roadGator
quote:
Do you have access to a Dependent Care account through your employer?
Yes, which I max out. I enjoy the pre-tax savings but would really like to deduct it all.
Posted on 4/26/17 at 2:00 pm to ChopBlockOclock
quote:
As a CPA
Quick question. I am 1099 and deduct business expenses. Am I also able to take the standard deduction after business expenses are considered or is this itemizing which is greater than the deduction all I get? Thanks.
Posted on 4/26/17 at 2:00 pm to mmcgrath
I hope it says but tbh tax credits aren't a solution to high child care costs
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