Not Happy With the New Tax Deal.

Discussion in 'General Discussion' started by Colorado Sonny, Dec 30, 2017.

  1. Colorado Sonny

    Colorado Sonny Deo Volente Supporting Addict

    Sep 25, 2015
    After some analysis of the new tax plan as it applies too my situation, I am not happy with the numbers for one reason.

    The plan removes the $4,000 personal exemption!

    If the personal exemption was left in the tax code, I would get about $480.00 additional back at the end of the year. With the personal exemption abolished, I will probably pay an additional $65.00 a year!

    Write to the president and ask him politely to return the Personal Exemption to the middle class and the lower income individuals. Those earning under $82,500.

    email for the White House: https://www.whitehouse.gov/contact/

    I have already written both of my Senators and my Congressman.
     
    ZoidMeister, DukeSoprano and Alexy like this.
  2. EdMac87

    EdMac87 Active Member

    238
    Sep 1, 2011
    Not everyone can win with ANY plan that would have been passed by either party.
     
    Oldag, CardiacColt68, Stogies and 3 others like this.

  3. Alexy

    Alexy Well-Known Member

    406
    Oct 30, 2016
    I somewhat agree. I am glad the individual mandate was removed, but I would like to see the entire Affordable care act repealed. I don't like Trump 100% but he has vowed to deregulate, shrink the government and put the US first and stand up to the UN and make them pay their fair share.

    He's not what I wanted, but he's close.

    Also, "Affordable care act" was a suggestion already programmed into my phones' suggestion dictionary.

    The left even programs technology to work in their favor.

    It also auto capitalization of Allah, but not god.

    Strange.
     
  4. mikegalway

    mikegalway CEO of DILLIGAF industries Supporting Addict

    Feb 23, 2014
    Just googled this ".Standard deductions doubled to $24,000/$12,000 (married/single filers). Elimination of personal exemption until 2025 . " I have no idea what the difference is between standard deduction and personal exemption . Seems to me that doubling the standard deduction makes up for eliminating one $4,000.00 exemption . Tax preparers don't even have the new rules and brackets yet , everything is pure speculation .I have a wait and see attitude .
     
    livinthelife, Oldag, WC145 and 8 others like this.
  5. Raylan Givens

    Raylan Givens Never Forget

    Aug 18, 2015
    I have an idea. Repeal the IRS.
     
  6. Grizz

    Grizz Well-Known Member

    482
    Nov 6, 2016
    Flat tax with no exemptions is the way to go
     
  7. Badabing11

    Badabing11 I gotta have more cowbell

    Sep 6, 2015
    For sure wait and see. My tax guy told me to prepay my property taxes last week. The day after I did, the news says it might not qualify. Seems the IRS has put some extra conditions on prepaying that did not exist in prior years. Not sure how they can legally do that this year after the fact.

    Nothing like inventing a last minute rule to stop something that would work in my favor.

    I’m not giving up hope yet.
     
    Journeyman1234 and wcanterbury like this.
  8. Glock2740

    Glock2740 1911 addict Staff Member Moderator

    Aug 16, 2011
    Straight 10% for EVERYONE! Period.

    NO write offs, as none would be needed.

    Govt. tries to say they couldn't operate with that amout.:bawl:
    Whatever. That's a big crock of BULL:poop:!!!

    Cut back on billions/trillions of wasted tax money spent EVERY YEAR on absolutely PURE :poop:!

    Term limits on congress. And this ultimate insurance and ridiculous salaries and benefits those :asshat:'s get, paid 100% with OUR money, DONE! You came to Washington as a common citizen, to represent other common citizens, not make a life long career!
    When your term is up, pack your :poop: and go back home and join society and go back to your REAL job. Congress IS NOT A JOB! It's an elected DUTY.

    Well, I guess you guys know where I stand on a few things. Rant over.
    I can get on a soapbox pretty quick on this stuff. ;)
     
  9. Colorado Sonny

    Colorado Sonny Deo Volente Supporting Addict

    Sep 25, 2015
    I agree with what you said. Either way you slice it, the tax deal is not great for the Middle Class. It doubled the deduction for lower income folks from $6,000 to $12,000 but it took away $4,000 in deductions. Net reduction for those earning an AGI of $9,525 or less is that their deductions increase by $2,000 at 10% tax rate. For low income & lower middle incomes $9525-$38,700 they get a drop from 15% to 12%, but they loose $4,000, etc. etc.

    People who were irresponsible under Obama got sweet mortgage deals and the government told me, It sucks being you responsible citizen!
     
    Jollyroger1 and Badabing11 like this.
  10. Usp45ct

    Usp45ct Well-Known Member

    Aug 24, 2012

    This...all day this.

    Have it an either or. You can go see an tax guy or flat tax.

    Me...I am a flat tax kind of guy

    Hell I am an enigma in that I don’t mind paying taxes but would love an opportunity to say where it goes.

    Also, screw Social Security and go remove 401k limits.
     
    RazorBurn, Kip, Stogies and 3 others like this.
  11. Colorado Sonny

    Colorado Sonny Deo Volente Supporting Addict

    Sep 25, 2015
    I am pulling this off of Motely Fool which I respect a great deal. Other less reputable websites has confirmed this info. I am single, so that is where the figures come from. Being single has it's advantages and disadvantages.

    Either way you slice it, the folks that need it most are going to have suck hind tit.
     
    Jollyroger1 and Badabing11 like this.
  12. Raylan Givens

    Raylan Givens Never Forget

    Aug 18, 2015
    Agree 1 million percent
     
    ZArugby, Kip, Stogies and 4 others like this.
  13. Glock2740

    Glock2740 1911 addict Staff Member Moderator

    Aug 16, 2011
    That's what I'm talkin' about brudda! :thumbs:
     
  14. Yellowsupersport

    Yellowsupersport Well-Known Member

    Sep 1, 2015
    Do away with personal tax and use a sliding scale Sales Tax principle. So tax on a loaf of break or gallon of milk is 0%. For an entry level Toyota or Kia, 5%. For Merc’s or BMW’s, it’s 35%. Buy things within your means and get taxed accordingly.

    Oh, here are some other rediculous ideas - (a) you need to pass a drug test (like any other condition of employment) to receive any form of tax-payer funded welfare. And (b), if you accept tax-payer funded welfare you give up your right to vote.


    Sent from my iPhone using Tapatalk
     
    Kip, simonp, Babboonbobo and 2 others like this.
  15. simonp

    simonp Well-Known Member

    May 27, 2016
    Agreed, remove the 401K & IRA contribution limits!


    Sent from my iPhone using Tapatalk Pro
     
    Babboonbobo likes this.
  16. mikegalway

    mikegalway CEO of DILLIGAF industries Supporting Addict

    Feb 23, 2014
    I would like to see a flat tax . Everyone should have skin in the game . A lot of people that complain don't actually pay any taxes because they get it all refunded . Some people get more back than they ever paid . I'm still withholding judgement on this new plan . Until you sit down with your tax preparer or accountant , you're guessing . One group I know are not going to be happy are people with a high state tax .
     
    RazorBurn, Oldag, Fred_G and 7 others like this.
  17. Glock2740

    Glock2740 1911 addict Staff Member Moderator

    Aug 16, 2011
    ^^^^^^^
    To add to that, states that are in deep :poop: and "need" tax help from other states and the federal govt, are in deep :poop: because of THEIR OWN liberal policies. Period.
    Sorry, well, I'm really not, just sayin', but if you made your bed, then go lay in that rotten sticking SOB and quit crying and complaining to all the other states that did it right.
     
    RazorBurn, Fred_G, Vernman69 and 2 others like this.
  18. Colorado Sonny

    Colorado Sonny Deo Volente Supporting Addict

    Sep 25, 2015
  19. Babboonbobo

    Babboonbobo Avatar is back to my favorite things!

    Nov 18, 2014
    This thread is gettin good:)
    I also don’t mind paying a tax, A TAX not ten if them!!
    Flat sales and or income tax or some combination of.

    What exactly is the dollar value assigned to “middle class” I’ve never seen a certain income level?

    What if you make $150,000 a year
    Just sayin I’ve seen scenarios for $10k-$85 but what about 150 or 250 those are still not “rich” income levels.
     
    WC145, ZArugby, Kip and 3 others like this.
  20. mikegalway

    mikegalway CEO of DILLIGAF industries Supporting Addict

    Feb 23, 2014
    Standard deduction and personal exemption
    While it's being sold as a tax cut, the higher standard deduction really falls more under the category of a simplification.

    Yes, the standard deduction has roughly doubled for all filers, but the valuable personal exemption has been eliminated. For example, a single filer would have been entitled to a $6,500 standard deduction and a $4,150 personal exemption in 2018, for a total of $10,650 in income exclusions. Under the new tax plan, they would just get a $12,000 standard deduction. Is it better? Yes. But it's not really "doubled." Just got this off that Motley Fool link . I'm waiting to see the bottom line . If the brackets are correct my percentage got lowered . There are so many changes we'll have to wait to see the total effect .
     
    wcanterbury likes this.

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