Let's cut the crap, shall we? Tax Reform

[TemplarKormac]

It benefits me to have a professional tax preparer on my Facebook friends list. And unlike some of the liberals screaming ARMAGEDDON!11!!!1!!!!1---ahem...he was able to cut through the verbosity of the bill to bring out the highlights. Yeah, there are highlights much to the chagrin of some. Yes, yes, there are people out there who took the time to read the final bill before passing summary judgement on it. Enjoy.

This was his post:

I've been reviewing the final income tax reform bill that just came out of the conference committee yesterday; it's expected to pass the House and the Senate when it's voted on this coming week. Here are some highlights:

- The Obamacare fine is GONE as of 2019!
- The personal exemption for individuals is eliminated (it's $4,050 under current law).
- The standard deduction for all filing statuses is nearly doubled (e.g., the standard deduction for a Married Filing Joint couple goes from the current $12,700 to $24,000).
- The Child Tax Credit doubles to $2,000 per child, from the current $1,000. 70% of the $2,000 is treated as a refundable credit.
- The student loan interest deduction has been retained (it was eliminated in an earlier version of the bill).
- Tuition waivers for grad students will *not* be taxed as income, as an earlier version of the bill would have done.
- The mortgage interest deduction for new home loans maxes out at $750k (the cap is $1 million under current law).
- Small business owners who file Schedule C (or who file as LLC's or S-Corporations) get a tax break amounting to 20% of their net income.
- The Earned Income Tax Credit was not changed; current law still applies.

There's plenty more to digest, but these are the items that will affect most people.

 

[TemplarKormac]

Well, I wasn't expecting complete and total silence. Then again, that's what we get instead of the loud protestations...silence.

 

[william the wie]

It will be weeks before the tax prep people can say for sure what is not in the bill and the continuing resolution will do some editing and the courts some more but most tweaks should be at the margin after April 15, good thread!

 

[Carter Malone]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

 

[deannalw]

How does a tax bill hurt the poor if they pay no taxes to begin with?

 

[TemplarKormac]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

 

[william the wie]

Where the tax bill is a big game changer is geographical. This is due to the 10K SALT cap and Mortgage deduction cap being lowered. Here In FL everything is good top to bottom. In CA and IL everybody top to bottom is screwed, blued and tattooed. I even have a thread on how fast will the jobs and people flee those two jurisdictions?

 

[ColonelAngus]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

How can it hurt the poorest? They don’t pay any taxes.

Specifically, how does it hurt people who don’t pay taxes in the first place?

 

[Hossfly]

Damn! We got more Liberal tax experts here than is employed by the IRS! 'Course most of 'em are welfare queens and the rest never had a job and don't know what paying taxes is about.

 

[william the wie]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

If he is from CA, IL, MA, NY, NJ he just got sodomized with a sandpaper condom and no grease, I would give the doofus some slack, if I were you.

 

[Carter Malone]

How does a tax bill hurt the poor if they pay no taxes to begin with?

The Repub "tax bill" is about a hell of a lot more than taxes.

 

[BluesLegend]

Where the tax bill is a big game changer is geographical. This is due to the 10K SALT cap and Mortgage deduction cap being lowered. Here In FL everything is good top to bottom. In CA and IL everybody top to bottom is screwed, blued and tattooed. I even have a thread on how fast will the jobs and people flee those two jurisdictions?

I read the Tax Cuts And Jobs Act bill today that was passed in conference. You are correct, single filers who live in high tax states where their state income and property taxes exceed the $10k cap are at most risk of a tax increase. Property taxes alone in some states like NJ can exceed the $10k cap. They can no longer deduct property taxes in excess of $10k and would lose the entire state income tax deduction.

Married couples in high tax states have more hope of avoiding a tax increase due to the $10k cap as they get a whopping $24,000 standard deduction.

 

[Carter Malone]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

Don't like the truth, huh?

Instead of insults, how about stick with the subject.

 

[Carter Malone]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

How can it hurt the poorest? They don’t pay any taxes.

Specifically, how does it hurt people who don’t pay taxes in the first place?

See above.

 

[Carter Malone]

Damn! We got more Liberal tax experts here than is employed by the IRS! 'Course most of 'em are welfare queens and the rest never had a job and don't know what paying taxes is about.

Seems like the OP is pretty deep into the RW swamp.

Why lie about liberals?

Why not stick with the subject?

 

[ColonelAngus]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

How can it hurt the poorest? They don’t pay any taxes.

Specifically, how does it hurt people who don’t pay taxes in the first place?

See above.

You cited nothing specific.

How will this tax bill hurt the poor sepcifically? This isn’t a spending cut. It’s a tax cut for those who pay taxes.

The Obamacare penalty is gone. That was hurting the poorest people.

Let’s use an example of a single mother on welfare with 4 kids. How does this tax bill take money away from her?

 

[william the wie]

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

Don't like the truth, huh?

Instead of insults, how about stick with the subject.

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

Don't like the truth, huh?

Instead of insults, how about stick with the subject.

For him the facts are would someone put me out of my misery using drugs not lethal weapons and depending on geography that could indeed sum up the facts even for burger flippers.

 

[TemplarKormac]

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Oh my, and you have the gall to lecture me about "sticking to the subject"?

 

[TemplarKormac]

Instead of insults, how about stick with the subject.

Eh, when you quit referring to people as "trumpanzees" and "tools" then we'll talk.

 

[TemplarKormac]

Why lie about liberals?

Why lie about Trump? Back some of your insults and assertions with facts.