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Thread: Tax Reform: Will You Pay MORE or LESS income tax?

  1. #11
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    I don't itemize so I probably will get a small decrease. But if I lose my job/health insurance I will pay a lot more for medical.

  2. #12
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    I don’t know. We have sources of income in addition to my husbands employment and my pension, i.e. leases, oil, farm and I have no idea how the reforms would affect farm income but I'm sure it will somehow. Our taxes are complicated so we will still be using a CPA and not a postcard. Whatever it is I will not fret, we will pay as we always have….give unto Caeser.

  3. #13
    Senior Member iris lilies's Avatar
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    Deficit spending is a bad thng.

    I don’t allow my household to do it, my city doesnt do it, my state doesnt do that.

    I dont want my national government to do it.But I dont see Trumpster reigning in the spending. We are all doomed.

  4. #14
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    Quote Originally Posted by iris lilies View Post
    Deficit spending is a bad thng.

    I don’t allow my household to do it, my city doesnt do it, my state doesnt do that.

    I dont want my national government to do it.But I dont see Trumpster reigning in the spending. We are all doomed.
    He is reigning in spending, just not reining in spending.

  5. #15
    Senior Member Rogar's Avatar
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    Initially I think I will pay less, but it's a wait and see. I don't itemize and the doubling of standard deductions will help. No huge change in my tax bracket.

    I am more concerned about a longer horizon with a budget based on what most are saying as projected unrealistic economic growth to compensate for the lose in tax revenue. More than one alternate possibility could be bad for my finances.

  6. #16
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Yppej View Post
    He is reigning in spending, just not reining in spending.
    Haha. That is good! I wont even make a correction to my post!

  7. #17
    Senior Member flowerseverywhere's Avatar
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    Quote Originally Posted by Yppej View Post
    He is reigning in spending, just not reining in spending.
    maybe raining in spending. Dollar bills fluttering from the unknown into cronies coffers under the guise of tax cuts, contracts to rebuild Puerto rico’s Infrastructure, defense spending. I would love to know what the ratio of taxes we pay go to actually funding things that actually benefit the taxpayers and what percent go to cronyism, feathering the lawmakers nest or nepotism.

  8. #18
    Senior Member Rogar's Avatar
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    It looks like the final version of the tax bill is about to become reality. It might be an over simplification, but the charts from an NPR article showed a simplified version of how things would look for different income levels. I don't see any significant benefit to what I consider the middle class. I probably fall into the Bernie and Elizabeth Warren school that this mostly just a big break for the upper incomes.

    https://www.npr.org/2017/12/19/57175...e-middle-class

  9. #19
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    Everyone should figure this out early - I know I need to go through what passes and try to determine if I need to update my W-4. I expect a lot of people won't and will not only owe the IRS a big chunk of cash in 2019, but get hit with penalties for not withholding enough, as well.

  10. #20
    Senior Member JaneV2.0's Avatar
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    Republicans are historically against deficit spending during Democratic administrations, but fine with it when they're doing it. This tax bill will add trillions, but that's OK--they'll just gut Social Security, Medicare, Medicaid, welfare, and other programs to make up the difference. Which has long been a goal for them.

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