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

  1. #21
    Senior Member catherine's Avatar
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    I'm wondering if I need to bother with itemizing. I typically have high property taxes, state taxes, mortgage interest, to declare but still--I need to know if it's going to exceed $25,000. Plus supposedly 65+ people get a bonus deduction. What happens if only one of you is over 65, I wonder?
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  2. #22
    Senior Member Williamsmith's Avatar
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    I may just be one of those Rust Belt nitwits But when I was in elementary school and they had these tests with one number on one side and another number on the other and a <,>,= sign in the middle. The before new tax bill figure is < the after tax bill figure by something like $800-$1,000. Thats 33 bottles of Makers Mark! I’ll take it and thank you very much Uncle Sam. So the rich guy down the road gets his wife a new diamond necklace.......eh. The economy moves on moving money.

  3. #23
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    If they actually do try to use it as an excuse to cut social security and medicare (not a reality as the government deficit spends when it wants to fund something and another option would be just fund it with payroll taxes also, but reality versus and what rationalizations we will get are two different things), then yes we can drink to forget how bad things are going to be long term, but really alcohol is nowhere near a strong enough drug for that.
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  4. #24
    Senior Member Williamsmith's Avatar
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    Quote Originally Posted by ApatheticNoMore View Post
    If they actually do try to use it as an excuse to cut social security and medicare (not a reality as the government deficit spends when it wants to fund something and another option would be just fund it with payroll taxes also, but reality versus and what rationalizations we will get are two different things), then yes we can drink to forget how bad things are going to be long term, but really alcohol is nowhere near a strong enough drug for that.
    Well, the tax break is right there in black and white for Fred and Freda to see. Nancy and Chuck are just fear mongering. Middle Class Joe understands greenbacks and he doesn’t see any of this negativity rubbing off on Trump. The Russian thing is turning into a morass for the Dems and establishment Republicans and a “told ya so” for Trump, the economy is improving steadily, he whole sexual misconduct atmosphere is fizzling. The guy is so unpopular he might even get elected for a second term.......how’d that be? I’m thinking booze might be a good thing to stockpile....better than bitcoins!

  5. #25
    Senior Member Rogar's Avatar
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    Quote Originally Posted by Williamsmith View Post
    I may just be one of those Rust Belt nitwits But when I was in elementary school and they had these tests with one number on one side and another number on the other and a <,>,= sign in the middle. The before new tax bill figure is < the after tax bill figure by something like $800-$1,000. Thats 33 bottles of Makers Mark! I’ll take it and thank you very much Uncle Sam. So the rich guy down the road gets his wife a new diamond necklace.......eh. The economy moves on moving money.
    I think Paul Ryan went to the same school. One thing it is not is a "big" tax break for the middle class, which is one pitch I've heard from him. I sort of liked it when Bush just gave rebates to everyone for the same amount.

    On negative list, that many bottles of Maker's Mark could have it's own down side.

  6. #26
    Senior Member catherine's Avatar
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    Quote Originally Posted by Williamsmith View Post
    The guy is so unpopular he might even get elected for a second term.......how’d that be? I’m thinking booze might be a good thing to stockpile....better than bitcoins!
    If he gets elected in 2020, I'm definitely counting on a stockpile of booze to get me through. I'll take mine in the form of Bailey's and Pinot Grigio.
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  7. #27
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    Here's one box score of winners and losers by income range, although I've heard some wildly different estimates.

    https://www.marketwatch.com/story/he...ill-2017-12-18

  8. #28
    Senior Member Williamsmith's Avatar
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    Quote Originally Posted by LDAHL View Post
    Here's one box score of winners and losers by income range, although I've heard some wildly different estimates.

    https://www.marketwatch.com/story/he...ill-2017-12-18
    Williamsmith! You are a Winner! Winner! Chicken Dinner!

    Why does every estimate article have to talk about what happens in ten years......my oh my....ten years nothing in politics actually happens in a ten year period. Well, there was that assault weapons ban thingy. Oh and the Iranians hit the nuclear jackpot in a ten year time span.

    Catherine.....start stocking up. Although, if I were you I’d invest in a good off the grid composting toilet, and/or a down payment on a nice solar power inverter. Is it windy in Vermont? Maybe a nice windmill to block your view of the lake. I’m just kidding! You know I’m kidding right?

    Rogar....I will definitely have to up my game a weeee bit on the Makers Mark if I am going to make room for next years tax break.

  9. #29
    Senior Member catherine's Avatar
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    Quote Originally Posted by Williamsmith View Post

    Catherine.....start stocking up. Although, if I were you I’d invest in a good off the grid composting toilet, and/or a down payment on a nice solar power inverter. Is it windy in Vermont? Maybe a nice windmill to block your view of the lake. I’m just kidding! You know I’m kidding right?
    Hmmm.. you're kidding, but I'm serious. OK, no windmill, and I already have a beautiful restored vintage clawfoot tub connected to a septic field, so no composting toilet. But I'm thinking solar in the near future for sure. Why not?
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  10. #30
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    It looks like I will come out a bit ahead. Even with some of the new caps on deductions, it will still make sense for us to itemize. I like that we'll be able to pay for K-12 private school out of a 529 account. I'm pleased with the reduction in excise taxes for craft distillers. The change in brackets will help us. If being allowed to keep a little more of what I earn is a "gift", then I'm happy with mine.

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