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iDumb
December 17, 2017, 09:56 AM
what are your thoughts on it. Looks like it's gonna pass before end of the year.

Do you pay less taxes or more under this plan.

These are the changes:

Here are the new rates and brackets:

Joint Filers:

10% – $0-$19,050
12% – $19,050 -$77,400
22% – $77,400 – $165,000
24% – $165,000 – $315,000
32% – $315,000 – $400,000
35% – $400,000 – $600,000
37% – $600,000 and above

Single Filers:

10% – $0 – $9,525
12% – $9,525 – $38,700
22% – $38,700 – $70,000
24% – $70,000 – $160,000
32% – $160,000 – $200,000
35% – $200,000- $500,000
37% – $500,000 – and above

-----------------------------------------------
corporate tax down to 21% from 35%
SALT + property tax deductions limited to 10k only
Standard deduction increased to 12k
No personal exemption
Mortgage loan interest deductions upto 750K decreased from 1 million. Unchanged for existing loans.
Alt minimum tax ceiling got higher.

In part due to Rubio, child tax credit is 2k/child and phase out income increased to 400k for joint filers as opposed to only 1k with phaseout at 110k for joint filer . This increases eligibility for many upper middle class.


Try this calculator:
https://www.calcxml.com/calculators/trump-tax-reform-calculator


I will end up paying less it seems under this plan.

I am all for it - also the market rallies due to this. Though i must admit i don't like it increasing to deficit. I thought maybe they brought it down way too much corporate rate...

Tigers_eye
December 17, 2017, 10:06 AM
I'll pay less. 1.5 trillion added to the deficit. My children and their children will pay higher. :)

iDumb
December 17, 2017, 10:16 AM
I'll pay less. 1.5 trillion added to the deficit. My children and their children will pay higher. :)

according to Trump, they will atleast have the job to pay the higher tax. they call it trickle down economics or something like that... sounds like tickle me elmo.

look at the bright side, you are getting 2k/child if you make less than 400k. Invest that in cryptocurrency for them so they can pay the future taxes :)

cricman
December 17, 2017, 11:02 AM
Just Save your tax returns

Treasury Bonds should be worth alot in a few years as well

Save up the dinero, until the next recession take place around 2021 then Invest again

iDumb
December 17, 2017, 01:01 PM
How did you come up with next recession being in 2021 ?


And why would treasury bond be worth more if the interest rate is poised to go higher in coming years ? I think there is very little chance that the interest rate gonna go lower next 5 years .

I am gonna take an extra vacation :)

Tigers_eye
December 18, 2017, 11:04 AM
Few senetors are ready for a war. You know where to invest if you are after money. :)

ISIS weapons were ALL MANUFACTURED in EU.

One World
December 20, 2017, 11:47 AM
Yeah, just look at the bold headers in below Washington Post article and you will know what horror we are getting into,

https://www.washingtonpost.com/news/wonk/wp/2017/11/16/the-house-is-voting-on-its-tax-bill-thursday-heres-what-is-in-it/?utm_term=.d28ea157b7a8

Say goodbye to the tax credits for plug-in motor vehicles. It gets repealed in 2018.

Say goodbye to the deduction for medical expenses. It goes away in 2018.

Say goodbye to being able to write off the costs of your tax preparer. That goes away in 2018.

Say goodbye to the deduction for moving expenses. It goes away in 2018,

Say goodbye to most tax benefits for college.

By 2023, a key middle-class tax break expires.

The proverbial postcard is not a card of joy to cherish, most likely going to recycle bin.

iDumb
December 20, 2017, 02:58 PM
Dude your article is from November ... that's the proposed house version ..the final version from both Senate and house has lot of those taken out.

aklemalp
December 20, 2017, 06:36 PM
The tax plan is good.

When I win the lotto soon, I'll start my own multi-billion dollar corporation. ...

Then I will #&*$ on you proles!

One World
December 21, 2017, 09:58 AM
^or else you can just try solving one of those,

https://www.independent.co.uk/news/science/maths-problems-puzzles-win-million-prize-difficult-amazing-a8119346.html

aklemalp
December 21, 2017, 10:01 AM
^or else you can just try solving one of those,

https://www.independent.co.uk/news/science/maths-problems-puzzles-win-million-prize-difficult-amazing-a8119346.html

I think that there is another name for the Yang-Mills theory.

EDIT: I happened to stumble upon it whilst reading Michio Kaku's Einstein's Cosmos...which I am currently reading. An exceptional book. Captivating.

One World
December 21, 2017, 10:06 AM
I think that there is another name for the Yang-Mills theory.

EDIT: I happened to stumble upon it whilst reading Michio Kaku's Einstein's Cosmos...which I am currently reading. An exceptional book. Captivating.

Thanks, putting it in my "to read" list :up:

aklemalp
December 21, 2017, 10:28 AM
Thanks, putting it in my "to read" list :up:

It's a great book. Kaku presents the world of physics in the way Einstein would have wanted: by visualizing simple pictures and having a thought experiment. I think my mind has become even more open after reading about the numerous works of genius from some of the smartest people of the 20th century: Dirac, Pauli, Heisenberg, Bohr, Schrodinger (ladies man), Curie (Marie)...

It's pure joy...I'm getting goosebumps right now...

After I finish this book, I will start Quantum Man by Dr. Lawrence Krauss. This one is about that brilliant mind, Richard Feynman..

iDumb
December 21, 2017, 10:39 AM
You guys don't like talking about money ? I love everything about money ... talking about it ..spending it .. earning it ...saving it ...wasting it ....

Only thing i hate is losing it for no reason ....

I wish I was born into money ... would have wasted it like there is no tomorrow .....

Such disappointing thread responses

aklemalp
December 21, 2017, 10:41 AM
Idumb:


https://i.kinja-img.com/gawker-media/image/upload/s--XfaiISIb--/c_scale,f_auto,fl_progressive,q_80,w_800/17kdjxvdqvygyjpg.jpg

One World
December 21, 2017, 11:15 AM
It's a great book. Kaku presents the world of physics in the way Einstein would have wanted: by visualizing simple pictures and having a thought experiment. I think my mind has become even more open after reading about the numerous works of genius from some of the smartest people of the 20th century: Dirac, Pauli, Heisenberg, Bohr, Schrodinger (ladies man), Curie (Marie)...

It's pure joy...I'm getting goosebumps right now...

After I finish this book, I will start Quantum Man by Dr. Lawrence Krauss. This one is about that brilliant mind, Richard Feynman..

I love Feynman.

Tigers_eye
December 21, 2017, 12:02 PM
...Here are the new rates and brackets:

Joint Filers:

10% – $0-$19,050
12% – $19,050 -$77,400
22% – $77,400 – $165,000
..
Just to clear something up. $19,050, $77,400, or $165,000 are taxable income not the actual income. Correct? Meaning after the deduction.

iDumb
December 21, 2017, 04:26 PM
Just to clear something up. $19,050, $77,400, or $165,000 are taxable income not the actual income. Correct? Meaning after the deduction.

that is correct. Also it's progressive. Meaning your first 19000 income is taxed at 10% and then the subsequent amount until 77k taxed at 12% and so on regardless of whether you earn 20k or 20 million dollars.

that's one of the reason i love 401k - wish the limit was higher. while many finance guru tells you to save in roth or save up to match in 401k....

I think you should try to max. If you max, you can easily bring your income to a lower bracket... And you are gold if your company also provide a 457. You can save a pretax amount of 37K for 2018 bringing your bracket down even further.

And after all that, you should do roth.. If your income is high enough for you to be able to save all that, likely you wont be eligible for roth contribution but i will write a post on how to do backdoor roth the proper way one of these days. Not sure how helpful it will be for members here though. for some it will be however