2017 GOP Tax Cut & Jobs Act: Republican majorities to vote on extension in 119th Congress before expiration on 12/31/25

[88m3]

i think this reduces my taxes

unless you live in a red state I doubt it

 

[FAH1223]

 

[88m3]

they really fukked up if they thought this would fly

 

[88m3]

 

[charknicks]

Have the one for married folks?

Yeah, I do. My bad, was at work.

Married people,
-If you make less then $76k, your taxes will go UP.
-$76k-$90k, your taxes go DOWN.
-$90k-$153k, your taxes go UP
-$153k- $233k, your taxes stay the SAME
-$233k-$260k, your taxes go DOWN
-$260k- $470k, your taxes go UP

Overall, not a good look for probably 3/4 of the country

 

[mastermind]

Feudalism

 

[hashmander]

 

[Black Panther]

McCain Urges Bipartisan Tax Effort, Echoing Health Demands

 

[Killah Ray]

Bruh I just might slash the tires on the next car I see with a Trump sticker...

 

[☑︎#VoteDemocrat]

​

 

[88m3]

The Hill
2 hrs ·
The GOP tax reform bill will end the $7,500 tax credit meant to encourage Americans to purchase emission-free electric cars, and increase taxes on alternative energy sources like wind and solar.


GOP tax bill ends electric vehicle tax credit, increases taxes for wind and solar
The tax credit is used to encourage Americans to buy emission-free cars.
THEHILL.COM


smh

 

[DEAD7]

Small business's want to be included in the cut... not sure how they didn't see this coming.

 

[Reality]

So basically, For income taxes purposes:

Single people,
-If you make less then $38k, your taxes will go UP.
-$38k-$45k, your taxes go DOWN.
-$45k-$92k, your taxes go UP
-$92k- $192k, your taxes stay the SAME
-$192k-$200k, your taxes go DOWN
-$200k- $418k, your taxes go UP

Also, its not worth having a mortgage, since the standard deuction will be raised.

Anyone with kids, you will be getting less for them on tax returns. They will RAISE the child tax by $600/ child, but ELIMINATE a deduction of $4,000 that they were giving per child, so they are ADDING $3,500 into your tax return per child.

Republicans, bruh.

This is inaccurate breh. You have to apply the tax rates on a marginal basis. You can’t just look at the marginal income levels.

If your’e single, dont own a home, and have good income, you’re more or less coming out ahead on this before any deduction considerations.

Not to say it’s good policy, but I’m coming to out ahead to the tune of about $13k, effective tax rate nearly halved.

 

[88m3]

Not to say it’s good policy, but I’m coming to out ahead to the tune of about $13k, effective tax rate nearly halved.

are you considering the loss of local and state deduction?

 

[charknicks]

This is inaccurate breh. You have to apply the tax rates on a marginal basis. You can’t just look at the marginal income levels.

If your’e single, dont own a home, and have good income, you’re more or less coming out ahead on this before any deduction considerations.

Not to say it’s good policy, but I’m coming to out ahead to the tune of about $13k, effective tax rate nearly halved.

I was just comparing the basic tax chart at the beginning of the income tax return. Of course, everyones situation is different. It will depend on what other deductions a person has. More then likely, people have kids so they will have less deductions given. Might be good for you, you may fall in one of those sweet spots. Most of America wont be so lucky