JUST IN: House releases new sweeping tax plan and here’s the details… [UPDATED WITH MORE]

[austingirl]

Like @Bigun  I am a proponent of the Fair Tax and believe that an income tax is wrong. It taxes earnings- hard won money. Now we have to pay 25% of our earnings on 45K if single and 90K if married AND pay our state and local taxes with post-tax money. Taxes upon taxed income. Our government is so far out of bounds. What about sticking to only spending on Constitutional items? Cut spending like most middle-class Americans have to do as their earned money is confiscated.

[corbe]

   My Congresscritter tells me to 'eat $hit', in one short paragraph.



              Lloyd Doggett (D) TX 35th

[KingsX]

The GOP has been promoting the same $12,000/$24,000 standard deductions for years.
Those GOP numbers never increased while the IRS tax figures have increased for inflation.


The IRS just announced the numbers for tax year 2018 [the GOP plan makes this null and void]


Basic Standard deduction =  $6500 single / $13,000 married

Single Head of Household standard deduction =  $9550

Extra over 65 deduction =  $1600 single /   $1300 married

Personal exemption = $4150


http://www.irstaxapp.com/answers/what-is-standard-deduction-under-us-code-26/

https://www.irs.gov/newsroom/in-2018-some-tax-benefits-increase-slightly-due-to-inflation-adjustments-others-unchanged

[Right_in_Virginia]

Like @Bigun  I am a proponent of the Fair Tax and believe that an income tax is wrong. It taxes earnings- hard won money. Now we have to pay 25% of our earnings on 45K if single and 90K if married AND pay our state and local taxes with post-tax money. Taxes upon taxed income. Our government is so far out of bounds. What about sticking to only spending on Constitutional items? Cut spending like most middle-class Americans have to do as their earned money is confiscated.

The proposal is for 12% tax for single filers to $45,000; 12% tax for married filers to $90,000.

@austingirl

[Cyber Liberty]

@Cyber Liberty

Still waiting for that same person to identify this mysterious 'wealth' tax. 

Never got an answer to the simple question of who pays more in income taxes:

• A person with $5 million in the bank living in a $5 million mansion who earns $100,000
• A person living in their car who is $500,000 in debt and who earns $100,000

You're going to jail for that one, sure.   

[austingirl]

The proposal is for 12% tax for single filers to $45,000; 12% tax for married filers to $90,000.

@austingirl

Thanks, I understand that now, but I still think 25% is too much for anyone to pay-ever and that it is immoral to tax income.Middle class people have to pay state and local taxes with already taxed money. It is insane.

[Right_in_Virginia]

Under the House bill, The Tax Cuts and Jobs Act, there will be four: 12 percent, 25 percent, 35 percent and 39.6 percent, according to The Wall Street Journal. The bill roughly doubles the standard deduction to $12,000 for single filers and $24,000 for married couples.

•The 12 percent bracket: This rate applies to single filers starting at $12,000 up to $45,000. For married joint filers, this applies after the $24,000 deduction up to $90,000.
•The 25 percent rate: This begins at $45,000 for single filers and $90,000 for joint filers who are married.
•The 35 percent rate: Single filers reach this bracket at $200,000. This rate applies to married filers at $260,000.
•The 39.6 percent rate: This rate applies at $500,000 for singles and $1 million for married couples.


https://www.cnbc.com/2017/11/02/here-are-the-new-tax-brackets-in-the-gop-plan.html

[KingsX]

The proposal is for 12% tax for single filers to $45,000; 12% tax for married filers to $90,000.

@austingirl

Those with low incomes who would pay the current 10%...
get their tax rate INCREASED to 12% !!

[Right_in_Virginia]

HERE IT IS: The giant Republican tax-reform bill
Business Insider, Nov 2, 2017, Bob Bryan


http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10

This is a clearly written article with details and comparison chart between 2016 and the proposal.

[Hoodat]

As I have posted here repeatedly,  my taxes will INCREASE.
And I represent a low taxable income demographic group
whose taxes will INCREASE.

Clearly, you haven't been paying your fair share.

[Restored]

As I have posted here repeatedly,  my taxes will INCREASE.
And I represent a low taxable income demographic group
whose taxes will INCREASE.

After being proactive contacting GOP senators and congressmen
about this issue...  I have been told to "eat cake" !!

Think of it as an opportunity to increase your investment in America.
Taxing the lower income levels makes the most sense. There is a ton of revenue in that demographic and they have been told for decades that paying taxes(i.e. the rich) is good thing. You will generate far more revenue by raising taxes on the lower bracket. 

[Cyber Liberty]

Clearly, you haven't been paying your fair share.

Careful now!  She'll accuse you of telling her to eat cake...

[austingirl]

Stock market not impressed. Neither am I. 12% repatriation penalty on cash- is that so great? I thought they were talking a much smaller percentage.

[KingsX]

Clearly, you haven't been paying your fair share.

GOP leaders stood up on TV and LIED! 

They said it would be a tax cut for everybody.
They said tax rates would decrease for everybody.

They LIED !

In 2018 under current IRS law my tax exempt amount [and others in my same demographic group] would be $12250... but the GOP will only give me $12000... which means I pay more right out of the gate.

Then the GOP increases my low income tax rate from 10% to 12%  [again, there will be many people in this same situation.]

But my demographic group will not be the only one negatively affected.

Unfortunately,   most people these days either use tax professionals or computer programs to do their taxes so many people don't have a clue how the GOP plan will affect them personally until it is too late.

[Emjay]

Thanks, I understand that now, but I still think 25% is too much for anyone to pay-ever and that it is immoral to tax income.Middle class people have to pay state and local taxes with already taxed money. It is insane.

I agree.  I hope Ted Cruz's tax plan will be implemented someday ... if we ever get a senate with intestinal fortitude.

I looked up how this would affect my daughter's taxes and, apparently, not that much but a little.

[Right_in_Virginia]

Those with low incomes who would pay the current 10%...
get their tax rate INCREASED to 12% !! 

No, they do not @KingsX

http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10

[KingsX]

This is a clearly written article with details and comparison chart between 2016 and the proposal.

Why 2016.... when the GOP plan would take effect in 2018 ??

IRS figures are already out for 2018... why not compare apples to apples ?!

I'll tell you why... because it's a dirty bait and switch and comparing the GOP plan with old 2016 IRS figures puts a  little lipstick on the pig.

[bilo]

Stock market not impressed. Neither am I. 12% repatriation penalty on cash- is that so great? I thought they were talking a much smaller percentage.

What's worse, as I understand it, they are proposing to tax over seas activity at a flat rate of 10%. I don't believe any other country taxes businesses on their activity outside the country. I know as an individual I have to show all business activity that I engage in outside the USA and then have to pay taxes on it even though it has nothing to do with the USA and the investments were with after tax dollars.

[KingsX]

No, they do not @KingsX

http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10

I do my own taxes and have for decades. 

My taxes are very simple in 2018. I have done my math and my taxes will increase.

Everyone in my specific demographic group [and there are many] will see an increase in their taxes.

The GOP liars may fool people today.  But when people who have bought the lies find out the hard way their taxes have been raised, they will out for blood.

[cato potatoe]

Those with low incomes who would pay the current 10%...
get their tax rate INCREASED to 12% !!

Just move in with your kids.  They'll get $300.

[corbe]

[Texas Yellow Rose]

Thanks, I understand that now, but I still think 25% is too much for anyone to pay-ever and that it is immoral to tax income.Middle class people have to pay state and local taxes with already taxed money. It is insane.

Don't forget to apply the deductions...

$45,000 MFJ
-12,000 Ded
- 4,150 taxpayer
- 4,150 spouse
- 4,150 child   
- 4,150 child  ..Two children in the household.
taxable income 16,400

Subtract $4,150 personal exemption for each additional child

other refundable credits:
- child tax credit
- earned income credit if app.
 
Totally wrong.  TYR

[Frank Cannon]

   My Congresscritter tells me to 'eat $hit', in one short paragraph.



              Lloyd Doggett (D) TX 35th

You must be the modern day Rodney Dangerfield the way you don't get no respect around here or even by your Congressman....

[Cyber Liberty]

Hey, she's French....

 

[Frank Cannon]

I do my own taxes and have for decades. 

My taxes are very simple in 2018. I have done my math and my taxes will increase.

Everyone in my specific demographic group [and there are many] will see an increase in their taxes.

I've heard that if you are on welfare your taxes are damn easy to file. I don't personally know.