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

[mystery-ak]

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.

$45,000 MFJ
-12,000 Ded.....shouldn't that be -24000?

[Cyber Liberty]

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

But you still have to file to collect on the EITC.  I personally know people who got $8,000 tax refunds on zero income.

[corbe]

   After reading much of the recent revulsion over GWB here, I'm gonna ask my CPA about all the autographed pictures he has with him and GWB on his walls.

[Right_in_Virginia]

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.

If I'm reading the chart correctly, (see link ) @Texas Yellow Rose the personal exemption is eliminated in the proposed plan.

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

[Frank Cannon]

But you still have to file to collect on the EITC.  I personally know people who got $8,000 tax refunds on zero income.

Absolutely. It's like Christmas in April for my tenants because of that. They are styling with that welfare money. That's why I get in line first to get payed before they head to Rent-A-Center, Sleazy Joe's Used Cars or the strip club. By July they are broke and the car they bought at 58% interest is getting towed by the repo man.

[austingirl]

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.

@bilo

When Paul Ryan who said Americans would be getting a "pay raise", thereby leaving no questions about his progressive credentials, is smiling, you just know Americans are getting screwed.

And what about his fed chair pick- Powell has been in lockstep with Yellen- he is described as Yellen in a tie and her twin. I guess Trump wants to keep low interest rates forever. I would rather have a nice 5% interest bearing savings account at this point and take my money out of the market. My portfolio is down almost 1% today.

[mystery-ak]

If I'm reading the chart correctly, (see link ) @Texas Yellow Rose the personal exemption is eliminated in the proposed plan.

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

You are right other than the 12k or 24k there is no personal exemption that I can see.

!600 per child...A pet project of Ivanka Trump, the proposal is to increase the credit to $1,600 from $1,000


Looking to see if they eliminated the Earned Income Tax Credit?

[Right_in_Virginia]

Eliminates personal exemptions: Today you're allowed to claim a $4,050 personal exemption for yourself, your spouse and each of your dependents. The House bill eliminates that option.

Expands child tax credit: The bill would increase the child tax credit to $1,600, up from $1,000, for any child under 17.


http://money.cnn.com/2017/11/02/news/economy/house-tax-reform-bill-individuals/index.html

I just found clear confirmation that the personal exemption is eliminated in the proposed plan @mystery-ak

[Cyber Liberty]

Absolutely. It's like Christmas in April for my tenants because of that. They are styling with that welfare money. That's why I get in line first to get payed before they head to Rent-A-Center, Sleazy Joe's Used Cars or the strip club. By July they are broke and the car they bought at 58% interest is getting towed by the repo man.

I wish I could say you are exaggerating, but, in fact, you are not, that is exactly how it goes.  This is why "poor people" like someone I can think of here are furious the Republicans would do anything that might upset their personal apple cart.

[Right_in_Virginia]

You are right other than the 12k or 24k there is no personal exemption that I can see.

!600 per child...A pet project of Ivanka Trump, the proposal is to increase the credit to $1,600 from $1,000


Looking to see if they eliminated the Earned Income Tax Credit?

The Earned Income Tax Credit remains ....See the Post article (which is pretty good)

https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.f6df43c411b0


@mystery-ak

[Frank Cannon]

The Earned Income Tax Credit remains ....See the Post article (which is pretty good)

https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.f6df43c411b0


@mystery-ak

Wonderful!

Hear Ye Hear Ye!!!!! WELFARE FOR ALL DEADBEATS!!!! WELFARE FOR ALL DEADBEATS!!!!

[Right_in_Virginia]

This is pretty well done:

All your major questions about the GOP tax plan, answered
Washington Post, Nov 2, 2017

https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.f6df43c411b0

[KingsX]

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.

The GOP plan eliminates the personal exemptions and the extra over 65 standard deduction and the head of household standard deduction... and rolls those all into their $12,000 single /$24,000 married tax exemption.

[Hoodat]

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 !

They lied about a lot of things.

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.

A grand total of $30 for the year.  I pay more than that every single day.

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

12% is too low.  You should be paying 15%.

[KingsX]

Remember the new 2018 IRS rates increased for inflation.

in 2018 the personal exemption would be $4150.

But the GOP plan eliminates it.

[Cyber Liberty]

The GOP plan eliminates the personal exemptions and the extra over 65 standard deduction and the head of household standard deduction... and rolls those all into their $12,000 single /$24,000 married tax exemption.

Thanks for the clarification.  The increased Married deduction for me just overwhelmed the change in the marginal bracket and the loss of the Standard deductions, so my sympathy for your position just went from slim to none.

[Texas Yellow Rose]

If I'm reading the chart correctly, (see link ) @Texas Yellow Rose the personal exemption is eliminated in the proposed plan.

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

It is and my post is way wrong.  Sorry.

[Bigun]

This chart is the most relevant I've seen.




Looks like they are getting around 33% of your money before you get any!   Still SUCKS IMHO!

[Texas Yellow Rose]

$45,000 MFJ
-12,000 Ded.....shouldn't that be -24000?

You are right and personal exemptions are eliminated.  Sorry about the wrong info.

[KingsX]

A grand total of $30 for the year.  I pay more than that every single day.

12% is too low.  You should be paying 15%.

Right out of the gate I lose $250 in tax exemption....
then I get to pay an extra 2 percent more than I pay now
on my very low income. Under current IRS rules I pay 10%
tax rate... the GOP is increasing my rate to $12%.

You make a high income. I do not.  I daresay you wouldn't
want to live on my low income. Yet you and the GOP want
to take even more taxes out of it.  I get it that neither you
nor the GOP cares... that's why I'm no longer voting GOP...
and I won't be the only one.

[KingsX]

Thanks for the clarification.  The increased Married deduction for me just overwhelmed the change in the marginal bracket and the loss of the Standard deductions, so my sympathy for your position just went from slim to none.

That's nice... your taxes are decreasing [at least you think they are]
so you have no sympathy for others whose taxes are being raised.
We can all "eat cake."

[austingirl]

If I'm reading the chart correctly, (see link ) @Texas Yellow Rose the personal exemption is eliminated in the proposed plan.

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

I think the only exemption is the new standard one.

[KingsX]

 

In spite of my being "racist",  thanks to elitist posters I've read here...
I have come to understand why blacks riot and steal TVs. This is what
happens when government policy creates disenfranchised underclasses.
And now the GOP tax plan intentionally initiates class warfare [raising
taxes on the poor while giving tax cuts to the rich must be intentional
no one who understands history is that stupid.]

[TomSea]

Low tax rates, what if you end up bringing in a liberal electorate? Be careful to not be a victim of one's own success.

[corbe]

    That last post is just so wrong on so many levels @KingsX but Carry on it's not half as bad as most the $hit I post here, your stuff is just much deeper.