Tax Cuts
POSTED BY: THGRRI
UPDATED: Thursday, April 17, 2025 01:12
VIEWED: 22355
PAGE 15 of 20
The PDF is here: https://files.taxfoundation.org/20171220113959/TaxFoundation-SR241-TCJ
A-3.pdf
If you can't view it, might I suggest Firefox 
I don't have time to read through it right now, but I don't see anything about 2019 brackets in there. Just what we already knew about 2018.
Do Right, Be Right. :)
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Quote:I don't think my phone can load that.
Originally posted by 6IXSTRINGJACK:
The PDF is here: https://files.taxfoundation.org/20171220113959/TaxFoundation-SR241-TCJ
A-3.pdf
If you can't view it, might I suggest Firefox
I don't have time to read through it right now, but I don't see anything about 2019 brackets in there. Just what we already knew about 2018.
Do Right, Be Right. :)
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Edited the linky.
Quote:
Originally posted by SIGNYM:
Well, apparently GSTRING has no memory of what it posted just short while ago.
http://www.fireflyfans.net/mthread.aspx?bid=18&tid=62106&mid=1
042742#1042742
Is GSTRING a synthetic troll?
Maybe we have been posting to a synthetic "bot" all along ... a set of programmed responses and pre-programmed phrases designed by the NSA for political purposes? That would explain its lack of human background. For example, it's "sick mother" for which it can find no previous posted citation.
Whatever the case, GSTRING is remarkably inept.
6
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Quote:This is what was repeated in SOTU, right?
Originally posted by JEWELSTAITEFAN:Quote:Thanks for that linky, I had only been going by what people said.
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by JEWELSTAITEFAN:Quote:I heard the news report that 2 States had their Governors sign urgent quick laws to allow their residents to pay their property tax early, so it could be before Dec 31. I think NY and NJ.
Originally posted by 6IXSTRINGJACK:
Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.)
I never heard of Governments that did not allow taxes to be paid early. How stupid is that? Free money for the coffers early, less I terest to pay, etc.
OTOH, can you imagine the chaos in Property Tax Offices this week?
In terms of overall benefits of Tax Reform, the simpler the better. Which means less or fewer different kinds of deductions, by which would be the case here.
In terms of specific application, consider examples of 2 different taxpayers. 1 is similar to you, or even barely had a benefit of itemizing. 2 is carrying a Million Dollar home. The standard deduction and personal exemptions were raised, one of them doubled - that is for everybody, regardless of Income bracket. By trading an increased Universal deduction and exemptions with elimination of property tax deductible, which party gets the greater benefit? How about a family with one house but more kids? Or somebody not owning property? Those benefitting the greatest from property tax deductible were likely higher income, with more property values. The hard working shlub did not benefit as much, if at all.
That certainly sounds reasonable... but unfortunately I don't see anything aobout either one of them doubling. That would mean either an increase of the personal exemption from $4050 to $8100 or an increase of the standard deduction from $6350 to $12,700.
The current combined total is $4050 + $6350, or $10,400.
The article I'm reading says that both will be combined into a single larger standard deduction of $12,000. So... not really a double at all since it eliminates the personal exemption. Just an increase of $1,600 for a single filer. A larger increase than normal years, so good for me since I use it, but not really all that great.
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-
2017-12
Chances are that most low income earners wouldn't come close to being able to itemize at $12k if they were before. If nothing changes for me, almost my entire paycheck next year will be under that $12k cap. Whatever isn't I'll likely put into an IRA to avoid any taxes.
Property taxes likely did not affect, or help the poorest.
Let's assume that linky is accurate, and run some numbers.
Single, with income 21,520. In 2018 Tax would be $952. In 2017 Tax was $1203. With 1 non-spouse dependent $707. But that wage is $10/hr for 40 hour weeks the whole year, no other income.
Income 50,700. 2018 -> $4,456. 2017 -> $5,814. +1 dependent -> $5,039. +2 dependent -> $4,432.
Income 94,500. 2018 -> $14,092. 2017 -> $16,764. +1 -> $15,752. +2 -> $14,739.
Income 169,500. 2018 -> $32,092. 2017 -> $37,536. +1 -> $36,562.: +2 -> $35,588. +3 -> $34,614. +4 -> $33,640. +5 -> $32,666.
In 2018 there are no extra deductions for each dependent, other than spouse.
Looks like taxpayers with 1 or 0 kids are getting a Tax cut. Mostly due to the reduced Tax Rate in each bracket, plus the expansion of brackets.
I might cry for you if you make $100 too much and have to pay $10 in Tax.
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What's SOTU? I might be having a brainfart here.
Do Right, Be Right. :)
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Quote:State Of The Union.
Originally posted by 6IXSTRINGJACK:
What's SOTU? I might be having a brainfart here.
Do Right, Be Right. :)
A transcript is included in its thread.
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Quote:Must have been brainfart. You had just posted in that thread 5 hours before.
Originally posted by 6IXSTRINGJACK:
What's SOTU? I might be having a brainfart here.
Do Right, Be Right. :)
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Nope. Not a brainfart. I've never owned a smartphone, so I haven't jumped on this bandwagon that we need to have an acronym for everything.
For the longest time, I thought FTW meant Fuck the World.
Do Right, Be Right. :)
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Quote:To to be a life without knowing what are WTF, SNAFU, Jeep, FBI, POTUS, SUV, CIA, LOL, BOGO, ASAP, SONAR, RADAR, LASER, JPG, GIF, BASIC, IRS, DOS, MHz, MPG, MPH, PPG, PPM, DOT, IFF, ABS, SSN, PIN, VIN, ID, DMV, TV, NASA, DVD, CD, IIRC, DJIA...
Originally posted by 6IXSTRINGJACK:
Nope. Not a brainfart. I've never owned a smartphone, so I haven't jumped on this bandwagon that we need to have an acronym for everything.
For the longest time, I thought FTW meant Fuck the World.
Do Right, Be Right. :)
Although it did take me awhile for WOT - and not without it being spelled out for me.
Now you make me wonder if second knows what FTS is.
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:To to be a life without knowing what are WTF, SNAFU, Jeep, FBI, POTUS, SUV, CIA, LOL, BOGO, ASAP, SONAR, RADAR, LASER, JPG, GIF, BASIC, IRS, DOS, MHz, MPG, MPH, PPG, PPM, DOT, IFF, ABS, SSN, PIN, VIN, ID, DMV, TV, NASA, DVD, CD, IIRC, DJIA...
Originally posted by 6IXSTRINGJACK:
Nope. Not a brainfart. I've never owned a smartphone, so I haven't jumped on this bandwagon that we need to have an acronym for everything.
For the longest time, I thought FTW meant Fuck the World.
Do Right, Be Right. :)
Although it did take me awhile for WOT - and not without it being spelled out for me.
Now you make me wonder if second knows what FTS is.
WTF - I don't know why, but I always got that one. Maybe that's why I thought what I did about FTW?
LOL - Maybe the first internet created acronym? They were definitely using it back in the America Online days.
ASAP/TV/ID/PIN/VIN/SSN/MPH/MPG - Ones long in the vernacular. I think everybody knows these.
SNAFU/FUBAR - I knew that because of an army movie. Maybe Full Metal Jacket?
SONAR/RADAR/LASER/SUV/JEEP - Movies maybe? Maybe *gasp* school?
FBI/CIA/IRS/DMV/NASA/DOT/Alphabet Agencies - Probably from movies.
BOGO - I don't really shop or buy anything unless I actually need it. Only know this one because of my work in retail.
ABS - Car commercials for sure.
JPG/GIF/BASIC/DOS/MHz/DVD/CD - I've been a huge computer nerd since the late 80's early 90's. I know a lot of the tech jargon.
PPG/PPM - Wow. 2 of them on the list were for sure learned from school. Maybe they actually do teach you something there.
DJIA - Had to google that. Never knew that one even though I was pretty big into investing in the middle of last decade.
POTUS - Didn't even know that one until maybe a year or two ago.
IFF - Never heard of it before. Looks like it has quite few meanings on Wikipedia.
IIRC - If I Recall Correctly?
FTS - File Transfer Service? Fight the System? Fuck the System? Fuck This Shit? Fuck That Shit? Failure To Stop? Flip The Script? Fortis, Inc.? Full Text Search? Financial Tracking Service? Federal Technology Service? Federal Tax Service? Flight Termination System? Floppy Trunk Syndrome? Free The Slaves?
Do Right, Be Right. :)
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