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Biggest Reform EVER passed thread

Don't worry, your penalty will be given to the Trump 2020 group.
 
A major issue that I've found in discussing taxes with people is they don't understand how the tax rate works. I don't mean this in a liberal/conservative way at all either. I mean people see that the tax rate for top earners is 39% and believe that every dollar that person made is taxed at 39%.
 
Serious question: can I get rid of my health insurance now? I don't want to pay for it, I didn't use it all of 2015-2017, and if I am not going to have to pay the penalty tax, I don't want it. But I don't want to jump the gun on cancelling it if I am going to get hit by the penalty tax later because it's not in effect yet.

Penalty is still in effect for 2018 under the tax bill - it goes away in 2019.
 
A major issue that I've found in discussing taxes with people is they don't understand how the tax rate works. I don't mean this in a liberal/conservative way at all either. I mean people see that the tax rate for top earners is 39% and believe that every dollar that person made is taxed at 39%.

Yep. To be fair, the way everybody talks about taxes feeds into this. We talk about people being in tax brackets not dollars.

I think most people would agree that the only $20,000 one person earns probably benefits the economy more than the $20,000 another person earns after they’ve already hit the highest tax bracket. That’s one reason why those dollars are taxed differently.
 
A major issue that I've found in discussing taxes with people is they don't understand how the tax rate works. I don't mean this in a liberal/conservative way at all either. I mean people see that the tax rate for top earners is 39% and believe that every dollar that person made is taxed at 39%.

This is a big problem with the estate tax. People just do not understand that the first 11 million (for a married couple), now 22 million I guess, is completely exempt. they seem to think that if they go one dollar over the exemption the gummint will come take all their hard earned money/land/work away.
 
Serious question: can I get rid of my health insurance now? I don't want to pay for it, I didn't use it all of 2015-2017, and if I am not going to have to pay the penalty tax, I don't want it. But I don't want to jump the gun on cancelling it if I am going to get hit by the penalty tax later because it's not in effect yet.

You should at least go to the doctor for a checkup every couple of years.
 
This is a big problem with the estate tax. People just do not understand that the first 11 million (for a married couple), now 22 million I guess, is completely exempt. they seem to think that if they go one dollar over the exemption the gummint will come take all their hard earned money/land/work away.

Right. And they act like I’m supposed to feel sorry for someone who is leaving behind $11M dollars to someone who hasn’t earned it.

If we shouldn’t tax someone’s 11 millionth and first dollar, which dollar should we tax?
 
I had a convo with a former colleague who was concerned about getting into the upper brackets for fear all of his income would be taxed at a higher rate. This guy was a math major who had no clue how taxes worked 20+ years into his career! That is when I realized there is no way to discuss taxes reasonably with the masses.

And yes to the above WRT to the estate tax -- I've heard multiple people talk about getting 0 assuming that once the threshold is reached, it is complete government seizure of the estate.
 
Anyone else looking into or following the whole prepayment of 2018 property taxes thing?

Our accountant recommended we try to do it but there's a ton of differing info from IRS vs localities. It's crazy.

Super long lines in Va, Md, and D.C. to pay before January 1.
 
I prepayed estimated state taxes. Tried to prepay 2018 property taxes but was unable to as the county hadn't figured out what I was to owe.
 
I wonder what Lois Lerner would think of Republicans using the IRS for political purposes.
 
ADP doesn't create the tables - the IRS does.

ha, just teasing palma who argued otherwise earlier.

Anyway, messing with withholdings would be quite the gamble. Republicans would have to not only convince people that the increase in take-home pay is due to the tax bill they hate, but also deal with the repercussions come April 2019 when people actually think about taxes and they end up with an unexpected tax bill thanks to low withholding amounts during the year.

Should've done the Bush thing and mailed people a check.
 
ha, just teasing palma who argued otherwise earlier.

Anyway, messing with withholdings would be quite the gamble. Republicans would have to not only convince people that the increase in take-home pay is due to the tax bill they hate, but also deal with the repercussions come April 2019 when people actually think about taxes and they end up with an unexpected tax bill thanks to low withholding amounts during the year.

Should've done the Bush thing and mailed people a check.

Yup. The optics are so much better. Thanks to the tax bill we passed, here's a check for $1000.
 
 
lol at the announcements being made on the same day.
 
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