• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

Biggest Reform EVER passed thread

is the $90K at 12% for married couples or single filers?

Married, so you'd assume 45k for single. So in simple terms, all single people save $1,500 for the first $45k of their income + another $400 for the slightly higher standard deduction, so $1,900 overall. Double that if married for about $3,800. You lose about $400 per kid, if you have children.

Wow, for single its 12% up to $67,500. That's huge. About $5,000 less in taxes paid per person.
 
Last edited:
Next Up: Tax Reform

I’ve seen $45K and $67,500 as the thresholds depending on the article. I’m guessing it’s $45K
 
also an interesting tidbit, even rich business owners in CA get screwed if they stick with a pass through structure, since only 30% of the business income gets the new 25% rate. That 14% difference doesn't offset the losing of the state tax deduction. Seems like most everyone would start their own corporations.
 
Donations will be down as a result of these cuts like they were under Reagan. Hope the government plans to increase social service spending to fill the gaps...
 
One thing I'm surprised isn't getting more coverage is that there's basically a vat on outbound payments for intercompany inventory purchases or other inter-company transactions unless the foreign entity elects to treat the income as effectively connected in the US and pays US taxes on the net income from the transaction.
 
A family making $150k pulls in like $8k/mo net and mortgage on a $750k house has to be $5k/mo, right? Seems like a stretch? Idk I'm a DINK in roughly this boat and feel like I have no idea. Maybe I'll be thinking about buying later next year when I'm done w student loans.

They pull in closer to $9-10k and the mortgage is closer to $3k. The tax incentives to buy a home ain't no joke. Or weren't no joke, now they're gone. Thats why they want them on a postcard, cause even Towniedeac can't do the math.
 
Getting rid of alimony deduction is brutal. Sneaky pub tax on sinners.
 
Getting rid of alimony deduction is brutal. Sneaky pub tax on sinners.

Except it isn’t - the bill takes away the deduction for the person paying alimony, but makes it tax free to the recipient (i.e., the opposite of current law). As such, there’s almost no additional revenue generated by the change. Current law makes sense - person who gets the money pays tax on it; person who pays it gets to deduct it. I have no idea what the rationale is for this, other than it would add another line to the GOP’s precious postcard.
 
It has been empirically proven that giving tax cuts to the Top 5% has never created jobs.

Without an increase in demand, cutting corporate taxes will never create jobs nor has it increased pay for line workers. This is a total scam.
 
It looks like this plan is actually a tax hike on many in the middle class by 10 years because of the expiration of credits and the failure to index the new benefits to inflation

https://medium.com/@kamin_83016/how-a-tax-cut-turns-into-a-tax-increase-960c32d1ba82

1*0ZaAsppLT5yYJAoD0zJWsg.png
 
Back
Top