Saturday, December 23, 2017
Thursday, December 21, 2017
When Can You Expect To See New Tax Rates In Your Pay?
Workers can expect to see the new tax rates in their paychecks as soon as February, as payroll companies prepare to adjust withholding after Congress passed tax legislation on Wednesday.
Republicans stated Wednesday that people would start getting more money in their pockets in February, after the new withholding went into effect.
“That's going to be tremendous for people,” Trump said at a Cabinet meeting. “They're going to start seeing the results in February.”
“The average taxpayer in every income group is getting a tax cut,” House Speaker Paul Ryan, R-Wis., said on "Good Morning America." “So I think when people actually see that instead of getting tax increases, they’re getting a tax cut, when they see the withholding tables changing in February and seeing more money in their paychecks, when they’re seeing the economic growth that will result from historic tax reform, I think minds are going to change.”
H/T:The Washington Examiner
See How Much You Save With New Tax Plan
Tax Plan Calculator
By Maxim Lott
What the Trump tax plan means for YOU
Income: $
Enter your income.
Use "Adjusted Gross Income" (line 37 on form 1040.)
Note: Union dues and deductions for unreimbursed expenses by your employer no longer deductible. If you have those
deductions: Run calculator twice, both with & without them as income, to see impact
State:
Married?
Single parents are generally "Head of Household"
Do you currently itemize deductions?
If you enter "I don't know" it'll figure out for you if you should be itemizing itemizing now.
Only if yes: Site calculates state/local income and sales taxes automatically. Roughly what do you pay in property taxes? $ |
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Other itemizations (NOT counting state/local tax or business costs): $
Examples: Charity, medical, mortgage interest deduction.
Only enter things on Schedule A of your return.
Net business losses should be subtracted from the income field above
Children under age 17:
Other dependents:
"Other" includes 17 & 18 year-olds, dependent kids under 24 who are students, and disabled adults
Less common (most people should ignore): I want to enter my exact state/local income & sales tax deductions: $ |
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This will replace the calculator's estimate (methodology explained on FAQ page)
Tuesday, December 19, 2017
The 12 Republicans Who Voted Against Tax Reform
The 12 Republicans Who Voted Against Tax Reform:
Dana Rohrabacher CA
Darrell Issa CA
Walter B. Jones NC
Frank A. LoBiondo NJ
Christopher H. Smith NJ
Leonard Lance NJ
Rodney Frelinghuysen NJ
Lee Zeldin NY
Peter T. King NY
Dan Donovan NY
John J. Faso NY
Elise Stefanik NY
Dana Rohrabacher CA
Darrell Issa CA
Walter B. Jones NC
Frank A. LoBiondo NJ
Christopher H. Smith NJ
Leonard Lance NJ
Rodney Frelinghuysen NJ
Lee Zeldin NY
Peter T. King NY
Dan Donovan NY
John J. Faso NY
Elise Stefanik NY
H/T: Mr. MAGA
The Final GOP Tax-Reform Bill
- Individual income-tax rates have been cut significantly. The seven tax brackets remain, but the percentages have been dropped in almost every one. The new rates are 10%, 12%, 22%, 24%, 32%, 35% and 37% compared to today’s 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
- The corporate tax rate has been changed to 21% from the current 35%.
- The $4,050 personal exemptions have been eliminated.
- The standard deduction has been doubled from $6,350 currently to $12,000 for single filers and from $12,700 to $24,000 for married couples.
- Child tax credit has been increased to $2,000, but $1,400 is refundable and starts phasing out at $400,000 in income for married couples and $200,000 for non-married households. Currently, it’s $1,000 and starts to phase out for married couples with an income of $110,000.
- State and local taxes have been capped at $10,000, that can be deducted. Currently, these taxes are deductible with some limits.
- Mortgage-interest deduction limits have been increased from the current $750,000 to up to $1 million for both primary and second homes.
- The alternative minimum tax is preserved, but also makes it more narrow. This disallows high-earning households from filing personal exemptions and state deductions.
- There will no longer be a penalty for not having health insurance.
- Alimony payment agreements signed after 2018 will not be deductible.
- Estate taxes will be 40% on estates over $11.2 million per individual, versus the current $5.6 million.
- Business owners with an income under $315,000 will get a 20% deduction for pass-through income, versus currently, where a business taxes are based on the individual's income tax rate.
- There have been no changes in regards to the student-loan interest, graduate student tuition waivers, and capital gains and dividends.
Most Americans will see tax breaks and the GOP compromised by including current deductions that weren't included in the previous versions. As President Trump points out, the huge ( pronounced "YUGE" ) drop in the corporate income tax in this plan will encourage businesses to incorporate and come to the U.S.H/T: Punching Bag Post
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