Tax Cuts and Jobs Act

PolishHeadlock said:
Also only real estate taxes are deductible instead on income and sales and use taxes.
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In the past, your state taxes were still a partial write off even if you took the standard deduction, correct? Or was it only on itemized?
 
Regarding lowest bracket for individual, what does it mean :

"(C) in the case of any other individual (not estate or trust), an amount equal to 1/2 of the amount in effect for the taxable year under paragraph (A) "

In (A), it state $90,000. Does that mean 12% or lowest bracket for individuals is for anyone with under $45K income?

Household technically means what? Does it mean family?
 
Looks like I may benefit a bit. Not huge, but some. That corporate tax cut is huge though. The question now becomes what gets cut to match this. Last I heard the forecasted GDP growth to cover this was pretty laughable and all proposed spending cuts were zero sum since it all gets put back into the defense budget.
 
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HomerThompson said:
In the past, your state taxes were still a partial write off even if you took the standard deduction, correct? Or was it only on itemized?
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Just itemized.

For most people the bigger standard deduction will make up for it I would think.
 
The non-partisan Tax Foundation reports that their "results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children and fixed-income retirees. Individuals with pass-through income also benefit substantially from the lower pass-through rate."

https://taxfoundation.org/gets-tax-cut-tax-cuts-jobs-act/

Fed-Filers-Final1.png
 
Can anyone explain why they think it’s smart to add $1.5T (conservatively, very likely much more) to the deficit when the overwhelming majority of that cut taxes for corporations, estates and high earners?

Can someone also explain why it would be acceptable to hurt some middle and upper middle class folks as well?

Asking for a friend.
 
Lubaolong said:
The non-partisan Tax Foundation reports that their "results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children and fixed-income retirees. Individuals with pass-through income also benefit substantially from the lower pass-through rate."

https://taxfoundation.org/gets-tax-cut-tax-cuts-jobs-act/

Fed-Filers-Final1.png
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I like how the lowest earner is black lol
 
Still having to think this through but it's really going to depend on how they plan to cut spending. Hmm, I'm wondering exactly how the pass through rule affects LLC's set up solely for real estate acquisition. Might make it easier to convince my clients to set them up.
 
HomerThompson said:
"Like damn Stewie, you can't sing at all. What are you doing man?"

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A gif and off topic? Composing a PM to the mods right now! No empty/shit posting. Its in the rules.
 
Waiting for GOP Reps and Senators to block this because it doesn't cut enough taxes.
 
i'm cautiously optimistic about the corporate tax cuts and repeal of the AMT
 
AznTrojan said:
i'm cautiously optimistic about the corporate tax cuts and repeal of the AMT
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Personally would like to see corporate tax cuts somehow tied to payroll growth, they're just going to put their savings in their hoards.
 
The estate tax stuff is completely asinine. Currently only the wealthiest 0.2% of estates pay taxes at all.

Republicans looking out for mooching kids of that 0.2% at the expense of everyone else.
 
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