Author Topic: Trump-Republican tax plan bad for large families  (Read 8820 times)

Online churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #30 on: November 27, 2016, 07:35:17 PM »
Maybe he means AMT?
Maybe he's pha$ed out..

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Re: Trump-Republican tax plan bad for large families
« Reply #31 on: November 27, 2016, 07:37:00 PM »
Maybe he's pha$ed out..
Not familiar enough to understand
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

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Re: Trump-Republican tax plan bad for large families
« Reply #32 on: November 27, 2016, 07:37:59 PM »
Not familiar enough to understand
There is a phase out for personal exemptions. Around 300k plus agi for mfj iirc

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Re: Trump-Republican tax plan bad for large families
« Reply #33 on: November 27, 2016, 07:38:39 PM »
There is a phase out for personal exemptions. Around 300k plus agi for mfj iirc
This is besides AMT?
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Online churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #34 on: November 27, 2016, 07:38:57 PM »

Online churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #35 on: November 27, 2016, 07:40:36 PM »
Quote
For married taxpayers filing jointly, personal exemptions begin to be phased out at $311,300 and are fully phased out by $433,800.


Offline JTZ

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Re: Trump-Republican tax plan bad for large families
« Reply #36 on: November 27, 2016, 07:42:12 PM »
There is a phase out for personal exemptions. Around 300k plus agi for mfj iirc
$311,300 to $433,800
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

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Re: Trump-Republican tax plan bad for large families
« Reply #37 on: November 27, 2016, 07:42:38 PM »
Yes
Then AMT comes earlier. I don't make  that but have gotten hit with AMT
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Re: Trump-Republican tax plan bad for large families
« Reply #38 on: November 27, 2016, 07:50:08 PM »
Then AMT comes earlier. I don't make  that but have gotten hit with AMT
+1
Also in lean years, there's a limit to how much child tax credit and/or EIC that one can get.

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Re: Trump-Republican tax plan bad for large families
« Reply #39 on: November 27, 2016, 07:50:18 PM »
This is besides AMT?
Anyone in the amt is by definition taking itemized deductions rather than the standard deduction and so this entire discussion doesn't start.
The discussion brought up by op is regarding one who is taking the standard deduction and would be better off with the lower standard plus exemptions rather than trumps higher standard and no exemptions

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Re: Trump-Republican tax plan bad for large families
« Reply #40 on: November 27, 2016, 07:52:44 PM »
Then AMT comes earlier. I don't make  that but have gotten hit with AMT
Precisely because of your many exemptions and deductions..

Amt is designed to eliminate too many exemptions and deductions ... for people who would otherwise be paying taxes

Its not pretty

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Re: Trump-Republican tax plan bad for large families
« Reply #41 on: November 27, 2016, 07:52:44 PM »
Then AMT comes earlier. I don't make  that but have gotten hit with AMT
Precisely because of your many exemptions and deductions..

Amt is designed to eliminate too many exemptions and deductions ... for people who would otherwise be paying taxes

Its not pretty

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Trump-Republican tax plan bad for large families
« Reply #42 on: November 27, 2016, 08:11:53 PM »
Another pretty negative impact of trumps plan is that for MFJ (married Filing jointly) with income between 255k & 487,650 LOng term capital gain rate will increase from 15% to 20%.
« Last Edit: November 27, 2016, 08:17:28 PM by danrocks613 »

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Re: Trump-Republican tax plan bad for large families
« Reply #43 on: November 27, 2016, 08:13:41 PM »
Precisely because of your many exemptions and deductions..

Amt is designed to eliminate too many exemptions and deductions ... for people who would otherwise be paying taxes

Its not pretty
In that case this will not affect large families as much anyhow.
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Re: Trump-Republican tax plan bad for large families
« Reply #44 on: November 27, 2016, 08:15:30 PM »
Another pretty negative impact of trumps plan is that for MFJ with income between 255k & 487,650 LOng term capital gain rate will increase from 15% to 20%.
MFJ?
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.