Author Topic: Trump-Republican tax plan bad for large families  (Read 8818 times)

Online danrocks613

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Re: Trump-Republican tax plan bad for large families
« Reply #45 on: November 27, 2016, 08:16:08 PM »
Married filing jointly

Online churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #46 on: November 27, 2016, 09:39:07 PM »
In that case this will not affect large families as much anyhow.
Valid point, but (without actually running the numbers,) my guess is that it will have a negative effect of those earning less than or around 100k

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Re: Trump-Republican tax plan bad for large families
« Reply #47 on: November 27, 2016, 09:54:54 PM »
Valid point, but (without actually running the numbers,) my guess is that it will have a negative effect of those earning less than or around 100k

That is likely, but it is also lkely that there will be changes in the other direction as well. Certainly by the time it is done, as he said during the campaign this is a first offer of negotiation. Also, the elimination of AMT, estate tax, and of the marriage penalty would be a windfall to the community.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline Jellybelly

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Re: Trump-Republican tax plan bad for large families
« Reply #48 on: November 27, 2016, 11:21:53 PM »
Not sure this belongs here but....
 it's probably impossible for anyone to know  for sure, but if my boss owes me a decent  amount of money, would it be better for me, tax wise, to take it in 2016 or to wait till 2017 and hope trump lowers the taxes? Also same question regarding tzedaka, think it would be better for me to give extra and claim it in 2016 or wait till 2017?

Online churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #49 on: November 27, 2016, 11:33:24 PM »
Not sure this belongs here but....
 it's probably impossible for anyone to know  for sure, but if my boss owes me a decent  amount of money, would it be better for me, tax wise, to take it in 2016 or to wait till 2017 and hope trump lowers the taxes? Also same question regarding tzedaka, think it would be better for me to give extra and claim it in 2016 or wait till 2017?
It is definitely a strong possibility that tax rates will change in 17. (It may or may not be to your benefit. Depending on your situation..).

Better question is, do you trust the boss? Lot more considerations than tax imho.

Offline Jellybelly

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Re: Trump-Republican tax plan bad for large families
« Reply #50 on: November 27, 2016, 11:47:26 PM »
Could be for some people, but I'm not too worried about that

Offline Freddie

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Re: Trump-Republican tax plan bad for large families
« Reply #51 on: November 27, 2016, 11:50:43 PM »
Could be for some people, but I'm not too worried about that
Your shver?

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Re: Trump-Republican tax plan bad for large families
« Reply #52 on: November 27, 2016, 11:51:29 PM »
Better question is, do you trust the boss? Lot more considerations than tax imho.
We could be dealing with a difference of whether the check says 12/31 or 1/1
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline Jellybelly

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Re: Trump-Republican tax plan bad for large families
« Reply #53 on: November 27, 2016, 11:53:47 PM »
Right, basically I get bonus money in addition to my salary and I can take it whenever I want

Offline Jellybelly

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Re: Trump-Republican tax plan bad for large families
« Reply #54 on: November 27, 2016, 11:55:53 PM »
I'm guessing that it's impossible to know what's gonna happen with trump. He says he's lowering taxes but he's been pretty unpredictable so far...

Offline Freddie

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Re: Trump-Republican tax plan bad for large families
« Reply #55 on: November 27, 2016, 11:58:48 PM »
I'm guessing that it's impossible to know what's gonna happen with trump. He says he's lowering taxes but he's been pretty unpredictable so far...

No, no, he's building a wall and banning Muslims and deporting Mitt Romney. You'll see.

Offline Jellybelly

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Re: Trump-Republican tax plan bad for large families
« Reply #56 on: November 28, 2016, 12:03:25 AM »
I guess I'm selfish but I care more about my money than mitt, Mexicans and muslims

Offline Iz

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Re: Trump-Republican tax plan bad for large families
« Reply #57 on: November 28, 2016, 12:14:48 AM »
No, no, he's building a wall and banning Muslims and deporting Mitt Romney. You'll see.
So that's why he wants him as SecState, so he can send him overseas!

Offline CZ60

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Re: Trump-Republican tax plan bad for large families
« Reply #58 on: November 28, 2016, 01:43:26 PM »
Not sure this belongs here but....
 it's probably impossible for anyone to know  for sure, but if my boss owes me a decent  amount of money, would it be better for me, tax wise, to take it in 2016 or to wait till 2017 and hope trump lowers the taxes? Also same question regarding tzedaka, think it would be better for me to give extra and claim it in 2016 or wait till 2017?
So many factors at play, you should ask an accountant/financial adviser. But based on what he *said* he's going to do, you can take the deductions whenever (slight edge towards this year) and the income next year. But there is a lot more to this than the synopsis you gave. Speak to an accountant.

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Re: Trump-Republican tax plan bad for large families
« Reply #59 on: November 28, 2016, 02:05:05 PM »
That is likely, but it is also lkely that there will be changes in the other direction as well. Certainly by the time it is done, as he said during the campaign this is a first offer of negotiation. Also, the elimination of AMT, estate tax, and of the marriage penalty would be a windfall to the community.
While the headline might read elimination of marriage penalty https://assets.donaldjtrump.com/trump-tax-reform.pdf has mention of single, married, and head-of-household thresholds. The sum of single+HOH is still higher than married (even more so if dependents are split and you end up with 2 Heads of Household.)

I am not making any judgment call based on the current headlines. A lot has not been thought through, and even more would be very difficult (or close to impossible) to pass. After all, the IRC is the greatest source of power (and social engineering), and government types aren't the types to relinquish any without a fight.

I am advocating a wait and see approach, proceeding with things that seem safe (even if they might not be as beneficial under a new tax regime), while holding off on moves that seem likely to be more beneficial down the road.