Author Topic: Trump-Republican tax plan, Bad for large families  (Read 138504 times)

Offline hachover

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Re: Trump-Republican tax plan bad for large families
« Reply #420 on: December 08, 2017, 11:51:12 AM »
Also, don't believe the estimates you read in the papers. According to them you wouldn't owe a dime in AMT until you break $300K annual income. But I've seen many people get swept in after barely crossing $200k. Especially in the tri-state area, frum people tend to have a fair amount of exemptions and deductions that don't count under AMT and fall into the net while they're still earning just enough to balance the budget.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline aygart

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Feelings don't care about your facts

Offline Eliyohu

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Re: Trump-Republican tax plan bad for large families
« Reply #422 on: December 11, 2017, 06:29:48 PM »
Is there any accurate information about eitc, I couldn't find much information online some people are telling me it's going away and some people are telling me that it's getting doubled...

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #423 on: December 11, 2017, 07:07:15 PM »
Is there any accurate information about eitc, I couldn't find much information online some people are telling me it's going away and some people are telling me that it's getting doubled...
The eitc is not going anywhere.
The child tax credit may double-(but  $4,050 exemption per person is disappearing)

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #424 on: December 11, 2017, 07:35:03 PM »
http://www.thelakewoodscoop.com/news/2017/12/house-tax-bill-hits-mechanchim-hard-bmg-rallies-askanim-nationwide-in-defense-of-mechanchim-and-teachers-throughout-u-s.html

Now Agudah and Bmg wake up about qtr?
They should've been reading this thread a long time ago :) :)
Had they woken up earlier they would've had the House go along the senate not to get rid of qtr, before the house bill passed.

Offline yzj

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Re: Trump-Republican tax plan bad for large families
« Reply #425 on: December 11, 2017, 07:38:00 PM »
BMG was working on QTR before the bill initially passed the House...

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #426 on: December 11, 2017, 07:52:12 PM »
http://www.thelakewoodscoop.com/news/2017/12/house-tax-bill-hits-mechanchim-hard-bmg-rallies-askanim-nationwide-in-defense-of-mechanchim-and-teachers-throughout-u-s.html

Now Agudah and Bmg wake up about qtr?
They should've been reading this thread a long time ago :) :)
Had they woken up earlier they would've had the House go along the senate not to get rid of qtr, before the house bill passed.
I can confirm that they were all over this before it was posted here. They were working behind the scenes as the article states and are now asking the public to reach out to their elected officials thru the Agudah advocacy website.

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #427 on: December 11, 2017, 08:26:16 PM »
 Why weren't they working on getting private school education to count as charity?
Why are they only concerned about 529 plans for the rich?

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #428 on: December 11, 2017, 08:49:49 PM »
Why weren't they working on getting private school education to count as charity?
I assume you mean that it should be deductible - nothing to do with charity. And I agree, it would do so much more for the community as a whole. However, I would point out 2 things here. First of all, no one is going to be ruined by the bill not including the tuition deduction - after all, it's not in the current tax code. But there are people that will be completely ruined by the removal of the QTR exemption. And second of all, it's a much bigger ask to add a deduction that doesn't exist today than it is to not change a current exemption.
Why are they only concerned about 529 plans for the rich?
Who said BMG/Agudah were pushing for the change to 529's? It's not mentioned in the article.

Offline Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #429 on: December 11, 2017, 09:20:11 PM »
Getting private school tuition to be deductible would be huge for everyone.
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Offline yzj

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Re: Trump-Republican tax plan bad for large families
« Reply #430 on: December 11, 2017, 09:52:18 PM »
Getting private school tuition to be deductible would be huge for everyone.

It was too big of a lift and got crossed out of the final bill at the last moment. QTR affects all tuition paying parents as well. If teachers kids receiving free tuition in the school were to be taxed and counted as income for assistance programs, salaries would have to rise to make it worthwhile for skilled teachers to continue teaching. Tuition would have to rise fairly dramatically to pay for the increase in salary costs.

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #431 on: December 11, 2017, 10:45:12 PM »
Why weren't they working on getting private school education to count as charity?

Who said they weren't

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #432 on: December 12, 2017, 02:18:58 AM »
Who said they weren't
I'm not saying they weren't, but only now are they asking to reach out to Senators and Congressmen.

If only they would've put it out in the news for hundreds to call Congressmen and Senators to let Private tuition count as a charity deduction, it wouldn't have gotten crossed out at the last night.


Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #433 on: December 12, 2017, 02:45:04 AM »
People have moved on the the next bit of news these days. I doubt that hundreds of people are busy calling their local congressmen and senators regarding the tax bill lately.

I'm sure if we had a few hundred people making the rounds calling up various senators to put tuition-charity back in, it would make an impression even now to get it in.  In fact with the senate being 52-48 (or soon to possibly be 51-49) if Moore looses in Alabama, and with Senator Corker against the tax bill, all it takes is one or 2 senators to be sympathetic, and to insist on it being added back before voting on the tax bill once it comes back from committee, and it will pass.
For example, Susan Collins from Maine got plenty of concessions on the day they voted, because she threatened that if you don't give me X, Y, Z you don't have my vote.

So all it takes, is one Senator to insist on something and he will get it, as long as they are truly afraid to lose his vote.

For the record, even though they are not from my state, I recently picked up the phone and contacted the offices of Senator Rubio and Lee, to thank them for trying to get more child tax credit, as well as to suggest to them to insist that they get their way in the final bill, and to threaten the Senate that they will vote no, if they don't get their way, just like Senators, Collins, Johnson, and others got major concessions on the last day, since they did a good job and were convincing that they were going to vote no.
The problem with Rubio/Lee was that nobody feared that they would vote no on the tax bill, if they didn't get their way with the child tax credit, so they didn't get it.

So if Agudah can target a few senators who are sympathetic to tuition/charity deduction, and then tell us which senators to call, im sure if their secretaries in their various offices gets hundreds of calls a day for the next 2 weeks until they vote again it will make an impact.

Now is the time to push, or forever lose.....

Offline ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #434 on: December 12, 2017, 08:54:23 AM »
Getting private school tuition to be deductible would be huge for everyone.
Which is why SCOTUS nominations are really what matters in a presidential election.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #435 on: December 12, 2017, 09:37:31 AM »
Which is why SCOTUS nominations are really what matters in a presidential election.
What does one have to do with the other?

Offline ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #436 on: December 12, 2017, 09:39:59 AM »
What does one have to do with the other?
Let me spoonfeed it:

Any such provision is likely to be challenged and end up in front of the SCOTUS.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #437 on: December 12, 2017, 09:42:13 AM »
Let me spoonfeed it:

Any such provision is likely to be challenged and end up in front of the SCOTUS.
On what basis? It would be religion neutral.
Feelings don't care about your facts

Offline Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #438 on: December 12, 2017, 10:46:24 AM »
On what basis? It would be religion neutral.
+1
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Offline aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #439 on: December 12, 2017, 11:05:18 AM »
On the other hand, the  big argument for deductibility is that it should be similar to the way others pay for education through property taxes. Once SALT is not deductible that argument disappears.
Feelings don't care about your facts