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Messages - mr12

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 26, 2017, 08:35:45 PM »
So you are saying that you know that it's definitely been utilized by others. That's good to know. Don't know why I never thought of it before?
More helpful this year than the past few years now that threshold is back down to 7.5% of AGI

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 23, 2017, 11:30:58 PM »
someone making enough money to be in that bracket, would have been phased out of the child tax credit so they are now getting a $14,000 credit that they would not have gotten.
Not completely true, because you need to compare personal exemption times marginal tax rate under the old way, to the extra 1000 credit per child under the new way. For most people it's a gain, but not a full 1000 gain

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 23, 2017, 11:26:55 PM »
The 25% bracket starts at $77,000. Someone who makes $100,000 was eligible for child tax credit.
The phaseout for child tax credit began at 110 AGI. Someone with personal exemptions plus minimum of standard deduction totaling close to 50k, all of which was running through 25% bracket, would have AGI well above 110.

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 20, 2017, 12:56:43 AM »
 :D :o
Fwiu it's only out for homeschool

Unfortunately, I don't think that's correct. Sen. Wyden's comments seem to say that because this provision is more than just a budget issue, it cannot be passed through reconciliation. That would apply to private schools as well.

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 20, 2017, 12:52:05 AM »
I highly doubt it. If that were the case, what would that change to the federal tax code have accomplished at all?
To exempt the earnings from federal tax

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 18, 2017, 11:26:25 PM »
Yup, I see it now. You guys are right.

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 18, 2017, 10:51:07 PM »
http://taxplancalculator.com/calc
Running some numbers through this calculator seems to indicate refundable CTC is 15% above 2500. Not sure where he gets that from.

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 18, 2017, 09:56:34 PM »
"The credit is allowable against both the regular tax and the alternative minimum tax
(“AMT”). To the extent the child credit exceeds the taxpayer’s tax liability, the taxpayer is
eligible for a refundable credit (the “additional child tax credit”) equal to 15 percent of earned
income in excess of $3,000 (the “earned income” formula)."

This part of the law was not changed.
Only mention of earned income formula is in house version. Conference agreement says nothing about it.

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 18, 2017, 09:19:42 PM »
Refundable always meant 15% of income over 3k.
All the news reports were that they made 1400 refundable.
If the percentage changed from 15% to 100% that would be a much bigger story, (1000 to 1400 is a 40% change. 15% to 100% is a 666% percent change, 666 is 16.65 times 40, so the story would be the percent change, not the 1400 change).

I can't bring a negative source, because that is impossible.
You will have to bring a positive source that the largest welfare program in decades was just created.
according to this peice, 15% is only mentioned under old bill. Wouldn't be a larger handout than EITC, anyway.
https://www.nytimes.com/interactive/2017/12/15/us/politics/final-republican-tax-bill-cuts.html

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 18, 2017, 03:59:41 PM »
But it's only 15% of income
Source please

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 18, 2017, 12:54:04 AM »
It's not really fully refundable. It's limited to 15% of income over 3k.
I think you're referring to the old additional child tax credit. New credit should be 1400, fully refundable, IINM

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 17, 2017, 09:02:41 PM »
can you explain it without using the word pass thru so we can learn what pass thru means
Pass through means the tax is on the shareholders portion of the income. It includes LLC, S Corp. As opposed to C Corp which is first taxed at corporate level and shareholder pays tax on dividends

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 17, 2017, 06:34:10 PM »
If you to pay, you'll get a $2,000 child credit but why not make it $2,400 and those that already get a return should stay the same $1,000?

I don't disagree with your suggestion. I think Rubio wanted the tax credit to offset payroll tax liability which even poor people pay. The final bill doesn't use the credit directly against the payroll taxes, though

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Just Shmooze / Re: Trump-Republican tax plan bad for large families
« on: December 17, 2017, 05:22:31 PM »
The Rubio move does not make ANY sense. Why should a family of 4 that earns $30k and already gets a fat return get another $400 child tax credit? Why not give the $400 to a family of 4 that earns $60k that pays taxes and can't make ends meat?
If those making 60k have any tax liability, they get not only the extra 400, but also 600 per child to offset their tax liability

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