Author Topic: Trump-Republican tax plan, Bad for large families  (Read 77438 times)

Offline Ephcc90

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Re: Trump-Republican tax plan bad for large families
« Reply #20 on: November 27, 2016, 03:55:04 PM »
I would argue that it would be better for everyone, regardless of family size. For how many years do you think you will be able to claim all 7 dependents? The higher standard deduction can always be claimed.

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Re: Trump-Republican tax plan bad for large families
« Reply #21 on: November 27, 2016, 03:55:29 PM »
Sounds like in the near future all Jews will be legally divorced living in the same home....
I've suggested that before (I'll leave it to others to dig up). Though I might have been mistaken about New Hampshire, Guam seems to be the way to go.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #22 on: November 27, 2016, 04:31:16 PM »
I would argue that it would be better for everyone, regardless of family size. For how many years do you think you will be able to claim all 7 dependents? The higher standard deduction can always be claimed.
In many homes people have college students (up to the age of 24),  until the parents are around 60.

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Re: Trump-Republican tax plan bad for large families
« Reply #23 on: November 27, 2016, 04:34:54 PM »
Someone pointed out to me last year, that there is no tax benefit in claiming dependents beyond a certain number. (Some people even give away some children to their parents to parents to claim as dependents so at least someone can benefit). I personally stopped claiming 3 of my children (though no-one else is claiming them  ;)).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline David Smith

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Re: Trump-Republican tax plan bad for large families
« Reply #24 on: November 27, 2016, 04:36:36 PM »
Start a thread in goods for sale.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline JTZ

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Re: Trump-Republican tax plan bad for large families
« Reply #25 on: November 27, 2016, 04:37:04 PM »
Someone pointed out to me last year, that there is no tax benefit in claiming dependents beyond a certain number.
Not enough income?
"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 #26 on: November 27, 2016, 05:10:55 PM »
I am surprised that AMT was not brought up here which removes the deduction for lots of the large families anyhow.
Feelings don't care about your facts

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Re: Trump-Republican tax plan bad for large families
« Reply #27 on: November 27, 2016, 07:04:45 PM »
Start a thread in goods for sale.
Pretty sure (there is a thread about) someone was giving away their children with a house for awhile
I'm not who you think I am.

Offline churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #28 on: November 27, 2016, 07:25:36 PM »
Someone pointed out to me last year, that there is no tax benefit in claiming dependents beyond a certain number. (Some people even give away some children to their parents to parents to claim as dependents so at least someone can benefit). I personally stopped claiming 3 of my children (though no-one else is claiming them  ;)).
There's a limit to the number of exemptions?
 News to me.

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Re: Trump-Republican tax plan bad for large families
« Reply #29 on: November 27, 2016, 07:34:22 PM »
There's a limit to the number of exemptions?
 News to me.
Maybe he means AMT?
Feelings don't care about your facts

Offline 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
Feelings don't care about your facts

Offline churnbabychurn

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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?
Feelings don't care about your facts

Offline churnbabychurn

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

Offline 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
Feelings don't care about your facts

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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.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline danrocks613

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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