Author Topic: Trump-Republican tax plan, Bad for large families  (Read 138400 times)

Online avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #600 on: December 16, 2017, 08:28:52 PM »
NYers should fund their 529s. That one they can't pre-empt.
They have no reason to pre empt it, it'll only cost the state, not the feds.
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Trump-Republican tax plan bad for large families
« Reply #601 on: December 16, 2017, 09:40:17 PM »
They schooled us. Can't prepay SALT income tax.
The taxes you file in 2018 are for 2017
Feelings don't care about your facts

Online aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #602 on: December 16, 2017, 09:53:49 PM »
I think he was saying that they put a provision in to prevent people from maximizing their SALT deduction in 2017. Bill does not allow deduction of state taxes which will only be due in 2018, on 2017 taxes by paying early.
According to the language he quoted that is not true. As long as it is for the 2017 tax year it will be deductible.
Feelings don't care about your facts

Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #603 on: December 16, 2017, 09:59:44 PM »
According to the language he quoted that is not true. As long as it is for the 2017 tax year it will be deductible.
That is correct (apparently the conference was following this thread  ??? )
It appears you would be able to pay your real estate tax due in the beginning of 2018 in December 2017 (as long as the tax has already been assessed - meaning you couldn't pre pay the following years property tax)

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #604 on: December 16, 2017, 10:06:20 PM »
According to the language he quoted that is not true. As long as it is for the 2017 tax year it will be deductible.
It doesn't say tax year, it says taxable year.

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #605 on: December 17, 2017, 03:16:09 AM »
The child tax credit as it stands now will not include 17 year olds as was originally passed in the Senate!
What did Rubio gain? Doesn't seem much, and he caused them to kill it for 17 year olds.

Offline EJB

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Re: Trump-Republican tax plan bad for large families
« Reply #606 on: December 17, 2017, 03:38:36 AM »
The child tax credit as it stands now will not include 17 year olds as was originally passed in the Senate!
What did Rubio gain? Doesn't seem much, and he caused them to kill it for 17 year olds.
Do you have a 17 yo?

Offline Boruch999

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Re: Trump-Republican tax plan bad for large families
« Reply #607 on: December 17, 2017, 07:11:23 AM »
Instead of an exemption for each child they are giving another 1k child tax credit with $400 of that add'l 1k refundable.
4050 - 1000 = 3050. That's a significant hit for a family of 7.

Offline mr12

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Re: Trump-Republican tax plan bad for large families
« Reply #608 on: December 17, 2017, 07:56:32 AM »
4050 - 1000 = 3050. That's a significant hit for a family of 7.
4050 is a reduction of taxable income. 1000 is a dollar for dollar credit. Someone in 25 percent tax bracket would lose 12.50, considering those 2. However, a married filing jointly under the current law starts losing child tax credit at 110000 agi. For someone with more than 3 children to be in the 25% bracket they would need to have agi exceeding 110000, in which case they lose the first 1000 credit. This bill raises agi for child tax credit to 400000. For those in the 15% bracket, exemption saved them 607.50 which is less than the 1000 credit.

Offline Boruch999

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Re: Trump-Republican tax plan bad for large families
« Reply #609 on: December 17, 2017, 08:21:39 AM »
4050 is a reduction of taxable income. 1000 is a dollar for dollar credit. Someone in 25 percent tax bracket would lose 12.50, considering those 2. However, a married filing jointly under the current law starts losing child tax credit at 110000 agi. For someone with more than 3 children to be in the 25% bracket they would need to have agi exceeding 110000, in which case they lose the first 1000 credit. This bill raises agi for child tax credit to 400000. For those in the 15% bracket, exemption saved them 607.50 which is less than the 1000 credit.

Thank you for the explanation.

Offline mr12

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Re: Trump-Republican tax plan bad for large families
« Reply #610 on: December 17, 2017, 09:05:57 AM »
4050 is a reduction of taxable income. 1000 is a dollar for dollar credit. Someone in 25 percent tax bracket would lose 12.50, considering those 2. However, a married filing jointly under the current law starts losing child tax credit at 110000 agi. For someone with more than 3 children to be in the 25% bracket they would need to have agi exceeding 110000, in which case they lose the first 1000 credit. This bill raises agi for child tax credit to 400000. For those in the 15% bracket, exemption saved them 607.50 which is less than the 1000 credit.
Gain of having increased credit vs. Exemption is even greater considering this bill lowers tax rates across the board.

Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #611 on: December 17, 2017, 09:15:58 AM »
Gain of having increased credit vs. Exemption is even greater considering this bill lowers tax rates across the board.
Yes. However if you take a family of 6 their taxable income is increased by 24k (loss of 4k exemption) possibly in a higher tax bracket before the credits kick in.

Offline mr12

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Re: Trump-Republican tax plan bad for large families
« Reply #612 on: December 17, 2017, 09:24:59 AM »
Yes. However if you take a family of 6 their taxable income is increased by 24k (loss of 4k exemption) possibly in a higher tax bracket before the credits kick in.
True, although anyone up to and including the 24% bracket gains. Many of those would have been phased out of child tax credit long before. Some would have lost dependency exemption too from AMT/PEP. Of course, many with children above 17 will lose with the credit being only 500
« Last Edit: December 17, 2017, 09:33:19 AM by mr12 »

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Re: Trump-Republican tax plan bad for large families
« Reply #613 on: December 17, 2017, 01:15:23 PM »
Do you have a 17 yo?
Will have iy'h  by the later years of the 10 year bill.

Online avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #614 on: December 17, 2017, 04:32:18 PM »
Yes. However if you take a family of 6 their taxable income is increased by 24k (loss of 4k exemption) possibly in a higher tax bracket before the credits kick in.
Because of the higher phase out, this would only be an issue if you have 19+ kids
I wonder what people who type "u" instead of "you" do with all their free time.

Offline shapsam

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Re: Trump-Republican tax plan bad for large families
« Reply #615 on: December 17, 2017, 05:03:03 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?

Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #616 on: December 17, 2017, 05:07:10 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?
Why give it to either? If you can't afford kids don't have them.
I just found a new supply of forks!

Offline EJB

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Re: Trump-Republican tax plan bad for large families
« Reply #617 on: December 17, 2017, 05:11:47 PM »
They’re trying to get ppl to move out of blue states by removing the SALT deduction. Shrewd move by republicans.

Offline Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #618 on: December 17, 2017, 05:12:56 PM »
Why give it to either? If you can't afford kids don't have them.
Because we don't wind to wind up like most of the western world with shrinking populations, which wreaks havoc on senior benefits and GDP?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #619 on: December 17, 2017, 05:14:59 PM »
They’re trying to get ppl to move out of blue states by removing the SALT deduction. Shrewd move by republicans.
Seven U.S. states currently don't have an income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.

4 red.
1 purple.
2 blue.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.