Author Topic: Trump-Republican tax plan, Bad for large families  (Read 138495 times)

Offline aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #760 on: December 20, 2017, 03:30:39 PM »
Rumor=major tax cut for all
News=major tax cut for all

FTFY
Feelings don't care about your facts

Offline ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #761 on: December 20, 2017, 03:38:14 PM »
Rumor=major tax cut for middle class
News=major tax cut for rich and corporations
You seem to have an issue with corporations. Why don't you take one out to a dark alley and beat the living h... out of it!
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #762 on: December 20, 2017, 03:42:49 PM »
You seem to have an issue with corporations. Why don't you take one out to a dark alley and beat the living h... out of it!
I like corporations. I have made a massive amount of money off them in my lifetime. That doesn't change the facts.
I just found a new supply of forks!

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #763 on: December 20, 2017, 03:46:48 PM »
They only did it because yesterday in the senate, one senator called them out in particuar. He said they only pay 8% tax, yet they cut 80,000 jobs. He was trying to prove that just because that corps pay cheap tax doesnt mean they will hire more employees. In fact they only pay 8% yet the cut thousands of jobs.
So good PR by at&t today.
It was actually Senator Schumer yesterday who said At&t cut 80,000 jobs even though they have had a 8% rate the last 10 years.
https://www.c-span.org/video/?438760-13/senate-debate-republican-tax-reform-bill&start=655

By TEXT, type in the word 80,000, and it will take you to his speech arguing against trickle down economics.

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #764 on: December 20, 2017, 04:13:35 PM »

Offline thaber

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Re: Trump-Republican tax plan bad for large families
« Reply #765 on: December 20, 2017, 04:18:08 PM »
Did some googling - doesn't appear to be true, with the possible exception of Alabama.
Awesome. Thanks. So what's the advantage of in state plans in states that don't allow deduction?

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #766 on: December 20, 2017, 04:46:54 PM »
Awesome. Thanks. So what's the advantage of in state plans in states that don't allow deduction?
There's lots of sites that go through the pros and cons of each plan. There may be some states where choosing your in-state plan makes basically no sense in comparison to some of the other options.

Offline thaber

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Re: Trump-Republican tax plan bad for large families
« Reply #767 on: December 20, 2017, 04:52:19 PM »
There's lots of sites that go through the pros and cons of each plan. There may be some states where choosing your in-state plan makes basically no sense in comparison to some of the other options.
That's what I recall when I looked into it, like in 2012.

Offline aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #768 on: December 20, 2017, 04:53:01 PM »
But do you disagree?
I agree that this is most likely
Feelings don't care about your facts

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #769 on: December 23, 2017, 08:42:08 PM »
Does the title of this thread stand correct in this scenario? (25% bracket)

A family of 7 children would get an exemption of $37,350 (9 people x $4150 exemption in 2018) under the current law.
With the new tax law he will now save an additional $7000 due to the additional $1000 child tax credit per child (assuming his kids are all under 17). That new $7000 is worth a $28,000 "deduction" for someone in the 25% bracket.
That is still $9,350 short of what he would've received in Personal Exemptions.

More so, if 3 of his kids are over 17, he would get a new $4000 exemption for the first 4 kids, plus $500 for each of the 3 older kids. That new $5,500 is worth a $22,000 "deduction" for someone in the 25% bracket.
That is still $15,350 short of what he would've received in Personal Exemptions.

Offline avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #770 on: December 23, 2017, 08:58:50 PM »


Does the title of this thread stand correct in this scenario? (25% bracket)

A family of 7 children would get an exemption of $37,350 (9 people x $4150 exemption in 2018) under the current law.
With the new tax law he will now save an additional $7000 due to the additional $1000 child tax credit per child (assuming his kids are all under 17). That new $7000 is worth a $28,000 "deduction" for someone in the 25% bracket.
That is still $9,350 short of what he would've received in Personal Exemptions.

More so, if 3 of his kids are over 17, he would get a new $4000 exemption for the first 4 kids, plus $500 for each of the 3 older kids. That new $5,500 is worth a $22,000 "deduction" for someone in the 25% bracket.
That is still $15,350 short of what he would've received in Personal Exemptions.
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.

I wonder what people who type "u" instead of "you" do with all their free time.

Offline precise

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Re: Trump-Republican tax plan bad for large families
« Reply #771 on: December 23, 2017, 09:18:03 PM »
Does the title of this thread stand correct in this scenario? (25% bracket)

A family of 7 children would get an exemption of $37,350 (9 people x $4150 exemption in 2018) under the current law.
With the new tax law he will now save an additional $7000 due to the additional $1000 child tax credit per child (assuming his kids are all under 17). That new $7000 is worth a $28,000 "deduction" for someone in the 25% bracket.
That is still $9,350 short of what he would've received in Personal Exemptions.

More so, if 3 of his kids are over 17, he would get a new $4000 exemption for the first 4 kids, plus $500 for each of the 3 older kids. That new $5,500 is worth a $22,000 "deduction" for someone in the 25% bracket.
That is still $15,350 short of what he would've received in Personal Exemptions.
And don't forget the actual rates were slashed as well..

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #772 on: December 23, 2017, 09:24:29 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.


The 25% bracket starts at $77,000. Someone who makes $100,000 was eligible for child tax credit.


Offline Sport

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Re: Trump-Republican tax plan bad for large families
« Reply #773 on: December 23, 2017, 09:25:32 PM »
The 25% bracket starts at $77,000. Someone who makes $100,000 was eligible for child tax credit.
25% of whats above 77k

Offline avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #774 on: December 23, 2017, 09:27:22 PM »
The 25% bracket starts at $77,000. Someone who makes $100,000 was eligible for child tax credit.
In the new tax plan, there is no 25% bracket, there is a 24% bracket that starts at 165k for married.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #775 on: December 23, 2017, 09:27:46 PM »
25% of whats above 77k
Taxable income

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #776 on: December 23, 2017, 09:29:04 PM »
In the new tax plan, there is no 25% bracket, there is a 24% bracket that starts at 165k for married.
In the old plan
http://forums.dansdeals.com/index.php?topic=68913.msg1855949#msg1855949

Offline avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #777 on: December 23, 2017, 09:39:02 PM »
In the old plan
http://forums.dansdeals.com/index.php?topic=68913.msg1855949#msg1855949
You're right. I just ran the numbers in the calculator, someone making 100k with 7 kids taking the standard deduction, is saving $4756. If he itemizes, he'll still save but not as much, it all depends on the details.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline mr12

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Re: Trump-Republican tax plan bad for large families
« Reply #778 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.

Offline mr12

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Re: Trump-Republican tax plan bad for large families
« Reply #779 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