Budget to penalize large families!

[aygart]

Link?

[yitzf]

http://www.thelakewoodscoop.com/news/2017/06/hot-summer-in-dc-will-you-be-kicked-off-your-health-insurance-plan-the-lakewood-vaads-vigilance-to-protect-lakewood-families.html

See last section titled "Not on Bread Alone Can Man Live"

[aro123]

http://www.thelakewoodscoop.com/news/2017/06/hot-summer-in-dc-will-you-be-kicked-off-your-health-insurance-plan-the-lakewood-vaads-vigilance-to-protect-lakewood-families.html

See last section titled "Not on Bread Alone Can Man Live"

Fake news site

[aygart]

Fake news site

Worse. Propaganda site.

[aro123]

Worse. Propaganda site.

Every article there is " a verb a noun and the vaad"

[churnbabychurn]

Is there a reason why there is no normal competition to TLS?
I would think that the shopper, voice or someone else would long ago opened a competing site..

[aygart]

Is there a reason why there is no normal competition to TLS?
I would think that the shopper, voice or someone else would long ago opened a competing site..

how many propaganda sites does the vaad need?

[churnbabychurn]

At least fraud is out of the question. (I hope)

[aygart]

http://forums.dansdeals.com/index.php?topic=61462.msg1759822#msg1759822

I am sure all of these families feel that the programs trap was a great thing and it should be expanded.

[yuneeq]

Is the new tax bill good for large families?
I see it raises the child credit from $1000 to $1600, but what else does it do?

[churnbabychurn]

Is the new tax bill good for large families?
I see it raises the child credit from $1000 to $1600, but what else does it do?

No salt deduction, no mortgage interest deduction if mortgage above 500k. -very bad for NY NJ.

And obviously the massive one - no personal exemptions 4k per person!

[cholent]

No salt deduction, no mortgage interest deduction if mortgage above 500k. -very bad for NY NJ.

And obviously the massive one - no personal exemptions 4k per person!

Salt deduction?

[Yikes2179]

State and local taxes

[henche]

No salt deduction, no mortgage interest deduction if mortgage above 500k. -very bad for NY NJ.

And obviously the massive one - no personal exemptions 4k per person!

It's worse than that.  No itemized deductions at all until 24k.  So basically, no mortgage deduction.

[skyguy918]

No salt deduction, no mortgage interest deduction if mortgage above 500k. -very bad for NY NJ.

And obviously the massive one - no personal exemptions 4k per person!

The mortgage interest limit is for new mortgages. Any existing mortgage would still qualify. Makes refi's less attractive, I would think.

It's worse than that.  No itemized deductions at all until 24k.  So basically, no mortgage deduction.

The mortgage deduction is still very much there. If anything, the elimination of the state and local deduction is the one that's gonna make the raising of standard to 24k such a killer.

If you add it all up though, someone who was itemizing before is not going to explicitly lose out here. But they're not gaining anything from the bill, while many others are. Of course that means they're implicitly losing out instead.

[henche]

If you add it all up though, someone who was itemizing before is not going to explicitly lose out here. But they're not gaining anything from the bill, while many others are. Of course that means they're implicitly losing out instead.

well, most ppl who are currently deducting their mortgage will be majorly cut back. Or SALT. Or charity.

For example, if you currently have 10k of local income tax, 10k of property tax, 8k of mortgage interest, and 10k of charity.  So today you are deducting 38k, which is 26 more than the standard deduction.

Even assuming all of those remain deductible, since the standard deduction is now 24 (and that doesn't give you much, since they traded that for your and your wife's personal exemption), you deduct 38k which is 14k more than standard deduction. So you lost 12k of deduction.

But really, if you also now can't deduct the state income tax, you only have 28k, so you lost 22k of deduction.

[yitzf]

Is the new tax bill good for large families?
I see it raises the child credit from $1000 to $1600, but what else does it do?

It also raises the phaseout for the child tax credit so more upper/middle class will qualify.
Currently, the credit starts phasing out for married couples with incomes above $110,000. Under the House bill, those thresholds move up to $230,000.
This will help frum families.

Also, they are proposing to cap passive passthrough income at 25% which can help partners in LLC's.

[aygart]

Also, they are proposing to cap passive passthrough income at 25% which can help partners in LLC's.

Or those who can arrange it to be so.

[aygart]

well, most ppl who are currently deducting their mortgage will be majorly cut back. Or SALT. Or charity.

For example, if you currently have 10k of local income tax, 10k of property tax, 8k of mortgage interest, and 10k of charity.  So today you are deducting 38k, which is 26 more than the standard deduction.

Even assuming all of those remain deductible, since the standard deduction is now 24 (and that doesn't give you much, since they traded that for your and your wife's personal exemption), you deduct 38k which is 14k more than standard deduction. So you lost 12k of deduction.

But really, if you also now can't deduct the state income tax, you only have 28k, so you lost 22k of deduction.

If these changes are counteracted by lower marginal rates then it is a wash.

[henche]

If these changes are counteracted by lower marginal rates then it is a wash.

Yes.  And for many ppl it will be.

But, it still changes the numbers on whether it makes sense to own a house. Which is idiotic, since there is clear social good in ppl owning houses.