Will your federal taxes be going up or down next year?

[shapsam]

Listed under benefits.
7. REPEAL OF THE INDIVIDUAL MANDATE – Awesome! You will no longer be penalized for not purchasing health insurance.

Its a fact for anyone paying the penalty or buying insurance only because of the penalty. Now if you wanna talk about how that would effect the insurance industry, that's opinion.

Anyone know what will be for 2018 regarding the penalty?

[avromie7]

Listed under benefits.
7. REPEAL OF THE INDIVIDUAL MANDATE – Awesome! You will no longer be penalized for not purchasing health insurance.

It's a fact that not taxing you for not buying healthcare is a good thing. Just because it doesn't skew the facts to your liking doesn't make it not fact.

[aygart]

It's a fact that not taxing you for not buying healthcare is a good thing. Just because it doesn't skew the facts to your liking doesn't make it not fact.

Unless it changes my expense pool and makes my premium go up.

[yelped]

http://www.thelakewoodscoop.com/news/2017/12/how-does-the-new-tax-plan-affect-you-heres-a-breakdown-by-isaac-tawil.html
Tax bill breakdown from a accountant.

So is mortgage interest included in the 10k limit in the end or not?

[avromie7]

So is mortgage interest included in the 10k limit in the end or not?

It was never going to be included

[ChaimMoskowitz]

Its a fact for anyone paying the penalty or buying insurance only because of the penalty. Now if you wanna talk about how that would effect the insurance industry, that's opinion.

Anyone know what will be for 2018 regarding the penalty?

It is not a fact that this is a benefit and sure not a fact that this is "awesome".

If he want to list the changes without his opinion he should have.

[aygart]

It is not a fact that this is a benefit and sure not a fact that this is "awesome".

If he want to list the changes without his opinion he should have.

Is there anything else there which is opinion besides that? This one item cannot be the entire

clear, heavy partisan slant.

or

but others are essentially opinion.

[avromie7]

It is not a fact that this is a benefit and sure not a fact that this is "awesome".

If he want to list the changes without his opinion he should have.

How can doing nothing other than giving you a choice be bad? Are you saying the government knows what's best for me?

[shapsam]

It is not a fact that this is a benefit and sure not a fact that this is "awesome".

If he want to list the changes without his opinion he should have.

When talking in the context of taxes/penalty then it's a plus.

[ChaimMoskowitz]

When talking in the context of taxes/penalty then it's a plus.

If you want to look at in a vacuum then you are correct. If you want to look at as we will have 10mm+ more uninsured I look at it as a negative.

[skyguy918]

Is there anything else there which is opinion besides that? This one item cannot be the entireor

#6. It's mostly a projection of what could happen, which is more the realm of an economist than an accountant.

Bottom line, what he did is basically list items that make someones taxes go down as good news and items that make someones taxes go up as bad news. That seems overly simplistic. For example, do I really see the doubling of the estate tax exemption as a good thing? It likely affects a minuscule number of people. That money could've either been additional federal revenue, or replaced with a cut I actually care about.

Also, I just realized he left out AMT as well.

[shapsam]

If you want to look at in a vacuum then you are correct. If you want to look at as we will have 10mm+ more uninsured I look at it as a negative.

These 10mm+ are choosing not to have insurance. And the accountant is talking about taxes, not what it will do to the insurance market.

[ChaimMoskowitz]

These 10mm+ are choosing not to have insurance and they look at it as a positive.

They feel it is a positive not to have health insurance? If so then that is why we have government to make decisions for them.

[mord1]

Its a fact for anyone paying the penalty or buying insurance only because of the penalty. Now if you wanna talk about how that would effect the insurance industry, that's opinion.

Anyone know what will be for 2018 regarding the penalty?

penalty exists for 2018, not in 2019

[avromie7]

They feel it is a positive not to have health insurance? If so then that is why we have government to make decisions for them.

They feel it is a positive to not be forced to buy unaffordable insurance. If you think it's a good thing for government to make that decision for them, we are headed directly for communism.

[shapsam]

They feel it is a positive not to have health insurance? If so then that is why we have government to make decisions for them.

Not everyone can afford the $700 a month + a $8000 deductable...

[avromie7]

Not everyone can afford the $1500 a month + a $12000 deductable and $24000 Maximum OOP....

FTFY

[shapsam]

penalty exists for 2018, not in 2019

I read that it will be fully eliminated in 2019. Will it be fully implemented in 2018?

[aygart]

#6. It's mostly a projection of what could happen, which is more the realm of an economist than an accountant.

Bottom line, what he did is basically list items that make someones taxes go down as good news and items that make someones taxes go up as bad news. That seems overly simplistic. For example, do I really see the doubling of the estate tax exemption as a good thing? It likely affects a minuscule number of people. That money could've either been additional federal revenue, or replaced with a cut I actually care about.

Also, I just realized he left out AMT as well.

Missed that with #6. You are correct.

There is nothing he calls good news. Considering he is an accountant I expect his point of view to be one of higher vs lower taxes.

The estate tax affects many more people than you realize. If it doesn't affect you then go buy more life insurance.

[shapsam]

FTFY

I was talking about a family of 3, but ya...