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  1. #1011
    INGO Homebrewer JettaKnight's Avatar

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    Quote Originally Posted by KMaC View Post
    But the personal exemption has been eliminated. The new standard deduction is slightly more than the old personal exemption plus the standard deduction.
    Wha? For a couple it's still ~$4000 away, right?
    Quote Originally Posted by printcraft View Post
    I have received and I have given. Usually at different times. But sometime at the same time.

  2. #1012
    Master Hohn's Avatar

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    If nothing else, this year's tax season will show many people just how little that nominal rate has to do with actually calculating their taxes.

    I'm thrilled at the SALT deduction being capped. Heck, I was hoping it would be eliminated. Why?

    With full deductibility of SALT taxes, those who vote for higher and higher taxes end up getting subsidized by people who live in lower cost-more frugal areas. And since those high cost of living areas are overwhelmingly wealthy and liberal, I viewed it as a chance to get those folks who always want more spending and who claim to be OK with having their taxes raised to show just how much of a fan they are of the gov't do-good schemes.

    It's perverse to reduce someone's FEDERAL taxation based on how much LOCAL tax they pay. They voted for that local tax (in most cases) and in all cases, chose to remain located there. Let them feel the full burden of that decision, and not offload that burden to those who've chosen more modest and lest costly local government.

  3. #1013
    Grandmaster Kutnupe14's Avatar

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    I'm interested to hear how the change in itemized deductions has affected LEOS. In some places it might be a pretty significant hit.
    I Have the Worst Crew Ever

  4. #1014
    Grandmaster T.Lex's Avatar

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    Quote Originally Posted by Hohn View Post
    If nothing else, this year's tax season will show many people just how little that nominal rate has to do with actually calculating their taxes.

    I'm thrilled at the SALT deduction being capped. Heck, I was hoping it would be eliminated. Why?

    With full deductibility of SALT taxes, those who vote for higher and higher taxes end up getting subsidized by people who live in lower cost-more frugal areas. And since those high cost of living areas are overwhelmingly wealthy and liberal, I viewed it as a chance to get those folks who always want more spending and who claim to be OK with having their taxes raised to show just how much of a fan they are of the gov't do-good schemes.

    It's perverse to reduce someone's FEDERAL taxation based on how much LOCAL tax they pay. They voted for that local tax (in most cases) and in all cases, chose to remain located there. Let them feel the full burden of that decision, and not offload that burden to those who've chosen more modest and lest costly local government.
    Hi. I'm here in Indiana. I kinda preferred not having to pay taxes to the feds on income that was taken from me by my state and county.
    Resident Warning Shot Statist.

  5. #1015
    Sharpshooter KMaC's Avatar

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    Quote Originally Posted by JettaKnight View Post
    Wha? For a couple it's still ~$4000 away, right?
    2017 exemption $4050/person x 2 = $8100 + $12,700 married standard deduction =$20,800
    2018 married standard deduction $24,000.
    2018 still a win.

  6. #1016
    Plinker PaulJF's Avatar

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    Due to illness our income decreased by 23%. We changed nothing in withholding. We usually owe both state and federal at tax time. This year we are receiving a substantial refund from federal and enough from state to pay our accountant for filing. I haven't had the time or energy to figure our actual liability vs last year.

  7. #1017
    INGO Homebrewer JettaKnight's Avatar

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    Quote Originally Posted by KMaC View Post
    2017 exemption $4050/person x 2 = $8100 + $12,700 married standard deduction =$20,800
    2018 married standard deduction $24,000.
    2018 still a win.
    ...unless you did, and still will fill out sch. A; now your taxable income is up $8100.
    Quote Originally Posted by printcraft View Post
    I have received and I have given. Usually at different times. But sometime at the same time.

  8. #1018
    Grandmaster T.Lex's Avatar

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    Quote Originally Posted by JettaKnight View Post
    ...unless you did, and still will fill out sch. A; now your taxable income is up $8100.
    ^^^ This.
    Resident Warning Shot Statist.

  9. #1019
    Sharpshooter KMaC's Avatar

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    My example is for the simplest tax form, standard deduction.

  10. #1020
    Da PinkFather jedi's Avatar

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    short summary
    in the end uncle sam still wins, just like the house always wins in poker. uncle sam is not in the biz of lossing. ingo member 1 might win but those winnings are offset by ingo member 2 and 3 having lost much more.

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