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Um where is my tax cut? (Original Post) burnbaby Nov 2017 OP
Stop disrespecting the flag NightWatcher Nov 2017 #1
And be grateful for that $1000 dhol82 Nov 2017 #4
Lol burnbaby Nov 2017 #5
Hey snowybirdie Nov 2017 #2
Yeah, that will help you pay down that overstretched credit card payment real fast! dhol82 Nov 2017 #6
I thought it burnbaby Nov 2017 #7
I think that should have beeb Jesus h Christ burnbaby Nov 2017 #10
Yeah, if your boss is in the room with you. HughBeaumont Nov 2017 #17
I'll take it - then I can lease a better car. nt jmg257 Nov 2017 #8
Shut up, Plebe maxsolomon Nov 2017 #3
Why Don't You Love America? Corporations ARE People Stallion Nov 2017 #9
Did uncle mitt burnbaby Nov 2017 #12
Did you itemitze or take the standard deduction? Are you in a high tax state? n/t PoliticAverse Nov 2017 #11
Yes burnbaby Nov 2017 #14
Just go out with 9 of your friends and drink beer... Wounded Bear Nov 2017 #13
You dont need one. Flaleftist Nov 2017 #15
FWIW dpd3672 Nov 2017 #16

Flaleftist

(3,473 posts)
15. You dont need one.
Thu Nov 2, 2017, 11:58 AM
Nov 2017

Corporations are going to take all the money they save from their tax cuts and give raises and lower prices, BELIEVE ME.

 

dpd3672

(82 posts)
16. FWIW
Thu Nov 2, 2017, 12:02 PM
Nov 2017

There's a few links online to give an idea what your old and new tax would be. I used the one on the WSJ, but you have to be a subscriber.

Overall, the rates and brackets are lower, but don't expect a life changing windfall. Looks like everybody with earned income up to about $500,000 is going to see 2-3% lower taxes. Above that, it's pretty much the same (although I doubt too many of us will have that particular problem, lol).

The other factors are going to depend a lot on where you live. Mortgage interest and property taxes will affect homeowners differently than renters, obviously. The SALT deduction is going to affect people in high tax states more than those in lower tax states.

I can empathize with arguments on boths sides of the SALT thing...obviously, as someone in a relatively low tax state (MI), I have my preference on it.

I do see a lot of pushback from Accountants and Realtors, for starters. Like anything else, this will affect some more than others, and some positively while others negatively.

Off the top of my head, it looks like high earners with expensive, mortgaged homes from high tax states are going to suffer the most...ie if I were playing for the Lakers or the Jets, I'd be trying to get traded to the Grizzlies or the Jaguars.

Latest Discussions»General Discussion»Um where is my tax cut?