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re: kesa, the new tax bill?

kesa, the new tax bill?

Just wondered what you thought of Trump's tax bill?

I've been reading some things that make me displeased with it, such as capping property tax deductions at $10K. (And what of NH, fiscally conservative by ONLY having property tax? I feel so bad for them about now...)

And am I correct in understanding they've DONE AWAY WITH all state and local income tax deductions? If so, that is very, very alarming as well as totally unfair.

I'm already contacting our accountant to get a head's up about next year (because, so conveniently, we won't see results until next year).

It actually looks like this bill benefits the rich.

I'm waiting till I know more, but he is going to have one less vote next term if he has dared to make things worse via this tax bill. I am planning to change my party to independent, I am getting so weary of rich Republicans.

re: kesa, the new tax bill?

I do not see how it benefits the rich, but, I can see how so many may get an unpleasant surprise.

People with older kids in college will lose the child deduction. I think it ends at age 16.

My property tax bill in Florida is somewhere around $14 or $16 thousand a year. So,I will lose some, but, we do not have income tax. That should offset the loss.

But, even if one moves up a tax bracket, he should still be paying overall a lower percentage rate to federal taxes if I am reading it correctly.

People like myself, who are independent contractors are going to get hit the hardest. We are losing all the deductions. So, I will not only be in a higher tax rate, but, more of my income will be considered for taxes. I think we can still incorporate, though. It is my next project to work on before the year ends.

re: kesa, the new tax bill?

M4J,

I have the same concerns as you.

I was surprised and disappointed in Trumps new tax bill. Yes, the property tax deduction is now capped at 10k :((((

I am actually not sure on the state and local tax, I have been trying to figure that out. I am hoping someone is going to chime in on that.

We are self employed so I am worried as to how much this is going to effect us. We may end up in a totally different tax bracket.

I also have grave concerns about the health insurance changes. I hated Ocare, but the new changes I am seeing does not seem to be any better. This is the one thing that scares me the most.

re: kesa, the new tax bill?


M4J, I am really disappointed to learn of these provisions of the new tax bill? law?

Is there some place online where we can read it?

re: kesa, the new tax bill?

Gr8ful,
Yes, you can read it here
http://fortune.com/2017/11/02/republican-tax-plan/

http://thehill.com/policy/finance/365189-read-the-final-text-of-the-republican-tax-bill


https://www.congress.gov/bill/115th-congress/house-bill/1/text/enr?
(7 versions)


One thing people may forget is that a lot of the wonderful tax cuts and helpful provisions EXPIRE in 2025.

(But interestingly, the ones benefiting the rich, like getting rid of the estate tax, don't expire. How convenient.)

They claim that a future Congress will restore/maintain them past 2025.

This is even noted by a conservative paper here:
Quote- "But if the cuts for individuals are allowed to expire, most Americans — those making less than $75,000 — would see tax increases in 2027, according to congressional estimates.

Only high-income people would get a meaningful tax cut after 2025, when nearly all of the plan's individual income tax provisions are due to expire."

http://www.bostonherald.com/news/national/2017/12/trump_signs_lauds_tax_overhaul_off_to_florida_for_holidays

This post was edited on Dec 22, 2017 01:59 PM

re: kesa, the new tax bill?

kesa,
A LOT of people (according to a Globe article I read) are racing to pay ALL of 2018 property taxes NOW, before year's end, so it can be deducted on their 2017 taxes. That is a lot of money for some places; I guess folks in Wellesley etc. can afford it. (The highest amount rec'd in one municipality thus far was $30K.)

http://www.bostonglobe.com/business/2017/12/21/homeowners-rush-prepay-property-taxes-before-gop-limit-state-local-tax-deductions/Vkq0WowoVchLDWmdsH2OpN/story.html

But still....

If this was O making changes at the 11th hour, and people needing to somehow make complicated tax decisions w/o complete understanding, all w/i days of a new year, we'd hear a lot of complaints - and rightly so. I don't think it's right that the Trump admin did this so last minute - such massive changes. Even accountants don't fully understand how every jot and tittle of the legislation will affect their clients.

And it WAS a change at the 11th hour, which doesn't really give me a warm & cozy feeling:
Quote -
"Trump said that he originally planned to sign the tax bill early next year but moved it up on the spur of the moment after watching media coverage Friday morning about the legislation."

http://www.bostonherald.com/news/national/2017/12/trump_signs_lauds_tax_overhaul_off_to_florida_for_holidays

(Note to non-New England readers: The Herald is a conservative news source here.)

Spur of the moment? spur of the moment? That's what you do when someone's femoral artery is bleeding out or n*kes are coming in from North Korea. There was no objectively verifiable need for this spur of the moment change.

This post was edited on Dec 22, 2017 02:01 PM

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