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Tax increase under new tax bill; check yours #4611329
12/22/17 03:09 PM
12/22/17 03:09 PM
Joined: Feb 2009
Posts: 210
NY, USA
windeye Online content OP
windeye  Online Content OP
Joined: Feb 2009
Posts: 210
NY, USA
Contrary to the media's detailed charts, tables, etc. portraying that most American will get a tax cut, here is what I find that many families are facing a tax increase, substantially. If your are in 20% or 25% brackets, with kids older than 17 years old but still your dependents (so the increase of child tax credit and phase-out limit don't apply), and your itemize beyond $24000, your tax will increase big time. Why?

1. Child tax credit increase not for you;
2. SALT (state and local tax) deduction limited to 10K;
3. Nasty repeal of personal exemptions (4050 per person), for a family of 5, that's $20,250

So your taxable income is going to increase by the amount in 3) and the amount that you can not deduce in 2), the 3% lower tax rate only dent that little bit. In my scenario, my tax will increase by more than $2500.

For families with income earners in their 50's, with > 17yo kids, and pay higher SALT. There are many.


2000 Mazda MPV LX, 202,500 miles
2007 Mazda 3 Touring, 112,800 miles
2013 Toyota Camry XLE, 100,800 miles
Re: Tax increase under new tax bill; check yours [Re: windeye] #4611330
12/22/17 03:10 PM
12/22/17 03:10 PM
Joined: Dec 2005
Posts: 9,884
Upper Midwest
kschachn Offline
kschachn  Offline
Joined: Dec 2005
Posts: 9,884
Upper Midwest
This is a great choice when you’re making a post that will surely get the thread locked.


1994 BMW 530i, 228K
1996 Honda Accord, 263K
1999 Toyota Sienna, 400K
2000 Toyota ECHO, 271K
Re: Tax increase under new tax bill; check yours [Re: windeye] #4611334
12/22/17 03:13 PM
12/22/17 03:13 PM
Joined: Jun 2003
Posts: 33,073
ME
eljefino Offline
eljefino  Offline
Joined: Jun 2003
Posts: 33,073
ME
If you're somewhere with high income and high costs of living like NYC or California the new tax bill is likely to do you few favors.

Re: Tax increase under new tax bill; check yours [Re: windeye] #4611351
12/22/17 03:28 PM
12/22/17 03:28 PM
Joined: Apr 2004
Posts: 7,734
New York
pbm Offline
pbm  Offline
Joined: Apr 2004
Posts: 7,734
New York
Didn't Biden say paying taxes was 'patriotic'.....


'Journalism is Dead'
Re: Tax increase under new tax bill; check yours [Re: windeye] #4611352
12/22/17 03:28 PM
12/22/17 03:28 PM
Joined: Oct 2008
Posts: 5,466
Buckley, Wa.
andrewg Offline
andrewg  Offline
Joined: Oct 2008
Posts: 5,466
Buckley, Wa.
Most Americans will get a decent tax cut and get to keep more of what they earned. Moderately higher income? No. High tax state? Not so much. But why anybody concerned about high taxes would live in a high tax state is beyond me.
No...it's not an ideal tax break for everybody, but it's better than we've had in a very long time. Corporations are already reinvesting, and that's a great thing.

All in all, I'll take it and smile. Things are improving all the time.


2016 Honda Civic LX Coupe
2016 Toyota Rav4
2012 Honda Ridgeline
2017 Arima Sea Ranger HT 21'
2017 Vespa Sprint S 150

Re: Tax increase under new tax bill; check yours [Re: windeye] #4611358
12/22/17 03:33 PM
12/22/17 03:33 PM
Joined: May 2015
Posts: 1,992
America
Alfred_B Offline
Alfred_B  Offline
Joined: May 2015
Posts: 1,992
America
To see the details, here is a calculator.

https://www.calcxml.com/calculators/trump-tax-reform-calculator

Mine is going up.

Re: Tax increase under new tax bill; check yours [Re: kschachn] #4611361
12/22/17 03:34 PM
12/22/17 03:34 PM
Joined: Oct 2009
Posts: 3,209
Wet side WA
JohnnyJohnson Offline
JohnnyJohnson  Offline
Joined: Oct 2009
Posts: 3,209
Wet side WA
Originally Posted By: kschachn
This is a great choice when you’re making a post that will surely get the thread locked.


Why their discussing tax law not politics?


2004 Corolla 124705
Out: VML 5w-30 TG4967 OCI 5007 Miles
In: EDGE EP 5W-30 Bosch 3311 122537 7-18-18
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In: T6 5W-40 XG9100 74705 4-22-18
Re: Tax increase under new tax bill; check yours [Re: JohnnyJohnson] #4611363
12/22/17 03:36 PM
12/22/17 03:36 PM
Joined: May 2015
Posts: 1,992
America
Alfred_B Offline
Alfred_B  Offline
Joined: May 2015
Posts: 1,992
America
Originally Posted By: JohnnyJohnson
Originally Posted By: kschachn
This is a great choice when you’re making a post that will surely get the thread locked.


Why their discussing tax law not politics?



precisely

Re: Tax increase under new tax bill; check yours [Re: windeye] #4611372
12/22/17 03:40 PM
12/22/17 03:40 PM
Joined: Dec 2010
Posts: 3,038
california
goodtimes Offline
goodtimes  Offline
Joined: Dec 2010
Posts: 3,038
california
After WWII and the USA and other counties won, people were thinking less of what's in it for me in my paycheck, but what we can do as a whole. That's why under Ike it was 91% for the top brackets and we invented and built most of what we enjoy today, including even freeways. "I like Ike" my grandmother used to say. They had a business and paid their taxes. The days of me are here.

Re: Tax increase under new tax bill; check yours [Re: windeye] #4611379
12/22/17 03:44 PM
12/22/17 03:44 PM
Joined: Nov 2008
Posts: 12,525
NH
supton Offline
supton  Offline
Joined: Nov 2008
Posts: 12,525
NH
Looks like mine will go down. So I'm ok with the bill. wink Honestly, I was expecting it to go up, Murphy's Law and all.

What I can't find out is if my 401k contribution is pre-tax or not. Along with medical expenses. I'd like to do my budgeting for next year.


2011 Toyota Camry, base, 2.5L/6MT, 163k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 144k, ours
1999 Toyota Camry LE, 2.2L/4AT, 187k, his
Re: Tax increase under new tax bill; check yours [Re: windeye] #4611392
12/22/17 03:56 PM
12/22/17 03:56 PM
Joined: Feb 2009
Posts: 210
NY, USA
windeye Online content OP
windeye  Online Content OP
Joined: Feb 2009
Posts: 210
NY, USA
Interestingly, the SALT deduction limit of 10K, same amount applies to singles and to joint filers. I wonder if married file separately is better than file jointly for said family in my OP...... numbers games.


2000 Mazda MPV LX, 202,500 miles
2007 Mazda 3 Touring, 112,800 miles
2013 Toyota Camry XLE, 100,800 miles
Re: Tax increase under new tax bill; check yours [Re: supton] #4611393
12/22/17 03:57 PM
12/22/17 03:57 PM
Joined: Feb 2009
Posts: 210
NY, USA
windeye Online content OP
windeye  Online Content OP
Joined: Feb 2009
Posts: 210
NY, USA
401K is pre-tax, which lowers your taxable income. Max it out if you can.

Originally Posted By: supton
Looks like mine will go down. So I'm ok with the bill. wink Honestly, I was expecting it to go up, Murphy's Law and all.

What I can't find out is if my 401k contribution is pre-tax or not. Along with medical expenses. I'd like to do my budgeting for next year.


2000 Mazda MPV LX, 202,500 miles
2007 Mazda 3 Touring, 112,800 miles
2013 Toyota Camry XLE, 100,800 miles
Re: Tax increase under new tax bill; check yours [Re: windeye] #4611412
12/22/17 04:11 PM
12/22/17 04:11 PM
Joined: Oct 2014
Posts: 11,829
Idaho
CT8 Online content
CT8  Online Content
Joined: Oct 2014
Posts: 11,829
Idaho
I am old enough to realize that with every tax cut my taxes have increased and with every tax increase they have increased. Maybe more people should be aware of the cost of the government they serve.


"Don't let your preconceived notions get in the way of facts."
Geoff Metcalf
Re: Tax increase under new tax bill; check yours [Re: windeye] #4611413
12/22/17 04:12 PM
12/22/17 04:12 PM
Joined: Nov 2008
Posts: 12,525
NH
supton Offline
supton  Offline
Joined: Nov 2008
Posts: 12,525
NH
Originally Posted By: windeye
401K is pre-tax, which lowers your taxable income. Max it out if you can.

Originally Posted By: supton
Looks like mine will go down. So I'm ok with the bill. wink Honestly, I was expecting it to go up, Murphy's Law and all.

What I can't find out is if my 401k contribution is pre-tax or not. Along with medical expenses. I'd like to do my budgeting for next year.


I plan to increase it this year--but I want to make sure it's deductible, along with medical. In the end I have to make my budget work, and I need to figure out what tax withholdings I want from each pay check.


2011 Toyota Camry, base, 2.5L/6MT, 163k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 144k, ours
1999 Toyota Camry LE, 2.2L/4AT, 187k, his
Re: Tax increase under new tax bill; check yours [Re: supton] #4611417
12/22/17 04:19 PM
12/22/17 04:19 PM
Joined: Feb 2009
Posts: 210
NY, USA
windeye Online content OP
windeye  Online Content OP
Joined: Feb 2009
Posts: 210
NY, USA
Your 401K contribution is not even included in your W2 salary, box 1, from which you report your income. The contribution is on box 12 (12D?). so no need to deduct anything for 401K contribution, it's already done on W2.

Originally Posted By: supton
Originally Posted By: windeye
401K is pre-tax, which lowers your taxable income. Max it out if you can.

Originally Posted By: supton
Looks like mine will go down. So I'm ok with the bill. wink Honestly, I was expecting it to go up, Murphy's Law and all.

What I can't find out is if my 401k contribution is pre-tax or not. Along with medical expenses. I'd like to do my budgeting for next year.


I plan to increase it this year--but I want to make sure it's deductible, along with medical. In the end I have to make my budget work, and I need to figure out what tax withholdings I want from each pay check.


2000 Mazda MPV LX, 202,500 miles
2007 Mazda 3 Touring, 112,800 miles
2013 Toyota Camry XLE, 100,800 miles
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