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#4611329 - 12/22/17 02:09 PM Tax increase under new tax bill; check yours
windeye Offline


Registered: 02/26/09
Posts: 198
Loc: 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, 192,500 miles
2007 Mazda 3 Touring, 105,000 miles
2013 Toyota Camry XLE, 85,000 miles

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#4611330 - 12/22/17 02:10 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
kschachn Offline


Registered: 12/26/05
Posts: 9420
Loc: Upper Midwest
This is a great choice when you’re making a post that will surely get the thread locked.
_________________________
1994 BMW 530i, 227K
1996 Honda Accord, 262K
1999 Toyota Sienna, 394K
2000 Toyota ECHO, 267K

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#4611334 - 12/22/17 02:13 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
eljefino Offline


Registered: 06/15/03
Posts: 32671
Loc: 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.

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#4611351 - 12/22/17 02:28 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
pbm Offline


Registered: 04/19/04
Posts: 7609
Loc: New York
Didn't Biden say paying taxes was 'patriotic'.....
_________________________
'Journalism is Dead'

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#4611352 - 12/22/17 02:28 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
andrewg Offline


Registered: 10/05/08
Posts: 5466
Loc: 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


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#4611358 - 12/22/17 02:33 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
Alfred_B Offline


Registered: 05/12/15
Posts: 1968
Loc: America
To see the details, here is a calculator.

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

Mine is going up.

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#4611361 - 12/22/17 02:34 PM Re: Tax increase under new tax bill; check yours [Re: kschachn]
JohnnyJohnson Offline


Registered: 10/22/09
Posts: 2774
Loc: 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 Toyota Corolla 121808
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#4611363 - 12/22/17 02:36 PM Re: Tax increase under new tax bill; check yours [Re: JohnnyJohnson]
Alfred_B Offline


Registered: 05/12/15
Posts: 1968
Loc: 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

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#4611372 - 12/22/17 02:40 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
goodtimes Offline


Registered: 12/08/10
Posts: 2863
Loc: 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.

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#4611379 - 12/22/17 02:44 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
supton Offline


Registered: 11/09/08
Posts: 12004
Loc: 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, 162k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 143k, ours
1999 Toyota Camry LE, 2.2L/4AT, 183k, his

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#4611392 - 12/22/17 02:56 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
windeye Offline


Registered: 02/26/09
Posts: 198
Loc: 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, 192,500 miles
2007 Mazda 3 Touring, 105,000 miles
2013 Toyota Camry XLE, 85,000 miles

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#4611393 - 12/22/17 02:57 PM Re: Tax increase under new tax bill; check yours [Re: supton]
windeye Offline


Registered: 02/26/09
Posts: 198
Loc: 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, 192,500 miles
2007 Mazda 3 Touring, 105,000 miles
2013 Toyota Camry XLE, 85,000 miles

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#4611412 - 12/22/17 03:11 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
CT8 Offline


Registered: 10/09/14
Posts: 11020
Loc: 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

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#4611413 - 12/22/17 03:12 PM Re: Tax increase under new tax bill; check yours [Re: windeye]
supton Offline


Registered: 11/09/08
Posts: 12004
Loc: 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, 162k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 143k, ours
1999 Toyota Camry LE, 2.2L/4AT, 183k, his

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#4611417 - 12/22/17 03:19 PM Re: Tax increase under new tax bill; check yours [Re: supton]
windeye Offline


Registered: 02/26/09
Posts: 198
Loc: 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, 192,500 miles
2007 Mazda 3 Touring, 105,000 miles
2013 Toyota Camry XLE, 85,000 miles

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