There are lots of claims that the new tax bill raises taxes on the middle class and mostly benefits the rich. But is that really true.
I re figured my 2016 income taxes ( I have not done my 2017 taxes ) using the 2018 rates and deductions and found I definitely pay less taxes using the 2018 values. Has anyone else done this?
I itemised deductions on my 2016 taxes, but just used the standard deduction when I re calculated using 2018 rules and rates.
Dan
Yes, I did the same calculation, and show paying about $10k more. I'm hoping my accountant will find otherwise.
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Thanks,
- Win
Less, the standard deduction doubled. I think I'll pay about $1k less.
George H.
Probably about a wash if I move my charitable giving to the LLC. Otherwise quite a bit more.
Cheers
Phil Hobbs
-- Dr Philip C D Hobbs Principal Consultant ElectroOptical Innovations LLC / Hobbs ElectroOptics Optics, Electro-optics, Photonics, Analog Electronics Briarcliff Manor NY 10510 http://electrooptical.net http://hobbs-eo.com
If you're middle-class and self-employed it will certainly be a benefit, but that's only about 5% of workers.
Also have to define what you mean by "middle class"; it varies from place to place. Around here "middle class" for a family of 4 might be
70-100k/yr. The median family income in the area I live is around 90k/yr. Somewhere else with a lower cost of living it could be 40.The plan wasn't designed to make life harder for broke hicks in low cost-of-living redneck states where the South will rise again, they need the spare cash for the oxycodone habit. It was designed to target working/middle-class families in the 40-60k demographic in high cost-of-living areas, e.g. Blacks and Hispanics
Isn't it so that you and Win will pay more because you live in tax-heavy socialist states? ...Jim Thompson
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| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
It's what you learn, after you know it all, that counts.
Clearly you're making too much income... NOT middle class ;-) ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
It's what you learn, after you know it all, that counts.
I expect we'll benefit, We're self employed, I expect we'll get the pass thru. I might not have been quite as good for me except that I will lose one kid deduction this year, so the doubled standard deduction will benefit us more than the previous standard deduction plus kids. I hope to be able to do some Roth conversion this year at the 12% tax rate. Not looking forward to the days when I have to pay RMDs.
Mikek
More tax for me too, a more-or-less self-employed guy. My overlords love to stick it to me on behalf of the indignant. The only sure things in life are death, taxes, and a higher stock market.
Thank you,
-- Don Kuenz, KB7RPU
Funny. Virtually _every_ news outlet (including the insane) calculate tax savings.
But bitrex insists on parroting the Schumer/Pelosi lie.
If there's anyone on a "habit" it's bitrex. ...Jim Thompson
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| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
It's what you learn, after you know it all, that counts.
You must have lost a lot of deductions, must be business expense related.
When one uses vague terms like "middle class" as the OP (and politicians, and journalists) do, as if it's some monolithic entity, one can manipulate numbers to say pretty much anything one wants. You can only make meaningful statements if you're willing to get specific.
And some $660 best-case-on-paper Federal tax cut doesn't impress anyone "middle class" I know around here, we'd gladly pay three times that a year for eternity to have a non-washed-up game show host dotard for President.
Norquist says "If you look in the mirror and say 'I earned what I have,' that?s the American definition of middle class" but I've never met a Conservative who didn't tell themselves that independent of objective accounting; suffering from narcissistic delusions of grandeur comes with the territory.
We know it will greatly benefit the very wealthy (by anyone's standard) and the self-employed, that's for certain. It will probably benefit some of very poor (by anyone's standard) but for the most part they already don't pay any taxes. As for who else and in what way requires digging into the who what where when and how figures, Americans on average don't particularly enjoy thinking about numbers, and journalists tend to be creative types.
My business sure pays a lot less.
We just gave everybody a $5000 bonus.
-- John Larkin Highland Technology, Inc picosecond timing precision measurement jlarkin att highlandtechnology dott com http://www.highlandtechnology.com
The tax reforms don't affect your 2017 return, only the 2018 and beyond. So you have a year heads up on what you need to do to avoid extra tax.
Not high enough income to benefit I guess
Fact: we live in blue states that bleed cash to the red states, not the other way around. Now we're being double-taxed to pay for more cash for the top 1/2 %. This new system taxes those who work for their income, as opposed to those who get massive incomes without working for it.
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Thanks,
- Win
Ahh Win, as much as I love you, did you use top 1/2% because your in the top 1%? That's only $390k! You sound like one of those North East liberals. OH! :-) Among the middleclass I'm around they all seem think they will do well under the tax plan, and they're not even in the top 20%.
Mikek
Did you get that done in 2017? Could have paid when in a higher tax bracket.
Mikek
I think that was considered by someone. Our FY is not the calendar year.
It was a Christmas bonus. We generally have two a year, Christmas and end of FY.
-- John Larkin Highland Technology, Inc picosecond timing precision measurement jlarkin att highlandtechnology dott com http://www.highlandtechnology.com
Leftist BS. The rest of the country knows better. Why do you delude yourself? You live in a shithole state.
FACT: Your STATE tax rates (income, property, etc.) are 3-4 times what is typical for the rest of the country. Is that middle-America's fault?
You could move ;-) ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
It's what you learn, after you know it all, that counts.
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