What does the new Tax Bill do?

[JMobile]

Can someone break down the tax bill that Trump supplied?

[shadymcgrady]

The 1% made out

[t-wizzle]

Saves you money.

[Sam Odom]

small step in right direction... MAGA

[d2bets]

Google it. Depends on your situation.

[shocka1212]

Cuts a lot of tax credits... but gets you some other credits... minimal difference.. everyone who is triggered by politicians will tell you we're all fukked. but probably not.

[MinnesotaFats]

Investors and c corps got a big win.

People w retirement plans big win.

California, NY, Conn, Ill & MN residents big losers (loss of state income tax exemption beyonf increased standard deduction.

If you don't pull in 200k/ yr or have retirement plan nothing changed for you.

[gauchojake]

They screwed the 2%. 1% are fine.

[jjgold]

Saves most money

[d2bets]

Winners:
Business Owners
Investors
Those making > $200k
People who inherit from $11 million estates
People with multiple kids < 17

Losers:
People in CA/NY who took a lot of itemized deductions
People in CA/NY who own higher-end real estate
People making < $75k
People without children under 17
Single people
People < 60 who will have to deal with massive deficits

[gauchojake]

I make over 200k with kids under 17 but live in CA with a lot of itemized deductions and will get screwed FYI.

[d2bets]

I make over 200k with kids under 17 but live in CA with a lot of itemized deductions and will get screwed FYI.

Yeah. Trump and the Republicans stuck it to those big Blue States. Not an accident. They knew what they were doing.

[JIBBBY]

Tax bill = More money in your pocket to gamble.

[gauchojake]

Yeah. Trump and the Republicans stuck it to those big Blue States. Not an accident. They knew what they were doing.

Yeah it's a fukkin jack move. If they got rid of the AMT I think I was going to at least break even but that went up in smoke.

[d2bets]

Yeah it's a fukkin jack move. If they got rid of the AMT I think I was going to at least break even but that went up in smoke.

It was targeted at Big Blue States.

It's the equivalent of dems in majority increasing taxes on Southern States.

Raw Politics as Big Policy.

[dlowilly]

The most obvious thing it does is trigger libtards

[JIBBBY]

The most obvious thing it does is trigger libtards

Yup.. Libs and Democrats..

[gauchojake]

Registered Republican
Socially moderate to liberal
Fiscally Conservative
Voted for Trump
Not Triggered

Look I have a great EA who will help me navigate the new laws and will be just fine. I've been looking to start my own business for a while now which looks like it will happen.

I am just annoyed that some of the promises of Trump are going unfulfilled specifically the elimination of the AMT. It's unlikely that the law will be upheld in it's current form anyway so we will see how it shakes out. The State tax deduction has been upheld twice before in the courts and I suspect it will be again. Here's an interesting article on the precedents

http://www.latimes.com/business/hiltzik/la-fi-hiltzik-salt-deduction-20171208-story.html

[Chi_archie]

makes America Great Again

[Thor4140]

You will see who the big losers are when it has to be paid for. Biggest losers are deficit hawks. Republicans are huge deficits hawks but they were all smiling when this was signed so maybe their deficit hawking is all a bunch of bullshit like it has always been. Huge winners were the donors which should piss off everyone but since this site has a bunch of billionaire water boys it won't be a problem with them. Need to somehow have a salary cap on political donations and take out all donors.

[d2bets]

Registered Republican
Socially moderate to liberal
Fiscally Conservative
Voted for Trump
Not Triggered

Look I have a great EA who will help me navigate the new laws and will be just fine. I've been looking to start my own business for a while now which looks like it will happen.

I am just annoyed that some of the promises of Trump are going unfulfilled specifically the elimination of the AMT. It's unlikely that the law will be upheld in it's current form anyway so we will see how it shakes out. The State tax deduction has been upheld twice before in the courts and I suspect it will be again. Here's an interesting article on the precedents

http://www.latimes.com/business/hilt...208-story.html

Sorry, but there is no way a court is going to say it's unconstitutional to limit or eliminate deduction for local taxes. When has a court ever declared a fed income tax change unconstitutional? Never.

Although it's funny to think if they did, then it would jack up the cost of the bill...and then what? It would violate senate rules.

As for a promise, how about getting rid of carried interest? His rich real estate and wall street friends wrote this bill.

[TheMoneyShot]

You will see who the big losers are when it has to be paid for. Biggest losers are deficit hawks. Republicans are huge deficits hawks but they were all smiling when this was signed so maybe their deficit hawking is all a bunch of bullshit like it has always been. Huge winners were the donors which should piss off everyone but since this site has a bunch of billionaire water boys it won't be a problem with them. Need to somehow have a salary cap on political donations and take out all donors.

You talk so much sh#$. And Obama didn't have donors you dumb ass? I have an idea.... put your thumb in your mouth pal.

USA 10X better once your black dad got out of office.

[d2bets]

Charities are going to take a hit.

Charitable donation is an itemized deduction. But now very few people will itemize, and short of a verge large donation, won't be able to deduct. I don't understand why they didn't make it a separate deduction. So stupid.

Fine for business owners like me though. I can make my charitable gifts through my business.

[jtoler]

Can someone break down the tax bill that Trump supplied?

[VeggieDog]

Charities are going to take a hit.

Good. Charities and churches are the biggest scams around. There should be no tax-free organizations.

[d2bets]

Good. Charities and churches are the biggest scams around. There should be no tax-free organizations.

Churches scan yes; Most charities not a scam.

[temple2010]

Winners:
Business Owners
Investors
Those making > $200k
People who inherit from $11 million estates
People with multiple kids < 17

Losers:
People in CA/NY who took a lot of itemized deductions
People in CA/NY who own higher-end real estate
People making < $75k
People without children under 17
Single people
People < 60 who will have to deal with massive deficits

people who make less than 75,000 and single aren't in the losing category- the tax brackets have been lowered

[sweethook]

i was a fool to work 38 years , workin mans a sucker

[chico2663]

Winners:
Business Owners
Investors
Those making > $200k
People who inherit from $11 million estates
People with multiple kids < 17

Losers:
People in CA/NY who took a lot of itemized deductions
People in CA/NY who own higher-end real estate
People making < $75k
People without children under 17
Single people
People < 60 who will have to deal with massive deficits

You forgot old people. When this bill leads to the deficit going up then they will come for social security

[chico2663]

Good. Charities and churches are the biggest scams around. There should be no tax-free organizations.

Say it ain't so joe. I have been giving to st. jude forever. Also goodwill every time my pants get smaller. lol once a year after my aunt makes tamales for christmas

[rkelly110]

i was a fool to work 38 years , workin mans a sucker

40+ here...early retirement. Getting a 2% raise in Jan.

[daneblazer]

25% basement dwelling tax. Going to hurt some moms around here

[d2bets]

people who make less than 75,000 and single aren't in the losing category- the tax brackets have been lowered

I'm talking comparatively. Single and $75k may pay a few less pennies, but not very much.

[DwightShrute]

You will see who the big losers are when it has to be paid for. Biggest losers are deficit hawks. Republicans are huge deficits hawks but they were all smiling when this was signed so maybe their deficit hawking is all a bunch of bullshit like it has always been. Huge winners were the donors which should piss off everyone but since this site has a bunch of billionaire water boys it won't be a problem with them. Need to somehow have a salary cap on political donations and take out all donors.

you're addicted to outrage

[RoyBacon]

Basically it will take us from Obama era GDP growth 1.5% to record growth around 3.6%. It will bring back over $3 trillion trapped abroad and add over 10 million new jobs. It will also raise wages 20% in the first 5 years which is more than double what wages have gone up in the last 20 years.

Will also increase consumer spending and more importantly business spending will begin to scream ahead due to the change in depreciation rule.