Republican tax plan won't let people file via postcard

Both my wife and I are retired. We currently have 4 sources of income and in 3 years when I reach 66 and start taking Social Security that'll make it 5 sources. I would imagine that they'll want those sources listed. For the most part I do like where they headed on the matter of deductions.

My biggest concern is how they'll be treating the wife's and my Social Security? Right now because of our income, 85% of the money from SSA is being taxed, which seems like double taxation to me. Have to say this Tax Reform seems rather blah, nothing to get excited over so far.
 
Both my wife and I are retired. We currently have 4 sources of income and in 3 years when I reach 66 and start taking Social Security that'll make it 5 sources. I would imagine that they'll want those sources listed. For the most part I do like where they headed on the matter of deductions.

My biggest concern is how they'll be treating the wife's and my Social Security? Right now because of our income, 85% of the money from SSA is being taxed, which seems like double taxation to me. Have to say this Tax Reform seems rather blah, nothing to get excited over so far.

Maybe you should start drawing your SS a little sooner ?
 
Both my wife and I are retired. We currently have 4 sources of income and in 3 years when I reach 66 and start taking Social Security that'll make it 5 sources. I would imagine that they'll want those sources listed. For the most part I do like where they headed on the matter of deductions.

My biggest concern is how they'll be treating the wife's and my Social Security? Right now because of our income, 85% of the money from SSA is being taxed, which seems like double taxation to me. Have to say this Tax Reform seems rather blah, nothing to get excited over so far.

Maybe you should start drawing your SS a little sooner ?

You sound a bit like the misses. :)

We're doing fine, my concern over Social Security is more towards those that depend on it way more than we do.

Likewise with the elimination of the Personal Exemption which currently is something like $8,100 per couple and $4050 for each dependent. The doubling of the Standard Deduction will more than make up for it elimination for the two of us, but for young families with kids I have concern. I see that the child credit has been risen $600 bucks. With 4 kids that's $2400 extract for the neighbors, but a total loss of $24,300 of personal exemptions. At a tax rate of 15% that is an extra $3645 in taxes. So if I figure out the net $3645 - $2400 = $1245 in extra taxes, that may wipe out any savings due to lowered tax rates.

Thus I'm rather apathetic towards the whole thing as far as personal taxes go. I'm way more hopeful toward the plan's corporate side. Especially for small businesses folks.
 

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