Winners And Losers Of The Senate Tax Bill

[Moonglow]

Nothing on EIC earned income credit?

 

[my2¢]

From what I understand of the proposed reform, it seems to me the losers will be those with dependents over the age of 16. With the elimination of the personal exemption, that loss of $4050 per person in a family of 3 (2 parents and a child over 16 years old) is barely covered by the doubling of the standard deduction. If the family currently is able to itemize, then that loss of exemptions takes on an even bigger role as does having multiple dependents in that over 16 age range.

 

[AyeCantSeeYou]

Basically, if you make less than $75k, you're paying more. Meaning most of the nation is paying more.

I didn't see that anywhere in the article.

 

[Dont Taz Me Bro]

Basically, if you make less than $75k, you're paying more. Meaning most of the nation is paying more.

I didn't see that anywhere in the article.

They make it up as they go along. Like I said in my OP, the people who actually want to know what's in the bill w/o the partisan slant will actually read at least some of the article

 

[depotoo]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

They are fairly close over all, though.

 

[BluesLegend]

From what I understand of the proposed reform, it seems to me the losers will be those with dependents over the age of 16. With the elimination of the personal exemption, that loss of $4050 per person in a family of 3 (2 parents and a child over 16 years old) is barely covered by the doubling of the standard deduction. If the family currently is able to itemize, then that loss of exemptions takes on an even bigger role as does having multiple dependents in that over 16 age range.

You are forgetting the $1,000 increase in the child tax credit which is now $2,000 per child in your pocket CASH. The ceiling was also raised A LOT you get the credit now up to $500,000 in income for a married couple. That $2,000 credit CASH in your pocket for every kid is WAY more than the tax on $4,050 of income.

 

[BluesLegend]

I read the article...the so called tax reform bill is your typical half baked crap congress always passes, shocker. Question...WHERE ARE THE GODDAMN SPENDING CUTS HELLO EARTH TO CONGRESS.

 

[depotoo]

Actually-

Like the House bill, the Senate bill nearly doubles the standard deduction level to $12,000 for individuals (up from $6,350) and $24,000 for couples (up from $12,700).

Therefore you gain over all, as well as with a lower tax rate.

From what I understand of the proposed reform, it seems to me the losers will be those with dependents over the age of 16. With the elimination of the personal exemption, that loss of $4050 per person in a family of 3 (2 parents and a child over 16 years old) is barely covered by the doubling of the standard deduction. If the family currently is able to itemize, then that loss of exemptions takes on an even bigger role as does having multiple dependents in that over 16 age range.

 

[Kosh]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

They are fairly close over all, though.

Does not matter they are not the final bills and they have to go to conference to be worked out, making assumptions on the two different bills is a moot conversation.

 

[depotoo]

Actually. I see it differently. They know what they both agree on, and it brings them that much closer to its final passing.
Don’t be a pessimist-

Next time you're found
With your chin on the ground
There a lot to be learned
So look around

Just what makes that little old ant
Think he'll move that rubber tree plant
Anyone knows an ant, can't
Move a rubber tree plant

But he's got high hopes
He's got high hopes
He's got high apple pie
In the sky hopes

So any time you're gettin' low
'Stead of lettin' go, just remember that ant
Oops, there goes another rubber tree plant
Oops, there goes another rubber tree plant
Oops, there goes another rubber tree plant

Read more: Frank Sinatra - High Hopes Lyrics | MetroLyrics

(do you live in a blue state? if so, I understand)

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

They are fairly close over all, though.

Does not matter they are not the final bills and they have to go to conference to be worked out, making assumptions on the two different bills is a moot conversation.

 

[my2¢]

From what I understand of the proposed reform, it seems to me the losers will be those with dependents over the age of 16. With the elimination of the personal exemption, that loss of $4050 per person in a family of 3 (2 parents and a child over 16 years old) is barely covered by the doubling of the standard deduction. If the family currently is able to itemize, then that loss of exemptions takes on an even bigger role as does having multiple dependents in that over 16 age range.

You are forgetting the $1,000 increase in the child tax credit which is now $2,000 per child in your pocket CASH. The ceiling was also raised A LOT you get the credit now up to $500,000 in income for a married couple. That $2,000 credit CASH in your pocket for every kid is WAY more than the tax on $4,050 of income.

Not forgetting. That credit you speak of goes away in the tax year when the kid reaches the age of 17. So if in 2018 a couple with a high school senior that turned 17 during the year, loses out on any child credit and the $4050 personal exemption for each of them has been eliminated. The double of the standard deduction will help, but that's contingent if they were not able to itemize.

Now for a couple with a high school senior AND another in college that's a total of $16,200 in exemptions they've lost and they're S.O.L. as far as the child credit goes because the kids are 17+.

Edit: I did read in past about a temporary $300 tax credit for dependents. Might have been in House version. If it sticks this may make up for those that didn't have benefit of increased child credit over the past years.

 

[Coyote]

Forbes has a very in depth article on what the Senate tax bill does. For those of you who honestly want to understand it without the partisan slant from either side (which is very few of you tards) it's worth the read.

Winners And Losers Of The Senate Tax Bill

Thanks Taz...good article...albeit depressing.

I trust Forbes as a knowledgeable source.

I would feel much more confident about tax reform if it were truly reform, worked through the normal legislative process by both parties.

 

[BluesLegend]

From what I understand of the proposed reform, it seems to me the losers will be those with dependents over the age of 16. With the elimination of the personal exemption, that loss of $4050 per person in a family of 3 (2 parents and a child over 16 years old) is barely covered by the doubling of the standard deduction. If the family currently is able to itemize, then that loss of exemptions takes on an even bigger role as does having multiple dependents in that over 16 age range.

You are forgetting the $1,000 increase in the child tax credit which is now $2,000 per child in your pocket CASH. The ceiling was also raised A LOT you get the credit now up to $500,000 in income for a married couple. That $2,000 credit CASH in your pocket for every kid is WAY more than the tax on $4,050 of income.

Not forgetting. That credit you speak of goes away in the tax year when the kid reaches the age of 17. So if in 2018 a couple with a high school senior that turned 17 during the year, loses out on any child credit and the $4050 personal exemption for each of them has been eliminated. The double of the standard deduction will help, but that's contingent if they were not able to itemize.

Now for a couple with a high school senior AND another in college that's a total of $16,200 in exemptions they've lost and they're S.O.L. as far as the child credit goes because the kids are 17+.

Edit: I did read in past about a temporary $300 tax credit for dependents. Might have been in House version. If it sticks this may make up for those that didn't have benefit of increased child credit over the past years.

Do you have a link where the Senate bill eliminates the child tax credit at age 17? I thought I saw it was raised to 18 earlier today but I can't find any details on the age limit. I hope the GOP included language to put a STOP to illegals scamming the child tax credit.

 

[BluesLegend]

Forbes has a very in depth article on what the Senate tax bill does. For those of you who honestly want to understand it without the partisan slant from either side (which is very few of you tards) it's worth the read.

Winners And Losers Of The Senate Tax Bill

Thanks Taz...good article...albeit depressing.

I trust Forbes as a knowledgeable source.

I would feel much more confident about tax reform if it were truly reform, worked through the normal legislative process by both parties.

This is not tax reform. There are some modest reforms, a bunch of political bribes, the poor and lower middle class get screwed, and there's not one damn spending cut as far as I can see.

 

[MACAULAY]

The O. P. is one of the more reasonable of the Moderators, so I will just politely disagree with his kind treatment of the article presented. I disagree that it is a fair representation. To me, it was clearly written by a highly partisan liberal.

I'm watching football, so I don't care to deconstruct it....just to warn other readers that this is clearly an unfair representation.

O.K. One example from the article:

"No more deduction for interest on home equity debt".

************************

WRONG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Its capped at $500,000....which means a home valued at at least $750,000 or so when purchased.

Major mis-representation.

 

[basquebromance]

the winners: the American people

the losers: Democrats

 

[longknife]

Four lessons from the Senate tax bill

See if this makes any sense.

The Senate passed its version of the Republican tax bill early Saturday morning 51-49, with only one Republican—Tennessee Senator Bob Corker—joining all Democrats in voting no. Had trouble keeping all its moving parts straight? Here are four lessons to take away from what we’ve seen in the Senate:

1. All reconciliation bills aren’t created equal.

2. Reconciliation isn’t just about what happens on the floor.

3. Reconciliation doesn’t just turn the Senate into the House.

4. Speed matters—but not just for getting to ‘yes.’

Explanations of each @ Four lessons from the Senate tax bill

 

[Mac1958]

Winners And Losers Of The Senate Tax Bill

Thanks for posting that.

It's pretty much what one might expect from the GOP. They're relying on economic growth to pay for the $1.5T shortfall, and somewhere Art Laffer is doing the happy dance.

But this does virtually nothing to address our massive (and increasing) wealth divide, and there will be a price to pay when people wake up to that.
.

 

[mamooth]

I didn't see that anywhere in the article.

Of course not. It's Forbes. They don't report things unfavorable to the rich, so they only tell part of the story.

The new tax plan triggers increases in health insurance premiums, and automatic cuts in medicare and SS. Hence, it generally hurts the middle class.