Tax Bill

I haven't done the math on the latest version of this, but the original version would have cost me a bit more than I currently pay. I was still on board with it because I expected my 401k growth to outpace the higher tax liability. The economic growth we've seen so far is based on optimism in regulation cuts and tax breaks. I expect actual tax breaks to increase that growth tremendously.

My understanding is that they reworked it to continue allowing state tax payments to be deducted? That disappoints me. I looked forward to voters in high tax states reevaluating their priorities once they didn't get a federal tax break for spending recklessly at the state level.
 
Jaw said:
This goes along with my complaint about deducting state taxes. Why should Hawk in Oklahoma or Jaw in rural West GA subsidize SoCal or NYC real estate prices?
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Oh trust me Jaw, I don't subsidize anyone outside of the BS state government in OKC. They are literally the worst of both worlds. They love taxes but only on "regular folks". If I was a millionaire, billionaire, or oil company they'd be trying to cut my taxes. As it is they can't get my money in there fast enough, while doing absolutely nothing for me in return. Those pfarkwads literally cost me a pretty good paying part time gig with the Florida Virtual School because they just simply refused to work with the Florida folks to get the paperwork for deductions filled out and straightened out, AFTER I'd already been hired by Florida.
 
Jaw said:
I haven't done the math on the latest version of this, but the original version would have cost me a bit more than I currently pay. I was still on board with it because I expected my 401k growth to outpace the higher tax liability. The economic growth we've seen so far is based on optimism in regulation cuts and tax breaks. I expect actual tax breaks to increase that growth tremendously.

My understanding is that they reworked it to continue allowing state tax payments to be deducted? That disappoints me. I looked forward to voters in high tax states reevaluating their priorities once they didn't get a federal tax break for spending recklessly at the state level.
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They capped the SALT (STATE and local tax) deduction at 10k which severely dampens its impact. Without that piece a majority of families are right at the 24k threshold in their itemization. Some will be over depending on their mortgage interest paid in the year but ultimately it us no much more advantageous to itemize. So in essence you still got your wish.

This tax bill is a big thank you to traditional republican areas. I don't mind that at all actually even with my tax position slightly worse. These liberal states are getting worse.
 
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BREAKING: Amid national firestorm over #CorkerKickback scandal, Orrin Hatch admits he wrote key tax provision, which enriches @SenBobCorker, Trump, @SpeakerRyan & top GOP lawmakers. Nonpartisan experts slam Hatch for asserting the provision isn't new

Sen. Orrin Hatch, R-Utah, on Monday admitted he crafted a controversial tax provision, which could personally enrich Sen. Bob Corker, House Speaker Paul Ryan, President Donald Trump, and top Republican lawmakers directly overseeing the bill. The provision could additionally benefit the real estate industry — which has been one Hatch’s largest sources of campaign donations.

http://www.ibtimes.com/political-ca...x-provision-center-corker-controversy-2629922
 
Oklahomahawk said:
So are you itemizing now? Just curious. My situation is this, I have one full time job, six part time jobs (teaching for online schools), married, two (supposedly) grown kids, wife is disabled, gets SS, own my own home (along with Quicken). I can't think of anything else that pertinent right off hand but I'm no tax guru by a long shot. My tax guy is really good but about as imaginative as the Braves front office. He keeps me out of jail which I suppose is a good thing, but I've always had the feeling he preferred to "keep it simple, rather than really scouring for deductions for me".

Thoughts?
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Sounds like my wife when she does taxes for people and businesses. They always ask her can she obtain more money for them. she always come back, do you want to risk them auditing you every year?
 
why do you say that -
Policy or politics/optics ?

In her defense, that is her constituency.
she does not represent the people of Arkansas or Oklahoma
 
57Brave said:
why do you say that -
Policy or politics/optics ?

In her defense, that is her constituency.
she does not represent the people of Arkansas or Oklahoma
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Who deducts the total value of their home as mortgage interest? It doesn't work that way. Unless the way she words it gives another meaning, then I'm not sure she knows how this works.

Just because the value is 1,000,000+ it in no way means that 750k worth of mortgage interest was paid.

Then follows with GOP TAX SCAM, as if reworking the limits (of deductible interest on the most affluent property owners in the nation mind you) is a "scam".
 
AerchAngel said:
Sounds like my wife when she does taxes for people and businesses. They always ask her can she obtain more money for them. she always come back, do you want to risk them auditing you every year?
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I understand and appreciate a little caution here and there. It just seems like there would somewhere in the middle that could accomplish a little more of the one without an undue risk of the other, you know?
 
Tapate50 said:
Who deducts the total value of their home as mortgage interest? It doesn't work that way. Unless the way she words it gives another meaning, then I'm not sure she knows how this works.

Just because the value is 1,000,000+ it in no way means that 750k worth of mortgage interest was paid.

Then follows with GOP TAX SCAM, as if reworking the limits (of deductible interest on the most affluent property owners in the nation mind you) is a "scam".
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You lost him....
 
Tapate50 said:
Who deducts the total value of their home as mortgage interest? It doesn't work that way. Unless the way she words it gives another meaning, then I'm not sure she knows how this works.

Just because the value is 1,000,000+ it in no way means that 750k worth of mortgage interest was paid.

Then follows with GOP TAX SCAM, as if reworking the limits (of deductible interest on the most affluent property owners in the nation mind you) is a "scam".
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Her post makes sense. It is the interest incurred on 750k principal of a home loan. Any interest in excess of that is non deductible.

What she really doesn't understand is that we are talking about million dollar homes because at the very least wealthy people put down 20%. So in essence the party that rails in the rich doesn't think the rich got enough of a tax break.
 
Obama's signature legislation: Cost Americans thousands of dollars

Trump's signature legislation: Saves Americans thousands of dollars
 
" ... This is cynicism and greed at its most base, where the ****ing deranged president convinces his most loyal ****ing deranged voters that he is going to unleash their ability to get wealthy, like every con man at Holiday Inn conference room seminars across the country. It's just embarrassing, ..."
 
57Brave said:
" ... This is cynicism and greed at its most base, where the ****ing deranged president convinces his most loyal ****ing deranged voters that he is going to unleash their ability to get wealthy, like every con man at Holiday Inn conference room seminars across the country. It's just embarrassing, ..."
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Aww man... You mean I'm not gonna get wealthy!??

Arghh, back to collusion hysteria then
 
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