Name:	MartiniMan -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 1:59:50 PM (updated 12/20/2017 2:12:59 PM)

Check out this website if you want to know the impact of the new law on your personal tax situation.  Mine indicated a modest 6% reduction of my federal tax liability despite having lost some of the deductions that were in the old tax law.

taxplancalculator.com

I make no representations of its accuracy so take the output with a grain of salt.  Let us know what you get......and be honest.....that means you Goofy.  I know the other left wing nuts will never tell us if they get to keep more of their own money.

Name:	Talullahhound -	Reply
Subject:	MM
Date:	12/20/2017 2:03:00 PM

That must be the wrong link, because it takes you to a place where you can buy the domain name.

Name:	MartiniMan -	Reply
Subject:	Link won't work for some reason
Date:	12/20/2017 2:10:51 PM (updated 12/20/2017 2:14:10 PM)

Just go to your web browser and type in the website and it will work.  Weird.....

Name:	phil -	Reply
Subject:	Impact of tax reform - LINK
Date:	12/20/2017 2:39:39 PM (updated 12/20/2017 2:45:36 PM)

http://taxplancalculator.com/

Try this one - looks like your URL was not the same as what was visable.  

Name:	phil -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 2:45:14 PM

Pulled info off of last years taxes to fill it out. 

Name:	Moldyoldy -	Reply
Subject:	Impact of tax reform - LINK
Date:	12/20/2017 3:00:02 PM

Says I will pay $880 less in tax than before the new law.

Juan Williams was just on fox and he said republicans will have A hard time explaining why average guy gets so little and corporations get so much. Sure, I'd like to pay even fewer or no taxes, but an $880 tax decrease is not peanuts to me. Williams is usually one of the less bug nutty liberals, but even he is regurgitating the democrat mantea. 

I am going to tweet Williams and tell him that $880 might be peanuts to a rich liberal like him, but not to me.

Name:	phil -	Reply
Subject:	Impact of tax reform - LINK
Date:	12/20/2017 3:45:11 PM (updated 12/20/2017 4:48:11 PM)

same crap liberals always spout.

Always love hearing about how the burger flipper make 12k a year only gets a $500 refund while AT&T gets millions in breaks or how Buffet pays "less" in taxes then his secretary.

Name:	MartiniMan -	Reply
Subject:	Keep em coming
Date:	12/20/2017 3:49:47 PM

When people see their take home go up they will start to like it.  Interestingly, WaPo said the tax bill is actually more regressive.  The top 1% will actually be paying a little more of the total tax payments to the Feds.  One would think the Dems will like this but they are going to beat the drum about the corporate tax rate.  Now it is comparable to other industrialized countries and will hopefully result in more investment into the U.S.

Name:	phil -	Reply
Subject:	Keep em coming
Date:	12/20/2017 3:52:22 PM

but but -- something something fair share,  wipe out middle class.. something armageddon.

Name:	au67 -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 4:14:33 PM

Having been retired for almost 15 years, the thing that still bothers me is that I pay tax on a portion of my social security benefits (use to be tax-free, then taxed up to 50%, now taxed up to 85%).  If I remember correctly, I paid tax on my social security contribution while I was working. However, to save social security and medicare, once is not enough.  Not having read the latest tax reform passed today, I doubt that this minor issue (for me) was addressed.  Anyway, I'll save some on taxes and I'm happy.  

Why in hell would I ever vote for a Democrat when everyone of them voted against giving me and you a raise?

Name:	lakngulf -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 5:14:30 PM

Similar deal off CNN website yesterday.  Mine showed 6.7% for next year BUT BUT BUT they were quick to say that IN 2027 I will pay more.  Amazing how CNN must spin   TDS

Name:	Talullahhound -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 5:45:03 PM

Mine was a little over $3000.  But I didn't add in income from my investments, because it varies from year to year.

Name:	lucky67 -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 6:19:55 PM

my new soc sec 'benefit' went up $23.00; my medicare went up $24.00--so im $12.00 poorer next year

Name:	architect -	Reply
Subject:	How many?
Date:	12/20/2017 8:46:42 PM

The Republicans have been whoopin and hollerin today about this wonderful ''tax cut / reform bill'' (in reality it is neither). They have told us the average Joe will get a big cut with most of that cut coming thanks to the increase in the Standard Deduction from $12,800 to $24,000!  Have you heard a single one of these Representatives or Senators mention that the bill also takes away the $4,050 personal exemption for each family member?  Are any of you even aware of this change?  So, the family of 4 gains $11,200 in deductions while losing $16,200 in deductions.  For most folks that will be at least an extra $1000 in tax.  I am no math wizard but I can see this ain't a good swap!!  This bill is going to be a disaster for millions of average Americans and Republicans are going to curse the day they voted for it.

Name:	GoneFishin -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 8:58:26 PM (updated 12/20/2017 9:24:23 PM)

If you and your wife are over 65 and you take the standard deduction , I understand you will continue to deduct an additional $2,500. So, both your 2017 and 2018 taxable income will be reduced by $2,500. The formula does not consider that. Therefore, to get a more accurate tax, reduce your income by the $2,500. If you are single or have a younger wife under 65, just reduce your income by $1,250.

I emailed a Wall Street Journal reporter who wrote an article on the 2018 tax and asked about deducting charitable contributions from an IRA which is currently allowed even if you take the standard deduction. She wrote that will continue to be allowed. So, reduce your income by your IRA charitable contributions.

Martini, is your business a pass through? Self employed and smaller businesses will allowed to deduct  20% of the taxable income before calculating the tax. Trump has alot of pass throughs and this  will help him and the Koch brothers in 2018. To a somewhat lesser extent, it will help me, also,

Based on the new tax for 2018, I am looking at a 16% reduction. Seems like an awfully large reduction when we are trying to pay down the debt. I anticipate in 2018 the GOP will target SS, Medicare,and Medicaid to help pay for some of the tax cuts. The economy needs Trump's base to spend their tax savinigs as businesses will add jobs if there is demand for their product. The wealthy already buy whatever they want. I don't believe big business will  add jobs just because their taxes have been reduced. 

Martini, do you anticipate adding jobs because taxes are reduced or will you look at demand for your services?

Name:	Buteye -	Reply
Subject:	How many?
Date:	12/20/2017 10:12:38 PM (updated 12/20/2017 10:20:19 PM)

There you go again using your "crystal" ball to predict the future. The die has been cast so let's just sit tight and see what the future holds. Also, a few days ago I asked for your view about accomplishments President Trump has made relative to the economy and heard nothing. I "repeat" my suggestion that since you are opposed to any thing positive related to him, why don't you take the gains you have realized from the record level of the stock market and donate them to some worthwhile charitable organization during Christmas. That might prove that you want nothing to do with anything that can be attributed to President Trump's first year in office.

Name:	Talullahhound -	Reply
Subject:	Impact of tax reform
Date:	12/20/2017 10:25:00 PM

No one on either side of the aisle really wants to reduce the deficiet.  The only thing they disagree is how to spend the money.  So I am willing to see even a small cut in my taxes.  We all know that trickle down economics doesn't work.  We'll probably see a bump in jobs at first, but the day that employers figured out they could get more work out of a smaller workforce and not pay them more money, there went any corporate idea of giving their workers raises or hiring more employees, unless they absolutely have to.  They are not going to move jobs back here, until their overseas workers unionize and demand more wages - in other words, when the U.S. becomes a more favorable labor market again.  And they are still doing the dance with whether which side will be the one to close down the govenrment.  But no, they won't - they'll punt it to the next session.  they are going to find the much talked about CHIPS too, but it is nothing more than a bargaining chip.  

I still have no clue if this will turn out to be a good thing or a bad thing and I don't think you'll really know until you sit down to do your 2018 taxes, or maybe Turbo Tax will tell me to lower my quarterly payments.  

One thing to celebrate is that Congress finally did something - passed legislation.  Like most legislation, we won't know if it is a good thing or a bad thing for at least a year or maybe longer.  But damn, they finally got off their butts and did something.  Can we dare for 2018, hope that they'll gain momentum and do something else.  

don't forget that everything that is done, can be undone with ink on the paper.  

And Yes, Architect, I did know about the deduction going away.  

Name:	Talullahhound -	Reply
Subject:	How many?
Date:	12/20/2017 10:29:47 PM

Let them take away the charity deduction and the vast majority of charitable donations will dry up.  None of ours help very much, since we tend to randomly help out in specific instances.  I have a wide ciricle of animal friends (cat friends, dog friends, rescues) that I like to help out whenever I can, but Bill Gates, I am not.  

Name:	Buteye -	Reply
Subject:	Impact of tax reform
Date:	12/21/2017 3:04:21 AM (updated 12/21/2017 3:06:12 AM)

It is refreshing that Congress finally did something although it was only the Republican side that made a move. It is "deplorable" that the Democats have sat on their a$$ for a year and have done nothing but exercise their vocal cords. It's a shame that drawing their salary is not based on what they produced. If their producitvity could be measured, they would be required to reimburse the Treasury Department for doing nothing but creating "divisiviness" at a time when every effort should be directed toward restoring honor and diginity to America.

Name:	Talullahhound -	Reply
Subject:	Impact of tax reform
Date:	12/21/2017 8:32:38 AM

Yep, it's like whoever has the majority should stay in Washington and the other side ought to be dismissed.  I find it really interesting that there was no even one democratic vote for the tax reduction.  It really reflects how polarized politics has become.

Name:	MartiniMan -	Reply
Subject:	Impact of tax reform
Date:	12/21/2017 8:55:12 AM

Goofy:  It's a little complicated when it comes to pass through entities but what I did was eliminate 20% of the anticipated income that is passed through to my personal return to calculate my reduction.  Since we do our taxes on a cash basis the pass through income varies a lot depending upon our collections and what we can pay at the end of each year.  Some years we have lots of payables and the ability to pay them and reduce our tax liability and some year's we have less and pay a lot more.  So it looks like my portion of the pass through income (money I never see) will result in a 6% reduction with the new law.  Also, I am going to pay my state taxes prior to the end of the year so I will still get to deduct the full amount from my taxes one more time.

What will be interesting is to see how high income people in high tax states react to this change in the SALT limit and mortgage deductability.  Will they start to demand lower taxes in their state?  It doesn't matter about their votes for state offices because there are so few Republicans to punish.  Also interesting to see the stories coming out about companies (AT&T, Boeing and thousands of smaller businesses) giving bonuses as a result of the lower tax rates.  When the tax tables change in February and people see more in their take home the tax bill will become more popular and many Democrats in purple states are going to have a hard time demagouging the issue and may actually regret their vote against the bill.

Name:	MartiniMan -	Reply
Subject:	More good news from my employees
Date:	12/21/2017 2:06:52 PM

I have a company blog and recommended that my employees use the taxplancalculator and the only ones that have little to no benefit are the ones in high tax states and are highly compensated.  Pretty much everyone else is getting a break and there is a lot of happiness about that.  On a percentage basis the highest are our middle income employees.  And yet, according to left wing nuts in safe districts this is the end of the world.  Wait until the tax tables change in February.

Name:	lucky67 -	Reply
Subject:	More good news from my employees
Date:	12/21/2017 3:08:11 PM

my CPA estimates i will save $4500.00--big deal for self employed

Name:	GoneFishin -	Reply
Subject:	Hey FLY...........
Date:	12/21/2017 7:53:39 PM

"my new soc sec 'benefit' went up $23.00; my medicare went up $24.00--so im $12.00 poorer next year"

I felt so sad for you that you were $24 poorer next year.

Now, you tell us "my CPA estimates i will save $4500.00--big deal for self employed"

From tears to cheers…….just go fishing and enjoy yourself.