General Discussion

haele

(15,440 posts)

30. Can they cherrypick even more - Hey, here's a "tax bill"

Thu Dec 21, 2017, 08:30 PM

Dec 2017

Taxable income for Joint filers with two children $67,100
Mortgage interest payments $7200
State and local taxes: $1200
Health Care costs $9800
Charity $250
Contractor Business expenses $9500
Student Loan Interest payments $1400

Total itemized deductions: $29350

Line 41 income (itemized) $37750
Line 41 income (standard) $53500

Personal Exemptions (4) - $16000

Line 44 Income (Itemized): $21750 (at 15%)
Total Tax owed w/out credits: $ 2331
Child Credit -$2000
Child care Credit -$300
Total Tax Owed: $31

This new GOP plan on same filing
Taxable income: $67100
Standard Deduction -$24000
Allowable Deductions
Mortgage -$7200
SALT -$1200
Line 41 income $33700
12% Tax $4044
Child Credit $4000
Total Tax Owed $44

They will actually owe a whopping $13 more.
Not to mention, their health care premiums go up another 12% or so because the insurance companies know that cost sharing and Medicare is the next to go, so they're going to gouge as much as they can while other customers still have "a few more dollars" in their pocket to pay for it.

Haele

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Highlight:

SINGLE RENTER - NO KIDS [View all] blogslut Dec 2017 OP

I would be outraged MichMan Dec 2017 #1

I wonder how much life was sucked out of the poor staffer blogslut Dec 2017 #3

Is this a bad thing? Marengo Dec 2017 #2

This message was self-deleted by its author Dr Hobbitstein Dec 2017 #11

I'm not sure a person making a million dollars and is renting mythology Dec 2017 #4

I bet it's tough absorbing that $1,887 increase in taxes with a $ 1,000,000 income. Hoyt Dec 2017 #5

Who makes $1M/yr and still rents? LonePirate Dec 2017 #6

Plenty of people kcr Dec 2017 #7

I'd rent no matter what crazycatlady Dec 2017 #10

Very very few people make over one million per year. NCTraveler Dec 2017 #15

I would think that it depends on where they live. MrScorpio Dec 2017 #31

Leave it to charts to remind me how poor I am dembotoz Dec 2017 #8

This is my favorite reply blogslut Dec 2017 #9

These various sites which try to calculate what the effect will be are stabs in the dark. rgbecker Dec 2017 #12

Out of touch with reality. procon Dec 2017 #13

if you look at the link, $50,000 is their first example Skittles Dec 2017 #24

In the first example is says this person with a simple return making 50K could save a significant Kirk Lover Dec 2017 #14

It might to a lot of people MichMan Dec 2017 #16

Except it's not a couple of hundred bucks a month...it's $86 buck a month. n/t Kirk Lover Dec 2017 #18

For a lot of families that is significant Lee-Lee Dec 2017 #17

I don't consider $86 dollars per month...especially for a family...significant. n/t Kirk Lover Dec 2017 #19

I guess if you aren't living paycheck to paycheck it isn't MichMan Dec 2017 #20

I'm not saying that it isn't anything but the word we are talking about is Kirk Lover Dec 2017 #22

Your circumstances are not everyone elses Lee-Lee Dec 2017 #23

My point is they should be getting a lot more back not these crumbs. And when you Kirk Lover Dec 2017 #25

Depends on what they lose for that $84 a month. haele Dec 2017 #29

This. Exactly. we can do it Dec 2017 #32

On a $1 million salary, 2 grand is chump change alarimer Dec 2017 #21

Somebody living in Manhattan or San Francisco is more likely to be a renter VMA131Marine Dec 2017 #26

A single 64-year-old home owner with income of $40,000 year vsrazdem Dec 2017 #27

A Single Renter Making $1M/Year? SoCalMusicLover Dec 2017 #28

Can they cherrypick even more - Hey, here's a "tax bill" haele Dec 2017 #30