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treestar

(82,383 posts)

38. It ought to be at least as high as the poverty level

Reply to still_one (Original post)

Mon Jan 1, 2018, 11:30 AM

Jan 2018

https://www.zanebenefits.com/blog/2017-federal-poverty-level-guidelines

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Why the new 12000 dollar standard deduction for single, and 24000 for joint in the new tax plan is [View all] still_one Dec 2017 OP

The deficits will balloon out of control next year. roamer65 Dec 2017 #1

yea and guess who will be blamed and bluestarone Dec 2017 #2

If the blue tsunami actually happens in the 2018 elections... TheDebbieDee Dec 2017 #19

No. They will impose new taxes on the very rich. Sophia4 Dec 2017 #25

But Dems can only make that happen if they veto-proof majorities TheDebbieDee Dec 2017 #30

Right! Sophia4 Dec 2017 #33

They must pass it and force a veto. n/t rainin Jan 2018 #53

Depends - if they pass something that gains some Republican votes ... karynnj Jan 2018 #57

No they wont have to. David__77 Jan 2018 #54

It will start, but I don't think it will be noticed until two years into this fiasco. still_one Dec 2017 #3

I'm expecting to pay more. Be surprised if I don't. lindysalsagal Dec 2017 #4

Same here. I would be surprised if I break even still_one Dec 2017 #5

Exactly. Also of note: LuckyCharms Dec 2017 #6

Absolutely. While I believe most people who contribute to charity will continue to do so, I also still_one Dec 2017 #7

Yep! LuckyCharms Dec 2017 #10

I do both, but either or is good if one can afford it still_one Dec 2017 #12

What they most need, though, are cash donations -- and they are certain to go down. n/t pnwmom Dec 2017 #18

Cascading cruelty. KY_EnviroGuy Dec 2017 #23

The end of the estate tax is what will really, really hurt charities. Sophia4 Dec 2017 #27

Goes back to 10% in 2 years elehhhhna Jan 2018 #58

and Koches will deduct contributions to their political groups sharedvalues Dec 2017 #8

Call out the trumpers when they lie..offer remedial math dembotoz Dec 2017 #9

And the elderly and legally blind used to get a further exemption marybourg Dec 2017 #11

This message was self-deleted by its author still_one Dec 2017 #13

I didn't know that the Blind exemption went away underpants Dec 2017 #28

They were retained in the final bill. nitpicker Jan 2018 #34

No. That's a tack-on to the standard deduction. marybourg Jan 2018 #35

It should work the same way it does now. Ms. Toad Jan 2018 #47

No they have not. Ms. Toad Jan 2018 #46

Is this for 2017 returns, or for 2018? bucolic_frolic Dec 2017 #14

For 2018 returns filed in early 2019. roamer65 Dec 2017 #15

Tax year 2018, so many taxpayers won't realize affects until they file returns in 2019 wishstar Dec 2017 #16

Yep, so they won't feel the effects yet while voting in the 2018 midterms. SunSeeker Dec 2017 #22

Anyone who has their taxes done by a preparer will know in advance. roamer65 Jan 2018 #67

Not true last year the Standard Deduction was $6300 for a single doc03 Dec 2017 #17

the senior tax exemption deancr Dec 2017 #21

It used to be in the exemption, marybourg Jan 2018 #36

I was referring deancr Jan 2018 #37

If you itemize, you don't get it, because it's now in the standard deduction only. marybourg Jan 2018 #40

Are you sure about that? sl8 Jan 2018 #41

You're getting confused between "exemption" and "deduction"' marybourg Jan 2018 #45

No, the exemptions are line 6a-d (and line 42) sl8 Jan 2018 #49

Ha! This is embarrassing. It USED to be an exemption. marybourg Jan 2018 #61

No worries, it happens to the best of us. :) n/t sl8 Jan 2018 #64

You have about the right era - the information I have suggests Reagan changed it, Ms. Toad Jan 2018 #65

And in my mind it's been an "exemption" all these years. marybourg Jan 2018 #66

I still have a box with the documentation of all of investments we made in our home Ms. Toad Jan 2018 #68

A little trip down memory lane ... sl8 Jan 2018 #69

It's sick, but I do too. marybourg Jan 2018 #70

You are the one getting confused. Ms. Toad Jan 2018 #50

Yes, you're absolutely correct. Please see my post #61. marybourg Jan 2018 #62

It has always been in the deduction portion of the tax return. Ms. Toad Jan 2018 #48

You are right, but what I was trying to say was that the elimination of the personal exemption means still_one Jan 2018 #43

You have to remember Turbineguy Dec 2017 #20

K & R. Good thoughts. KY_EnviroGuy Dec 2017 #24

Oh, no. This is very upsetting. This is going to hurt a lot of working people. Honeycombe8 Dec 2017 #26

Less people itemizing also will really effect charitable donations underpants Dec 2017 #29

I suspect they will reduce the amount they usually contribute, but I would like to think they will still_one Dec 2017 #31

Yes there are regular dedicated donors underpants Dec 2017 #32

including to churches greymattermom Jan 2018 #51

Yes. underpants Jan 2018 #63

Churches will be hurt. elehhhhna Jan 2018 #59

the church industry is ready for a downsizing anyway snooper2 Jan 2018 #71

It ought to be at least as high as the poverty level treestar Jan 2018 #38

I dont think its going to hit as many people as you think Lee-Lee Jan 2018 #39

It will impact the 30%, (40 million people), who currently itemize deductions the most, but the still_one Jan 2018 #42

If you take unreimbursed businesses expenes, poor gone. elehhhhna Jan 2018 #60

Yep romana Jan 2018 #44

So, just checking greymattermom Jan 2018 #52

The child tax credit is also doubling to $2000 although it is not all refundable ... VMA131Marine Jan 2018 #55

I hate to say it, but I think I'll end up sbstantially better off under the new rules VMA131Marine Jan 2018 #56