@jaws7777 its a huge gimme to the wealthy and corporations in hopes of driving investments and increase in salaries. The belief in whether that will work is split between republicans and democrats. The impact of the bill will most likely impact high tax states the most but really depends on the individual. Mortgage interest is only capped for new mortgages and is at $750k loans instead of $1M. The $10k cap is for state and local taxes so state taxes and property taxes. Living in NJ it has a huge impact on me. My deductions will be reduced by $40k and in my area they are expecting a 10% drop in home values. But really it will be individual based. If you’re single in NJ and don’t own a home it’s good for you.
Official Off Topic Discussion Thread #1
- Thread starter Chrisplosion
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It looks like we will save. Child deductions were $1,000 now it's going to be $2,000
Ugh on the surfac this doesnt sound good (married/kids/homeowner) so less i can use as a deduction...smh
@jaws7777 it depends really. If you have kids and a homeowner but have very little property taxes and state taxes you might be well off. Also they have expanded the 529 deduction for college tuition to any tuition so if you like private schools for your kids you can use that. It will be a case by case basis.
The only split between republicans and democrats is on what they pretend to believe in order to keep the people divided. The simple truth is: These tax breaks were NOT made in the hopes of driving investments and/or increasing salaries regardless of what is said.
Increasing salaries? Why on Earth would corporations increase salaries because of a tax cut? A salary increase is an expense and corporations don't like expenses none too much. Right? So that's just not going to happen.
I'm not disagreeing with you @nzafi. You're absolutely right ... this is a huge gimme to the wealthy and corporations.
Hello; A couple of thoughts about the new tax bill. Before the thoughts let me say I have no clear notion as to how it will affect the economy over al and over time as there are too many unintended outcomes. Also I do not know what little gems of special interest were stuck in somewhere.
First thought is that the government is not giving any money to the wealthy. They may be taking away less, but the folks "made " that money somehow. It was never the governments money to start with. I do have a problem with the carried interest tax rate as I currently understand it to be in the new bill.
Second thought is that the extra money that will be in my pocket and the pockets of the majority who do not itemize is that it is a government change that goes to folks who work and is not a hand out.
First thought is that the government is not giving any money to the wealthy. They may be taking away less, but the folks "made " that money somehow. It was never the governments money to start with. I do have a problem with the carried interest tax rate as I currently understand it to be in the new bill.
Second thought is that the extra money that will be in my pocket and the pockets of the majority who do not itemize is that it is a government change that goes to folks who work and is not a hand out.
Before i became a C.O. i worked in tech for a fortune 500 comany. I worked my way up to V.P (many yrs ago) and getting a taste for management was brutal, i agree with u. Everyrhing is about your dept's budget gotta spend enough to warrant more money every yr but also not soo much too raise eyebrows. I dont see a tax break by itslef creating a whole lot of jobs.
That being said im not one who believes in punishing the wealthy.
I broke my ban on watching the news last night in the hopes of learning more about the tax bill and learned nothing. All they talked about was fluff...the russia probe, trump saying no more happy hollidays but merry christmas, immigration, blah blah blah.
I could be wrong but doesnt the GOP have the majority of the votes ? If so it really annoys me that not much has changed in my life since oshama has left office
Now that it passed there isn’t much on the news. The GOP has done a horrible job frankly. I believe in science and an socially liberal so I’m against a lot of things trump has done. However I was really hoping for true tax reform where our horrendous system was simplified, loopholes closed, and broadening the base. In a sense of urgency to get something passed they passed a mess of tax reform that makes things more complicated. I agree with the concept of not punishing someone for being successful, but don’t sell the plan as huge break for the middle class because it’s not. The democrats are positioned well to take the senate during midterms and that is not a good thing. Who knows. After recalculating my taxes all I know is that the more money I make the more the tax change will benefit me over the current one. I’ll just have to work harder to make more money 
Those channels are definitely not for educating anyone. This site has some examples of the how the new tax bill works out in different cases.
https://taxfoundation.org/final-tax-cuts-and-jobs-act-taxpayer-impacts/
......and here I am about to impose my own ban on the news shows as all the negativity,accusations and petty bickering from both sides of political line is starting to wear thin with me.
Tarheel,thanks for posting that link.