al in cal wrote:Deplorable Mark wrote:Blondy28 wrote:Deplorable Mark wrote:CHINA BACKING OFF THE TRADE WAR THREAT
KOREA WILLING TO TALK ABOUT DE-NUKING.
RECORD HIGH STOCK MARKET
RECORD LOW UNEMPLOYMENT
TAX CUTS FOR EVERYBODY
THE DISASTER OF OBAMACARE ALMOST REPEALED IF NOT FOR JOHN MCCAIN
STILL WAITING ON THE WALL
BUT AMERICA IS CLEARLY FAR BETTER OFF TODAY THAN IT WOULD HAVE BEEN UNDER HILLARY AND THE CONTINUE FAILED POLICIES OF OBAMA
AND THIS IS WITH THE DEMOCRAT PARTY MINDLESSLY OBSTRUCTING EVERYTHING AND THE MAINSTREAM MEDIA OUT RIGHT DISTORTING EVERYTHING.
JUST THINK HOW MUCH MORE COULD BE ACCOMPLISHED IF DEMOCRATS FAVORED COUNTRY OVER PARTY AND WE HAD AN OBJECTIVE MEDIA INSTEAD OF A LEFTWING PROPAGANDA MACHINE
I can't believe I'm weighing in on this cluster fuck...and I'm certain I will come to regret it. Kark, you're a CPA, so I certainly can't snow you even if I wanted to. My taxes are going up. A LOT. As in, one of my kids won't may not be able to continue going to college a lot. Without disclosing our salary, do a back-of-the-envelope calculation for me using an educated guess. My family of 5 will be losing the $20,050 personal exemption. With 3 dependents over the age of 17, the child tax credit doesn't impact me. In 2016 (I don't use 2017, because I prepaid my first installment property taxes, so it's skewed), our itemized deductions were about $36,000, but with the SALT cap, we will now be taking the standard. Apparently a middle class family of 5 who counts trips to Pembine, Wisconsin to my in-laws cabin as vacation, drives two 2006 Toyotas purchased used, and kids drive a 2004 Honda that they bought from their uncle with their own money is a family that was just riding the gravy train for far too long.
I have to admit it, Blondy caught me. There is a doughnut hole of about 25% of the people that got screwed by the elimination of the personal exemption. Middle class families in Illinois will be among the hardest hit because of how high our real estate taxes are. Personally, I haven't projected my 2018 tax liability. But just eyeballling it, I'm thinking break even is the best case scenario. The hope is, the improving economy will get me a bigger raise and bigger bonus which can cover what looks like to me, a few more dollars to the IRSOn May 11, Peter Roskum will talk to the IL CPA Society. I be sure to mention how the lack of the personal exemption will screw many an Illinois family.On the bright side, the Blond family has yet to incur this increase in taxes. The increase this fine lady is expecting in not due for another 365 days. Hopefully Congress will see the light and place this back into the tax code retro to Jan 1, 2018. So time to pressure our representatives to place this back.BTW, Blondy, and I'm sure many others, because I see it in may future as well, we are all on a ticking time bomb of increased income tax. Its NOT because of some lie or trick, hopefully everybody's income is going up, but sooner or later the kids move out and the house gets paid off and those are people's big deductions. Throw in the higher income, and wham. However, once the kids move out and you downsize the house in order to escape Illinois real estate taxes, then then 2017 tax cuts will probably start looking good.Anyway, Blondy is 100% correct that not everybody got their taxes cut. But if someone like Roskum can sneak back in personal exemptions into one of those 30,000 page bills nobody reads, then it will be
Pardon me if I do not feel sorry for the fucked up states with out of control state taxes. For too long these state organizations have let out of control taxes and pension liabilities take advantage of a deduction on their federal taxes thereby screwing those states that did not have that kind of stupid state administrations.Why should states get their taxes being a deduction at all. Fuck em. Bring their own state taxes down, including the fucked up state of Illinois.
Also, I wonder why so many jobs left Illinois in the last 9 years? Hmm? Keep electing ding bat liberals and see what happens.
Very well reasoned response. Roskam is a piece of hot garbage. They removed the personal exemption because a bunch of know-nothings have no earthly clue what it even is, so the GOP runs out and screams about doubling the standard deduction (which isn't even doubled), and they all think they won the damned lottery. We had to explain to my husband's friend who bought into the hype that his taxes are going UP, not down. And just when we had him understanding, the withholding rates changed and he told us "see, I got a tax cut...I'm getting more in my paycheck". Dumb fuck. Here's the thing on the doughnut hole. The people drafting this tax scam know perfectly well that a bunch of us will get screwed...and they don't care. It's about getting money into the pockets of their rich donors, and about what sounds good to people like my husband's moron friend. It's about sound bytes. "Double the standard deduction, do your taxes on a postcard!" And for a lot of reasons (the deficit/debt), I'm totally opposed to this scam on the whole, but let's say it had to happen...I'm actually less pissed about the rich, who benefit the most by this plan, than I am that a newly married young couple with no kids living in their parents' basement gets the same deduction that my family of five gets. This scam did nothing it was supposed to do. It doesn't help "middle class families", and it doesn't close the loopholes that only rich people who can afford to pay their accountants a lot of money take advantage of.
Do you honestly think that somehow you will reap the benefits of this giveaway to the rich and the basement dwellers through big pay raises? I've been working full time for 34 years, and neither my husband nor I have seen any increases in our pay because of whatever the economy was doing at the time, and that's even less so the case now. I'm a property manager. I manage a condo building. My salary is paid by owner assessments. My husband has been at the same company for 31 years, and not only is he not going to get any salary bump, we got an extra kick to the groin because effective this year, his company is no longer reimbursing us for 70% of our $5,000 medical deductible.
And yes, some folks won't realize their tax increase until next year, but we changed our withholding so that we don't end up owing a bunch of money next year. My husband was previously claiming 2, and we changed it to zero. In addition to that, I'm having an additional $25 withheld from each of my paychecks, and he's having an additional $75 withheld from each of his paychecks. Throw in inflation and gas up almost a dollar. We have been crippled.
I know that the GOP's talking point to explain why it's not their fault that they screwed over people like you and me is that if we didn't have such high taxes, we wouldn't be hurt by the SALT cap (which is bullshit, because my taxes would still go up because of the elimination of the personal exemption, but let's put that aside for a minute), and that this is GOOD NEWS because it will force states to reduce taxes. Hey, here's an idea. How about that for every $1 we send to Washington, that we get a $1 back for our state? South Carolina gets almost $9 for every $1 they send. Fuck them. Why do we have to pay for them? Perhaps our property taxes, which fund our schools, wouldn't have to be as high if we got all of our federal dollars back and put it into our schools.