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Post 09 Mar 2019, 11:04 pm

geojanes wrote:
bbauska wrote:OK, Here is the data. AGI difference is negligible between 2017 and 2018 taxes.

Tax owed was $1500 less this tax year (2018). Seems like the tax plan put forth from the administration saved me (a middle class family) $125/month. I am happy about that.


That's pretty darn good. Good for you!

Did you itemize your deductions in either year? I think for most folks who took the standard deduction in 2017 they're going to be saving money in 2018.


Actually, I did not take the itemized route. My house is almost paid off, and the interest reduction made it less than the standard deduction. The charitable contributions made some difference, but not enough to warrant the itemization.

Taxes were less this year. Only if they Federal budget would be reduced as well, we could be heading to more solvency.
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Post 11 Mar 2019, 1:36 pm

I'm hoping others will also share their experience. I will, but it won't be until next month.
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Post 30 Mar 2019, 6:49 am

Just finished mine … the tax bite is about the same … on the one hand I lost all sorts of itemized deductions like state taxes … on the other hand I qualify for the new 20% Qualified Business Income deduction. Losing exemption for a family of 4 hurts; the child tax credit is not fair compensation because it is only for kids under 17. I have every reason to believe that I will support my kids through college, but hopefully not after that. The lower rates are a plus. So, these competing factors basically wash for my personal situation. I still believe in the tax reform as it relates to corporations. The economy is benefiting from that.

This is the first time I have not itemized since at least 1985 when I got my first professional job. That does result in simplification. I didn't have to figure out my charitable contributions or misc. investment expenses, etc. On the flip side I must say that the 5 new schedules that I am now required to file is a real pain in the ass. Trump promised to make the 1040 fit on one page, and as a result I have 5 extra pages that go with my return including an entire page for nonrefundable credits, another page for self employment tax and an entire page for estimated tax payments. What were they thinking?
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Post 09 Apr 2019, 11:21 am

Ray Jay wrote:Just finished mine … the tax bite is about the same … on the one hand I lost all sorts of itemized deductions like state taxes … on the other hand I qualify for the new 20% Qualified Business Income deduction. Losing exemption for a family of 4 hurts; the child tax credit is not fair compensation because it is only for kids under 17. I have every reason to believe that I will support my kids through college, but hopefully not after that. The lower rates are a plus. So, these competing factors basically wash for my personal situation. I still believe in the tax reform as it relates to corporations. The economy is benefiting from that.

This is the first time I have not itemized since at least 1985 when I got my first professional job. That does result in simplification. I didn't have to figure out my charitable contributions or misc. investment expenses, etc. On the flip side I must say that the 5 new schedules that I am now required to file is a real pain in the ass. Trump promised to make the 1040 fit on one page, and as a result I have 5 extra pages that go with my return including an entire page for nonrefundable credits, another page for self employment tax and an entire page for estimated tax payments. What were they thinking?


My personal situation was similar. I lost a host of deductions, and, like RJ didn't itemize for the first time since goodness knows (though I tried, it just didn't turn out in my favor.)

My rate went up but not as much as I expected, but my income also went up, so it's hard to tease out exactly what the impact of tax reform was.

As I've reported in the past my effective federal tax rate over the years is as follows (Federal income tax/AGI):

2003: 23.6%
2004: 25.8%
2005: 26.3%
2006: 26.4%
2007: 28.4%
2008: 26.5%
2009: 26.5%
2010: 17.7%
2011: 13.1%
2012: 4.5%
2013: 6.4%
2014: 12.0%
2015: 6.5%
2016: 7.6%
2017: 12.8%
2018: 13.4%

So my rate went up 0.6 percentage points from the previous year, and is the most I've paid (as a percentage) since 2010, but it's not out of line and no where near what I used to pay. I really thought I would fare much worse and am pleased to only be paying 0.6% percentage points more.
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Post 23 Jul 2019, 11:08 am

So nice that once the Republicans got control of the White House, the era of fiscal responsibility would begin. Long Live The Tea Party!

https://www-m.cnn.com/2019/07/23/politi ... ick-access

The Tea Party started and ended when the Black Man had control of the money...
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Post 23 Jul 2019, 4:16 pm

freeman3 wrote:So nice that once the Republicans got control of the White House, the era of fiscal responsibility would begin. Long Live The Tea Party!

https://www-m.cnn.com/2019/07/23/politi ... ick-access

The Tea Party started and ended when the Black Man had control of the money...


And here I thought race didn't matter...
Sadly, the Republicans are no better than the Democrats when it comes to spending.