Tax Bill Calculator: Will Your Taxes Go Up or Down?

Lumara · #1 (**permalink**) 12-27-2017, 10:37 AM

I just came across this site that will tell you how your taxes will fare under the new plan.

https://www.nytimes.com/interactive/...alculator.html

According to this I'll receive a $760 tax cut. The fake news in the MSM claims that this tax reform package is only lowering taxes for the wealthy and corporations, yet fails to mention that the wealthy in high-property tax states will pay more, and most people, who aren't wealthy, will see a decrease in taxes owed.

Quote:

Now, we’ve heard a lot of stories about how this is so great for the rich and this is true in some cases, but the really rich are capped with their property taxes of deducting only $10,000 (most of which have much higher mortgages, thereby paying far more than $10,000 each year in interest). So, for example, someone earning $1,000,000 in 2018 who is married with two kids, making $10,000 per year in tax-deductible tax deductions, paying $30,000 in property taxes and pays $25,000 in mortgage interest will have to still have to pay approximately $300,000 in federal income taxes. And it is worse for those high earners in states with high state income taxes like New York and California who are limited to a total of $10,000 of their state, local and property taxes.

But these numbers vary widely and are easily manipulated which is why it is best for everyone to use the tax calculator to see where they personally stand. While one politician will give you one scenario, another will give you a completely different picture based on slightly different factors. It is neither Armageddon nor is it something that is going to propel us to a 5 percent growth in the GDP. Many politicians tend to be drama queens and are on stage every day with their political theater. Suddenly some on Capitol Hill are talking about how concerned they are with the growing federal debt when they have been voting to increase the debt through dramatic spending programs for years. Apparently, they are betting on Americans either being stupid or having short memories.
https://palmbeachfreepress.com/2017/...as-others-say/

GottaGo · #2 (**permalink**) 12-27-2017, 11:21 AM

Quote:

Originally Posted by Lumara

I just came across this site that will tell you how your taxes will fare under the new plan.

https://www.nytimes.com/interactive/...alculator.html

According to this I'll receive a $760 tax cut. The fake news in the MSM claims that this tax reform package is only lowering taxes for the wealthy and corporations, yet fails to mention that the wealthy in high-property tax states will pay more, and most people, who aren't wealthy, will see a decrease in taxes owed.

According to this, I will also get a cut, though there are some special situations for me that may make the cut a little less then suggested.

Lumara · #3 (**permalink**) 12-27-2017, 12:48 PM

Quote:

Originally Posted by GottaGo

According to this, I will also get a cut, though there are some special situations for me that may make the cut a little less then suggested.

Any cut is good!

Next they need to reduce spending.

Bat · #4 (**permalink**) 12-27-2017, 09:00 PM

Quote:

Originally Posted by Lumara

Any cut is good!

Next they need to reduce spending.

I used to say that congress spent money like a drunken sailor.
I was wrong.
Drunken sailors stop spending money when they run out of money, congress runs out and keeps spending.
Our government needs to reduce spending or at the very least, stop increasing their spending.

The new tax bill does reduce my taxes. More money for me to save for retirement.

saltwn · #5 (**permalink**) 12-27-2017, 10:41 PM

Quote:

Originally Posted by Lumara

Any cut is good!

Next they need to reduce spending.

Quote:

Originally Posted by Bat

I used to say that congress spent money like a drunken sailor.
I was wrong.
Drunken sailors stop spending money when they run out of money, congress runs out and keeps spending.
Our government needs to reduce spending or at the very least, stop increasing their spending.

The new tax bill does reduce my taxes. More money for me to save for retirement.

but dont take it from big oil subsidies and rich people
take it from the elderly, disabled and children

Bat · #6 (**permalink**) 12-27-2017, 11:09 PM

Quote:

Originally Posted by saltwn

but dont take it from big oil subsidies and rich people
take it from the elderly, disabled and children

Do you think the elderly, disabled and children have monies that can be taken from them?
And how is allowing me to keep money that I earned taking anything from anybody? It's actually quite the opposite of taking.

mr wonder · #7 (**permalink**) 01-01-2018, 09:00 AM

for later

saltwn · #8 (**permalink**) 01-01-2018, 04:53 PM

Quote:

Originally Posted by Bat

Do you think the elderly, disabled and children have monies that can be taken from them?
And how is allowing me to keep money that I earned taking anything from anybody? It's actually quite the opposite of taking.

trillions

saltwn · #9 (**permalink**) 01-03-2018, 02:50 AM

even reagan's man saw the truth

You Tube

lurch907 · #10 (**permalink**) 01-03-2018, 12:28 PM

Quote:

Originally Posted by saltwn

but dont take it from big oil subsidies and rich people
take it from the elderly, disabled and children

Sorry to break it to you salty, but I'm certainly not rich, I have a child and a disabled wife and I'll be getting a tax cut.

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The Following User Says Thank You to Lumara For This Useful Post:
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The Following 4 Users Say Thank You to Bat For This Useful Post:
AZRWinger, GetAClue, GottaGo, Lumara