Deplorable Pheoma
Check this out
Tue Dec 5, 2017 6:23am

I can't make it increase the taxes on $20-$70K families in a sustainable way.

I suppose a person could come up with a unique situation where it would, but nothing repeatable that could occur normally.

If a single person in Ohio with no children made $50K and had $30K worth of itemized deductions plus $900 in RE tax, they would pay $241 or $351 more under the new tax plan. But that isn't really sustainable. On the other hand, it that single person had 1 child they would save. Of course that isn't realistic either.

Give it a try.

  • Which are Congress? Wait until people see their grossly shrunken tax returns. Wait until people see all the deductions and exemptions swept away to pay for the appearance of a percentage tax cut.... more
    • Check this out — Deplorable Pheoma, Tue Dec 5 6:23am
      • ...using every "calculator" I've been able to find, I'll get a tax break. Using THIS calculator, between $730 and $960. Not sure what the impact will be when I get married next Spring.
      • Plenty Of Examples Exist...Amadeus, Tue Dec 5 3:02pm
        ...that demonstrate the impact this is going to have on people. Like students who no longer get to deduct their tuition waivers. Just look online. And look at what it is going to do to the deficit.... more
        • Not only can't students deduct that-Pikes, Tue Dec 5 3:54pm
          Grants and scholarships are to be considered taxable income. Hits graduate level study hardest. Godd Damnn Trump.
          • clarification neededDeplorable Pheoma, Wed Dec 6 11:54am
            I'd never thought about this before, so I did a little research. According to IRS pub 17 page 97 In reference to misc income " Scholarships and fellowships . A... more
            • UncertainPikes, Wed Dec 6 12:33pm
              I know the rules are changing, and before the Senate these shifted back and forth a lot. So what ends up in the bill and law if it becomes that is unclear. But my understanding is some are trying to... more
              • Thanks for the linkDeplorable Pheoma, Wed Dec 6 4:11pm
                From my reading of the article, it doesn't mention the taxation of scholarships at all..... Never knew there were so many tax breaks and credits for going to school. What a mess our tax system is.... more
      • TT vs TPCPikes, Tue Dec 5 1:04pm
        I prep my own taxes with Turbo Tax. I ran my figures through it- a real tool, to discover because of exemptions and deductions I won't be able to claim anymore, my tax bill increases 2.99%. I don't... more
        • It look like both of us are different than the normDeplorable Pheoma, Tue Dec 5 2:50pm
          I guess you must have a rather larger variety of deductions than the norm. I on the other hand am different too. Just have the wife's small pension and my farm income, which has been negative for the ... more
          • MaybePikes, Tue Dec 5 3:51pm
            Because I am a "qualified performing artist," I get several 1099s from ensembles I work for, and also have my own business in commercial music. I have a small pension from my years in education too.... more