Has anyone done any tax planning to see the impact of the

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 2:56 pm on Dec 14, 2018

New Trumpo tax law is on their obligation. Unless you are a corporation it is horrible news. Fuck.

Replies to: Has anyone done any tax planning to see the impact of the


Thread Level: 2

I qualified for the EITC last year

Author: MarkHarman (2859 Posts - Original UHND Member)

Posted at 9:25 pm on Dec 15, 2018

Hopefully it will be even bigger this year.

Thread Level: 2

Mine should be lower.

Author: iairishcheeks (9626 Posts - Original UHND Member)

Posted at 1:18 pm on Dec 15, 2018

I thought my prop taxes were high at $4K, sheesh, how do you people rationalize over $10K?

Thread Level: 2

Best I can tell my federal taxv burden dropped $4K.

Author: NDavenue (2985 Posts - Original UHND Member)

Posted at 9:34 pm on Dec 14, 2018

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Thread Level: 2

My Fed tax went down about $140 a month, but I don’t live in ...

Author: CC72 (13899 Posts - Joined: Sep 5, 2010)

Posted at 7:45 pm on Dec 14, 2018

a $750,000 house in a state where they tax the crap out of real estate and add on huge state income taxes.

Thread Level: 3

I feel bad that you had 140 fewer chances to be patriotic.

Author: NedoftheHill (22300 Posts - Joined: Jun 29, 2011)

Posted at 8:11 pm on Dec 14, 2018

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Thread Level: 3

Good for you

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 7:52 pm on Dec 14, 2018

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Thread Level: 2

Surprise surprise surprise!............Gomer Pyle

Author: golfkrzy (3195 Posts - Original UHND Member)

Posted at 5:17 pm on Dec 14, 2018

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Thread Level: 2

The limitation (cap) on the state and local tax deduction is a killer

Author: Shadow_of_the_Dome (2088 Posts - Original UHND Member)

Posted at 4:13 pm on Dec 14, 2018

As near as I can estimate at this point, the reduction in tax rate will just about be offset by the reduction in how much I can deduct on state income taxes.

This message has been edited 1 time(s).

Thread Level: 3

Bingo. Don’tcha love your tax cut?

Author: Frank L (33376 Posts - Joined: Sep 20, 2007)

Posted at 5:19 pm on Dec 14, 2018

Typical politician BS.

This hurts the upper middle class that are getting socked already in these states.

No impact on the wealthy or the poor.


Thread Level: 3

NJ is a nightmare

Author: 86domer (405 Posts - Original UHND Member)

Posted at 4:22 pm on Dec 14, 2018

My prop taxes well over 10K … and I am not in a small group with prop taxes between 10K and 20K.

Couple this with a high state tax rate = brutal. I have not worked out the exact details yet, but this is a net negative for many in NJ and I expect the same CA/NY.


Thread Level: 4

Are you a native of NJ?

Author: WoodstockIrish (9685 Posts - Original UHND Member)

Posted at 7:44 am on Dec 17, 2018

What do you get in return for these high taxes? I was born and raised, and i wouldnt move back there if you paid me to.

Thread Level: 4

Smacking me hard and I am in Virginia

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 5:04 pm on Dec 14, 2018

(no message)

Thread Level: 5

On the plus side, I think I will miss the AMT this year as the criteria has increased.

Author: Shadow_of_the_Dome (2088 Posts - Original UHND Member)

Posted at 5:10 pm on Dec 14, 2018

It’s going to be close, but I think I will avoid it this year.

Thread Level: 6

my AMT differential is very tight as well.

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 5:27 pm on Dec 14, 2018

(no message)

Thread Level: 4

Hear you on that

Author: Shadow_of_the_Dome (2088 Posts - Original UHND Member)

Posted at 4:58 pm on Dec 14, 2018

I’m in a midwestern state where my property taxes are about $8k per year now, but I lived in Connecticut a few years ago where they were twice that for a home of similar value. Means none of your state income taxes (or property taxes on cars/boats) can be deducted. I’ve got to think that this will disincentive making new car/boat/home upgrade purchases once people understand the impacts.

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Thread Level: 5

You are spot on

Author: 86domer (405 Posts - Original UHND Member)

Posted at 5:53 pm on Dec 14, 2018

There was already a vacuum pulling people out of this state and this just increased the pull. Interestingly, in NJ only the first 10K of prop tax is deductible from state income tax... so effectively I will be taxed on the same dollar 3x (pay the prop tax, tax the money already collected in the state, tax it again federally) ugh.

But I am the proverbial frog in boiling water (perhaps I should hop out?)

Go Irish


Thread Level: 2

First of all corporations get taxed twice once at the corporate level and once at the individual

Author: THEISMANCARR (9370 Posts - Joined: Aug 10, 2007)

Posted at 3:23 pm on Dec 14, 2018

level. What the Tax act aimed to do was to not punish corporations too much and it has also benefited 85% of the country that does not earn big wages. It hurts California, New York, New Jersey and a couple of other high property tax, high income tax states. But it only really hurts the higher earners in those states because of the limitation to 10,000 for taxes paid to state and for property taxes.

Thread Level: 3

The 10,000 limitation really sucks and has a significant negative impact.

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 5:01 pm on Dec 14, 2018

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Thread Level: 2

What have you found out?

Author: NedoftheHill (22300 Posts - Joined: Jun 29, 2011)

Posted at 3:08 pm on Dec 14, 2018

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Thread Level: 3

they are taxing the American dream into a nightmare.

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 5:02 pm on Dec 14, 2018

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Thread Level: 4

Wait, so you oppose higher taxes, and support lower taxes? Good to hear.

Author: NedoftheHill (22300 Posts - Joined: Jun 29, 2011)

Posted at 7:18 pm on Dec 14, 2018

(no message)

Thread Level: 5

What’s funny is you think this is a party issue. It doesn’t take much

Author: irishscooter (4977 Posts - Joined: Oct 1, 2008)

Posted at 7:51 pm on Dec 14, 2018

To come up with a fair tax plan and cut stupid expenses including some military and entitlement reform. Neither party has the balls to do the right thing. Trumpo is exhibit A of what’s wrong and corrupt and Clinton is exhibit B. Take them down. Get on board or support the corruption

Thread Level: 6

Well, every time the GOP wants to lower taxes, the Dems get upset. That's what tricked me.

Author: NedoftheHill (22300 Posts - Joined: Jun 29, 2011)

Posted at 8:12 pm on Dec 14, 2018

But, I'm glad you and I can find some common ground. Let's drain the swamp together.

This message has been edited 1 time(s).

Thread Level: 3

Irishscooter refuses to release his tax returns!

Author: iairishcheeks (9626 Posts - Original UHND Member)

Posted at 4:04 pm on Dec 14, 2018

(no message)