Come on, we make it soooooo easy for you…
Come on, we make it soooooo easy for you…
I actually look forward to doing taxes ever since I “retired”… too much time in my hands and not enough to fill up the void…
Why do you have to make the sign so big? I use 2redbeans…
Only dating Chinese? Isn’t it a bit too limiting?
Um… I’m open to all races and ethnicities…
Really? In my mind it’s not really that big of a deal at all… I do have some pushy relatives but really it’s none of their business. I do what I like. You are actually pushier than my mom.
Are you ageist?
Not at all… if she’s too old to have children there’s always surrogacy or adoption
(Note: Individual rate cuts would expire after 2025.)
Seven rates, starting at 10 percent and reaching 39.6 percent for incomes above $418,401 for singles and $470,701 for married, joint filers.
Seven rates, starting at 10 percent and reaching 37 percent for incomes above $500,000 for singles and $600,000 for married, joint filers.
For joint filers:
10 percent: $0 to $19,050
12 percent: $19,050 to $77,400
22 percent: $77,400 to $165,000
24 percent: $165,000 to $315,000
32 percent: $315,000 to $400,000
35 percent: $400,000 to $600,000
37 percent: $600,000 and above
For single filers:
10 percent: $0 to $9,525
12 percent: $9,525 to $38,700
22 percent: $38,700 to $82,500
24 percent: $82,500 to $157,500
32 percent: $157,500 to $200,000
35 percent: $200,000 to $500,000
37 percent: $500,000 and above
Current law: 35 percent
Proposed: 21 percent, beginning in 2018.
Current law: Applies a 20 percent rate as part of a parallel tax system that limits tax benefits to prevent large-scale tax avoidance. Companies must calculate their ordinary tax and AMT tax, and pay whichever is higher.
Current law: Individual AMT can apply after exemption level of $54,300 for singles and $84,500 for married, joint filers, and the exemptions phase out at higher incomes.
Proposed: Increase the exemption to $70,300 for singles and $109,400 for joint filers. Increase the phase-out threshold to $500,000 for singles and $1 million for joint filers. The higher limits would expire on Jan. 1, 2026.
Current law: Businesses must take depreciation, spreading the recognition of their equipment costs for tax purposes over several years.
Proposed: Businesses could fully and immediately deduct the cost of certain equipment purchased after Sept. 27, 2017 and before Jan. 1, 2023. After that, the percentage of cost that could be immediately deducted would gradually phase down.
Current law: The U.S. taxes multinationals on their global earnings at the corporate rate of 35 percent, but allows them to defer taxes on those foreign earnings until they bring them back to the U.S., or “repatriate” them.
Proposed: U.S. companies’ overseas income held as cash would be subject to a 15.5 percent rate, while non-cash holdings would face an 8 percent rate.
Current law: Pass-through businesses, which include partnerships, limited liability companies, S corporations and sole proprietorships, pass their income to their owners, who pay tax at their individual rates.
Proposed: Owners could apply a 20 percent deduction to their business income, subject to limits that would begin at $315,000 for married couples (or half that for single taxpayers).
Current law: An individual who fails to buy health insurance must pay penalties of $695 (higher for families) or 2.5 percent of their household income – whichever is higher, but capped at the national average cost of the most basic, low-premium, high-deductible plan.
Proposed: Repeal the penalties.
Current law: $6,350 standard deduction for single taxpayers and $12,700 for married couples, filing jointly. Personal exemptions of $4,050 allowed for each family member.
Proposed: $12,000 standard deduction for single taxpayers and $24,000 for married couples, filing jointly. Personal exemptions repealed.
Current law: Individuals can deduct the state and local taxes they pay, but the value is subject to certain limits for high earners.
Proposed: Individuals can deduct no more than $10,000 worth of the deductions, which could include a combination of property taxes and either sales or income taxes.
Current law: Deductible mortgage interest is capped at loans of $1 million.
Proposed: Deductible mortgage interest for new purchases of first or second homes would be capped at loans of $750,000 starting on Jan. 1, 2018.
Current law: Qualified medical expenses that exceed 10 percent of the taxpayer’s adjusted gross income are deductible.
Proposed: Reduce the threshold to 7.5 percent of AGI for 2017 and 2018.
Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.
Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.
Current law: Applies a 40 percent levy on estates worth more than $5.49 million for individuals and $10.98 million for couples.
Proposed: Double the thresholds so the levy applies to fewer estates. The higher thresholds would sunset in 2026.
Yawn. You can’t debate the argument, so you insult. It’s easy to tell when I’m right, and you have no rebuttal.
We believe our taxes will also go down. Since we are retired, we do not have high income and our mortgages are paid off.
Just used the site for calculation. We save $2624.
This is higher than Senate and the last combined version i.e. tax payable has increased since the last version.
Definitely has tax savings if no mortgage.
Site might not be updated with the latest change.
In a way, the tax code is simplified since 90% (marcus says so ) won’t be itemizing the deductions, so AMT doesn’t kick in. Very straight forward computation.
So far, no one here would pay more. It says I’d save $2,100. It’s going to be complex since I have to file in 2 states.
That doesn’t mean it is updated when Meguro used the site Is why I say might not be updated.
Is the tax payable computed by the site based on current tax code same as what you’re paying? Mine is off by a lot. I paid less.
Won’t say no one here would pay more, not clear whether they are using the latest combined tax version. Might need to recompute.
Anyhoo, my tax payable using the latest combined version is increased by $12k! The site says hardly change. Is because its computed tax payable under current tax code is too high. I paid less.
Other than dating, you can also go to gym, practice yoga, golf, angel investing, study cryptos, get a MBA or PhD in business etc.
As a test, are you happier now than working a job? What percentage is change?
I think some people here can choose to retire also, need to figure out whether retirement life is better or worse