Cigar Asylum Cigar Forum  

Go Back   Cigar Asylum Cigar Forum > Non Cigar Specialty Forums > Misc > General Discussion

Reply
 
Thread Tools Display Modes
Old 12-20-2017, 01:34 PM   #1
mosesbotbol
That's a Corgi
 
mosesbotbol's Avatar
 
Join Date: Oct 2008
First Name: Moses
Location: Boston
Posts: 5,763
Trading: (6)
Punch
mosesbotbol has a spectacular aura aboutmosesbotbol has a spectacular aura aboutmosesbotbol has a spectacular aura about
Question New Tax Bill - Are you getting relief?

The tax bill has passed. Do you anticipate lower taxes? States with high taxes are less likely to get a benefit. Not sure how high our taxes are in MA.

I am for the tax plan, but from what I can see I don't think I will get any savings from it. How about you?
__________________
F1 | Port Wine | Welsh Corgi | Campagnolo
mosesbotbol is offline   Reply With Quote
Old 12-20-2017, 01:55 PM   #2
Ashcan Bill
Ol' Dude
 
Ashcan Bill's Avatar
 
Join Date: Oct 2008
First Name: Bill
Location: Henderson, NV
Posts: 1,690
Trading: (6)
Partagas
Ashcan Bill has disabled reputation
Default Re: New Tax Bill - Are you getting relief?

We have no state income tax in Nevada and I don't have a mortgage so we take the standard deduction. I expect we'll save a little bit since the standard deduction is increased (though I believe the personal exemption is eliminated?) and the brackets have been slightly reduced. We'll see.
Ashcan Bill is offline   Reply With Quote
Old 12-20-2017, 02:49 PM   #3
Flynnster
Life's too short Swishers
 
Flynnster's Avatar
2
 
Join Date: Oct 2010
Location: Middle of the Mitten
Posts: 773
Trading: (6)
Flynnster has a spectacular aura aboutFlynnster has a spectacular aura about
Default Re: New Tax Bill - Are you getting relief?

It's going to be a real toss up for a lot of people. I think those who had a lot of exemptions (for example contractors) are going to be hit pretty hard by this. But for those who are more "regular" who have one job, a mortgage, and nothing too crazy I think there will be little change other than things becoming easier. This being my first year where I don't have 2 or 3 consulting/contracting jobs to worry about, nor student loan interest, I think I may come out ahead.

I see this more as a move to the "easier" tax return that so many desire, than a foundational shift in federal taxes.
Flynnster is offline   Reply With Quote
Old 12-20-2017, 03:00 PM   #4
shilala
Dear Lord, Thank You.
 
shilala's Avatar
6
 
Join Date: Oct 2008
First Name: Scott
Posts: 13,695
Trading: (252)
Cuaba
shilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond reputeshilala has a reputation beyond repute
Default Re: New Tax Bill - Are you getting relief?

I didn't bother last year. This year is gonna hurt.
Fortunately my buddy is the county tax collector/doer.
Taxes suck.
__________________
shilala is offline   Reply With Quote
Old 12-21-2017, 06:28 AM   #5
mosesbotbol
That's a Corgi
 
mosesbotbol's Avatar
 
Join Date: Oct 2008
First Name: Moses
Location: Boston
Posts: 5,763
Trading: (6)
Punch
mosesbotbol has a spectacular aura aboutmosesbotbol has a spectacular aura aboutmosesbotbol has a spectacular aura about
Default Re: New Tax Bill - Are you getting relief?

Actually, on further review I think I am lowering my tax liability! I was looking at the current tax brackets when I first post.
__________________
F1 | Port Wine | Welsh Corgi | Campagnolo
mosesbotbol is offline   Reply With Quote
Old 12-21-2017, 08:35 AM   #6
T.G
Colonel Dingleberry
 
T.G's Avatar
14
 
Join Date: Mar 2009
First Name: The Other Adam
Posts: 14,641
Trading: (37)
Navy (Served With Honor)
T.G has disabled reputation
Default Re: New Tax Bill - Are you getting relief?

"Only white man could cut 1 foot off top of blanket, sew it to bottom of blanket and proclaim the blanket is now longer"
--Keith Sellers aka: Big Chief / SkidMarx
T.G is offline   Reply With Quote
Old 12-22-2017, 05:55 AM   #7
Subvet642
Bilge Rat
 
Subvet642's Avatar
1
 
Join Date: Nov 2009
First Name: Darren
Location: Torpedo Room Bilge
Posts: 2,954
Trading: (13)
LFdC Navy (Served With Honor)
Subvet642 is a name known to allSubvet642 is a name known to allSubvet642 is a name known to allSubvet642 is a name known to allSubvet642 is a name known to allSubvet642 is a name known to all
Default Re: New Tax Bill - Are you getting relief?

I haven't looked at whether I'll personally save any money but the way I figure it, the simpler the better. If I had my way, there would be a flat tax with no deductions, in other words, a one line tax code. The way I see it, if we are all equal, as stated in the Declaration of Independence, then the tax code should treat us all equally; rich and not-so-rich alike. I'm just a security guard but I am so sick of society thinking that just because someone is wealthy they are somehow "prey animals" for the rest of us to feed upon, figuratively speaking.
__________________
"Man's mind is his basic tool of survival. Life is given to him, survival is not." -John Galt
Subvet642 is offline   Reply With Quote
Old 12-22-2017, 07:41 AM   #8
mosesbotbol
That's a Corgi
 
mosesbotbol's Avatar
 
Join Date: Oct 2008
First Name: Moses
Location: Boston
Posts: 5,763
Trading: (6)
Punch
mosesbotbol has a spectacular aura aboutmosesbotbol has a spectacular aura aboutmosesbotbol has a spectacular aura about
Default Re: New Tax Bill - Are you getting relief?

So, they say we will say a difference in the paycheck. How is that going to happen? Do withholding's change or is that just analogy? For sure if there is a break, you'd notice it by April 2019 when doing taxes. I generally over-withhold to ensure I can cover any 1099 income that I may generate. The worst is having to write a check to the Govt for me. I'd rather get money back.
__________________
F1 | Port Wine | Welsh Corgi | Campagnolo
mosesbotbol is offline   Reply With Quote
Old 12-22-2017, 11:55 AM   #9
GoatLocker
Dr of Quantum Inebrionics
 
GoatLocker's Avatar
 
Join Date: Oct 2008
First Name: Eric
Location: Sandy Eggo
Posts: 433
Trading: (1)
Cohiba Navy (Active)
GoatLocker has disabled reputation
Default Re: New Tax Bill - Are you getting relief?

Employers will recalculate withholding based on your W2 and the new tax tables, so folks who get a paycheck will see an increase.

Looks like I will no longer be itemizing. Really happy about that. Taxable income will be higher, but tax owed will be lower by a couple thousand $. Even happier about that.

I agree with Subvet, we should all pay a flat rate, no deductions or credits. I get tired of people who don't pay taxes demanding others must pay more. Everyone should have skin in the game.
__________________
"I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form." Winston Churchill
GoatLocker is offline   Reply With Quote
Old 12-25-2017, 07:51 AM   #10
shark
Cigar Smokin' Patriot
 
shark's Avatar
 
Join Date: Sep 2009
First Name: Ron
Location: Michigan
Posts: 2,380
Trading: (0)
Bolivar Army (Served With Honor)
shark is a jewel in the roughshark is a jewel in the roughshark is a jewel in the roughshark is a jewel in the rough
Default Re: New Tax Bill - Are you getting relief?

Quote:
Originally Posted by Subvet642 View Post
I haven't looked at whether I'll personally save any money but the way I figure it, the simpler the better. If I had my way, there would be a flat tax with no deductions, in other words, a one line tax code. The way I see it, if we are all equal, as stated in the Declaration of Independence, then the tax code should treat us all equally; rich and not-so-rich alike. I'm just a security guard but I am so sick of society thinking that just because someone is wealthy they are somehow "prey animals" for the rest of us to feed upon, figuratively speaking.
Even better, just trash the 16th Amendment altogether and go back to taxing the way it was previously.
__________________
I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine.~Ayn Rand
shark is offline   Reply With Quote
Old 01-14-2018, 03:24 PM   #11
Navydoc
Roll Tide!!!
1
 
Join Date: Oct 2008
First Name: Paul
Location: Virginia Beach, VA
Posts: 130
Trading: (0)
RA Navy (Retired)
Navydoc is on a distinguished road
Default Re: New Tax Bill - Are you getting relief?

Now that all my income comes from my LLC i'm hoping the 21% tax bracket is better than the 35% I was paying...
Navydoc is offline   Reply With Quote
Old 01-14-2018, 08:40 PM   #12
Da Klugs
Juan of 11
 
Da Klugs's Avatar
1
 
Join Date: Oct 2008
First Name: Dave
Location: Right here
Posts: 4,118
Trading: (8)
RA
Da Klugs has disabled reputation
Default Re: New Tax Bill - Are you getting relief?

Quote:
Originally Posted by Navydoc View Post
Now that all my income comes from my LLC i'm hoping the 21% tax bracket is better than the 35% I was paying...
check here: Simplemathduh.com

__________________
Communities Not Commodities.
Punctuation challenged, but trying. Proud winner of phase 1 of the Weight loss contest
Da Klugs is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -6. The time now is 08:48 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
All content is copyrighted jointly by Cigar Asylum and the content provider.