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Ready to pay more taxes!??
Started by BMBiology
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Yeah i’m saving especially with OT. Did these changes take effect in February? I’m saving a ton more than January based on first February paycheck.
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I believe the new rates went into effect in February.
You guys do realize this change in withholding means NOTHING, right. There have been massive changes in the way you can take deductions. Every person is different and you need to look carefully at your own situation or on April 15, 2019, you could get the financial screwing of a lifetime. I don't know where I will come out, but on first blush it doesn't look good for me. I have 34,000.00 in itemized deductions. I will lose that and the personal exemption for me and my wife and replace that with a 24,00000 standard deduction. That means 18K more will be subject to tax for me. I don't know if the drop in rates will make it up. Payroll withholding is not always equal to taxes owed at the end of the year. Buyer beware,,,,,,,
Try the calculator here: Tax Plan Calculator by Maxim Lott
I think you will still pay about 1k less in taxes despite the 10k SALT limit and loss of personal exemptions. However, if you used to claim a lot of W4 allowances (10+) for your itemized deductions, you should immediately reduce it to 3 if your spouse does not work. If your spouse does work, it's more complicated but basically you can claim a total of 4 allowances for both of you and should each withhold at the higher single rates.
I am aware, there are many people in my state that are concerned (I live in a heavily taxed state) and it is a current topic of debate as to how they want to handle things. My only itemized deduction is the ~$10k I pay in state income taxes so I'm likely going to come out on top.
Nice generalization, I do realize that if you previously had a high state tax burden or property tax burden this new system may hurt you. The witholdings are accurate if you don’t itemize or had less then 24k as a couple in itemizations.
If you are single then yes, you come out ahead.
The $10 k tax deduction (state, property tax) is not just for singles but also for couples.
So stay single. Don’t get married. Don’t live in a state with high income tax. Don’t buy a house.
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I am single, I'm hoping to buy a home in 1-3 years though. No plans to move to another state unless I snag a good deal in one of the other 2 states (tri-state area) and can manage the commute. Property tax will add 3-5k to the bill (which when I calculated things I'm still saving ~2k a year with that added) for my area.
"Trump's gas tax would wipe out 60% of tax cut benefit for individuals, analyst estimates"
A 25-cent gasoline tax, reportedly endorsed by President Trump, would help wipe out 60 percent of the benefit from the tax breaks he recently signed into law for individuals, according to Strategas Research.
Daniel Clifton, Strategas' head of policy research, said the increase in gasoline prices would also be nine times larger than the estimated $4 billion workers are receiving from employers due to the corporate tax cut.
"The proposed gasoline tax increase adds another $0.25 per gallon. The combined $0.45 per [gallon] increase in gasoline prices eats away $71.6 billion from the $120 billion in individual tax cuts, or 60 percent of the net tax savings for consumers," Clifton wrote in a note.
Trump reportedly endorsed hiking the federal gas and diesel tax by 25 cents. Democratic Sen. Tom Carper of Delaware said Trump said he'd be willing to provide leadership on the increase to pay for improvements to roads, highways and bridges.
A 25-cent gasoline tax, reportedly endorsed by President Trump, would help wipe out 60 percent of the benefit from the tax breaks he recently signed into law for individuals, according to Strategas Research.
Daniel Clifton, Strategas' head of policy research, said the increase in gasoline prices would also be nine times larger than the estimated $4 billion workers are receiving from employers due to the corporate tax cut.
"The proposed gasoline tax increase adds another $0.25 per gallon. The combined $0.45 per [gallon] increase in gasoline prices eats away $71.6 billion from the $120 billion in individual tax cuts, or 60 percent of the net tax savings for consumers," Clifton wrote in a note.
Trump reportedly endorsed hiking the federal gas and diesel tax by 25 cents. Democratic Sen. Tom Carper of Delaware said Trump said he'd be willing to provide leadership on the increase to pay for improvements to roads, highways and bridges.
I am torn. On the one hand I want to hate Trump and jump on the “how could he?!?!” Bandwagon. On the other hand I don’t want our roads and bridges to be crumbling down. This is a tough one.
I'd only support it if the money actually goes into roads and infrastructure.
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