Tax Reform Passed to Mixture of Applause and Booing

[Howard 538]

We all knew Murphy was a total POS but this is just more evidence:


https://www.cnbc.com/2017/12/20/new-jersey-may-fight-gop-tax-plan-in-court-says-governor-elect.html

[mustang69 505]

Let Murphy fight it in the courts.  Should be interesting to see what constitutional argument he has the state AG make against the rights of the fed to determine fed taxes.

What's he gonna say?  How dare the feds limit SALT deduction to only $10k.  Guess what the limit is for NJ prop tax on NJ taxes?  Yup - $10k.

This is all just Murphy playing to his base.  He has to do something since he stands a snowballs chance in hell of keeping any of his campaign promises. 

[mossburger 406]

Seems like a good deal all around, the only issue I can see with it are people in places like NJ, NY, CA etc. taking a hit due to the Feds not giving as much of a deduction on State property taxes anymore. Which will be a good thing because now people in those states will push their state govs to reduce entitlements and lower property taxes. LOL who am I kidding, that's wayyyyyy too much "thinking" for some. Evil Trump! Bad Trump! Bad bad Republicans!! Booo!!! It was HER turn!!!! 

[T Bill 649]

 

"New Jersey was never a low-cost state to live in. We were always on our best day, the good-value-for-money state," Murphy said. "You pay a premium to live in a state like ours, but you get a lot back for that. Our job is to make folks feel like ... that premium was worth it."

Hey Murph, in the words of Judge Judy Sheindlin, "Don't pee on my leg and tell me it's raining!"

[1LtCAP 4,264]

maybe if he's too busy fighting this in court, he'll distract himself from fucking us like he plans.

 

 

[bhunted 887]

Up to $10k can still be claimed on property tax.
If you pay more than that, you make too much money. [emoji6]

Its sort of like buying a yacht and complaining that gas cost too much so you fill it once and never leave the docks.

I pay about $6400 for a measly lot. So I will still claim if its better to do so.


Sent from my iPhone using Tapatalk

[siderman 1,138]

$6400? I remember paying that, like 25 yrs ago!

[10X 3,306]

20 minutes ago, bhunted said:

Up to $10k can still be claimed on property tax.
If you pay more than that, you make too much money.
 

Or you live in NJ.   

[MartyZ 697]

45 minutes ago, bhunted said:

Up to $10k can still be claimed on property tax.
If you pay more than that, you make too much money.

Its sort of like buying a yacht and complaining that gas cost too much so you fill it once and never leave the docks.

I pay about $6400 for a measly lot. So I will still claim if its better to do so.


Sent from my iPhone using Tapatalk

That's how much I paid in 2001. Now i'm paying $8,000. Mind you this is a townhouse with absolutely no property.

[1LtCAP 4,264]

1 hour ago, bhunted said:

Up to $10k can still be claimed on property tax.
If you pay more than that, you make too much money.

Its sort of like buying a yacht and complaining that gas cost too much so you fill it once and never leave the docks.

I pay about $6400 for a measly lot. So I will still claim if its better to do so.


Sent from my iPhone using Tapatalk

mine's about 5600. in. farking. lindenwold. there ain't crap in lindenwold worth that kinda money.

24 minutes ago, MartyZ said:

That's how much I paid in 2001. Now i'm paying $8,000. Mind you this is a townhouse with absolutely no property.

so you live in a glorified apartment......

[MartyZ 697]

2 minutes ago, 1LtCAP said:

mine's about 5600. in. farking. lindenwold. there ain't crap in lindenwold worth that kinda money.

so you live in a glorified apartment......

Yep, basically.

[1LtCAP 4,264]

with all this talk of reform, i've got questions.

 how the hell is it fair that rich people have to pay a higher percentage of their income than me? how the hell is it fair that super rich pay more than rich? how the hell is it fair that i pay more then those making less than me? who the hell came up with this shit? it's like we're all being punished, except those on govt teet.

[Rob0115 1,105]

2 minutes ago, 1LtCAP said:

with all this talk of reform, i've got questions.

 how the hell is it fair that rich people have to pay a higher percentage of their income than me? how the hell is it fair that super rich pay more than rich? how the hell is it fair that i pay more then those making less than me? who the hell came up with this shit? it's like we're all being punished, except those on govt teet.

Consider that rates are progressive as well. So the more you make the higher the net effective rate too. 

[1LtCAP 4,264]

7 minutes ago, Rob0115 said:

Consider that rates are progressive as well. So the more you make the higher the net effective rate too. 

i guess i wasn't clear. i didn't mean why do i pay more dollar-wise than the guy i make more than. i meant why do i pay a higher percentage? why does the guy that makes more than me pay a higher percentage than me? why does the guy that makes more than him pay a higher percentage?

 

also.....now there's this too.......

 

:::::::::::::: Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes.  ::::::::::::::::::::::::

https://www.aol.com/article/finance/2017/12/21/companies-are-rushing-to-announce-special-bonuses-and-pay-hikes-after-the-gop-tax-plan/23313978/

[Rob0115 1,105]

17 minutes ago, 1LtCAP said:

i guess i wasn't clear. i didn't mean why do i pay more dollar-wise than the guy i make more than. i meant why do i pay a higher percentage? why does the guy that makes more than me pay a higher percentage than me? why does the guy that makes more than him pay a higher percentage?

 

also.....now there's this too.......

 

:::::::::::::: Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes.  ::::::::::::::::::::::::

https://www.aol.com/article/finance/2017/12/21/companies-are-rushing-to-announce-special-bonuses-and-pay-hikes-after-the-gop-tax-plan/23313978/

Yeah I didn’t catch that from your post.  Sorry.  You’d be stunned at the percentage of people that don’t the tax code is progressive.  Most of those that don’t pay or pay very little.  They are also the same group that believes taxes are unfairly burdened on them.  Heaven forbid you cut the earned income tax credit.  Which means even the you didn’t earn or pay anything you should get a refund.  How do you get a tax refund when you didn’t pay any?  Just call it welfare and stick in the check they’re already getting. It may be administratively cheaper. 

[JimB1 555]

I’ll just leave this here

http://about.att.com/story/att_to_invest_an_additional_1_billion_in_the_united_states_if_competitive_tax_rate_enacted.html

straight from the horse’s mouth. AT&T is on board for major investments in the US in 2018. 

https://www.usatoday.com/story/money/2017/12/20/handful-companies-promise-bonuses-pay-raises/971199001/

comcast, Wells Fargo, and Boeing are sharing the wealth too...

[diamondd817 828]

5 hours ago, JimB1 said:

I’ll just leave this here

http://about.att.com/story/att_to_invest_an_additional_1_billion_in_the_united_states_if_competitive_tax_rate_enacted.html

straight from the horse’s mouth. AT&T is on board for major investments in the US in 2018. 

https://www.usatoday.com/story/money/2017/12/20/handful-companies-promise-bonuses-pay-raises/971199001/

comcast, Wells Fargo, and Boeing are sharing the wealth too...

MAGA

[1LtCAP 4,264]

all this good that trump's doing....and what do i read in usatoday?

deficit set to top 1 trillion in 2018. but at least they admit that it's got a ton to do with the aid to all the hurricane victims, and they're including something like 80 billion i think for the fires in commiefornia.

[Zeke 5,504]

2 minutes ago, 1LtCAP said:

all this good that trump's doing....and what do i read in usatoday?

deficit set to top 1 trillion in 2018. but at least they admit that it's got a ton to do with the aid to all the hurricane victims, and they're including something like 80 billion i think for the fires in commiefornia.

That’s called propaganda... jus sayen 

[WP22 1,558]

5 minutes ago, 1LtCAP said:

all this good that trump's doing....and what do i read in usatoday?

deficit set to top 1 trillion in 2018. but at least they admit that it's got a ton to do with the aid to all the hurricane victims, and they're including something like 80 billion i think for the fires in commiefornia.

All of sudden they are worried about the deficit.

Unexpectedly.

[Barms 98]

To anybody who is skeptical of the calculator above and they are pulling out their 2016 return to challenge the calculation please respond if your are paying AMT on your 2016 return.   If yiu don’t know how AMT really works you really should not waste time opinig on taxes at all because you have been living in the MATRIX.    Everrythig you think you were getting deductions for in the past you never were in reality.

There is so much misinformation about this bill I’m pulling my hair out.   The tax calculator linked above is very accurate.   The reason why iit won’t exactly tie out to your prior year lability is probably because it’s not doing AMT.   

there was a NYTimes article this week with interviews of people who live in Livingston NJ those interviewed said they think they might pay $10k more in taxes.   On the calculator you could NOT under any combination of incomes and mortgage interest get it to say you owe $10k.   Impossible.  

The new brackets have wider attachment points and lower overall rates and the AMT is gone.    You simply do not not say “my deductions before for SALT was 24k and now it will be only $10k therefore I will pay more.  That is incorrect FULL STOP.

i am AMT and I will win big under new plan.  

[Rob0115 1,105]

20 minutes ago, 1LtCAP said:

all this good that trump's doing....and what do i read in usatoday?

deficit set to top 1 trillion in 2018. but at least they admit that it's got a ton to do with the aid to all the hurricane victims, and they're including something like 80 billion i think for the fires in commiefornia.

Obama 8 years nearly 10 trillion in deficit spending.  

[1LtCAP 4,264]

20 minutes ago, Barms said:

To anybody who is skeptical of the calculator above and they are pulling out their 2016 return to challenge the calculation please respond if your are paying AMT on your 2016 return.   If yiu don’t know how AMT really works you really should not waste time opinig on taxes at all because you have been living in the MATRIX.    Everrythig you think you were getting deductions for in the past you never were in reality.

There is so much misinformation about this bill I’m pulling my hair out.   The tax calculator linked above is very accurate.   The reason why iit won’t exactly tie out to your prior year lability is probably because it’s not doing AMT.   

there was a NYTimes article this week with interviews of people who live in Livingston NJ those interviewed said they think they might pay $10k more in taxes.   On the calculator you could NOT under any combination of incomes and mortgage interest get it to say you owe $10k.   Impossible.  

The new brackets have wider attachment points and lower overall rates and the AMT is gone.    You simply do not not say “my deductions before for SALT was 24k and now it will be only $10k therefore I will pay more.  That is incorrect FULL STOP.

i am AMT and I will win big under new plan.  

MISINFORMATION is their strongest weapon. i've yet to talk to someone face to face that realizes that they're gonna save on taxes.

[Barms 98]

Yes indeed misinformation.   I have awakened like a dozen people in my office how AMT works.   “Ya know yiou get ZERO credit for property taxes”.   “No, that can’t be it’s just changing my bracket right?”   “No, it’s zero.   Doesn’t matter if your taxes were $7k or $70k it doesn’t change how much you owe”.   “But I enter it on the tax firm right there”.  “It gets ignored.  You are getting credit for mortgage interest but not for property taxes”

”and you weeenr getting a child tax credit either”.   “I wasn’t!?!?”   “No.  The only thing that lowered your AGI was your mortgage interest and your charity”

[Barms 98]

And speaking of charity.   As about 20% more of the population will be choosing standard deduction it means they don’t get charity deductions.   You take the standard dont brother getting receipts for goodwill or Salvation Army.   Because you can’t deduct anymore 

(yes I am obsessed with this stuff)

[Howard 538]

Most people have no clue how bad the AMT is. While it was designed in the 1960’s to punish the richest 100 people it was never indexed for inflation. It currently attacks people making around $150K to about $500k the worst. It actually has almost no impact on those making seven figures. At least it is now gone for most people with the new law.

[1LtCAP 4,264]

53 minutes ago, Barms said:

And speaking of charity.   As about 20% more of the population will be choosing standard deduction it means they don’t get charity deductions.   You take the standard dont brother getting receipts for goodwill or Salvation Army.   Because you can’t deduct anymore 

(yes I am obsessed with this stuff)

 

55 minutes ago, Barms said:

Yes indeed misinformation.   I have awakened like a dozen people in my office how AMT works.   “Ya know yiou get ZERO credit for property taxes”.   “No, that can’t be it’s just changing my bracket right?”   “No, it’s zero.   Doesn’t matter if your taxes were $7k or $70k it doesn’t change how much you owe”.   “But I enter it on the tax firm right there”.  “It gets ignored.  You are getting credit for mortgage interest but not for property taxes”

”and you weeenr getting a child tax credit either”.   “I wasn’t!?!?”   “No.  The only thing that lowered your AGI was your mortgage interest and your charity”

you sound like you enjoy it. which makes me worry 'bout ya, lolololol

[gleninjersey 2,141]

In 2015 138.3 million tax returns were filed.  

80% of those filing taxes are expected to see a reduction in taxes and more money in their pockets.  That's 110.5 million fillers.

Even if those 110.5 million fillers "only" save $500 a year that is $55.25 BILLION dollars more each year being spent in private sector.

If people save $1k a year (Prob a more realistic figure, and still low), then you're looking at over $110 billion more being injected into the economy each and every year!   That's big league!

 

[gleninjersey 2,141]

Duplicate post.  Still not tired of winning! 

[Barms 98]

Well I don’t “enjoy” giving the bad news.  I just get very riled up very easy if I’m trying to wake someone up.  And with finance stuff people take it very personally defensive.   When you tell someone they’ve been misunderstanding their own taxes for over a decade they get very defensive.  And I can understand that.    

It’s real simple to get enlightened about your own taxes.  If you use Turbo tax or use an accountant.  After you load up everything just do some toggling and see how your ending liability changes.   DOUBLE mortgage interest,  what did that do?   Double your property taxes.  Did that change your bottom line?   Put in 6 kids what did that do?    You wake up after doing that.   Don’t toggle your income. Keep that the same.  Just toggle everything your were told was supposed to be a tax deduction.