Shopsmith Forums

dusty wrote:This thread started as a discussion on the Trump Tax Plan and has morphed into a VA discussion but that is OKAY.

Now I am going back to the Tax Reform Bill of 2018.

I have just finished my tax returns and while I had all of the files loaded up into the computer I transferred the real numbers for 2017 into the worksheet that I have created for 2018. If my calculations and assumptions (based on the media) are all correct I will get a pleasant surprise in February 2018. I will owe the government a part of a $20.00 bill. I just wrote a check for $830 to pay the 2017 taxes.

The delta can all be contributed to tax bill changes. I have made no changes to my deductions. All changes that have occurred are the result of the COLA, Tax Reform and Medicare Reform.

I hope that everyone experiences the same sort of changes.

John, I say again - you were right all along.

Great!

My income increased!
GO TRUMP!!

Ed in Tampa wrote:My income increased!
GO TRUMP!!

I believe that your income increased because less money is being taken out for federal taxes. Unless, of course you got some sort of raise like a promotion or even the COLA. When all of the numbers were finally in, my COLA was a virtual wash. Then came the changes due to the "Trump Tax Reform".

Right now...it looks good. Withholding has decreased and therefore take-home has increased. That is what makes it all sound GOOD.

Now calculate your 2018 tax liability. Remember...less withholding.

What you may no longer claim as a deduction (home mortgage, gambling losses, etc. If you have depended on any of these "deductions" in the past you just may be disappointed come January/February 2019 when you file the new claim.

If you are drawing Social Security you probably expect to pay taxes on only half of that benefit amount. In 2018, you might be required to pay tax on as much as 85% of the benefit (and then at what rate....12%, 22%, ???). It is too early to celebrate.

Somebody on the media I heard call these increases "crumbs". How big a pile of crumbs are you expecting?

Build yourself a computer model and feed in your anticipated 2018 numbers before you celebrate.

Here is a starter: https://www.moneyhelpcenter.com/taxes/c ... alculator/

Enjoy your temporary tax cut while you can, gentlemen. In 10 years' time, your taxes will be higher than they would've been under the old law. And the nation's debt will be $1.5T higher than it would've been under the old law. But don't worry. Your grandkids will pay for it.

All this in order to provide a fiscal stimulus when the economy is already humming at near full steam.

davebodner wrote:Enjoy your temporary tax cut while you can, gentlemen. In 10 years' time, your taxes will be higher than they would've been under the old law. And the nation's debt will be $1.5T higher than it would've been under the old law. But don't worry. Your grandkids will pay for it.

All this in order to provide a fiscal stimulus when the economy is already humming at near full steam.

I suspect that my grand kids will be OKAY. They, as youngsters, already earn far more than I ever did even during my best years.

It is real hard to filter out the scare tactics from read world truths.

The things/behavior people can accept when money is involved.

Everyone likes paying lower taxes but the way 45 and his (R) henchmen made it happen is just plain shameful IMO

Enjoy your ride on the "TRAIN" while it lasts----- Nov 2018 and 2020 are around the corner.

The new Civil War will be fought at the ballot box

Why look a gift horse in the mouth?

You get more money and you complain, it was done wrong, it is this or that. Look if you do not want the money give it back I am sure the swamp critters in Washington will take it!

Me I got more and I am happy!

THANK YOU TRUMP!!!!!

Ed in Tampa wrote:Why look a gift horse in the mouth?

You get more money and you complain, it was done wrong, it is this or that. Look if you do not want the money give it back I am sure the swamp critters in Washington will take it!

Me I got more and I am happy!

THANK YOU TRUMP!!!!!

I do so hope that you are not disappointed when year end approaches.

Now I may be all wrong. If you are dealing with the large six digit numbers when filing your taxes, you will be pleased. The gift horse will smile upon you.

You have really surprised me. I have always thought of you as "the more discriminating type".

WOW. It's time to withdraw from this discussion. Name calling and inaccurate assertions will not take us where we want to go. Adios.

Sure has taken an interesting turn!