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Thread: How Will the Republican Tax Bill Affect You - or BOHICA!

  1. #1
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    How Will the Republican Tax Bill Affect You - or BOHICA!

    Based on what I've seen, I don't think I'll be one of the lucky ones.

    The bill doubles the standard deduction. That's great if you don't itemize. But they also did away with the personal exemption, which is $4050 per person now. If there are more than two of you, that wipes out the increase in the standard deduction right off the top.

    Next, they eliminated the exemption for state income taxes. Our tax is 6.5% of our Federal Taxable Income - that's a pretty big chunk for most of us. Eliminating the personal exemption also increases our Federal Taxable Income - raising our state taxes, too.

    I guess Sen. Collins got them to pencil in restoration of the local tax exemption, so my property tax deduction is safe.

    The deduction for medical expenses just went away. That wasn't much of a break to start with, because your medical expenses had to exceed 10% of gross income before the deduction started to kick in. But I was really looking forward to it this year because at 65, the bar dropped to 7.5%. Unfortunately, the GOP Congress eliminated that last year, anyway, so it is back up to 10. I bet I'm still well over 10% of my gross this year - the copays on some of the procedures I've had this year certainly put me over that. Next year, I won't be able to claim them. Old people got screwed big time. I think it was two years ago they did away with the extra $4,050 personal exemption for age 65 or blindness. Why would anybody over 65 vote Republican ever?

    I think I am going to get killed by this tax bill. I'm 'wealthy', I guess - I collect Social Security and a pension.

    To add insult to injury, I just spent a couple months going to Income Tax school so I can work for a tax prep company as a seasonal job (I'm so wealthy I need to raise extra income). I bet that by next year, so many people will decide they can file their taxes on a postcard like the Orange Dictator promised that I will be out of work again.

    They are already talking about cutting Social Security, Medicare, and Medicaid. This tax bill will force huge automatic cuts in those programs, anyway, due to the huge deficit increase it causes.

    I am pretty sure I'm screwed.

  2. #2
    Whacker Knot WTKX's Avatar
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    Ask not what you can do for your country if you don't have a lot of money. Just die for the oligarchs land of milk and honey.
    With tough love, from the gospel of prosperity preached by the acolytes of Ayn Rand. With no justice, and objectivism for all.

    My wife and I will reap a small benefit that will not offset what will happen in about five years.
    Unless I reinvent myself, doubling my income. A stretch, the stress may kill me.

    Fucking Republican Sellouts.
    "Weve got this perverse situation in which the vast analytic powers of the entire world are being spent trying to understand
    a guy whose thoughts are often just six fireflies beeping randomly in a jar. - David Brooks, regarding Trump




  3. #3
    Volcano Tamer suddenseer's Avatar
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    I am destined to live in a mobile home park for anti antenna old kootz, somewhere in 4 land.

    cul de n8tb
    "Sadly, it always takes a few martyrs to get the ball rolling." Colonel Tim Boldman 2001
    "There are no differences but differences of degree between different degrees of difference and no difference."--William James
    "Science flies you to the moon. Religion flies you into buildings." Victor J. Stenger

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    Yeah, a mobile home might look good to me in a few years. I've looked around, though, and there aren't a lot of them near the Twin Cities that I've found so far. I suspect this bill will also drive down the value of my house, so I may be lucky if I break even on it.

  5. #5
    Master Navigator kom's Avatar
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    Quote Originally Posted by suddenseer View Post
    I am destined to live in a mobile home park for anti antenna old kootz, somewhere in 4 land.
    I'm with you!

    I find it amazing how "4-Land" now has crossed the Ohio River and extends Northward to Interstate 70; pass the biscuits and sausage gravy!

    .

  6. #6
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    Some parts of Zero land have nothing on 4 land. Senator Grassley of Iowa says it's better to give money to the rich than to people who spend everything they get on movies and women (and food, and medical care, and transportation, boring stuff like that). Isn't that a GOP stereotype?

  7. #7
    Forum Addict WZ7U's Avatar
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    People still think like that??

    Giant Meteor would be too good for us....
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  8. #8
    "Island Bartender" KG4CGC's Avatar
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    Isn't it awesome? Create an environment of consumerism and then blame consumers for consuming.
    RIP Albi
    When do you tell a woman you're a ham?
    Be blessed by the "Skip-Gods" and, be reflected back down into "DX-Land".
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  9. #9
    Volcano Tamer suddenseer's Avatar
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    Quote Originally Posted by kom View Post
    I'm with you!

    I find it amazing how "4-Land" now has crossed the Ohio River and extends Northward to Interstate 70; pass the biscuits and sausage gravy!

    .
    I live at the convergence of I-70, US 40, US 68, Ohio 41, with I-75 (the silk highway).I would not mind living in the trailer next to yours. We can take turns sitting on each other's porches/sofas discussing the solutions to all of the world's problems. I got some awesome stinky budz that 2 one hits, you are roasted for the night.
    Last edited by suddenseer; 12-06-2017 at 08:59 PM.

    cul de n8tb
    "Sadly, it always takes a few martyrs to get the ball rolling." Colonel Tim Boldman 2001
    "There are no differences but differences of degree between different degrees of difference and no difference."--William James
    "Science flies you to the moon. Religion flies you into buildings." Victor J. Stenger

  10. #10
    Volcano Tamer suddenseer's Avatar
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    Quote Originally Posted by KG4CGC View Post
    Isn't it awesome? Create an environment of consumerism and then blame consumers for consuming.
    I regret the time that I have consumed for others who did not appreciate the value f units that we refer to as, "time". I am not medicated enough to go quantum on the time observation/assertion.

    cul de n8tb
    "Sadly, it always takes a few martyrs to get the ball rolling." Colonel Tim Boldman 2001
    "There are no differences but differences of degree between different degrees of difference and no difference."--William James
    "Science flies you to the moon. Religion flies you into buildings." Victor J. Stenger

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