Tax plan calculator

[pinzgauer]

The government has no right (legally they did/do) to tax that money AGAIN as I was already affected by the tax liability once. Doing so TWICE is obscene.

It's that simple.

When the argument starts to become that the people don't deserve it or its only super wealthy, you know that the argument is not valid on its merits.

[PrivateCitizen]

With any luck I'll save enough to offset the titanic bitch that is my health insurance premium increase.

[sundance435]

I am anti estate taxes.

If someone made a ton a money, paid the taxes on it, invested it, paid the taxes on those earnings, reinvested profits and paid taxes years again on those earnings,
Why in the hell the should government get a bite at it again?!?

Sure, but that's not how it works in reality. Most estates over the threshold, to the extent any taxes were paid, weren't any higher than the capital gains rate. Again, that's if taxes were paid at all. It's almost impossible to understand the myriad ways to avoid paying taxes altogether, or at a much lower rate, through trusts and corporations. It really is a huge "gimme" for the very wealthy who are able to pay accountants and attorneys to set it up. I'm not knocking them for making it, but it's untrue to say it was "fair and square" vis a vis the rest of us.

It's not an issue at all about the rich paying more - it's about them paying their share like the rest of us.

With regard to farms, it's not difficult to put in a modicum of preparation to avoid huge estate taxes - it's much more simple than doing the same with improved properties, stocks, bonds, and cash.

[skywalkrNCSU]

Typically every transaction/transfer is taxed so I understand the reason why an estate tax exists. That said, I personally don’t agree with it.

[SHIVAN]

It's not an issue at all about the rich paying more - it's about them paying their share like the rest of us.

"They" (me actually) are paying their share, and the share for each SNAP recipient, WIC recipient, Medicaid, etc. The top 5% are covering 99% of the tax burden, and the country is STILL overspending what is collected.

[SHIVAN]

Typically every transaction/transfer is taxed so I understand the reason why an estate tax exists. That said, I personally don’t agree with it.

Yep, definitely understand that the "event" is that I, formally, have not paid MY tax on this money. My point, is that the inheritance is often accumulated while the recipients are still under the familial umbrella, and the tax event is occurring and affecting me at the time the money was originally made, and taxed. Taxing a familial inheritor AGAIN, is BS. If the money is going to dad's best friend Timmy, then Timmy should have a taxable event. Sorry Timmy....

[Kain]

"They" (me actually) are paying their share, and the share for each SNAP recipient, WIC recipient, Medicaid, etc. The top 5% are covering 99% of the tax burden, and the country is STILL overspending what is collected.

I think part of the problem is there is a portion of a generation who read Animal Farm and instead of getting "communism is bad," got that "hard work is bad because you get sent to the glue factory, so best thing to do is nothing at all and be useless."

[Doc Safari]

Supposedly here's what's in the tax bill:

http://www.zerohedge.com/news/2017-1...-market-shrugs

Corporate Tax Rate
Current law: 35 percent

Proposed: 21 percent, beginning in 2018.

Individual State and Local Tax Deductions
Current law: Individuals can deduct the state and local taxes they pay, but the value is subject to certain limits for high earners.

Proposed: Individuals can deduct no more than $10,000 worth of the deductions, which could include a combination of property taxes and either sales or income taxes.

Obamacare Individual Mandate
Current law: An individual who fails to buy health insurance must pay penalties of $695 (higher for families) or 2.5 percent of their household income -- whichever is higher, but capped at the national average cost of the most basic, low-premium, high-deductible plan.

Proposed: Repeal the penalties.

Mortgage Interest Deduction
Current law: Deductible mortgage interest is capped at loans of $1 million.

Proposed: Deductible mortgage interest for new purchases of homes would be capped at loans of $750,000.

Medical Expense Deduction
Current law: Qualified medical expenses that exceed 10 percent of the taxpayer’s adjusted gross income are deductible.

Proposed: Reduce the threshold to 7.5 percent of AGI for the tax years 2017 and 2018.

Child Tax Credit
Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.

Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.

Estate Tax
Current law: Applies a 40 percent levy on estates worth more than $5.49 million for individuals and $10.98 million for couples.

Proposed: Double the thresholds so the levy applies to fewer estates. The higher thresholds would sunset in 2026.

My take: WINNING (at least for moi.)