Tax Bill Passes in House and Senate...

[tsptalk]

The tax bill just passed in the House after Senate passed yesterday. Now it's off to the President's desk.

The Dow is up 1 point on the news. I guess it's priced in.


If it stays flat this afternoon there could be a start of a rush to take profits, although here comes the Christmas seasonal advantage.

 

[Danny]

Here is a link to figure out how this new bill may affect your bottom line...

Tax Calculator: What tax reform means for you | Fox Business

Danny

 

[nnuut]

Only one thing I can say.

 

[RazorCat]

All I can think of is :usa2::fest30::beerchug:

 

[Lakebound]

:biggthumpup::beerchug::unitedstates::fest30:arty:

 

[nasa1974]

Found this interesting and wanted to pass it along.

From the Washington Post

Taxpayers will have to wait to find out how they did under the new legislation

https://www.msn.com/en-us/news/us/t...how-they-did-under-new-legislation/ar-BBH5EqN


"...ADP, one of the largest providers of payroll services, says it built its system to quickly reflect changes in the tax rate. But this tax overhaul is more complicated, said Pete Isberg, ADP's vice president of government relations. Millions of workers have filed W-4 tax forms telling their employers how much in federal taxes they need to withhold. But that form will not be applicable under the new law, Isberg said.

"Therefore, every W-4 on file, all 164 million of them, won't be valid starting next month," he said. "We believe every working person is going to need a new W-4."

The IRS may have to design an entirely new W-4 form, which could take months, Isberg said. To complicate matters further, some states have separate W-4 forms that may also have to be changed, he said. "We need guidance as soon as possible," he said.

ADP has asked the IRS whether it can automatically convert old W-4 forms into new documents without requiring employees to fill out anything, but the company has not received a response. "We're looking at ways that we can simplify this for employers," he said..."

 

[konakathy]

 

[rktect1]

I live in Illinois so this tax plan actually hurts me. But it was time to hurt Illinois as they have for 40 plus years screwed us with higher and higher property taxes. I currently pay $15,000 in property taxes on a 3200 sq. ft. $600,000 home. Its crazy.

 

[userque]

Yeah, this is what happens when legislation is unnecessarily rushed. I'm sure more surprises are ahead.

Found this interesting and wanted to pass it along.

From the Washington Post

Taxpayers will have to wait to find out how they did under the new legislation

https://www.msn.com/en-us/news/us/t...how-they-did-under-new-legislation/ar-BBH5EqN


"...ADP, one of the largest providers of payroll services, says it built its system to quickly reflect changes in the tax rate. But this tax overhaul is more complicated, said Pete Isberg, ADP's vice president of government relations. Millions of workers have filed W-4 tax forms telling their employers how much in federal taxes they need to withhold. But that form will not be applicable under the new law, Isberg said.

"Therefore, every W-4 on file, all 164 million of them, won't be valid starting next month," he said. "We believe every working person is going to need a new W-4."

The IRS may have to design an entirely new W-4 form, which could take months, Isberg said. To complicate matters further, some states have separate W-4 forms that may also have to be changed, he said. "We need guidance as soon as possible," he said.

ADP has asked the IRS whether it can automatically convert old W-4 forms into new documents without requiring employees to fill out anything, but the company has not received a response. "We're looking at ways that we can simplify this for employers," he said..."

 

[userque]

I live in Illinois so this tax plan actually hurts me. But it was time to hurt Illinois as they have for 40 plus years screwed us with higher and higher property taxes. I currently pay $15,000 in property taxes on a 3200 sq. ft. $600,000 home. Its crazy.

Because you've been hurt by Illinois for 40 plus years, it's therefore about "time to hurt Illinois", i.e. YOU, some more?


______________
"Strange times are these in which we live ..."

 

[Danny]

I live in Illinois so this tax plan actually hurts me. But it was time to hurt Illinois as they have for 40 plus years screwed us with higher and higher property taxes. I currently pay $15,000 in property taxes on a 3200 sq. ft. $600,000 home. Its crazy.

That is crazy... just to show ya, (don’t believe the fake news) I’ve seen on MSNBC and local California networks, that this bill is bad for CA (all of it) our middle class will not benefit.
My 1600 sq. ft. House has a Tax bill of ~$1800. I also have a 1800 sq ft rental that is $2200, and a 2100 sq. ft. Rental that is $2400.

Based on all I have read I personally will pocket several thousand extra dollars on the new tax plan.


Danny

"edited by moderator to try and keep it politically neutral."
Sent from my iPhone using TSP Talk Forums

 

[nasa1974]

That is crazy... just to show ya, (don’t believe the fake news) I’ve seen on MSNBC and local California networks, that this bill is bad for CA (all of it) our middle class will not benefit.
My 1600 sq. ft. House has a Tax bill of ~$1800. I also have a 1800 sq ft rental that is $2200, and a 2100 sq. ft. Rental that is $2400.

Based on all I have read I personally will pocket several thousand extra dollars on the new tax plan.


Danny

"edited by moderator to try and keep it politically neutral."
Sent from my iPhone using TSP Talk Forums

Let's keep it politically neutral. Not everything is "Fake News". We won't know how it affects each person until all the smoke clears and 2018 taxes are due. This tax reform will affect each one of us different.

 

[nnuut]

Relocation is a good word.

 

[Danny]

Let's keep it politically neutral. Not everything is "Fake News". We won't know how it affects each person until all the smoke clears and 2018 taxes are due. This tax reform will affect each one of us different.

Exactly my point.

Danny


Sent from my iPhone using TSP Talk Forums

 

[userque]

Relocation is a good word.

Solving problems rather than running away is better, imo. (Not to mention the many reasons relocation may not be a viable solution. Heck, I won't assume everyone knows this; I'll mention some reasons: Job, Family, Health, Money, School, Etc., and simply a desire to stay where one calls home...and work to fix what needs fixing...rather than abandon that home.)

 

[nnuut]

State taxes that are way out of line can be fixed that's up to the people living in those states.

 

[RazorCat]

I would think you have to ask yourself if you benefit from high property taxes, both locally and statewide. Are streets, schools, services, and other items that are funded by what I would consider "extremely" high property taxes as good as they should be? That would be the litmus test for me personally. I pay fairly low property taxes in both Texarkana and Hot Springs. Hot Springs is a resort town and lakeside community that is well funded by taxes, tourist trade and racetrack fans. Good streets, schools, and top notch services.
By comparison, my home town lags in some areas, mostly street conditions and average schools, but not by much. And you can always pay tuition and send your kids across town to Texas schools which are rated as some of the best in the state. So, you have choices where I live. And we're 3 hours from Dallas, and 2 hours from Little Rock from Texarkana if we can't find what we want or need. 30 minutes to LR from Hot Springs. The caveat is, just about anywhere I move will have an overall higher cost of living. That's one reason my wife and I haven't relocated to Georgia to be closer to my son and his family (and the fact the bass fishing is limited at best).
Point being, does where you reside offer bang for the buck for your family? If not, move, or stay put and work to change the tax structure. Good luck. It won't be easy. Hard to take money away from politicians who make those decisions.
Maybe the reduction in deductible state and property taxes will spur those changes in higher cost of living states. I sincerely hope it does.

 

[Jackbnimble]

I pay fairly low property taxes in both Texarkana and Hot Springs.

Off topic, but have you ever heard of the Faulk Monster(sp)? What do you think about it?

 

[nnuut]

Fouke!

 

[Jackbnimble]

When I was a kid I deer hunted in south Arkansas. After watching a show about the Fouke monster, I hated going in the woods in the dark.