Originally posted by Part Timer
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The Tax Reform Bill..........
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Last edited by JonBoy; 12-21-2017, 08:56 AM.
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Originally posted by Part Timer View PostThe way i understand it is you will see a differnce in your paycheck Jan 1st if it gets signed in. Maybe i read it wrong.
What makes you think you wont see a difference till you do your taxes? If the percentages change, your employer would withhold less from you check i thought.
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Originally posted by JonBoy View PostIf your overall tax liability goes down you may see a bump in your paycheck (taking less taxes out per paycheck) but when you file taxes is when you get to take advantage of things like the increase in standard deduction so I think the bigger chunk will come much later. Full disclosure...I'm not an account, just a lowly engineer lol. I'm going based on what I've been able to read online.
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Originally posted by Landrover View PostOh, oh......u really stepped in it!!! U are much too perceptive!!! Yes, we have screwed ourselves with those. ......well not really. ......you notice nobody is attempting to repeal either??? It is no longer even a discussion in the halls of congress. Things that make you geaux.......hummmm!!!!
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Here is my take.... The tax bill is GOOD NEWS. Does it fix all the problems? HECK NO! Will this pay us out of debt? I doubt it but it will at least slow the trend while entitlements are assessed. the thought process is that entitlement spending will decrease as more good paying jobs pull people that are currently on Gov support back into the work force and start paying SS.
Do we have to ride this mule? Yes! At least we have a mule to ride uphill instead of a snake slithering down hill..
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Originally posted by Black Ice View PostWhen they say save will this be more money in my check each week or will I not have to write a check anymore?
Also when does this take place?
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There is talk about Trump waiting until January to sign the bill. If that happens, the tax cut still takes effect January 1, 2018. But it would postpone required cuts to federal spending until 2019. If he signs the bill into law during 2018, then they will be required to cut spending in 2018. That would be best, of course. But they won't do that, I'm sure.Last edited by Shane; 12-21-2017, 10:26 AM.
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Originally posted by Shane View PostAssuming Trump signs it, the new tax rates tax effect January 1st. It will take a couple more weeks for the IRS to adjust the withholding tables that employers use to calculate how much income tax to withhold from your paycheck, so it will be February before you see a little more take home pay in your paycheck. Even though they will still be withholding more in January, you will still ultimately be taxed at the new lower rates for the entire year. Whenever you file your 2018 tax return in early 2019, you'll settle up on the final numbers then, as usual. You'll either get a refund if you had too much withheld, or you'll write an additional check when you file if you didn't withhold enough during the year. Either way, the total amount that the IRS ends up taking from you for 2018 will be lower than it would have been if the tax cut would not have passed.
There is talk about Trump waiting until January to sign the bill. If that happens, the tax cut still takes effect January 1, 2018. But it would postpone required cuts to federal spending until 2019. If he signs the bill into law during 2018, then they will be required to cut spending in 2018. That would be best, of course. But they won't do that, I'm sure.
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Originally posted by GarGuy View PostHere is my take.... The tax bill is GOOD NEWS. Does it fix all the problems? HECK NO! Will this pay us out of debt? I doubt it but it will at least slow the trend while entitlements are assessed. the thought process is that entitlement spending will decrease as more good paying jobs pull people that are currently on Gov support back into the work force and start paying SS.
Do we have to ride this mule? Yes! At least we have a mule to ride uphill instead of a snake slithering down hill..
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Originally posted by bowhuntntxn View PostNow if I could pay less for health care as well as taxes, then I would be ok. As it is now I already pay 3 times more for insurance than I do for taxes annually.
Taxation(and mandated health care) is theft.
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