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Professional Analysis of the New Tax Bill
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solohawks Online
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Post: #21
RE: Professional Analysis of the New Tax Bill
(01-09-2018 04:22 PM)arkstfan Wrote:  
(01-09-2018 03:33 PM)solohawks Wrote:  The more people taking the standard deduction, the less easy it is to create impactful tax laws favoring certain people/groups

And fewer people need paid assistance to file so not only is it more fair, it's citizen friendly.

Exactly great point!

Take the mortgage interest deduction. Getting rid of that would be very difficult politically. However, it's gets easier if more of the middle class takes the standard deduction
01-09-2018 06:51 PM
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arkstfan Online
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Post: #22
RE: Professional Analysis of the New Tax Bill
(01-09-2018 06:51 PM)solohawks Wrote:  
(01-09-2018 04:22 PM)arkstfan Wrote:  
(01-09-2018 03:33 PM)solohawks Wrote:  The more people taking the standard deduction, the less easy it is to create impactful tax laws favoring certain people/groups

And fewer people need paid assistance to file so not only is it more fair, it's citizen friendly.

Exactly great point!

Take the mortgage interest deduction. Getting rid of that would be very difficult politically. However, it's gets easier if more of the middle class takes the standard deduction

Spot on.
The mortgage interest deduction is a bust, designed to increase home ownership our numbers are quite similar to Europe. All it has accomplished is to artificially inflate home prices.

But you'd never get the political will to repeal it. Raising the standard deduction moots it for a vast portion of the country.
01-10-2018 11:57 AM
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mturn017 Offline
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Post: #23
RE: Professional Analysis of the New Tax Bill
(01-09-2018 02:02 PM)arkstfan Wrote:  
(01-09-2018 12:21 PM)Redwingtom Wrote:  
(01-08-2018 02:31 PM)arkstfan Wrote:  Come April 2018 what is going to gain a lot of notice is not itemizing.

I was slated to be a loser under the tax bill but the last round of changes have garnered me a cut based on the various calculators.

It will be interesting to see the reaction. Will it be yipiee I don't have to track receipts if we have less than $24,000 in deductions or will it be hey I can't take my $16,000 in deductions any more, they screwed me?

I think you mean April 2019. Although for tax planning purposes, you should still be thinking of next year now. 03-wink

Correct. Brain gas there. 04-cheers

I have little faith in the American public to grasp that a $24,000 standard deduction is more valuable than itemizing $16,000 in deductions.

Technically it's not. The new standard deduction also replaces the personal exemptions which would be worth 4,050 per person. So a married couple that had itemized 16K would see their taxable income go up $100. Not accounting for any dependents. There will be winners and losers in each tax bracket. Personally, my taxable income will go up, my tax based on that income will go up but my liability will go down due to the increase in the child tax credits.
02-18-2018 04:47 PM
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