75% of the Coli got fukked on taxes by Republicans at 2 AM

[CodeBlaMeVi]

Since I work for the school board, I just hope to have a job but we will see.

However, the gov will take less money from your checks.

 

[BrothaZay]

Can I get a full breakdown on what the bill says and does?


How does it affect these 3 tax brackets (10,15,25)

 

[Bumblebreh]

We are about to hit a recession....

And do not forget war as we need as many angry millenials to drafted to fight the battles of politicians to fight off "debt" as fighting on the front lines will mean that 50% of your debts will be cleared off.

 

[Heelish]

fukkery, right?

Ain't that what u all wanted from Trump ?

I remember lots of posters saying this. "Oh, but the fukkery! " This shyt isn't a game. Everyone who said that deserves to get their head chopped off.

 

[CodeBlaMeVi]

You got it very wrong breh. At the end, you will pay more because most of the credits have been amended to be reduced or eliminated.

Child credit cut
Homeowner credit cut
Small business credit cut
Student loan credit cut
Work expenses credit cut

This is gonna cause major shakeup. I really feel bad for all the people that are gonna be left holding the bag. The middle class stands no chance with this bill.

Millenials gonna start committing that when they find out how bad this is affecting them.

Don’t forget they nearly doubled the standard deduction.

Currently for a single person it’s $6,350 but now it will be $12k.

People weren’t itemizing over $7k worth of shyt. Homeowners will be pissed, though.

The trade off is less of tax refund and see more of your check.

Make $40k and if you have money taken for retirement @ 7.5% then it’s $37k.

Now, subtract $12k and your taxable income is $25k. 12% of $25k is $3,000. That’s without any kids to claim or being married which doubles it. Head of household SD is $18k.

Current tax bill for a single filer making $40k minus retirement of $3k with an SD of $6350 is *$5,530.

*Note: The current filer with a taxable income over $9,325 is in the 15% bracket.

 

[Mr swag]

Can I get a full breakdown on what the bill says and does?


How does it affect these 3 tax brackets (10,15,25)

They are taking away your tax deductions. Which means you will pay more

 

[BrothaZay]

They are taking away your tax deductions. Which means you will pay more

All tax deductions? Or most? Claiming a kid won't bring you a bigger refund anymore?

 

[CodeBlaMeVi]

Can I get a full breakdown on what the bill says and does?


How does it affect these 3 tax brackets (10,15,25)

There’s no more 10% which I doubt most of the coli would qualify for.

 

[VirginiaSlim75]

Can I get a full breakdown on what the bill says and does?


How does it affect these 3 tax brackets (10,15,25)

How Trump's Tax Reform Plan Would Affect You

 

[Mr swag]

All tax deductions? Or most? Claiming a kid won't bring you a bigger refund anymore?

No one has read the bill

Seriously, it was created 10 minutes before they voted for it last night. That is why the vote was held in the middle of the night. Someone was still writing it

 

[hotbeezie]

I’m literally right at 100k in Louisiana how bad am I screwed.

 

[Stir Fry]

Since I work for the school board, I just hope to have a job but we will see.

However, the gov will take less money from your checks.

The corporate cuts are the only permanent ones. Our tax cuts will only last until 2027, then they'll actually be going up

 

[JLova]

And they rushed it cuz the low self esteem having prez needed SOMETHING to pass since he's been a failure at getting anything passed.

Y'all gonna miss Obama.

 

[AndroidHero]

Elections have consequences.

 

[JLova]

No one has read the bill

Seriously, it was created 10 minutes before they voted for it last night. That is why the vote was held in the middle of the night. Someone was still writing it

This is so shady. Dems gonna have a field day