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Forum
-> Household Management
-> Finances
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amother
Blue
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 Thu, Dec 28 2017, 5:48 am
Hi,
I don't know much about economics or politics, but am hearing much about Trump's new tax bill. I'm getting nervous that it will somehow have a negative impact on my paycheck or tax return. Anyone knows how it will "lmaaseh" affect individuals or families? Thanks so much!
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amother
Red
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Thu, Dec 28 2017, 5:50 am
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That’s an impossible question to answer. It’s good for some and not others.
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amother
Blue
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Thu, Dec 28 2017, 5:53 am
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Who's it good for? Which income bracket...?
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newmommy22
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Thu, Dec 28 2017, 6:03 am
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I think it should be good for most people unless you pay a lot of state taxes or have lots of kids older than 16 that you were taking personal exemptions for. The tax credit was doubled so for most people that should cover the loss of the personal exemption for kids. Also the phaseout for the child tax credit was raised from 110k to 400k for married couples. For people with a lot of your kids in that income bracket it could be very helpful and more than make up for the deduction losses.
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grace413
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Thu, Dec 28 2017, 6:07 am
You won't actually know until you file.
I looked at the CNN calculator. Among other things I fail to see how they can predict anything for 2027 as the government could change the tax laws again and most people will not be in the same situation.
I ran a few different scenarios and the differences were minimal - 1% or so.
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amother
Red
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Thu, Dec 28 2017, 6:12 am
| grace413 wrote: | You won't actually know until you file.
I looked at the CNN calculator. Among other things I fail to see how they can predict anything for 2027 as the government could change the tax laws again and most people will not be in the same situation.
I ran a few different scenarios and the differences were minimal - 1% or so. |
The calculator is based on the new laws. It’s also very basic . It makes a lot of assumptions including ‘all else remaining the same’.
It’s not predictions.
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Mommyg8
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Thu, Dec 28 2017, 9:26 am
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You can't predict 2027, but they pretty much already know how it will affect you in 2018.
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