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Old 01-04-2018, 08:10 PM
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Who is saving/losing money under the new Tax cut law? (There are tax cut calculators in the links below).

https://www.marketwatch.com/story/th...owe-2017-10-26

https://www.washingtonpost.com/graph...=.2e24db0dc282

Use this calculator to see how the tax bill affects your paycheck - CNNPolitics
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Old 01-05-2018, 09:23 AM
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"In 2018, your taxes will go down and your after-tax income will go up 3.5%."

"Those claiming a child tax credit for dependents are much more likely to be winners in the bill. Much of the benefit to middle income earners comes from the doubling of the child tax credit and the standard deduction."

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Old 01-05-2018, 02:50 PM
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"In 2018, your taxes will go down and your after-tax income will go up 0.4%."

Most of my retirement income comes from the VA so it is tax exempt already.
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Old 01-06-2018, 08:58 PM
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Not surprised our liberal friends here choose not to show their savings.............
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Old 01-06-2018, 09:09 PM
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our taxes supposedly will go down as we are married living in michigan and doing our own taxes itemizing everything we can. we will see once we file. i'll come back here and update.
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Old 01-06-2018, 09:17 PM
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Quote:
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our taxes supposedly will go down as we are married living in michigan and doing our own taxes itemizing everything we can. we will see once we file. i'll come back here and update.
You might not benefit as much since you are itemizing.....unless you're a small business owner.
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Old 01-07-2018, 10:05 PM
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Not surprised our liberal friends here choose not to show their savings.............
deft, Sassan, BD? How much are you guys saving and what do you plan to do with the extra cash?

I'm guessing deft will give his savings to Nancy Pelosi's national mural, Sassan to the Bungle's front office, and BD will invest in better Boar traps............
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Old 01-07-2018, 10:29 PM
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Quote:
Originally Posted by Sharky View Post
deft, Sassan, BD? How much are you guys saving and what do you plan to do with the extra cash?

I'm guessing deft will give his savings to Nancy Pelosi's national mural, Sassan to the Bungle's front office, and BD will invest in better Boar traps............
My savings will go to cover the massive increase health insurance premium we experienced.

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Old 01-07-2018, 11:07 PM
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My savings will go to cover the massive increase health insurance premium we experienced.

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Wait, why would this tax cut give you a massive increase in your health insurance premium?
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Old 01-07-2018, 11:21 PM
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On the wife's insurance. They raised our premiums during open enrollment, citing the impending revocation of the ACA tax as the cause. This was in late November.

I will not save $100 this year due to this grand tax change, and may actually owe more due to some small business I have.
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Old 01-08-2018, 11:59 AM
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"In 2018, your taxes will go down and your after-tax income will go up 1.3%."

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we will see once we file.
^THIS.
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Old 01-08-2018, 01:19 PM
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My insurance premiums already went up and we've been told to expect another increase of 8-10% next year. So then I looked at switching to insurance through my company instead, but because open enrollment was already done, I would have to wait until next year.....at which point premiums will be increasing as well.



So my "savings" are already spent and I am in the red.



Nice new law.
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Old 01-08-2018, 01:36 PM
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They did say that 15-20% of filers would pay more. Sucks nonetheless.
My Daughter is going to make out like a bandit being divorced with 2 children. She's expecting 10K+ this time around, crazy.
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Old 01-08-2018, 01:51 PM
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^15-20% will pay more, 100% of corporations will pay less and approximately 75% will buy back stock to drive up their stock prices and make more money.


Great deal!
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Old 01-08-2018, 03:39 PM
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Quote:
Originally Posted by Sharky View Post
deft, Sassan, BD? How much are you guys saving and what do you plan to do with the extra cash?

I'm guessing deft will give his savings to Nancy Pelosi's national mural, Sassan to the Bungle's front office, and BD will invest in better Boar traps............
Honestly, I have no idea. My Jan. monthly deposit is the same as the previous months.
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Old 01-08-2018, 04:07 PM
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^because it is going to take the payroll companies several weeks to figure this out, get everything right, etc.

So some people have not changed their withholdings yet, which will result in slightly higher returns but also more owed for others.
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Old 01-08-2018, 05:15 PM
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^I'm on fixed income (pension), so I only have federal withholdings. No idea how bad local taxes will be.

First year filing as a retiree.
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