Don't even discuss lies when you grovel over our liar in chief. Seems a tad bit hypocritical for a person who loves a president who lies daily to criticize anyone about lying doesn't it?
Why does Trumplethinskin keep repeating the lie that....
- Thread starter RichardPeterJohnson
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Don't even discuss lies when you grovel over our liar in chief. Seems a tad bit hypocritical for a person who loves a president who lies daily to criticize anyone about lying doesn't it?
I doubt the cap impacts any of us. It is the $12k or $24k standard deduction that is in play.
![[laughing]](http://l.yimg.com/j/assets/img/emoticons/classic/laugh.r191677.gif "Laughing [laughing]")
the cap part or the new standard deductions? Not sure who here has 500k of taxes or interest here. That would be quite the crib
Most filers will still be able to take their mortgage interest deduction as well as property tax deduction unless they live in high tax states like California or New York.
Don't understand your comment. State and local taxes in any combination is capped at $10k. My return is well above that cap. I assume many others are as well. From my first estimation of the new tax law if it was in effect for 2017, very good chance I will be paying more taxes.
Name one lie Trump has told that I have defended. To you Leftists, he lies by saying he wants to make America great again. I do support that. Is it a lie? Depends on who is listening to him.
In addition to the standard deduction? For example we had 33k in itemized deductions last year including state and local taxes. I think therefore I can still itemize.....however if we had only 23k in itemized deductions, we would not itemize?????? correct?
To the left hyperbole and braggadocios language are 'lies', but only when it comes from their right.
Most likely, if you are able to have 33k in itemized deductions that doesn't exceed the new caps put in place on any of the sections of the form, yes you would still want to itemized. Just look at your tax section of the form. Does it exceed $10k? If yes, you are capped. and will affect your entire return and tax strategy.
I can't get a good grasp on the final taxes but it looks as if we will save around $500 at best. I am not sure how student loan debt is being treated.
Over $18k together.....so there is a 10k cap for filing jointly? Damn we are going to get hammered
It wasn't discussed - specifically prepaying in relation to being assessed.
I don't know what your particular itemized deductions will be but you can still itemize even with the new higher personal exemptions and that includes mortgage interest up to a million dollars as well as property tax exemptions as was mentioned in the thread. Charitable contributions remain deductible also.
But why are you worried about itemized deductions OM1? Why dont you just skip trying to reduce your taxable income and send in some extra to help out Leftist Social programs for the non working poor?
Stop being "greedy" trying to avoid paying your "fair share"!
Remember OM1, your taxable income will also be taxed at a new lower rate, so whatever your final tax liability is it will likely be a cut in what you would owe compared to this year.
Why are you guys LYING???? Stop this now! We all will see THOUSANDS from this tax return. You know it yet you keep denying it! WHY?
![[winking]](http://l.yimg.com/j/assets/img/emoticons/classic/wink.r191677.gif "Winking [winking]")
Oh my fascist friend! You may recall I clearly stated that I have no problem with my current level of taxes paid at the federal or state level. And you may recall that I have little sympathy for the non-working poor. But spin it as you wish.
Now I am not sure exactly what you make or what you deduct in the way of mortgage interest but I doubt it is anywhere near the cap. But since you are still working, the inability to deduct your state income taxes might really smack you in the groin. Ultimately, the new tax plan appears to be a big zero for me.
![[eyeroll]](http://l.yimg.com/j/assets/img/emoticons/rolleye/rolleye0011.r191677.gif "Eye roll [eyeroll]")
We go from 28% to 24%. But in Virginia, the tax rate is 5.75%. So it looks like we lose.
Please don't take my comment negatively, but it appears you were not fully aware of how this corporate and wealthy giveaway is actually going to affect you. You are not alone. Most Americans don't have a clue either and won't until spring of 2019. And until then, the GOP machine will do its best and they are very good at it to make America believe this legislation is good. It isn't unless your name is Donald Trump or a corporation like General Electric. It is that simple but unfortunately with all the spin and misinformation that is in the public, people either turn off the facts or just don't understand.
How would anyone know as the small group of congressmen kept this close to the vest all along. What is interesting to me is that the interest cap on mortgages remains far out of reach for 98% of Americans yet the Home Equity deduction was removed for the average joe. Seems petty and spiteful to me. Plus I think the interest deduction for student loans was eliminated. One big hidden change was that employers can no longer deduct employee moving expenses. Therefore, if your company had a generous relo package, that is likely to go away. That has no positive impact on anything as now employees will be less able to relocate for job opportunities. So that family in rural West Virginia can eat poop and die before they or their new employer can deduct a penny of relo expenses.
HhhHhahahaha
Weren’t we pissed about these tax loopholes that companies use to keep from paying their fair share? Now you’re pissed because they’re closing loopholes? Ok. Makes sense. Give Bernie a call. You’ll fit right in with him.
Relocations wont go away just because companies cant deduct them. Relo is a cost of hiring. If there was an equally qualified candidate that didnt need relication today a company would hire them over relocating someone.
Do you know how much it costs to relocate a family just 300 miles? I think many firms will decide to cut relo costs and pin the move on the employee.....who can't deduct it either. But that 500k in mortgage interest is safe boys!!!
They might want to pin it on the employee but that doesnt mean the employee wont tell the to kiss their ass. Relocation is a hiring expense. If you want to hire me you will pay for it or I wont come to work for you.
What isn't correct? Here is a summation of the two different points I've made today on the subject.
http://fortune.com/2017/12/27/irs-conditions-2018-property-taxes/
Who is the idiot? The states and municipals are going to have to make cuts if they were counting on people swallowing high taxes that were essentially subsidized by the feds.
