Tax Bill

[Swamp Rat]

Looks like my rate would go down 3-4%....

[Palmetto Bug]

The tax code should be used for providing revenue to run the limited government only, not to influence or coerce behaviors or favor one group or business over another. Tax breaks, exclusions, exemptions, credits, etc. are nothing more than politicians using your money to buy votes.

[Saltydog235]

Senate Bill for married filing jointly saves us a bunch.

[Carolina Counsel]

I understood that one of the problems relates to the elimination of some of the state income credits. I am not a tax guy- I pay someone to advise me. He said it isn’t going to be good for me. He sent me an article that includes the following:
In fact, millions of people stand to see higher tax bills because of the elimination or curtailment of deductions such as one for state and local taxes, according to the Joint Committee on Taxation, the nonpartisan official scorekeeper for Congress.

And because most of the Senate bill’s individual tax breaks expire by 2027, more than 20 million households with income below $200,000 would face tax increases by then.

[Bigtimber2]

Corporate tax rate reduction to 20% from 35% is HUUUGGEE. Also a nice drop in the rate for businesses.

FIFY. I hate to agree with you but this as you say HUGE. 401k investments will make up anything lost on the individual side.

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[Two Barrels]

I had heard that the AMT goes away as well. It needs to. Can one of you who are more informed confirm this?

[Palmetto Bug]

Senate Bill for married filing jointly saves us a bunch.

This is the exclusion that got us into the fight over the definition of marriage. If we didn't accept a tax break/vote buy for a married exemption, the gay movement wound not have had any standing in court to force churches into redefining what marriage was.

[marsh chicken]

I had heard that the AMT goes away as well. It needs to. Can one of you who are more informed confirm this?

They are saying yes. But others in the senate are saying that it won't. Shit is a mess

[Stripa Swipa]

The tax code should be used for providing revenue to run the limited government only, not to influence or coerce behaviors or favor one group or business over another. Tax breaks, exclusions, exemptions, credits, etc. are nothing more than politicians using your money to buy votes.

EXACTLY!!!!!!!!!!!

[uga_dawg]

This is the exclusion that got us into the fight over the definition of marriage. If we didn't accept a tax break/vote buy for a married exemption, the gay movement wound not have had any standing in court to force churches into redefining what marriage was.

The great marriage tax break is a farce. Sure it helps in some scenarios but look at the charts I posted. There are plenty of areas (today and in the future) where you don't have to be an accountant to see you are better off filling individually.

I don't think we can blame that on the IRS.

[Palmetto Bug]

Tax exemptions, credits, exclusions, etc. give Congress a way to make laws covertly. For instance: If they cant make cigarettes illegal because the public would resist such overt government dictation of behavior, they can simply add a rider to another tax bill to make cigarettes exorbitantly expensive and achieve the same goal with out public scrutiny.

If the tax code gets simplified and based on expenditures, Congress loses a LOT of their unconstitutional power. The Constitution was not written with taxation considered. Once Congress got the power to tax, they gained way more power than the Constitution granted them. That upset the beautiful balance of powers the Founders envisioned.