Trump tax cuts

[Anonymous]

For those making in the upper 1-5% how much will the tax cuts affect you? I can't seem to get a clear picture.

To be clear - I voted against Trump. I think he is a gigantic turd and a horrible president.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Take your whining about Trump to politics.

OP - this is a money question not a political question. I don't understand the new tax cuts and how they will affect me. HHI is $800-$900K.

The current proposal would extend the current rates indefinitely, so your taxes wouldn't change much at all if the final bill is similar to what is being proposed. This is as opposed to what would happen if current law was to remain, in which case your taxes would go up a lot, as rates would go back to 2016 levels.

[Anonymous]

Well last time he capped SALT at $10k which is nothing so our taxes went up. Doubt this time will be any different.

[Anonymous]

I believe the GOP wants to extend the 2017 tax cuts, which expire at the end of this year. But there will be some tinkering with that, and who knows what they can actually get passed.

This article lays it out well - https://about.bgov.com/insights/elections/2025-tax-policy-crossroads-what-will-happen-when-the-tcja-expires/#which-tcja-individual-tax-provisions-are-set-to-expire

[Anonymous]

We make about 1.5 and I read that ours will go down about 36k. I will need it to buy eggs.

[Anonymous]

A part of this is extending the tax cuts that are set to expire.
For my family, a big part of this was AMT.

[Anonymous]

Anonymous wrote:We make about 1.5 and I read that ours will go down about 36k. I will need it to buy eggs.

No that's compared to what your 2025 tax bill will be if current law stays in place (which puts rates back to 2016 levels). Compared to 2024 it will be close to flat, if the current proposal becomes law.

[Anonymous]

I’m not sure, but it sounds like I’ll be paying at least an extra $20k per year to Maryland due to the Wes Moore tax increase.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Take your whining about Trump to politics.

OP - this is a money question not a political question. I don't understand the new tax cuts and how they will affect me. HHI is $800-$900K.

The current proposal would extend the current rates indefinitely, so your taxes wouldn't change much at all if the final bill is similar to what is being proposed. This is as opposed to what would happen if current law was to remain, in which case your taxes would go up a lot, as rates would go back to 2016 levels.

My taxes barely changed under the 2017 "tax cuts." The rates went down, but we lost lots of deductions, particularly SALT.

[Anonymous]

Same here. After losing SALT, the "tax cut" was a wash for us.

[Anonymous]

Anonymous wrote:Same here. After losing SALT, the "tax cut" was a wash for us.

That's because you aren't rich enough to really matter to them. Also you work for a living , not earning through capital gains like the real Americans

[Anonymous]

Anonymous wrote:I’m not sure, but it sounds like I’ll be paying at least an extra $20k per year to Maryland due to the Wes Moore tax increase.

Did that pass?

[Anonymous]

HHI of 2.7. I don’t have enough info to know what will happen but our taxes went down with the original Trump Tax Cuts because the rates went down. The $10K SALT cap reduced our itemized deductions but the rate decrease was what really mattered.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Same here. After losing SALT, the "tax cut" was a wash for us.

That's because you aren't rich enough to really matter to them. Also you work for a living , not earning through capital gains like the real Americans

I didn't know Trump cut the capital gains rate in 2017.

Hint for you - go read Propublica and learn what the really rich do (like Warren Buffett). They defer gains for decades - so unless you have a wealth tax year-to-year - all this other stuff isn't important.

And above all - remember two things : 1) you cannot tell how rich someone is by looking at their tax return and 2) stop saying the "wealthy" don't pay taxes. You aren't taxing wealth - you're taxing this year's taxable income.

[Anonymous]

This is so dumb. We're in that bracket and any tax benefit won't make up for my rapidly declining investments.

He's an idiot. Unless we get rid of him, his co-prez, and eyeliner boy, we have no standing with Canada or Europeans, nor will we while they're around. I don't see how they walk this back in addition to retail and consumer confidence tanking. This is not Trump 1.0.