Does anyone know if this website has a political tilt?Just trying (like everyone else, I suppose) to get a handle on the impact of the tax reform effort.According to my accountant, prior to the Senate adding the property tax (capped at $10k) deduction, I was losing money.TaxPlanCalculator.com website says I am saving money.I live in a high income tax/property tax state (live in NJ/work in NYC). I do not hit the AMT.I am fairly certain I will have higher taxes under the plan, but this estimator says otherwise... Just trying to make heads or tails of it.
Well, a quick google found this:"Supervising Producer at the Stossel show. Writer for FoxNews.com. Created ElectionBettingOdds.com. If you have an idea for a news story, please Facebook, Tweet, or e-mail me."So he has that going for him.JimA
It ran numbers that were pretty similar to what I expect. However, make sure instead of entering your entire income, you enter taxable income. I'm ahead under either bill.
JimA759s,You wrote, Supervising Producer at the Stossel show. Writer for FoxNews.com.FWIW, Stossel is a stanch Libertarian.Also I entered data from 2016 into that site. Wow. It says come out ahead in both plans. Surprise. The Senate plan actually gives me more than twice the savings - into the 4 figures.BTW, I entered my 2016 data since I have precise numbers for that. I found I needed to back out capital gains and qualified dividends. If you add those in the calculator applies the marginal rate in its estimate. Of course backing them out causes it to lower its estimate of my sales tax deduction, but that's fairly minor.I'm surprised. Of course by most standards I'm fairly wealthy, so maybe I shouldn't be. This is a tax cut for the rich. ;-)Also the drop in corporate tax rates should provide a nice healthy bump in my investment portfolio in the coming year(s)...- Joel
It ran numbers that were pretty similar to what I expect. However, make sure instead of entering your entire income, you enter taxable income. I'm ahead under either bill.Same here. Almost $1k ahead under the house bill, $2400 by the senate bill. And that's at an income level that does not need tax relief.
I'm surprised. Of course by most standards I'm fairly wealthy, so maybe I shouldn't be. This is a tax cut for the rich. ;-)When dealing with the government, I'm overly cynical. By most government standards, if you have a J-O-B you are wealthy.While the calculator is overly simplistic, I'll take the results from either bill. The Senate gave me about twice the savings over the House. Yes, DW & I are part of the "Evil 1%ers" but chances are we would spend the tax savings because we are about to retire. No real need for further retirement savings. While some might argue that is proof that we don't need the tax break, I can guarantee we would spend the money more proficiently than any government program. Definitely with less overhead skim. And it would be more stimulative to the economy.JLC
Calculator is pretty simplistic. Shows a small gain for me but doesn't consider my extra standard deduction as a senior. I've done my own spreadsheet and it shows I'll pay about $600 more under the senate plan. And that doesn't consider the long term effect of changing both the inflation adjustment to brackets or the inflation adjustment to SS COLA which they buried in the fine print. Sorry, this is not a tax plan for the middle class no matter how much lipstick they try to put on the pig.
my google-fu seems to be lacking these days.OK, so he's Libertarian. Sounds like, although basic, the calculator seems relatively benign...Thanks for the replies!
The calculator seems to be updated to reflect the joint bill.
The calculator seems to be updated to reflect the joint bill.Well, it says it is - however, when you answer that you itemize, it still calls for Other itemizations (NOT counting state/local tax or business costs): separately from property taxes. So, I'm not sure I would trust it.AJ
For me, it overestimated my SALT deduction from what I actually deducted last year by $1942. So it's underestimating my tax owed by over $400. That's a pretty large difference.It may be a WA state specific issue, since WA state has differing sales tax rates depending on where you live, and the calculator doesn't ask which county I live in. But it's not right, at least for me.AJ
It may be a WA state specific issue, since WA state has differing sales tax rates depending on where you live, and the calculator doesn't ask which county I live in. But it's not right, at least for me.===============================It might just take the state rate which is 6.5% and not add in the local rate.
It might just take the state rate which is 6.5% and not add in the local rate.No, it overestimated my deduction for sales tax significantly, not underestimated it. But even if it defaulted to the highest rate in the state, which is 10.4%, vs. my local rate of 8.4%, there's still something else messed up because it more than doubled the sales tax it said I was allowed to deduct.AJ
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