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Thread: Tax Bill Passes in House and Senate...

  1. #1

    Default Tax Bill Passes in House and Senate...

    The tax bill just passed in the House after Senate passed yesterday. Now it's off to the President's desk.

    The Dow is up 1 point on the news. I guess it's priced in.


    If it stays flat this afternoon there could be a start of a rush to take profits, although here comes the Christmas seasonal advantage.


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  3. #2

    Default Re: Tax Bill Passes in House and Senate...

    Here is a link to figure out how this new bill may affect your bottom line...

    Tax Calculator: What tax reform means for you | Fox Business

    Danny

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  5. #3

    Join Date
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    Default Re: Tax Bill Passes in House and Senate...

    Only one thing I can say.
    Links Crude Settle $70.96 05-14-2018
    +$.26 Gain




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  7. #4

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    Default Re: Tax Bill Passes in House and Senate...

    All I can think of is

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  9. #5

    Default Re: Tax Bill Passes in House and Senate...


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  11. #6

    Join Date
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    Default Re: Tax Bill Passes in House and Senate...

    Found this interesting and wanted to pass it along.

    From the Washington Post

    Taxpayers will have to wait to find out how they did under the new legislation

    https://www.msn.com/en-us/news/us/ta...ion/ar-BBH5EqN


    "...ADP, one of the largest providers of payroll services, says it built its system to quickly reflect changes in the tax rate. But this tax overhaul is more complicated, said Pete Isberg, ADP's vice president of government relations. Millions of workers have filed W-4 tax forms telling their employers how much in federal taxes they need to withhold. But that form will not be applicable under the new law, Isberg said.

    "Therefore, every W-4 on file, all 164 million of them, won't be valid starting next month," he said. "We believe every working person is going to need a new W-4."

    The IRS may have to design an entirely new W-4 form, which could take months, Isberg said. To complicate matters further, some states have separate W-4 forms that may also have to be changed, he said. "We need guidance as soon as possible," he said.

    ADP has asked the IRS whether it can automatically convert old W-4 forms into new documents without requiring employees to fill out anything, but the company has not received a response. "We're looking at ways that we can simplify this for employers," he said..."
    May the force be with us.

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  13. #7

    Default Re: Tax Bill Passes in House and Senate...

    🦇💩🤪🐘🇺🇸👏🏻🍾

  14.  
  15. #8

    Join Date
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    Default Re: Tax Bill Passes in House and Senate...

    I live in Illinois so this tax plan actually hurts me. But it was time to hurt Illinois as they have for 40 plus years screwed us with higher and higher property taxes. I currently pay $15,000 in property taxes on a 3200 sq. ft. $600,000 home. Its crazy.
    11.80% for 2012, 24.79% for 2013, -5.13% for 2014 , 4.94% for 2015 WTF?, -0.04% for 2016 , 13.09% for 2017======= 8.23% six year average

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  17. #9

    Default Re: Tax Bill Passes in House and Senate...

    Yeah, this is what happens when legislation is unnecessarily rushed. I'm sure more surprises are ahead.

    Quote Originally Posted by nasa1974 View Post
    Found this interesting and wanted to pass it along.

    From the Washington Post

    Taxpayers will have to wait to find out how they did under the new legislation

    https://www.msn.com/en-us/news/us/ta...ion/ar-BBH5EqN


    "...ADP, one of the largest providers of payroll services, says it built its system to quickly reflect changes in the tax rate. But this tax overhaul is more complicated, said Pete Isberg, ADP's vice president of government relations. Millions of workers have filed W-4 tax forms telling their employers how much in federal taxes they need to withhold. But that form will not be applicable under the new law, Isberg said.

    "Therefore, every W-4 on file, all 164 million of them, won't be valid starting next month," he said. "We believe every working person is going to need a new W-4."

    The IRS may have to design an entirely new W-4 form, which could take months, Isberg said. To complicate matters further, some states have separate W-4 forms that may also have to be changed, he said. "We need guidance as soon as possible," he said.

    ADP has asked the IRS whether it can automatically convert old W-4 forms into new documents without requiring employees to fill out anything, but the company has not received a response. "We're looking at ways that we can simplify this for employers," he said..."
    “Censorship is the child of fear and the father of ignorance.”-Laurie Halse Anderson


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  19. #10

    Default Re: Tax Bill Passes in House and Senate...

    Quote Originally Posted by rktect1 View Post
    I live in Illinois so this tax plan actually hurts me. But it was time to hurt Illinois as they have for 40 plus years screwed us with higher and higher property taxes. I currently pay $15,000 in property taxes on a 3200 sq. ft. $600,000 home. Its crazy.
    Because you've been hurt by Illinois for 40 plus years, it's therefore about "time to hurt Illinois", i.e. YOU, some more?


    ______________
    "Strange times are these in which we live ..."

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  21. #11

    Default Re: Tax Bill Passes in House and Senate...

    Quote Originally Posted by rktect1 View Post
    I live in Illinois so this tax plan actually hurts me. But it was time to hurt Illinois as they have for 40 plus years screwed us with higher and higher property taxes. I currently pay $15,000 in property taxes on a 3200 sq. ft. $600,000 home. Its crazy.
    That is crazy... just to show ya, (don’t believe the fake news) I’ve seen on MSNBC and local California networks, that this bill is bad for CA (all of it) our middle class will not benefit.
    My 1600 sq. ft. House has a Tax bill of ~$1800. I also have a 1800 sq ft rental that is $2200, and a 2100 sq. ft. Rental that is $2400.

    Based on all I have read I personally will pocket several thousand extra dollars on the new tax plan.


    Danny

    "edited by moderator to try and keep it politically neutral."
    Sent from my iPhone using TSP Talk Forums

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  23. #12

    Join Date
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    Default Re: Tax Bill Passes in House and Senate...

    Quote Originally Posted by Danny View Post
    That is crazy... just to show ya, (don’t believe the fake news) I’ve seen on MSNBC and local California networks, that this bill is bad for CA (all of it) our middle class will not benefit.
    My 1600 sq. ft. House has a Tax bill of ~$1800. I also have a 1800 sq ft rental that is $2200, and a 2100 sq. ft. Rental that is $2400.

    Based on all I have read I personally will pocket several thousand extra dollars on the new tax plan.


    Danny

    "edited by moderator to try and keep it politically neutral."
    Sent from my iPhone using TSP Talk Forums
    Let's keep it politically neutral. Not everything is "Fake News". We won't know how it affects each person until all the smoke clears and 2018 taxes are due. This tax reform will affect each one of us different.
    May the force be with us.

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