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What does this new tax bill mean for us Americans?

Discussion in 'Asset Protection/Taxes/Legal' started by bettereveryday, Dec 2, 2017.

  1. bettereveryday
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    bettereveryday Contributor

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    Please no infusion of politics and ideology, I'm just trying to make out what all this actually means.

    I've read multiple articles which all appear to lower taxes no matter what income bracket your on, other than those making $0-$9k for singles and $0-$19k for couples, but yet everywhere I look people are saying the middle class will end up paying more in taxes over the long run.

    Is this true? Anybody have any analysis on this issue
     
  2. jon.a
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    jon.a Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Nothing yet.
     
  3. ApparentHorizon
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    ApparentHorizon Silver Contributor Speedway Pass

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    the proposal would expire in 7 years, except for corporate rates.

    tldr: restructure
     
  4. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    Wait for the reconciliation process. The end result (if any) may be completely different than either of the two passed bills.
     
  5. Mr.Brandtastic
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    Mr.Brandtastic Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Tax enthusiasts: Taxes are great they pay for this and this and this

    Also Tax enthusiasts: What do you mean my taxes are going up? I wanted them to go up on the working rich! I hate taxes!

    Oh boy
     
  6. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    This ^^^

    The house bill and the senate bill are significantly different.

    Now they have to reconcile those differences and complete a final bill.

    Then it goes to President Trump for signing.

    Then it will have some sort of timeline for implementation, which requires the IRS to be, uhhh, competent.

    During that entire process the media will report on the bill as if they actually know what will happen (no one does until it's actual law), and with wildly misleading political bias. (On both the left and the right)

    TL;DR

    Wait for it to get signed into law.

    At any rate, the government considers me "rich" so I am keeping my expectations low.
     
    mjamesrich, Kingmaker, jon.a and 4 others like this.