| Author | Message | ||
Saarang Hero Username: Saarang Post Number: 16567 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
Sen. Susan Collins‏Verified account @SenatorCollins 2h2 hours ago The Senate tax bill will include my SALT amendment to allow taxpayers to deduct up to $10,000 for state and local property taxes. Sen. Susan Collins‏Verified account @SenatorCollins 2h2 hours ago Replying to @SenatorCollins Delighted that the Senate has agreed to include my property tax deduction amendment, that will allow 166,000 Maine taxpayers who itemize to deduct a total of $725 million in property taxes each year. #MEPolitics | ||
Saarang Hero Username: Saarang Post Number: 16566 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
<susan> Sen. Susan Collins (R-Maine) told reporters Thursday that she has told party leaders she would not vote for the Senate bill unless it was amended to allow people to deduct as much as $10,000 a year in property taxes from their federal returns. “They understand that it’s something I have to have in the bill,” Collins said during a breakfast sponsored by the Christian Science Monitor. With Democrats firmly aligned against the tax bill, Republican leaders cannot pass it if more than two of their party’s senators withhold support. Collins has proposed an amendment restoring the limited property tax deduction. Her amendment could be voted on Thursday, when Republicans are expected to approve the bill. | ||
Saarang Hero Username: Saarang Post Number: 16565 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
Susan Collins vote kosam change chesaaru ippudu property taxes deductible upto 10K. But, with high standard deduction that may not matter | ||
Analog Side Hero Username: Analog Post Number: 4789 Registered: 05-2008 Posted From: 207.43.172.140 Rating: N/A |
first 500K of the mortgage kada | ||
Jalsa Legend Username: Jalsa Post Number: 36107 Registered: 02-2008 Posted From: 73.10.119.199 Rating: N/A |
what? property taxes upto $10K is ok annaaru kadha? | ||
Saarang Hero Username: Saarang Post Number: 16564 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
A key U.S. senator indicated Thursday that the Republican tax bill was all but certain to keep a limited deduction for property taxes — a partial victory, but at the same time, a major loss for Californians. Like residents of other high-tax states, Californians would benefit from being able to continue to deduct some of the cost of property taxes on their federal returns. The Republican bill headed to a final vote in the Senate this week proposes to eliminate that deduction. But the bill would still axe the current deduction for state and local income or sales taxes. That is a bigger loss for California, which has the highest top state income tax rate in the nation, but ranks in the bottom third by one measure for property taxes. Efforts to restore all state and local tax deductions to the legislation in the House and Senate have gone nowhere. | ||
Analog Side Hero Username: Analog Post Number: 4788 Registered: 05-2008 Posted From: 207.43.172.140 Rating: N/A |
13% ikkada  state tax dedcutions teesesthe Californians ki huge hit la undi | ||
Saarang Hero Username: Saarang Post Number: 16563 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
Married with children, in New Jersey But in slightly different circumstances, that couple could make out much worse. Let's assume Maya and John are homeowners. Some years ago, after living frugally and with some help from generous parents, they were able to buy a $600,000 house in New Jersey. Because they are so thrifty and have excellent credit, they qualified for a very low down payment. However, because they live in New Jersey, they pay some of the nation's highest property taxes. Let's also assume that instead of two children, they have one, with the plans to have a second when their finances allow it. Under current tax law, the couple can deduct their state, local and property taxes, as well as the substantial interest they pay on their mortgage, bringing their taxable income to the lowest tax bracket. After accounting for the child tax credit, they would owe just $608 to the federal government in income tax. Under the Senate plan, Maya and John wouldn't be able to deduct the full value of the mortgage interest they pay, since only the first $500,000 of the mortgage would be eligible, and they couldn't take off any of their property taxes, which removes $13,000 from their taxable income under current law. They could save slightly more by taking the increased standard deduction ($24,000 under the Senate plan) than they would by itemizing. But still, they would pay $2,624 in federal income taxes, even with the increased credit for their one child -- $2,000 more than they do currently. | ||
Jalsa Legend Username: Jalsa Post Number: 36106 Registered: 02-2008 Posted From: 73.10.119.199 Rating: N/A |
6.35% | ||
Saarang Hero Username: Saarang Post Number: 16562 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
state and local income taxes no longer deductible | ||
Rajusk Legend Username: Rajusk Post Number: 60319 Registered: 02-2008 Posted From: 170.74.231.20 Rating: N/A |
bottomline enti.. less than <500K mortgage unte all safe aa mana ishtate lo ? | ||
Jalsa Legend Username: Jalsa Post Number: 36105 Registered: 02-2008 Posted From: 73.10.119.199 Rating: N/A |
200K gross salary ayithe, 401k+health insurance etc and 24K standard deduction kadha? | ||
Sony Legend Username: Sony Post Number: 35714 Registered: 12-2006 Posted From: 170.48.19.250 Rating: N/A |
Property taxes idi varaku tax breakup lo use chesukune vaalam, adi ippudu ela untundo cheppalemu because he made 24K standard deductions So lets say average 200K is family median salary with 2 paychecks.....taxes you pay for 176K? aa taravata numbers ani oka sari CPA tho kurchuni discuss cheyali | ||
Sony Legend Username: Sony Post Number: 35713 Registered: 12-2006 Posted From: 170.48.19.250 Rating: N/A |
House plan or senate plan..... desi families with 2 pay checks will have close to 3 to 4% annual savings in taxes idi bottom line | ||
Jalsa Legend Username: Jalsa Post Number: 36104 Registered: 02-2008 Posted From: 73.10.119.199 Rating: N/A |
sesu, and naa laani badugu vargaala vaariki no problem...  mortgage amount is < 500K already | ||
Guru Hero Username: Guru Post Number: 11697 Registered: 05-2009 Posted From: 98.109.52.112 Rating: N/A |
House plan chudala senate plan chudala be clean ya cheppu annay | ||
Saarang Hero Username: Saarang Post Number: 16560 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
I think it will be closer to senate version | ||
Humpty_dumpty Moderator Username: Humpty_dumpty Post Number: 37053 Registered: 02-2009 Rating: N/A |
track bracket for joint filing http://static5.businessinsider.com/image/5a0c624f35876eb2018 b6222-1200/11-15-17-married-jointly-tax-brackets-current-hou se-senate.png | ||
Saarang Hero Username: Saarang Post Number: 16559 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
JOY to Californians http://www.latimes.com/business/la-fi-state-local-taxes-2017 1130-story.html | ||
Sony Legend Username: Sony Post Number: 35711 Registered: 12-2006 Posted From: 170.48.19.250 Rating: N/A |
http://static1.businessinsider.com/image/5a0c622e3dbef4f1018 b626e-1200/11-15-17-single-tax-brackets-current-house-senate .png http://www.businessinsider.com/tax-brackets-2018-trump-tax-p lan-chart-house-senate-comparison-2017-11 | ||
Saarang Hero Username: Saarang Post Number: 16558 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
SOY to New Jerseyers https://www.cbsnews.com/news/senate-tax-bill-case-studies-ef fects-five-families/ | ||
Andhrawala Legend Username: Andhrawala Post Number: 64634 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
Nenunna nayanammmaaaa No Signature | ||
Saarang Hero Username: Saarang Post Number: 16557 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
More scenarios: http://www.newsweek.com/will-you-pay-more-or-less-tax-under- trumps-plan-four-easy-charts-725873 | ||
Boeing747 Comedian Username: Boeing747 Post Number: 1940 Registered: 04-2016 Posted From: 70.162.116.98 Rating: N/A |
endi babu meeru too much..maa lanti badugu balaheena vargala gurinchi aalochinchara asalu.. | ||
Gochi Side Hero Username: Gochi Post Number: 3072 Registered: 12-2006 Posted From: 159.53.110.144 Rating: N/A |
meerichina link lo $140k varake unnaai charts...mana DB lo 200k ki thakkuva evaru leranukuntaa, aa paina charts kooda unte ettandi  | ||
Boeing747 Comedian Username: Boeing747 Post Number: 1938 Registered: 04-2016 Posted From: 70.162.116.98 Rating: N/A |
standard deduction use chese andariki tax cut untundi antunnadu ga in 2018 as per NYtimes | ||
Saarang Hero Username: Saarang Post Number: 16555 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
Good analysis by new york times https://www.nytimes.com/interactive/2017/11/28/upshot/what-t he-tax-bill-would-look-like-for-25000-middle-class-families. html | ||
Saarang Hero Username: Saarang Post Number: 16554 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
Good analysis by new york times | ||
Saarang Hero Username: Saarang Post Number: 16553 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
No income tax states people ki benefit anta kadha  | ||
Saarang Hero Username: Saarang Post Number: 16552 Registered: 06-2012 Posted From: 97.113.83.221 Rating: N/A |
Finally oka bill pass sign cheyyagaligettu unnadu Mugambo. highlights ettandi. Eppati nundi effective 2018 or 2019? |