Impact of GOP tax overhaul

[Pete F.]

Proof, LBJ was right

[Jim in CT]

Originally Posted by Pete F.

Proof, LBJ was right

No, he wasn't. I'm not paranoid about anyone else taking my stuff. I'm happy about keeping a bit more of my pay.

Originally Posted by The Dad Fisherman

How dare you be happy about keeping more of your money, you selfish bastard

Selfish to the core.

Originally Posted by spence

How do you know it's not going to even out when he files next year? They're gooseing the withholdings so people think they're getting more.
Posted from my iPhone/Mobile device

I have the same number of exemptions on my W-4 as I had 2 weeks ago. They lowered some tax rates. That can lower your withholding, without screwing your return next April.

Originally Posted by Sea Dangles

A lot of big companies had anticipated the tax overhaul correctly and made their adjustments ahead of time.
Posted from my iPhone/Mobile device

I work for Liberty Mutual now, we were told by HR that our pay would reflect the new rates.

I hope everyone here fares even better than I did, and therefore has it just a tiny bit easier this year than they had it last year.

[spence]

Originally Posted by Jim in CT

I have the same number of exemptions on my W-4 as I had 2 weeks ago. They lowered some tax rates. That can lower your withholding, without screwing your return next April.

That depends on how your taxes are structured. I itemize so the SALT cap and elimination of personal exemptions could be problematic when I file next year...Not sure if the lower rates will offset what I'm losing in deductions.

[Jim in CT]

Originally Posted by spence

...Not sure if the lower rates will offset what I'm losing in deductions.

For me, the lower rates would not fully offset the ability to fully deduct SALT (I itemize too). But what pushes this into the 'win' column for me, is the greatly expanded childcare credits. Higher credits for each kid (I think), and higher incomes before they phase out - I have 3 kids. This, combined with the lower rates, will mean my net pay increases. No thanks to any of the congressional delegation in Connecticut.