Originally Posted by
Qotsaautopilot
Not to make this a tax debate but you’re incorrect about the per diem expense difference not being deductible. They are not. Miscellaneous deductions that exceed 2% of your AGI to include unreimbursed employee expenses and unreimbursed travel expenses are no longer deductible.
The rest of your point depends on each persons individual tax situation. I will likely pay a little (negligible) more tax on the same money in 2018 than 2017. The rates are going down but I’m losing $16,000 in personal exemptions and another $5,000 in deductions over the new $24,000 standard deduction. So if I make the same exact money in 2018 my taxable income is $21000 higher in 2018. Hopefully the rates will make up for the taxes on that extra $21000.
But I digress,
$2.25/hr with $.02 increases is low. An airport salad is $15. A hot meal with vegetables is $20.
You are correct and I was wrong the deductions exceeding 2% AGI are eliminated. Although your tax deductions are specific to you, I am having a tough time coming up with more than 24K in deductions (Even with the old law and checking my last couple of years) and I have all the regular ones (mortgage, taxes, medical, employees expenses, etc). So for most of us we are not exceeding 24K. Plus if you have kids add $1000 credit additional per kid. So I guess my point is that even though taxes are individual, it is out of the norm to be losing money in the new tax law.