The only solution is to turn in your guns and immediately switch to socialism because of climate change and gender inequality.

Don’t you watch CNN?

 

GOP tax reform just created winners and losers. If you make 157-200k, our marginal tax rate went from 28% to 32%. We lost our write offs for union expenses and per diem. We can no longer write off all our state income tax and property tax. Lots of pilots will see a higher tax bill due to this GOP tax law.

The 100% guarantee that your taxes went up is if you are a pilot for a union airline, single, make 157k-200k, live in a state with state income tax (43 out of 50 of them charge state income tax) and own a home. Find me anyone in that situation and I guarantee your taxes go up in 2018.

 

Mine are going down substantially in 2018. Its money in my pocket. I’m happy.

 

False, I saw a noticeable reduction.

 

We lost a HELL of a lot more write-offs than just the ones you listed. Get creative in 2017, because it's all going away in '18.

 

[QUOTE=Dragon7;2538984]Dan Ward=Nancy Pelosi

You got anything to back this up?

 

I was a tax loser in 2017. 2018 is shaping up to allow my wife and I to keep a lot more of what we earned. You don’t need write offs if your total tax burden went down and you can do math.

 

IAH, you’re full of it. Even though you cherry-picked a certain income level where you thought would best represent your Pelosi Armageddon drakonion tax increase narrative, actual math unfortunately doesn’t support your position. (Ironically this is a forum of 1%ers complaining about paying taxes on four times the average $54,000 gross income of U.S. family. Ok maybe more accurately 3 to 4%ers. Either way, it’s a first world problem.)

I used $200,000 as the baseline income where you tried to cherry-pick the marginal increase in tax rate for $43,000 of those dollars. Unfortunately you failed to account for the large decrease in tax on the other $157,000. The federal tax on $200,000 under the old system equates to $48,212. The tax under the new system is $44,831. A reduction of $3,381 under the new plan. (This is known as “crumbs” to opponents of the new tax plan.)

I got hit with AMT in 2017, and it hit me for an additional $5,500 in taxes ABOVE the old federal tax due. Now that AMT has raised the exemption limit, and the exemptions which would have forced me to AMT are gone, I won’t be subject to that extra $5,500 tax. Plus the marginal rates are $3,300 lower on that $200K (see above). Sounds like a rather large tax cut for us 3%ers.

This is where you would normally eat crow but I suspect you’ll double down with emotion when you lost the battle with facts.

 

Iahflyr,
I just checked with him and Raymond Babbitt confirmed to me I’ll be getting a tax break. He said he 100% guarantees it as well. Guess we will see who’s wrong, you or rainman!

 

The IRS changed the withholding tables and when people saw their paychecks go up a few bucks, they assumed they were getting a tax cut. In reality, most people need to lower their withholdings to make up for the loss of deductions under the tax reform bill.

It will be good to see the look on peoples faces come early 2019 when they realize they actually owe taxes. I had to lower my exemptions by 3 just to break even on taxes in 2018.