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tax reform and how it appears to be working out
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I know there are some accountants on here but I've been working through client tax forecasts and most will receive a benefit on the Fed side but I'm seeing a tax impact on the state side because of the lower deduction is bumping what flows over to the state return. I'm not sure the rocket scientists in Washington have mentioned this. Any accountants want to chime in?

Some of the high net worth retired clients with low taxable income are seeing a small bump.
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Re: tax reform and how it appears to be working out [summitt] [ In reply to ]
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Not tax accountant, mild Nw, high taxable inc, retired, see small tax increase using either senate or house. Add insult to injury ss to give cola, but actually lose due to Medicare income penalty. Works out to $100-135/ mo loss. Thanks Uncle Sam.

State is based on fed so it will go up a little too I think.
Last edited by: tyrod1: Dec 14, 17 15:40
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Re: tax reform and how it appears to be working out [summitt] [ In reply to ]
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Its going to be really hard to know until it is all done and signed. Even now I assume there are deals being made here and there just to get it to pass. But we do know the framework from both parties involved, and it looks like a lot of middle income people will get nothing, or even lose. I would be willing to bet anyone who makes more than 10 million is a slam dunk to get a benefit.

I like Rubio's last second charge to try and shift just a little off the top end to the middle/lower. The corporate tax rate seems at 21% right now, guessing that will inch up a couple points to pay for this shift..
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