One Million Californians to Owe $12 Billion More Next Year (Page 4): Lavender Room: Slowtwitch Forums

Re: One Million Californians to Owe $12 Billion More Next Year [Harbinger] [ In reply to ]

Apr 23, 18 15:00

Harbinger wrote:

DavHamm wrote:

stal wrote:

I haven't finished my coffee...but nowhere in this thread is anyone "talking about other aspects of the code, in particular one that hurts families with more than 3 kids."

Even scanning the usual libby rags I can't find an example like the one you provided. Most of the articles (posted in this thread and elsewhere) show that the only folks paying more taxes are the ones living in huge, valuable homes.

Can you show me a single mom that has 4 kids paying more taxes, and explain why?

Uhm yeah, The first post in this odd exchange that you replied to I mentioned the other part of the code, that hurts families with more than three kids.

No I am not going to go do research for you on something that is very simple.

Standard detuction use to be 12K now 24K. BUT you use to get $4050 per dependent as a dependent exemption So if you had 3 kids you had an additional $12,150 added to your 12K for $24,150 and now you get $24k and for every additional kid you lose out on that $4050.

And since I stumbled on this https://www.cnbc.com/...-this-tax-break.html

One of many articles, that talk about this, its not some twisted made up thing, its pretty straight forward and discussed all over.

You are both mixing single and married standard deductions with personal exemptions.

A married couple with 1 child has fewer deductions under the new tax law than the old. More children than one, the greater the deduction reduction. See post 17.

EDIT: just read your post 17 yeah were saying the same thing, sorry if my estimates and round-off's were confusing.

Uhm no I didn't mix anything, I just gave the Married example as I know that one off the top of my head. 2017 Standard deduction for married was $12,700 plus $4050 per dependent. For single it was $6,350. In 2018 it will change to $24,000 married - nothing per dependent, and $12000 for single nothing per dependent.

Just Triing
Triathlete since 9:56:39 AM EST Aug 20, 2006.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.

Last edited by: DavHamm: Apr 23, 18 15:05

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Re: One Million Californians to Owe $12 Billion More Next Year [DavHamm] [ In reply to ]

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Harbinger

Apr 23, 18 15:15

Post #77 of 79 (331 views)

DavHamm wrote:

Harbinger wrote:

DavHamm wrote:

stal wrote:

Well then your post #73 is wrong. You forgot that each individual gets one an exemption, not just dependent children. So a married couple with ONE child in 2017 would get the $$12,150 in exemptions ($4,040 * 3) plus the standard deduction of $12,700. So $24,850 total.

In 2018 the get zero for exemptions and a standard deduction of 24,000.

So any couple with just ONE child will have lower combined exemption/std deduction in 2018. The difference simply grows the more dependents you have.

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Re: One Million Californians to Owe $12 Billion More Next Year [Harbinger] [ In reply to ]

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DavHamm

Apr 23, 18 15:29

Post #78 of 79 (324 views)

Harbinger wrote:

Right, of course we have totally skipped the child tax credit, that use to be $1000 per kid, that now goes up to $2000.

Yes, I get that's what I get for trying to recall tax laws, while at work.

Of course lost in our exchange, is the Fact that Stal is clueless about what this tax change is doing to a single mom with 3 kids.

Just Triing
Triathlete since 9:56:39 AM EST Aug 20, 2006.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.

Last edited by: DavHamm: Apr 23, 18 15:30

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Re: One Million Californians to Owe $12 Billion More Next Year [DavHamm] [ In reply to ]

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oldandslow

Apr 23, 18 15:32

Post #79 of 79 (321 views)

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Of course lost in our exchange, is the Fact that Stal is clueless about what this tax change is doing to a single mom with 3 kids.

...and clueless about property tax law in California....

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