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All our clients will be flush with cash that they’ll be tripping over themselves to give to their American manufacturing employees
Not necessarily. It depends a lot on your tax situation, particularly if you live in a high-tax state where the removal of the deduction for state and local taxes will matter
Prob won’t happen when they find out what it costs for Accenture to implement it
@ey1, you mean the tax bill that has hand written scribbles in the margins and text crossed out by hand? The senate doesn't even have a good copy of what was just passed. It's horrifying
Mc Kinsey can talk to 100+ CEO’s and draft a new study and shove it on everyone as their perspective
You’ll pay less
Doubt anyone here read it because I'm pretty sure at least 50 senators didn't.
It’s a crapshoot below $250K, though the higher you are, the more likely you come out ahead. Also, eliminating the personal exemptions hurt people with families - not sure where the child tax credit will get reconciled to.
Short term, most individuals benefit, but by 2027 a healthy chunk of lower and middle class folks will pay a lot more in taxes. This is a massive theft from individuals and future generations to support corporate welfare. It’s incredibly cruel and horrifying in so many ways.
They rewrote the bill yesterday. Nobody is reading that.
OW1 correct plus removal of mortgage and real estate tax deduction and significant new taxes on deferred compensation and retirement benefits (outside of the 401k). Red states looking very attractive for PPMD and Client Senior Executives.
It's not law yet, these shit heads have to compromise and combine, mort and prop tax deduction is still there but capped,
And the Trump supporters will be crying in 4-6 years when their rates are jacked
Depends. We have 500k HHI and 3 kids. House plan is a wash. Senate plan saves $10k/yr. We win on brackets and big on child credit. Lose on personal exemption and big on no state/local deductions. Overall, I consider it a loss as lack of state income and mortgage deduction hurts us more as spending increases.
Read and do less TV or twitter!!
http://www.businessinsider.com/trump-tax-plan-take-home-pay-2017-9
But isnt there still up to 10k deductions for state and local taxes? Not sure if the latest version of the tax bill has mortgage interest completely removed or change other than the cap.
Anyone have a good link to the final tax bill just passed by Senate, including amendments?
Has anyone in fb read the bill?
Most of us making 200k plus household income in blue states will pay more after losing the deductions
I haven't done any real research yet but I've been told that it includes removal of deductions for state and local taxes. For those of us who travel and have to pay taxes in multiple states it could be bad. Anyone know if there's truth to that?
The Liberals you work with will be crying at work on Monday.
D1 - what are the new taxes on retirement savings outside of 401k and deferred compensation?