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Re: Are seniors being thrown under the tax reform bus?

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Message 31 of 45

@ChasKy53 wrote:

@NOTHAPPENING wrote:

@rker321 wrote:

@NOTHAPPENING wrote:


Rker, they are trying to lower your taxes and mine. Don't you and the rest of the liberals want their taxes lowered? Do you think that the government will be a better steward of your money than you? Do you understand that every group of people will be getting a tax cut (except for a minute sliver of the population)?  Do you also understand that those people paying no income taxes CAN'T get their taxes cut?

I personally want a tax cut. I think I can manage my money much better than the government. A further advantage will be a simplified program that doesn't have many tens of thousands of pages to understand.


Darling, whomever lowers my taxes is my hero. unfortunately this tax is going to screw me and I will be paying a lot more taxes than before, I am so glad that you will not.

As far as being a liberal, you  know perfectly well that I am as much of a Republican as you seem to be. But, I think. and my tax accountant has aleady told me how is going to affect me. 
I suggest that you do the same. unless of  course you don't need to itemize.


You may not need to itemize anymore since the standard deduction is doubled along with lower tax brackets. The other thing you won't need is your tax accountant. He may be working at Burger King if this tax plan passes.


You are ignoring that she said her tax accountant agreed that she will pay more. I will also pay more, whether you want to believe it or not. You have a very close minded opinion on this.


Why would any tax accountant like to see a simpler tax program where all would pay less and accountants wouldn't be needed? You see, the tax accountant is not looking forward to serving burgers at Burger King if he/she can even find a replacement job. Sometimes liberals have to think????????????????

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Re: Are seniors being thrown under the tax reform bus?

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Message 32 of 45

@ChasKy53 wrote:

@NOTHAPPENING wrote:

@rker321 wrote:

Dear, you don't have to convince many here that we have been screwed to the max with this Tax Reform.
But for many, those "Christian" Republicans that think that any attack on many of their politicians, which some actually compare with Jesus Christ. is really silly and really not an important issue.
I have contacted all the Republican senators and Reps in my State and have told them what I think of this tax reform. Not that they are going to listen, but hopefully more seniors start realizing what they are doing to all of us. and Yes,  we do have a voice, and it is called   Our vote.


Rker, they are trying to lower your taxes and mine. Don't you and the rest of the liberals want their taxes lowered? Do you think that the government will be a better steward of your money than you? Do you understand that every group of people will be getting a tax cut (except for a minute sliver of the population)?  Do you also understand that those people paying no income taxes CAN'T get their taxes cut?

I personally want a tax cut. I think I can manage my money much better than the government. A further advantage will be a simplified program that doesn't have many tens of thousands of pages to understand.


It's very clear that you have been drinking the kool-ade. The right wing so many times in the past would religiously quote the CBO as support for their position. So is the CBO a viable source for straight up information on this tax proposal? They certainly disagree with you NOT !!!


It is very clear to me (and many others) that you either don't understand the new tax program, don't want to understand it, don't care because you currently pay no taxes, or are just fond of having government manage YOUR MONEY!

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Re: Are seniors being thrown under the tax reform bus?

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Message 33 of 45

Why would GOPers throw seniors under the bus with their tax "reform"?

Because over HALF of the FOX News(sick) audience is over 68.

 

Republicans know the elderly can be shammed, scammed and skinned ant still vote Republican because most Seniors get their information from FAUX, and FAUX will tell them whatever lies the GOPerLords direct.

 

The Republicans are cutting $300 Billion from Medicare to offset the $1.3 Trillion they give to Corporations. Guess who will suffer from actual cuts to Medicare? (HINT: None has a last name "Inc")

 

But Seniors will vote for GOPers because they find learning the truth about what Republcians have already done to them and the middle class too disturbing. so the find some nincompoop on Fox or altRight Blogs who will lie and they Gramps everything is okay, but Democrats are giving stuff to Mexicans and must be stopped, so Gramps dutiflully trecks down to the polls and pulls the elephants trunk, hoping goodies will drop out of its other end, and blaming Commies if it doesn't.

 

Wake up fellow SS recepients - you CAN "take your country back" - all you need do is STOP VOTING FOR REPUBLCIANS.

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Re: Are seniors being thrown under the tax reform bus?

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Message 34 of 45

@NOTHAPPENING wrote:

@rker321 wrote:

@NOTHAPPENING wrote:


Rker, they are trying to lower your taxes and mine. Don't you and the rest of the liberals want their taxes lowered? Do you think that the government will be a better steward of your money than you? Do you understand that every group of people will be getting a tax cut (except for a minute sliver of the population)?  Do you also understand that those people paying no income taxes CAN'T get their taxes cut?

I personally want a tax cut. I think I can manage my money much better than the government. A further advantage will be a simplified program that doesn't have many tens of thousands of pages to understand.


Darling, whomever lowers my taxes is my hero. unfortunately this tax is going to screw me and I will be paying a lot more taxes than before, I am so glad that you will not.

As far as being a liberal, you  know perfectly well that I am as much of a Republican as you seem to be. But, I think. and my tax accountant has aleady told me how is going to affect me. 
I suggest that you do the same. unless of  course you don't need to itemize.


You may not need to itemize anymore since the standard deduction is doubled along with lower tax brackets. The other thing you won't need is your tax accountant. He may be working at Burger King if this tax plan passes.


You are ignoring that she said her tax accountant agreed that she will pay more. I will also pay more, whether you want to believe it or not. You have a very close minded opinion on this.


"The only thing man learns from history is man learns nothing from history"
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Re: Are seniors being thrown under the tax reform bus?

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Message 35 of 45

@NOTHAPPENING wrote:

@rker321 wrote:

Dear, you don't have to convince many here that we have been screwed to the max with this Tax Reform.
But for many, those "Christian" Republicans that think that any attack on many of their politicians, which some actually compare with Jesus Christ. is really silly and really not an important issue.
I have contacted all the Republican senators and Reps in my State and have told them what I think of this tax reform. Not that they are going to listen, but hopefully more seniors start realizing what they are doing to all of us. and Yes,  we do have a voice, and it is called   Our vote.


Rker, they are trying to lower your taxes and mine. Don't you and the rest of the liberals want their taxes lowered? Do you think that the government will be a better steward of your money than you? Do you understand that every group of people will be getting a tax cut (except for a minute sliver of the population)?  Do you also understand that those people paying no income taxes CAN'T get their taxes cut?

I personally want a tax cut. I think I can manage my money much better than the government. A further advantage will be a simplified program that doesn't have many tens of thousands of pages to understand.


It's very clear that you have been drinking the kool-ade. The right wing so many times in the past would religiously quote the CBO as support for their position. So is the CBO a viable source for straight up information on this tax proposal? They certainly disagree with you NOT !!!


"The only thing man learns from history is man learns nothing from history"
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Re: Are seniors being thrown under the tax reform bus?

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Message 36 of 45

@NOTHAPPENING wrote:

@rker321 wrote:

@NOTHAPPENING wrote:


Rker, they are trying to lower your taxes and mine. Don't you and the rest of the liberals want their taxes lowered? Do you think that the government will be a better steward of your money than you? Do you understand that every group of people will be getting a tax cut (except for a minute sliver of the population)?  Do you also understand that those people paying no income taxes CAN'T get their taxes cut?

I personally want a tax cut. I think I can manage my money much better than the government. A further advantage will be a simplified program that doesn't have many tens of thousands of pages to understand.


Darling, whomever lowers my taxes is my hero. unfortunately this tax is going to screw me and I will be paying a lot more taxes than before, I am so glad that you will not.

As far as being a liberal, you  know perfectly well that I am as much of a Republican as you seem to be. But, I think. and my tax accountant has aleady told me how is going to affect me. 
I suggest that you do the same. unless of  course you don't need to itemize.


You may not need to itemize anymore since the standard deduction is doubled along with lower tax brackets. The other thing you won't need is your tax accountant. He may be working at Burger King if this tax plan passes.


You forgot they got rid of the lump sum exemption which was like $4,000.00 and a lot of people will be in a higher tax bracket, the Indv changes end after 10 years, plus the other changes end up with all but the top paying more taxes not less. You need to learn what is happening in total not what the BOTS are telling you. This is not a tax cut, but a tax and benefit increase for the middle class. FACT by all experts.

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Re: Are seniors being thrown under the tax reform bus?

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Message 37 of 45

@rker321 wrote:

@NOTHAPPENING wrote:


Rker, they are trying to lower your taxes and mine. Don't you and the rest of the liberals want their taxes lowered? Do you think that the government will be a better steward of your money than you? Do you understand that every group of people will be getting a tax cut (except for a minute sliver of the population)?  Do you also understand that those people paying no income taxes CAN'T get their taxes cut?

I personally want a tax cut. I think I can manage my money much better than the government. A further advantage will be a simplified program that doesn't have many tens of thousands of pages to understand.


Darling, whomever lowers my taxes is my hero. unfortunately this tax is going to screw me and I will be paying a lot more taxes than before, I am so glad that you will not.

As far as being a liberal, you  know perfectly well that I am as much of a Republican as you seem to be. But, I think. and my tax accountant has aleady told me how is going to affect me. 
I suggest that you do the same. unless of  course you don't need to itemize.


You may not need to itemize anymore since the standard deduction is doubled along with lower tax brackets. The other thing you won't need is your tax accountant. He may be working at Burger King if this tax plan passes.

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Re: Are seniors being thrown under the tax reform bus?

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Message 38 of 45

My concern is that I have not seen an unbiased assessment or analysis of the impact that the current proposals will have on seniors, in particular middle-class seniors. I don't except the word of a body of legislators that has a 14% approval rating. It's not true that there's not anyone here impacted by the $500k mortgage interest cap. Likewise, it doesn't take much of a medical emergency to reach the 10% of AGI for the medical deduction. A family of two seniors with Medicare and long term care policies are paying at least $10k per year in insurance premiums. Add in medicare supplements and you over $12k per year. Take away SALT deductions and it's almost certain that middle-class seniors will see a tax increase even with the $24k standard deduction for a family of two. All national political decisions have uneven consequences across the country. In high cost areas of the country the math works further to the detriment of seniors. I think the attitude of many in Congress that citizens (and seniors) on the coasts and other high tax communities should not be subsidized by the rest of the country is a false inference. Most of those areas already subsidize the rest of the country by sending more tax money to DC than they get in return. It just shows their political bias and a lack of real concern for the
citizens of those communities. We need some well informed, unbiased analysis to really understand the long-term impact of the proposals. If things turn out worst for the middle class then who really benefits? I think we all know the answer to that.

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Re: Are seniors being thrown under the tax reform bus?

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Message 39 of 45

Any benefit shrinks over time, the less you make the smaller the benefit

 

https://www.npr.org/2017/11/14/562884070/charts-heres-how-gop-s-tax-breaks-would-shift-money-to-rich...

 

CHARTS: Here's How GOP's Tax Breaks Would Shift Money To Rich, Poor Americans

 

It's sold as a middle class tax cut, it's not, most for the benefit goes to the top. Combine that with cuts to the Medicare, Medicaid, and Social Security and seniors get hammered.

 

As you point out people with big medical expenses ( seniors ) can be greatly affected.

 

That's just one aspect of the problems though, if people have to go into a nursing home we're talking $ 300 to $ 400  a day, over $ 100 K a year, just for the nursing home, on top of the cost of what illness sent the person to the nursing home.

 

Cuts to Medicare, Medicaid, and Social Security, the elimination of the medical expense deduction, the limiting of the property tax deduction,  is a tsunami of bad news for seniors.

 

Seniors are right to be worried.

 

As you point out, this affects everyone, even your four year old grandson can see the implications.

 

For what ?

 

So wealthy  people can have a bigger pile of money in off shore tax havens? 

 

So the entire nation can be like Kansas?

 

Did you read Animal Farm by George Orwell when is school?

 

All animals are equal, but some are more equal then others.

 

Does that sound like the rationale behind Citizens United to you?

 

Are you feeling like the work horse Boxer being sold to the glue factory after a lifetime of hard work yet?

 

It's kind of a dystopian future for seniors, hardly the golden years.

 

 

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Re: Are seniors being thrown under the tax reform bus?

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Message 40 of 45

@ch40109522 wrote:

I know many retired seniors have worked hard their whole life to ensure they could live comfortably during their golden years.... Yet I fear this segment of the population is being forgotten if not totally "thrown under the bus" of the fast moving "tax reform" plans now moving through Congress. If tax reform passes and their is substantial economic growth as some predict then I fear inflation will be far greater than many middle class seniors planned on. ...

 

In fact, increased inflation will probably result in increases in medicare premiums that will consume any cost-of-living increases for SSA and pensions ( if your lucky enough to have such a pension). Increased inflation will also make long care insurance more expensive forcing many to drop coverage they have already invested in for years.

 

Elimination of the deduction for medical expenses that includes premiums for medical insurance and long term care could put these self-sufficient seniors in higher marginal tax brackets and increase the amount of their SSA that is taxable.


Just to make sure I understand your concern: Your concern is that proposed tax reform will work as promised and that the economy will grow so substantially to the point that demand outstrips supply in general -- particularly in healthcare services -- and inflation will return to heights that we haven't seen since the last century? That is an interesting perspective but I think it would be a good problem to have. I think it would mean I would be getting a lot more than .1% on my IRAs (understatement to make a point) and my opinion is based on the fact that I can pick and choose what I buy in any category with too rapidly rising prices except -- you are right -- in health care.  I'll take the risk...

 

As for losing the ability to deduct medical expenses that exceed 10% of AGI, the numbers say very clearly that that is only issue for a very small percent of mostly very rich (but sadly chronically ill or possibly overinsured) seniors. For that deduction to mean anything now, a senior has to also have very high medical expenses AND high state and local income taxes AND a very high mortgage payment (let's concede no one of us reading this has to worry about that $500,000 principal limit) AND give a lot to charity, all of which also says that person is rich. For such a person, yeah they are going to pay more (I thought the idea for years has been to the tax the rich more?).

 

But for almost all of the rest of us the reduction in which items can be deducted and removing the personal exemption is going to at least wash with doubling the standard deduction and the personal $300 "nonrefundable tax credit," if not be substantially in our favor. (To be honest, I am not sure what "non refundable" means; I think it means they won't send you money if all the other calculations get your liability below zero.)

 

And I don't think any of this affects how much a person's SS is taxed, if any. I think that calculation happens on the 1040 before you reach the AGI line based on the amounts of your other forms of income. Not sure of that but it is something to think about.

 

Good luck to your grandson. That's a great ambition.

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