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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Taxes under Trump
From what i am reading as a single mom head of household (which will be repealed under his plan) i would be paying about 2400 more in taxes.
Didnt people vote for him to avoid paying high taxes 
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Posted 11/13/16 10:39 AM  |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Taxes under Trump
Yep, this is what was reported for weeks unfortunately.
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| Posted 11/13/16 10:41 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name:
L
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Re: Taxes under Trump
I think most people who make more than 80k but less than 250k will have their taxes rise a lot. His tax plan will be bad for the majority of people in NY, NJ, CT, MD, and CA.
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| Posted 11/13/16 10:43 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Taxes under Trump
Posted by MrsT809
Yep, this is what was reported for weeks unfortunately.
I didnt pay attention since i wasnt voting for him for other reasons. I wonder if his supporters paid attention.
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| Posted 11/13/16 10:47 AM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Taxes under Trump
So he is getting rid of the "head of household" option, and you have to file single? Or he is phasing out the earned income credit, which gives a substantial credit in the thousands, if your income falls between a certain range and you file head of household?
Message edited 11/13/2016 10:49:46 AM.
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| Posted 11/13/16 10:49 AM |
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ChilisWife
God Bless America
Member since 5/05 3571 total posts
Name:
A.K.
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Re: Taxes under Trump
Right now it's just a plan so by the time it goes into effect who knows what will end up happening, but taxes would have gone up under Clinton too.
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| Posted 11/13/16 10:53 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Taxes under Trump
Posted by BargainMama
So he is getting rid of the "head of household" option, and you have to file single? Or he is phasing out the earned income credit, which gives a substantial credit in the thousands, if your income falls between a certain range and you file head of household?
Yes Single parents will file as single and HOH will be eliminated
I didnt quite understand the child care credits just read how much more i would pay
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| Posted 11/13/16 10:56 AM |
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MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: Taxes under Trump
Here's the information if anyone is interested. Trump Tax Plan
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| Posted 11/13/16 11:22 AM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Taxes under Trump
Ugh. It amazes me that people believed all the promises of this man, who is so clearly in it to further inflate his ego. He conned them all. I'm really not surprised, between all his waffling and pitiful lack of experience.
So now we are stuck with this racist, sexist pig AND we get to pay more in taxes?! I'm sure that money will go to the top 1% somehow, not to help the lower and middle class. Fantastic. 
Get your checkbooks out, I hope you Trump fans are happy.
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| Posted 11/13/16 11:33 AM |
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MC09
arrrghhh!!!!
Member since 2/09 5674 total posts
Name:
Me speaks pirate!
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Re: Taxes under Trump
Posted by Chai77
Ugh. It amazes me that people believed all the promises of this man, who is so clearly in it to further inflate his ego. He conned them all. I'm really not surprised, between all his waffling and pitiful lack of experience.
So now we are stuck with this racist, sexist pig AND we get to pay more in taxes?! I'm sure that money will go to the top 1% somehow, not to help the lower and middle class. Fantastic.
Get your checkbooks out, I hope you Trump fans are happy.
 I'm sure they will make out even more like bandits with a guy who doesn't even pay taxes. I don't know how ANYONE, I don't care what party you affiliate yourself with, thought this guy was going to do anything other than just sit at his desk in the oval office and play minecraft for the next four years. If he doesn't get himself impeached or forced to resign before then. His lies were pretty transparent to most of us.
I feel his supporters need a round of applause.
They shouldn't have been handing out "I voted" stickers at the polls. They should've been handing out dunce caps.
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| Posted 11/13/16 11:51 AM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Taxes under Trump
Posted by ChilisWife
Right now it's just a plan so by the time it goes into effect who knows what will end up happening, but taxes would have gone up under Clinton too.
Clinton was for closing the tax loopholes that people like Donald Trump have taken to pay ZERO income tax. I know she was for taxing the wealthy. I thought I read that if you made under $250k a year, your taxes wouldn't be going up. I didn't delve too far into that though.
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| Posted 11/13/16 12:07 PM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Taxes under Trump
Posted by stinger
Posted by BargainMama
So he is getting rid of the "head of household" option, and you have to file single? Or he is phasing out the earned income credit, which gives a substantial credit in the thousands, if your income falls between a certain range and you file head of household?
Yes Single parents will file as single and HOH will be eliminated
I didnt quite understand the child care credits just read how much more i would pay
Oh that's a shame....my sister is a single parent, lives pretty much in poverty at a $10 an hour job with 2 kids, and relies on the tax refund she gets from filing head of household along with the EIC. I do her taxes for her. The earned income credit is different than a child care credit. I will have to pass this info along to her. Thanks for posting!
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| Posted 11/13/16 12:09 PM |
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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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Taxes under Trump
Awesome.
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| Posted 11/13/16 12:35 PM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Taxes under Trump
Posted by BargainMama
Posted by stinger
Posted by BargainMama
So he is getting rid of the "head of household" option, and you have to file single? Or he is phasing out the earned income credit, which gives a substantial credit in the thousands, if your income falls between a certain range and you file head of household?
Yes Single parents will file as single and HOH will be eliminated
I didnt quite understand the child care credits just read how much more i would pay
Oh that's a shame....my sister is a single parent, lives pretty much in poverty at a $10 an hour job with 2 kids, and relies on the tax refund she gets from filing head of household along with the EIC. I do her taxes for her. The earned income credit is different than a child care credit. I will have to pass this info along to her. Thanks for posting!
This is insane. What are people like your sister supposed to do?!
I don't have the stomach to go through the entire document, but does anyone know how the wealthy will be affected by this genius plan? Since Donnie pays ZERO income taxes, I'm not too hopeful the wealthy will be paying any more.
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| Posted 11/13/16 1:01 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Taxes under Trump
I will repeat.
We. Are. Doomed.
I hope everyone that voted this clown into office sleeps well at night knowing that he's about to fcuk us all nice and good.
This BS from a man who pays NO taxes. Nice. But he's the answer. He's the change. He's going to make us great. Yea, okay. 
Message edited 11/13/2016 1:13:11 PM.
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| Posted 11/13/16 1:12 PM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: Taxes under Trump
The president does not just go in and come up with a tax plan and institute it. There is a lot that goes into changes in tax policy, it is certainly not at the sole discretion of the president, so I wouldn't get your panties in a bunch about this just yet.
And even according to the paper, under reasonable estimates, only 8% of households will face a tax increase under his proposed plan. Last time I checked, 8% of the population is not even close to the majority.
Message edited 11/13/2016 2:28:17 PM.
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| Posted 11/13/16 2:26 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: Taxes under Trump
Posted by lululu
The president does not just go in and come up with a tax plan and institute it. There is a lot that goes into changes in tax policy, it is certainly not at the sole discretion of the president, so I wouldn't get your panties in a bunch about this just yet.
And even according to the paper, under reasonable estimates, only 8% of households will face a tax increase under his proposed plan. Last time I checked, 8% of the population is not even close to the majority.
DH just spent the a while going through his proposed plan and we would definitely see an increase in our family. Idk percentages but I think a lot more than 8% here on long Island will see an increase, unless of course your at the top.
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| Posted 11/13/16 2:37 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Taxes under Trump
This concerns me. After a job loss dh and I went from a 90k/yr household to a 50k/yr household with 2 children. I work part time to keep my sanity but under this plan it looks like it would hurt me to work believe or not
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| Posted 11/13/16 3:27 PM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: Taxes under Trump
Posted by MrsT809
Posted by lululu
The president does not just go in and come up with a tax plan and institute it. There is a lot that goes into changes in tax policy, it is certainly not at the sole discretion of the president, so I wouldn't get your panties in a bunch about this just yet.
And even according to the paper, under reasonable estimates, only 8% of households will face a tax increase under his proposed plan. Last time I checked, 8% of the population is not even close to the majority.
DH just spent the a while going through his proposed plan and we would definitely see an increase in our family. Idk percentages but I think a lot more than 8% here on long Island will see an increase, unless of course your at the top.
The majority of people that would be negatively impacted from the tax plan would be single parents that file head of household. If you are a married couple with less than four children, you should not be negatively impacted by what he outlines in his plan. There are not enough details to show what he will allow for deductions to make a fair comparison. But like I said earlier, it's not like he just goes in and decides how the American people will be taxed. There is so much more that goes into it that flipping out right now is such a waste of time and energy.
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| Posted 11/13/16 3:43 PM |
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JennP
LIF Adult
Member since 10/06 3986 total posts
Name:
Jenn
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Re: Taxes under Trump
Posted by ChilisWife
Right now it's just a plan so by the time it goes into effect who knows what will end up happening, but taxes would have gone up under Clinton too.
Yes - for the WEALTHY. Not the poor or middle class.
This is just one of the many ways this presidency will be a disaster for the vulnerable among us.
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| Posted 11/13/16 4:16 PM |
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Kathy042806
LIF Adult
Member since 5/06 1416 total posts
Name:
Kathy
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Re: Taxes under Trump
How does this affect divorced parents with kids? I have a ds with my ex husband and 2016 will be the 1st time we will not be filing jointly. Not sure if this is the same as single parent? So confusing
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| Posted 11/13/16 5:57 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Re: Taxes under Trump
Posted by JennP
Posted by ChilisWife
Right now it's just a plan so by the time it goes into effect who knows what will end up happening, but taxes would have gone up under Clinton too.
Yes - for the WEALTHY. Not the poor or middle class.
This is just one of the many ways this presidency will be a disaster for the vulnerable among us.
It is not just for the wealthy. Their tax bracket is almost double than the lower income families. Corporate tax is a different situation.
Until his full plan comes out it's really hard to pinpoint exactly how much families will be impacted. There is also the credit his is proposing for childcare which may also be given to stay at home parents (which would be huge) and the $500 matching for pretax child care dollars to lower income families.
Personally I would be more in favor of a flat tax but that would put everyone in a uproar. : ).
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| Posted 11/13/16 6:03 PM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Taxes under Trump
Posted by lululu
Posted by MrsT809
Posted by lululu
The president does not just go in and come up with a tax plan and institute it. There is a lot that goes into changes in tax policy, it is certainly not at the sole discretion of the president, so I wouldn't get your panties in a bunch about this just yet.
And even according to the paper, under reasonable estimates, only 8% of households will face a tax increase under his proposed plan. Last time I checked, 8% of the population is not even close to the majority.
DH just spent the a while going through his proposed plan and we would definitely see an increase in our family. Idk percentages but I think a lot more than 8% here on long Island will see an increase, unless of course your at the top.
The majority of people that would be negatively impacted from the tax plan would be single parents that file head of household. If you are a married couple with less than four children, you should not be negatively impacted by what he outlines in his plan. There are not enough details to show what he will allow for deductions to make a fair comparison. But like I said earlier, it's not like he just goes in and decides how the American people will be taxed. There is so much more that goes into it that flipping out right now is such a waste of time and energy.
Are you a fan of this plan? I'd like to know why single parents are being targeted for a tax increase. This doesn't seem fair.
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| Posted 11/13/16 6:31 PM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Re: Taxes under Trump
Trump has NEVER has the interest of the middle class or "little guy" in mind in the past.
I am not sure how his supporters thought he would have their interest now JUST because he said so.
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| Posted 11/13/16 7:05 PM |
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mnmsoinlove
Mommy to 2 sweet girls!
Member since 3/09 8585 total posts
Name:
Melissa
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Re: Taxes under Trump
Posted by Paramount
Trump has NEVER has the interest of the middle class or "little guy" in mind in the past.
I am not sure how his supporters thought he would have their interest now JUST because he said so.
ITA! How do you think a man who loaned 14 millions dollar by his daddy to start a business can relate to middle class? What a clown.
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| Posted 11/13/16 7:22 PM |
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