Tax plan passed by House

[purple monkey]

Oh, wise ones:

I crunched my numbers three times and we will be paying more, if this passes.  Yes, I understand it goes through the Senate.

https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html

https://taxfoundation.org/2017-tax-brackets/

How about you?

Also, is there a different strategy for income streams?

[mousebandit]

And if it passes the senate, it will not apply for 2017 taxes,  it will take effect January 1, and apply to 2018 taxes, correct?

[Gin1984]

I don't see anywhere that it passed the house....do you have a link?

[Evgenia]

Oh, us too. I had our tax accountant run our numbers. We're screwed.

[JLee]

I don't see anywhere that it passed the house....do you have a link?

Front page of Google News for me:

https://www.washingtonpost.com/business/economy/house-poised-to-pass-its-tax-bill-as-senate-plan-suffers-setbacks/2017/11/16/62d92fa4-cad7-11e7-8321-481fd63f174d_story.html

[Fomerly known as something]

I talked to my accountant the other day.  My taxes likely with be about the same but he did recommend if things pass to change my charitable donations to every other year.  Well I have been thinking of opening a DAF so I guess I will do so in 2018 and front loading my 2018-2019 planned giving if this passes.

[sokoloff]

I talked to my accountant the other day.  My taxes likely with be about the same but he did recommend if things pass to change my charitable donations to every other year.  Well I have been thinking of opening a DAF so I guess I will do so in 2018 and front loading my 2018-2019 planned giving if this passes.

Why not do it in 2017 under the current rules?

[Debts_of_Despair]

Will be saving a significant amount of money in 2018.

[teen persuasion]

At best, we will be exactly the same, for 2018 anyway.  Until the family credits go proof in 2023, when we will see an increase (loss of exemptions, loss of compensating credits, rate increase).

The kids lose the student loan interest deduction, DD3 won't get the teacher credit and loses college credits for grad school.

[JLee]

If I ran the numbers correctly, I will owe about $1500 less than I would otherwise.  I'm not entirely confident in my calculation, though.

[A Definite Beta Guy]

Our tax burden will decline ever so slightly.

[Fomerly known as something]

I talked to my accountant the other day.  My taxes likely with be about the same but he did recommend if things pass to change my charitable donations to every other year.  Well I have been thinking of opening a DAF so I guess I will do so in 2018 and front loading my 2018-2019 planned giving if this passes.

Why not do it in 2017 under the current rules?

Mainly because I'm looking to sell an investment property in 2018 and would use the equity to fund the DAF for the 2 years.  Afterwards I'd just hold the donation in a savings account pending the every other year donation.