Posted on Dec 17, 2017
Changes to the child tax credit: What it means for families
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Merry Christmas to all. It's been many years since I have been this excited about a piece of legislation to help our families. This legislation has a $2000 per child tax CREDIT (far better then deduction) that does not phase out until upper middle class. Additionally, there are lower tax brackets for all income levels. People will be able to deduct $10,000 in state and local property, sales, or income taxes off their federal bill.
I know after enduring constant property, state and federal tax increases over the past 8 years this is a nice Christmas gift for our family. Does anyone else see negative or positive impacts? Maj Marty Hogan SPC (Join to see) Lt Col Jamie Goodpaster LtCol(r) USAF Strategic Communications LTC Chad Storlie Cadet PVT (Join to see) SFC Joe S. Davis Jr., MSM, DSL CMSgt (Join to see) SGT David A. 'Cowboy' Groth COL Mikel J. Burroughs
I know after enduring constant property, state and federal tax increases over the past 8 years this is a nice Christmas gift for our family. Does anyone else see negative or positive impacts? Maj Marty Hogan SPC (Join to see) Lt Col Jamie Goodpaster LtCol(r) USAF Strategic Communications LTC Chad Storlie Cadet PVT (Join to see) SFC Joe S. Davis Jr., MSM, DSL CMSgt (Join to see) SGT David A. 'Cowboy' Groth COL Mikel J. Burroughs
Changes to the child tax credit: What it means for families
Posted from money.cnn.com
Taxes
United States
Congress
Office of the President (POTUS)
Leadership
Posted 7 y ago
Responses: 6
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As Ross Perot said, the devil is in the details. It will be when you do your 2018 taxes before the full benefits or losses are known. At this point, I am cautiously optimistic.
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CPT (Join to see)
It's like Trump could never get over 2% growth as we approach 3.5%. When you file your taxes it's going to be black and white. Did you pay more in 16 or 17?
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Have to wait and see......I'm sure it isn't as good as the Republicans would have us believe......or as bad as the Democrats would have us believe. There is something in there for everyone.....but it remains to be seen what negative impact it might have on some folks......and what impact it will have on the deficit, and how they will address that after the fact. They are holding out the candy for all to see, but hiding the medicine behind their backs.
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SSG (Join to see)
SN James MacKay - the wealthy pay most of the taxes so they should see most of the cuts.
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I have not read all the proposed highlights as yet- planned on waiting a bit as they were still bickering over it the other day when I had time. I own my home and no kids at home. The original scale I looked at it would save me some money, but nothing earth shattering. I would find a way to invest the savings if it is substantial.
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