The Hosing, Chapter One

OchocoKid · Dec 2, 2017

Chapter one, medical deductions.

In the tax hose job now passed by the senate we can start discussing what it means. there may be minor changes as the house and senate reconcile but the base structure is set.

About 9 million people will lose medical deductions they were receiving if they passed the 10% number for health care and long term care. including nursing home expenses, which should concern many of you.

Insurance premiums are expected to rise 10% from the bill.

Medicare and SS will receive cuts.

What I cannot find and maybe Nemont knows, if medical expenses are no longer deductible does that mean insurance premiums are not either? this would be "yuge " for many as well as a major hit on employers .

Stay Thirsty My Friends

264mag · Dec 2, 2017

> Chapter one, medical deductions.
>
>
>
> In the tax hose job
>now passed by the senate
>we can start discussing what
>it means. there may
>be minor changes as the
>house and senate reconcile but
>the base structure is set.
>
>
>
> About 9 million people will
>lose medical deductions they were
>receiving if they passed the
>10% number for health care
>and long term care. including
>nursing home expenses, which should
>concern many of you.
>
>Insurance premiums are expected to rise
>10% from the bill.
>
>Medicare and SS will receive cuts.
>
>
>
>What I cannot find and maybe
>Nemont knows, if medical expenses
>are no longer deductible does
>that mean insurance premiums are
>not either? this
>would be "yuge "
> for many as
>well as a major hit
>on employers .
>
>
>
>
>
>
>
>
>Stay Thirsty My Friends
That's what you get when watch CNN afther midnight.

OchocoKid · Dec 2, 2017

If you're an example of what FOX does then CNN it is.

Stay Thirsty My Friends

NeMont · Dec 2, 2017

The industry is waiting to see what comes out of conference. Just be glad you aren't an average Joe income wise. The bulk of the tax cuts goes to those of us who can leverage the tax code with our pass through entities. If you are a wage earner making less than $75,000 a year you won't get a tax cut and probably will pay more regardless of what comes out of conference.

Nemont

OchocoKid · Dec 2, 2017

You're right, I may have to restructure and start a new nutshell game but I hope not.

If premiums are not deductible I cannot imagine how employers won't have to either pass the cost onto employees or raise prices. this would cause a chitstorm political nightmare either way.

If they do allow the deduction one will almost have to buy more expensive plans to take the deduction rather than pay out of pocket if you have major bills and eat the huge tax bill.

Either way this sucks major azz to those who pay their own bills. I hope the Koch brothers got their money's worth buying this legislation.

What are you hearing on the projected rate increases ? I'm hearing 10% but I don't know where they're coming up with that number.

Stay Thirsty My Friends

OchocoKid · Dec 4, 2017

LAST EDITED ON Dec-04-17 AT 08:58PM (MST)[p]Most of you Californians probably live under a taco cart or in a trailer park but what do you think of this anyway?

Still lov'in it ? do tell.

https://patch.com/california/glendo...an-means-your-ca-home-worth-57k-less-realtors

Stay Thirsty My Friends

DW · Dec 4, 2017

>The industry is waiting to see
>what comes out of conference.
> Just be glad you
>aren't an average Joe income
>wise. The bulk of
>the tax cuts goes to
>those of us who can
>leverage the tax code with
>our pass through entities.
>If you are a wage
>earner making less than $75,000
>a year you won't get
>a tax cut and probably
>will pay more regardless of
>what comes out of conference.
>
>
>Nemont

Who does doubling the standard deduction affect?

#livelikezac

OchocoKid · Dec 5, 2017

Anyone who doesn't itemize. for them that's the carrot , the stick goes up their azz.

Stay Thirsty My Friends

NeMont · Dec 5, 2017

>>The industry is waiting to see
>>what comes out of conference.
>> Just be glad you
>>aren't an average Joe income
>>wise. The bulk of
>>the tax cuts goes to
>>those of us who can
>>leverage the tax code with
>>our pass through entities.
>>If you are a wage
>>earner making less than $75,000
>>a year you won't get
>>a tax cut and probably
>>will pay more regardless of
>>what comes out of conference.
>>
>>
>>Nemont
>
>Who does doubling the standard deduction
>affect?
>
>
>#livelikezac

Go read the actual bill that passed the senate and it's impacts. If you don't itemize you will get shafted.

Nemont

eelgrass · Dec 5, 2017

If every house in the United States loses 10% of its value...would it really be a loss? They're probably over priced by at least that much anyway, and more people would qualify for a loan.

The realty people don't like it because they live off commissions based on selling price.

NeMont · Dec 5, 2017

It doesn't matter if all homes lose 10% of their value? Look around at the average Joe, their biggest asset is almost always their home. Tell them that a 10% hit on their most valuable asset doesn't matter.

How many foreclosures would result from a 10% correction in the value of homes? Most People are leveraged to the max and a correction like would reintroduce you to 2008.

Nemont

OchocoKid · Dec 5, 2017

It wouldn't lose 10% everywhere. only in the states that subsidize the poor states. that's the main reason for it of course.

California is the biggest loser, Alabama will be a top winner. California is an exporter of federal tax money Alabama is a recipient.

http://www.politifact.com/california/article/2017/feb/14/does-california-give-more-it-gets-dc/

So states that get hit the hardest by the tax increase plan obviously have the most to lose. Oregon ranks #6 on the hardest hit list because we have no sales tax and we deduct our 9% state tax off our fed taxes. well we used to.

Stay Thirsty My Friends

eelgrass · Dec 5, 2017

That's the confusing part I guess. A tax cut can't be a tax cut. I thought the idea was to make it simple...then we get all this fuzzy math and double speak. The average voter just checks out after awhile.