STANDARD DEDUCTION OVER 65

STANDARD DEDUCTION OVER 65

Postby DazedandConfused » Sat Nov 04, 2017 9:50 am

"The whole reason welfare and foodstamps exist, is so those that are receiving won't be rioting in the street,
and breaking into our houses and killing us to get what they want." UCanIt
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Re: STANDARD DEDUCTION OVER 65

Postby DazedandConfused » Sat Nov 04, 2017 1:14 pm

The new tax rates will result in a $1,589 reduction in my taxes in 2018. Onto itemized deductions. I am ambivalent concerning the state tax deduction because the real impact is in states that have ridiculous state taxes. On Mortgage interest, this would only effect mortgages over 500k - how many normal people have mortgages over 500k? My biggest complaint is the elimination of the medical costs itemized deduction. For someone over 65 this was set at costs over 7.5% of your AGI. A person can control most of the other items on the Schedule A, but medical costs can get out of hand for anybody especially as they get older. Nobody chooses to have a stroke or heart attack or cancer. Something must be put in place to establish a non-refundable credit for these people.
"The whole reason welfare and foodstamps exist, is so those that are receiving won't be rioting in the street,
and breaking into our houses and killing us to get what they want." UCanIt
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Re: STANDARD DEDUCTION OVER 65

Postby DDEATH » Sat Nov 04, 2017 4:32 pm

I think we have to wait for it to pass before we can figure it out. I'd love a cut........ but not if it adds 1.5 trillion to my grandkids debt. :(
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Re: STANDARD DEDUCTION OVER 65

Postby DazedandConfused » Sat Nov 04, 2017 7:38 pm

The economy is rolling now.
"The whole reason welfare and foodstamps exist, is so those that are receiving won't be rioting in the street,
and breaking into our houses and killing us to get what they want." UCanIt
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Re: STANDARD DEDUCTION OVER 65

Postby WestTX » Sat Nov 04, 2017 8:24 pm

Dazed,

At 75, DDeath (old fart) and me are cruising to the promised land.

Let's see what actually passes... At this point I've been most comfortable with the will and trusts for the family. I gotta make sure my mule and tabby cat are taken care of when I kick the bucket.

Damn...

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Re: STANDARD DEDUCTION OVER 65

Postby DazedandConfused » Sun Nov 05, 2017 9:38 am

WestTx, you are going to live to 100 with your health ethic (except for DDeath's cherry pastries).
This new plan also eliminates the additional $1,550 exemption for being over 65.
"The whole reason welfare and foodstamps exist, is so those that are receiving won't be rioting in the street,
and breaking into our houses and killing us to get what they want." UCanIt
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Re: STANDARD DEDUCTION OVER 65

Postby WestTX » Sun Nov 05, 2017 10:34 am

DazedandConfused wrote:WestTx, you are going to live to 100 with your health ethic (except for DDeath's cherry pastries).
This new plan also eliminates the additional $1,550 exemption for being over 65.


Dazed,

That's real kind of you for the comments, but I really believe genetics plays the major role with our life cycles. Diet make-up and exercise sure have made me feel good, but the genetic key lurks in the background. DDeath's cherry pastries add a lil' fat to the equation, and that's good for the nervous system! Some of my Carolina and Virginia folk' from way past lived into their 90s, so maybe Geezer lives in the land of old age.

Speaking of Geezer... Where in the gotdamn Hell is he?

You boys have a good Sunday. Don't forget your good Sunday dinner with all the food elements! It's beef, slow cooking string beans with pork fat strips, black-eyed peas and stewed tomatoes for us...

WestTX
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Re: STANDARD DEDUCTION OVER 65

Postby DazedandConfused » Sun Nov 05, 2017 11:11 am

I am low carbing it now, so big dinners are out of the question. I am trying to get down to your weight before I get any older.
"The whole reason welfare and foodstamps exist, is so those that are receiving won't be rioting in the street,
and breaking into our houses and killing us to get what they want." UCanIt
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Re: STANDARD DEDUCTION OVER 65

Postby DDEATH » Sun Nov 05, 2017 2:39 pm

I need to lose about 20 lbs to get to that 165. I've cut back some, but .......... is life worth living without goodies? :roll:
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Re: STANDARD DEDUCTION OVER 65

Postby GEEZER » Wed Nov 08, 2017 9:22 am

Still here,
Been to the coast for annual fishing trip...note, fishing.. not "catching"....not a lot biting. That's why it's called fishing.
Waved on the way through Tarboro...no response.
That genetics thing....not a lot of those genes in either side of my family...they are living longer than they used to, but
none of those 100s. Typically more like 70s, and a few now to 80s. I'd just as soon run hard to 75 and skip the last 15 in a "home".
Plus, those last 15 cost waaaay too much. Give me a cool, clear morning with a big cup of coffee and a cherry pastry and I'm good.
"living the dream"

...............................................................................just saying........................................................ :D
Only five defining forces have ever offered to die for you:
1. Jesus Christ
2. The British Soldier.
3. The Canadian Soldier.
4. The US Soldier, and
5. The Australian Soldier
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