Tax reform 2018: Breaking down the changes to US tax laws

Tax reform 2018: Breaking down the changes to US tax laws

PwC partner Mitch Roschelle on the changes coming to U.S. tax laws in 2018.

The White House just revealed their landmark tax reform proposal, here’s what that means for you.
Video Rating: / 5

Click Here to Leave a Comment Below 23 comments
kyle lemaster

So nothing for individual tax payers…

Reply
E Randco

Was hoping for better.

Taxes did get easier to file, with little to deduct, you just pay.

Fewer tax brackets doesn't necessarily mean lower taxes. Even if the highest bracket was a lower percent next year, if you're applying it to a higher taxable income number, you just lost the benefit.

The standard deduction did not quite double for any tax status and does not make up for the lost personal and dependency exemptions lost by just a family of 3.

The child tax credit doubled but it only applies to children UNDER 17. (They would have got the child tax credit and the dependency exemption)

The schedule A changes were ridiculous. It was basically rubbing salt into the wound.

Obamacare penalty still intact for 2018

Small (Micro) businesses (especially services like your doctor, lawyer accountant) got the shaft once again.

Very disappointing in my opinion.

Reply
Monique Price

Finally someone mentions the 24k threshold to be able to itemize, for married couples. Or 12k for single filers.

Reply
MALE WOHF LOVE WISDOM 4 CLASSY BLACK MEN

=====recession bubble starts jan 2019 1.5 trillion added to debt and defect

Reply
Teresa Jacobs

Thanks Donald. I'm still waiting for my pay raise motherfucker. I'll probably stay just as poor as I was thinking…..ha…ha…ha

Reply
Monty Arguezo

This is kinda funny, Walmart actually increased its pat to $11 while closing down dozens of sams clubs leaving thousands of people jobless

Reply
Marvin Abanto

Double my Standard deduction but remove my exemptions. I am a family of 4. The new plan adds $12,700 to my returns, but it takes away $16,200 from my returns. My child credit has been doubled but that still leaves me in the red, I'll be -$1,500.

Reply
Tanisha Adjo

The ultra wealthy benefits as always

Reply
Senada Pasic

We Canadians worry because our economies are tied and too much poverty, debt and leverage we know are ingredients for a recession . A big one . Nevermind the violence, hunger and death these things cause.
I was waiting for the last crash after hearing about how mortgages were administered in the states. I am still worried because people only care if they can afford the payments, there is no risk if they default because the down payment is pretty much non existent . It's just rent to them and if they luck out with some equity , then the pyramid continues . They don't go personally bankrupt if they lose their job and their house. Nothing to lose. But many could not even afford the payments, that's scary .
Low down? No choice, prices are too high and no end to too much inflation especially with food.
We are stuck.

Reply
Senada Pasic

We Canadians worry because our economies are tied and too much poverty, debt and leverage we know are ingredients for a recession . A big one . Nevermind the violence, hunger and death these things cause.
I was waiting for the last crash after hearing about how mortgages were administered in the states. I am still worried because people only care if they can afford the payments, there is no risk if they default because the down payment is pretty much non existent . It's just rent to them and if they luck out with some equity , then the pyramid continues . They don't go personally bankrupt if they lose their job and their house. Nothing to lose. But many could not even afford the payments, that's scary .
Low down? No choice, prices are too high and no end to too much inflation especially with food.
We are stuck.

Reply
Senada Pasic

Nothing wrong with low taxes . I would move my business too at 39 percent tax . But such a high drop and it has to be borrowed while there are forty million desperately poor and homeless leading to much rape, illness and death.
Maybe, Trump will think of something for social housing, real welfare(basic income) dental, education for the marginalized . Like one point on he sales tax will do it? May God guide him because he really missed the boat on Palestine .
Most corporations know they can't replace North Americans or Europeans anywhere and that and the infrastructure are expensive.

Reply
Random Comment

Left a lot of the bad stuff out. For example they are taking away personal exemptions which can counteract the benefits of doubling the standard deduction.

Reply
Bryce Johnson

This is amazing and to be honest the only way that liberals would get their minimum wage increases. If you take away the tax burden of the corporations they can increase your wages. Rising tides raise all boats. Also, this is a great thing being that the middle class is now so burdened with the biggest tax INCREASE in modern day history, Obamacare. This helps the middle class and allows them to spend or save and does not reward those whom over leverage through itemized deductions. Far too long have I been punished for not having mounds of debt for a tax deduction. If your standard deduction is more than your student loan deduction, you should be more motivated to pay it off. HOW? With your new found money saved on taxes!!! YAY!!! WIN WIN! Math is hard. And don't come back with all this wealth hating. It only shows that your jealous of those who are successful, much like the kids who bullied you in middle school. Grow up, get a job, and be responsible with your cash.

Reply
Corey Beardy

rich people will pay more taxes now

Reply
Jack Norton

"Corprate Tax cut from 35% to 15%" i nearly fucking hurled when I saw that, buckle up for another '08
crash 🙂

Reply
Liam Younger

WARNING, Left-Wing trolls below, in order to preserve brain cells and overall intelligence, scroll back up now!

Reply
25k Trading

Steve Mnuchin couldn't answer the last two questions HAHAHAHA.

Reply
Mr Someone

Everyone saying this is just for the rich just bare in mind Obama's top tax bracket was only 39.6 which is only 4.6% more than Trump's and he's also raised the amount you need to make before paying tax, it seems like lower income workers will be paying very little under this. In France you start paying tax at what would be about 10K a year in the Us and in Britain you start paying tax at what would be around 15K a year in the US.
You don't pay any tax at less than 25K a year.

Reply
Ramon Martinez

Mexico is been doing this for years and only benefits the richest people.

Reply
Thomas Healy

But he's getting rid of itemized deductions. I'm a business owner, I need those deductions.

Reply
Matthew Ellison

they will still deduct it from your pay. So….. What did it do.??
Make the rich richer. the poor poorer.

Reply
Ryuzaki Wolf

didn't youtube say it wouldn't allow anything involving politics? care to explain this shit???

Reply
Randy Wilcox

Nothing new here. This is what republicans believe in.

Reply

Leave a Reply: