Name:   GoneFishin - Subject:   Impact of tax reform Date:   12/20/2017 8:58:26 PM (updated 12/20/2017 9:24:23 PM)

If you and your wife are over 65 and you take the standard deduction , I understand you will continue to deduct an additional $2,500. So, both your 2017 and 2018 taxable income will be reduced by $2,500. The formula does not consider that. Therefore, to get a more accurate tax, reduce your income by the $2,500. If you are single or have a younger wife under 65, just reduce your income by $1,250.

I emailed a Wall Street Journal reporter who wrote an article on the 2018 tax and asked about deducting charitable contributions from an IRA which is currently allowed even if you take the standard deduction. She wrote that will continue to be allowed. So, reduce your income by your IRA charitable contributions.

Martini, is your business a pass through? Self employed and smaller businesses will allowed to deduct  20% of the taxable income before calculating the tax. Trump has alot of pass throughs and this  will help him and the Koch brothers in 2018. To a somewhat lesser extent, it will help me, also,

Based on the new tax for 2018, I am looking at a 16% reduction. Seems like an awfully large reduction when we are trying to pay down the debt. I anticipate in 2018 the GOP will target SS, Medicare,and Medicaid to help pay for some of the tax cuts. The economy needs Trump's base to spend their tax savinigs as businesses will add jobs if there is demand for their product. The wealthy already buy whatever they want. I don't believe big business will  add jobs just because their taxes have been reduced. 

Martini, do you anticipate adding jobs because taxes are reduced or will you look at demand for your services?