32 states have adopted the Medicaid expansion program, under the ACA. That includes DC, leaving 19 states that have opted out. Currently this expansion program is being discussed, at least as to how it will continue to be funded in the wake of the Trump admin wanting to repeal and replace the ACA (Obamacare).
Luckily for the millions taking advantage of the expansion program, it seems as though the current idea is to continue to federally fund the expansion programs for the 32 states in full, until 2020. After that, hard to say. I have seen citings that the funding will drop to 90% after 2020. But could be much more severe. Also, this 2020 date is not concrete or official just yet; it's just the current House Committee proposal. But seeing as this is at least the current bargaining date, my feeling is it will end up being quite close to this.
What do you make of this? Should Medicaid Expansion be re-worked if and when the ACA gets changed/repealed/replaced/or even left untouched? If so, how?
Good thread. Wanted to bump to include this:
4 Tax Breaks Millennials Can’t Afford to Miss
Includes some that we haven't yet covered here, mainly:
Retirement Saver's Credit. If you make less than $30,500 and are already putting money back for retirement, then you qualify for a $1000 tax credit.
Lifetime Learning Credit. If you are paying for your schooling mostly out of pocket and make less than $64k, you can possibly qualify for as much as a $2,000 credit as well.
Moving Expense Deduction. If you relocated because of a job switch more than 50 miles away, you can deduct - driving expenses, shipping and storage fees, plus the costs of hiring a moving van.
Share more if you can find any.
Just went through this process, so figured I'd share a good resource for getting prior year tax return transcripts. Depending on what you need, it's a fairly easy process. But some requests take considerably longer than others, so keep that in mind especially since April 15th is approaching.
How to Get a Transcript or Copy of a Prior Year Tax Return
This is the best resource I could find. It's the official IRS site's guide. Gives you the ability to make requests for either tax return requests OR tax account requests (if changes were made after you originally filed). Plus it's completely free. By making the request online or by phone, it takes 5-10 business days to get the transcript. 30 days via standard mail.
That's good for the last 3 years of filing anyways. If you find yourself needing more than that, or the actual complete copy of your filed and processed tax return (like I did) it's a little more involved. And not free. Costs $57 for each year. Takes 60 days to deliver, and you have to first mail the IRS a 4506 form (details in the link).
Anyways, took me a bit to figure all this out. So hope this helps someone needing transcripts. For most people, simply requesting your prior year transcript from IRS.gov is the easiest and fastest way to get the info you need.
I see your point of view and can't say I necessarily disagree in theory, but my issue is just with fairness. The reason some states have no sales tax is because their income or other taxes are higher. And knowing that people are taking advantage of that just rubs me the wrong way.
To my point though, wouldn't it be most fair if Washington collected those taxes and sent them back to the state in which they actually reside?
It's an interesting topic. I think the party that is actually getting slighted the most in this scenario would be the companies that sell retail goods on the border, in the state that has the sales tax. Since the consumer is breaking zero laws driving to another state to buy whatever, kinda sucks for whatever establishment to have this state imposed, added competition barrier to deal with.
I actually think the opposite. I have a feeling that President Trump would sign anything the Congress sends him and then try to spin it to his advantage. I just can't see him vetoing something that the House and Senate sends him which privatizes Medicaid and cuts Social Security.
Interesting. I'm no Trump fan, but I totally can envision him vetoing any bill he doesn't like. Would be a big moment in history for the Republican party if he does.
It would make more sense for the states that don't charge a sales tax to send the money they collect from out of state shoppers back to that shopper's state of residence, as the 5 states that don't currently charge sales tax are already collecting taxes through other means.
Meaning the state that's really losing out is not the state without sales tax in this scenario, but the state with a sales tax, relying on that sales tax income, is missing out.
I don't think this should happen, but if the loophole were to be closed off, I think it should go like that.
How Would the Trump and Clinton Tax Plans Affect Your Taxes?
Here's a calculator that I believe answers my question. I wasn't exactly right. It will still help someone in a situation like me. But my math was off. Turns out it would change my bill by about $1500 in the positive. Run the numbers for your situation, and let me know what you think of the proposal after you see it.
bryce28 Wrote: A standard deduction of $15k? Seriously? I would go from paying thousands to none at all, or getting a big chunk back. I can't be understanding that correctly. Let's say this scenario exists. I'm a 1099 filer, owing roughly 11k, after deductions. My standard deduction decreases that currently to $4.7k. But under Trump's proposed plan, that would change to me being $4k in the positive? Is that right? Anyone understand the workings of this proposed change?
Also, assume I have no kids and am a single household filer, and get no other exemptions/deductions
A standard deduction of $15k? Seriously? I would go from paying thousands to none at all, or getting a big chunk back. I can't be understanding that correctly. Let's say this scenario exists. I'm a 1099 filer, owing roughly 11k, after deductions. My standard deduction decreases that currently to $4.7k. But under Trump's proposed plan, that would change to me being $4k in the positive? Is that right? Anyone understand the workings of this proposed change?
I look at this as more of reigning in the crazy amounts of loan interest debt, by forgiving some of it. So seems like the primary 'forgiveness' plan is to pay based on your income, by %. Somewhere in the ballpark of 10-15% of your earnings. Over 20 years. Then the remaining balance after 20 years will be forgiven... I would say that would be plenty to pay back an overpriced education.