Calculate Your Tax Savings Under Proposed Tax Plan Here

[JimBowie1958]

I'm talking about chained CPI, Jimbo.

Is 'chained CPI' a thing?

If so how is it different from the current tax brackets being tied to CPI each and every year?

 

[Penelope]

Last week’s "Big Six" Republican proposal would make two big changes in this inflation-adjusted world. First, it would repeal the personal exemption, which is indexed for inflation, and partially replace it with a bigger Child Tax Credit, which currently is not. While the higher CTC would help many families today, inflation would erode the additional benefit over time.

More importantly, the outline would revise the way the tax code measures inflation. Today, it uses the Consumer Price Index for urban consumers (the CPI-U), a measure the government nearly always uses to adjust for price changes. The GOP framework would shift to an index known as chained CPI (C-CPI). This initiative parallels long-standing Republican efforts to make the same change for Social Security and other government benefit programs.

The Hidden Tax Increase In The Big Six Tax Outline
-------------------------------------
Are they going to up the standard deduction to include it all. I know a few whose 2% SS raise will be eaten by a raise in their Medicare payments next year, then ins companies also raise medigaps and Part D ins. So how is this going to help the SS recipients who got raises in the checks, pay for increases in electricity, heat, food costs, etc.
It's not.

 

[JimBowie1958]

Last week’s "Big Six" Republican proposal would make two big changes in this inflation-adjusted world. First, it would repeal the personal exemption, which is indexed for inflation, and partially replace it with a bigger Child Tax Credit, which currently is not. While the higher CTC would help many families today, inflation would erode the additional benefit over time.

More importantly, the outline would revise the way the tax code measures inflation. Today, it uses the Consumer Price Index for urban consumers (the CPI-U), a measure the government nearly always uses to adjust for price changes. The GOP framework would shift to an index known as chained CPI (C-CPI). This initiative parallels long-standing Republican efforts to make the same change for Social Security and other government benefit programs.

The Hidden Tax Increase In The Big Six Tax Outline
-------------------------------------
Are they going to up the standard deduction to include it all. I know a few whose 2% SS raise will be eaten by a raise in their Medicare payments next year, then ins companies also raise medigaps and Part D ins. So how is this going to help the SS recipients who got raises in the checks, pay for increases in electricity, heat, food costs, etc.
It's not.

Yeah, the way they calculate the CPI is fraudulent. they exclude things like the cost of fuel and food and then over weight the increase in value of things like computers.

It is a fucking game for these pencil heads, but at least indexed to CPI is something. USed to not be tied to inflation AT ALL.

 

[Natural Citizen]

I'm talking about chained CPI, Jimbo.

Is 'chained CPI' a thing?

If so how is it different from the current tax brackets being tied to CPI each and every year?

I shared a quick link in the previous posting

GOP Tax Plan Increases the Most Insidious Tax

I'm talking about chained CPI, Jimbo.

Is 'chained CPI' a thing?

If so how is it different from the current tax brackets being tied to CPI each and every year?

CPI already uses substitution to mask the costs of inflation. Chained CPI, however, uses substitutions more frequently. What that does is lower the reported rate of inflation. It's a full substitution.

Actually, here's a snippet from our own web site. Which I don't ever link, but I will this once.

"This is the assumption that when the price of one consumer product increases, consumers will simply substitute a similar, lower-cost product with no adverse effect. Thus, the government decides your standard of living is not affected if you can no longer afford to eat steak, as long as you can afford to eat hamburger....The goal of chained CPI is to decrease the government's obligation to meet its promise to keep up with the cost of living in programs like Social Security. But it does not prevent individuals who have a nominal increase in income from being pushed into a higher income bracket. Both are achieved without a vote of Congress...."

Tax Reform Has a Hidden Tax Increase - Campaign for Liberty

 

[Penelope]

I know Natural Citizen you want to get rid of the Federal Reserve, but what then?

 

[Yousaidwhat]

go back and tell us about 2026.

Here use this one, it has years.

Use this calculator to see how the tax bill affects your paycheck - CNNPolitics

I'm not concerned about 2026.

It is putting my income back into my possession.

According to this calculator it will be 1.8%.

Of course not, seems the Pubs love a sugar high, and only can concern themselves about today and the immediate future.

Um...

Penelope. I'm not and have never been a Republican.

I do have a wife and you are all the same.

You can't control your spending habits.

 

[JimBowie1958]

I do have a wife and you are all the same.

You can't control your spending habits.

"And just like that, Yousaidwhat had to go into hiding for fear for his life..."

 

[Baz Ares]

Well, Based on these calculations, I'm so glad they passed tax cuts. So I pay more in taxes. In 2018 and way more by 2027.

Well, Everyone making from 30K-200K is truly screwed. Really, WTF can you do with 600-1,310 bucks? If you get that.
If you can't move down to a lower tax bracket, this all means nothing in the end. YOU/WE, THE MIDDLE CLASS GOT NOTHANG!

Plus..
If your local taxes hit you with raised tax percentages. That cost you 800-2,000 more a year?
You get screwed TWIC+E! Below 30K and above too 1M, it really makes no real impacts.
WOW! Over 1M really make out YUGE! What a conservative winning feeling this is.

Btw: Every new trillion that the national debt grows, means each taxpayer that files a return will own 6-$8300.
Only 136 Million returns were filed in 2016. Most of the income the IRS get come from the 30K- 200K range.
As most Corporations have no taxable income at the end of the year.
Forbes Welcome
Why 70% Of Companies Paid Zero In Corporate Taxes: They Had Zero Profits
In 2012, out of 1.6 million corporate tax returns, only 51% were returns that had positive “net incomes,” and only 32% were returns that had positive “incomes subject to tax.”


Voting For Great Douche gave his voters more debt and
BS in Tax savings. The rest of the nation thanks you voters for this BS. Really, the upping of the standard deduction amount by a few thousand moves few to a lower tax rate. FFS!

btw: What the GOP did above can be written over 30 pages, WTF is in them 900 plus more pages? Stealing from the national treasury was the only GOP plan. To give
to the upper 5% around the world. As we are conglomerate
own major industries now, owned by other nations. Who will take more jobs. WHEEE!
Vote GOP/DOPer and again for the Great Douche, to be a winner!

 

[miketx]

Well, Based on these calculations, I'm so glad they passed tax cuts. So I pay more in taxes. In 2018 and way more by 2027.

Well, Everyone making from 30K-200K is truly screwed. Really, WTF can you do with 600-1,310 bucks? If you get that.
If you can't move down a lower tax bracket, this all means nothing in the end. YOU THE MIDDLE CLASS GOT NOTHANG!

Plus..
If your local taxes hit you with raised tax percentages. That cost you 800-2,000 more a year?
You get screwed TWIC+E! Below 30K and above too 1M, it really makes no real impacts.
WOW! Over 1M really make out YUGE! What a conservative winning feeling this is.

Btw: Every new trillion that the national debt grows, means each taxpayer that files a return will own 6-$8300.
Only 136 Million returns were filed in 2016. Most of the income the IRS get come from the 30K- 200K range.
As most Corporations have no taxable income at the end of the year.
Forbes Welcome
Why 70% Of Companies Paid Zero In Corporate Taxes: They Had Zero Profits
In 2012, out of 1.6 million corporate tax returns, only 51% were returns that had positive “net incomes,” and only 32% were returns that had positive “incomes subject to tax.”

More falsehoods.

 

[Baz Ares]

Well, Based on these calculations, I'm so glad they passed tax cuts. So I pay more in taxes. In 2018 and way more by 2027.

Well, Everyone making from 30K-200K is truly screwed. Really, WTF can you do with 600-1,310 bucks? If you get that.
If you can't move down a lower tax bracket, this all means nothing in the end. YOU THE MIDDLE CLASS GOT NOTHANG!

Plus..
If your local taxes hit you with raised tax percentages. That cost you 800-2,000 more a year?
You get screwed TWIC+E! Below 30K and above too 1M, it really makes no real impacts.
WOW! Over 1M really make out YUGE! What a conservative winning feeling this is.

Btw: Every new trillion that the national debt grows, means each taxpayer that files a return will own 6-$8300.
Only 136 Million returns were filed in 2016. Most of the income the IRS get come from the 30K- 200K range.
As most Corporations have no taxable income at the end of the year.
Forbes Welcome
Why 70% Of Companies Paid Zero In Corporate Taxes: They Had Zero Profits
In 2012, out of 1.6 million corporate tax returns, only 51% were returns that had positive “net incomes,” and only 32% were returns that had positive “incomes subject to tax.”

More falsehoods.

Gee. The National CPA Association reports can educate you. Try proving them wrong.

 

[miketx]

Well, Based on these calculations, I'm so glad they passed tax cuts. So I pay more in taxes. In 2018 and way more by 2027.

Well, Everyone making from 30K-200K is truly screwed. Really, WTF can you do with 600-1,310 bucks? If you get that.
If you can't move down a lower tax bracket, this all means nothing in the end. YOU THE MIDDLE CLASS GOT NOTHANG!

Plus..
If your local taxes hit you with raised tax percentages. That cost you 800-2,000 more a year?
You get screwed TWIC+E! Below 30K and above too 1M, it really makes no real impacts.
WOW! Over 1M really make out YUGE! What a conservative winning feeling this is.

Btw: Every new trillion that the national debt grows, means each taxpayer that files a return will own 6-$8300.
Only 136 Million returns were filed in 2016. Most of the income the IRS get come from the 30K- 200K range.
As most Corporations have no taxable income at the end of the year.
Forbes Welcome
Why 70% Of Companies Paid Zero In Corporate Taxes: They Had Zero Profits
In 2012, out of 1.6 million corporate tax returns, only 51% were returns that had positive “net incomes,” and only 32% were returns that had positive “incomes subject to tax.”

More falsehoods.

Gee. The National CPA Association reports can educate you. Try proving them wrong.

Gee, paid liars.

 

[Fang]

Holy S***. I need to go home and check all my numbers. According to the OP's link I'm going to save a boat load of $$$.

 

[Baz Ares]

Holy S***. I need to go home and check all my numbers. According to the OP's link I'm going to save a boat load of $$$.

If you stay in the water, you may keep 20 bucks afloat.

These folks have or rent mega ships to carry off their loot!

 

[Tax Man]

I would pay the same.

 

[Yousaidwhat]

I do have a wife and you are all the same.

You can't control your spending habits.

"And just like that, Yousaidwhat had to go into hiding for fear for his life..."

HA!

You just can't hide from the Truff!

I've never met a woman in my entire life who doesn't love to spend and burn up a credit card.

The Mrs. is well taken care of knows her limits.

She can smell a bonus check and a tax return check from a month away.

 

[theHawk]

go back and tell us about 2026.

Here use this one, it has years.

Use this calculator to see how the tax bill affects your paycheck - CNNPolitics

Taxes go down by at least 4% every year until the last two years, then they go up 0.2%.

Think I can live with that.

 

[Penelope]

Thank goodness the Dems will get it and stop the madness.

 

[Mr Natural]

Says I save $240 a year

$20 a month

Or roughly $5 a week.

Don't spend it all in one place!

 

[JimBowie1958]

Says I save $240 a year

$20 a month

Or roughly $5 a week.

Don't spend it all in one place!

So now it is Trumps fault you two make most of your income fencing shit and selling pot?


roflmao

 

[EverCurious]

$600 on my hubbies employment income, but I'm more excited about what we'll save on business taxes \o/