First Paycheck Since the New Tax Rates Were Enacted

[Avatar4321]

Let's be real, Democrats want more Americans living in poverty.

Your lies are more absurd than all the thousands of Trump's lies put together.
Democrats are the only party that advocate for the poor.
40 years of evidence is at your fingertips.

Then why do you punish those who pull themselves out of poverty? Why do you create regulation that prevents people from supporting themselves?

you mean not wanting to raise minimum pay like repubs wanted?

Raising minimum wage has never lifted anyone out of poverty

 

[Toddsterpatriot]

Ted Cruz publicly invited Bernie Sanders to cosponser a bill that did just that when Bernie was complaining about it. Last I checked senator sanders has not taking up that offer

Democrats will do what Obama did

Allow the tax cuts on the middle class to remain and revoke the corporate and wealthy tax cuts to expire

I have no problem If you wait for the corporate rates expire.

You’ll be waiting a long time

Dems can raise them the same way Republicans lowered them
Reconciliation

They should definitely do that.
They should promise to do that in their 2018 and 2020 campaigns.
Start buying ads now!!!

ad;

Trump tax cut adds $1.5 TRILLION THE THE NATIONAL DEBT..


buying ad now

Sounds like those Dem ads should be pushing higher tax rates for everyone.

 

[Dschrute3]

Let's be real, Democrats want more Americans living in poverty.

Your lies are more absurd than all the thousands of Trump's lies put together.
Democrats are the only party that advocate for the poor.
40 years of evidence is at your fingertips.

and just who are the ones that benefit most from this tax scheme? Trump and his friends while repubs dance around their scraps Yes the repub deficit hawks just tacked on 1.5 trillion for their kids to pay

I have a relative who's been with Walmart for 15yrs. In March, she'll be receiving a hefty bonus and pay raise. She's very excited about it. So good on Walmart and the President.

not bad after 15 years Why are so many walmart people on medicade ? ,,Walmart wasn't paying them enough for them to get health care

Why are so many walmart people on medicade ?

If they weren't working at Walmart would fewer of them be on Medicaid, or more?

Don't bother, most Democrats are 'Useful Idiots.' They don't realize that their Party benefits most by more Americans living in poverty and solely dependent on Government. If you get a chance, check out the documentary 'Agenda.' You can see it on Amazon Prime. The Democratic Party is controlled by Communist Globalists. They've been pushing their agenda in America for 100yrs.

 

[MarathonMike]

the losers - et al

Richard Davis says:

November 3rd, 2017 at 3:57 pm (#)

My wife and I are both over 65, retired, only income is from Social Security and pensions. Our taxes will go up 154% in 2018, due to losing the deduction for out of pocket medical expenses. My wife is in long term nursing home care with Alzheimer’s disease. My out of pocket costs for her nursing home care and prescription drugs in 2018 will be $99,000. Without that deduction (less the 10% of our AGI) our combined federal and state taxes will increase 154%.

Dan says:

November 3rd, 2017 at 3:35 pm (#)

I am a CPA, and I have read part of the bill. The changes are vast to the tax code. Someone commented above about losing child credits. The good news is that the phase-out increases from 110K to $230K as I read it. The bad news for small businesses is what the bill does to self-employment income. S Corporation owners are going to get crucified. A portion, or possibly all, of your taxable profit is going to be thrown into self-employment earnings. That is an extra 15.3% tax on that money. Yup. That is in the bill. Look it up. Search the bill for section 1402(a). That is the self-employment income definition section. They are radically changing it. ANY SMALL BUSINESS OWNER THAT SWITCHED TO AN S-CORP TO AVOID THIS TAX IS IN FOR AN AWAKENING. This is bad.

Money Help Center says:

November 16th, 2017 at 9:29 pm (#)

Unfortunately, the House version repeals the deduction for state and local income taxes (SALT) paid and limits property tax deduction to $10,000. For high tax states such as New Jersey you will lose your state tax deduction which may be significant. In essence you are now paying a tax on a tax.


and the beat goes on ..

WRONG. An earlier version of the tax bill disallowed the medical deduction for long term care. The final version kept it in. Try again.

 

[Avatar4321]

Let's be real, Democrats want more Americans living in poverty.

Your lies are more absurd than all the thousands of Trump's lies put together.
Democrats are the only party that advocate for the poor.
40 years of evidence is at your fingertips.

and just who are the ones that benefit most from this tax scheme? Trump and his friends while repubs dance around their scraps Yes the repub deficit hawks just tacked on 1.5 trillion for their kids to pay

I have a relative who's been with Walmart for 15yrs. In March, she'll be receiving a hefty bonus and pay raise. She's very excited about it. So good on Walmart and the President.

not bad after 15 years Why are so many walmart people on medicade ? ,,Walmart wasn't paying them enough for them to get health care

Government artificially raising the costs of isnsurance has nothing to do with it right?

 

[Toddsterpatriot]

the losers - et al

Richard Davis says:

November 3rd, 2017 at 3:57 pm (#)

My wife and I are both over 65, retired, only income is from Social Security and pensions. Our taxes will go up 154% in 2018, due to losing the deduction for out of pocket medical expenses. My wife is in long term nursing home care with Alzheimer’s disease. My out of pocket costs for her nursing home care and prescription drugs in 2018 will be $99,000. Without that deduction (less the 10% of our AGI) our combined federal and state taxes will increase 154%.

Dan says:

November 3rd, 2017 at 3:35 pm (#)

I am a CPA, and I have read part of the bill. The changes are vast to the tax code. Someone commented above about losing child credits. The good news is that the phase-out increases from 110K to $230K as I read it. The bad news for small businesses is what the bill does to self-employment income. S Corporation owners are going to get crucified. A portion, or possibly all, of your taxable profit is going to be thrown into self-employment earnings. That is an extra 15.3% tax on that money. Yup. That is in the bill. Look it up. Search the bill for section 1402(a). That is the self-employment income definition section. They are radically changing it. ANY SMALL BUSINESS OWNER THAT SWITCHED TO AN S-CORP TO AVOID THIS TAX IS IN FOR AN AWAKENING. This is bad.

Money Help Center says:

November 16th, 2017 at 9:29 pm (#)

Unfortunately, the House version repeals the deduction for state and local income taxes (SALT) paid and limits property tax deduction to $10,000. For high tax states such as New Jersey you will lose your state tax deduction which may be significant. In essence you are now paying a tax on a tax.


and the beat goes on ..

Richard Davis says: ​

​

November 3rd, 2017 at 3:57 pm (#)​

​

My wife and I are both over 65, retired, only income is from Social Security and pensions. Our taxes will go up 154% in 2018, due to losing the deduction for out of pocket medical expenses. My wife is in long term nursing home care with Alzheimer’s disease. My out of pocket costs for her nursing home care and prescription drugs in 2018 will be $99,000. Without that deduction (less the 10% of our AGI) our combined federal and state taxes will increase 154%.​

Making claims in November about a bill that didn't pass until December
may make your claims less than correct.

GOP tax bill expands medical expense deduction for two years

 

[Toddsterpatriot]

the losers - et al

Richard Davis says:

November 3rd, 2017 at 3:57 pm (#)

My wife and I are both over 65, retired, only income is from Social Security and pensions. Our taxes will go up 154% in 2018, due to losing the deduction for out of pocket medical expenses. My wife is in long term nursing home care with Alzheimer’s disease. My out of pocket costs for her nursing home care and prescription drugs in 2018 will be $99,000. Without that deduction (less the 10% of our AGI) our combined federal and state taxes will increase 154%.

Dan says:

November 3rd, 2017 at 3:35 pm (#)

I am a CPA, and I have read part of the bill. The changes are vast to the tax code. Someone commented above about losing child credits. The good news is that the phase-out increases from 110K to $230K as I read it. The bad news for small businesses is what the bill does to self-employment income. S Corporation owners are going to get crucified. A portion, or possibly all, of your taxable profit is going to be thrown into self-employment earnings. That is an extra 15.3% tax on that money. Yup. That is in the bill. Look it up. Search the bill for section 1402(a). That is the self-employment income definition section. They are radically changing it. ANY SMALL BUSINESS OWNER THAT SWITCHED TO AN S-CORP TO AVOID THIS TAX IS IN FOR AN AWAKENING. This is bad.

Money Help Center says:

November 16th, 2017 at 9:29 pm (#)

Unfortunately, the House version repeals the deduction for state and local income taxes (SALT) paid and limits property tax deduction to $10,000. For high tax states such as New Jersey you will lose your state tax deduction which may be significant. In essence you are now paying a tax on a tax.


and the beat goes on ..

hope mr davis didn't vote for trump

DERP!

 

[rightwinger]

The charge I've heard Democrats (and the CBO) make is that the tax cut is inequitable because over time, for the poorest taxpayers, what is in 2018 a tax cut will become a tax increase.

Democrats are welcome to write a tax bill that makes these middle class tax cuts larger and permanent.
I've heard they like it when people keep more of their own money.

I await their legislative improvements.

Ted Cruz publicly invited Bernie Sanders to cosponser a bill that did just that when Bernie was complaining about it. Last I checked senator sanders has not taking up that offer

Democrats will do what Obama did

Allow the tax cuts on the middle class to remain and revoke the corporate and wealthy tax cuts to expire

I have no problem If you wait for the corporate rates expire.

You’ll be waiting a long time

Dems can raise them the same way Republicans lowered them
Reconciliation

You only need Congress and the presidency to do that.

Real question is is any politician stupid enough to raise taxes on a growing and thriving economy?

Tax cuts have only been passed for one month. They have not even taken effect yet

Any growth has happened under the old rates

 

[rightwinger]

Let's be real, Democrats want more Americans living in poverty.

Your lies are more absurd than all the thousands of Trump's lies put together.
Democrats are the only party that advocate for the poor.
40 years of evidence is at your fingertips.

and just who are the ones that benefit most from this tax scheme? Trump and his friends while repubs dance around their scraps Yes the repub deficit hawks just tacked on 1.5 trillion for their kids to pay

I have a relative who's been with Walmart for 15yrs. In March, she'll be receiving a hefty bonus and pay raise. She's very excited about it. So good on Walmart and the President.

15 years and she is finally receiving a bonus

That is insulting

 

[otto105]

I saw the statement for my first paycheck for this Friday that uses the new tax rates. I cleared an extra $70. I get paid every two weeks so over the year that amount will be $1820. My wife's should be similar since we make about the same amount. Plus throw in the extra $1,000 child tax credit and by the end of this year we'll have an extra $4,000 to $5,000 in our pockets we wouldn't have had if the new tax legislation hadn't passed. I can use a lot of this money to pay down my student loans faster. We've also talked about redoing our master bathroom.

When will Democrats stop lying and claiming that this legislation won't help the middle class?

Dude at the end of the year and your tax filing for the year... he’s going to ask for it back.


You know that right.

 

[Harpy Eagle]

So you are another one of those folks who make claims and then expect others to support them.

There are a lot of people like that on this forum.

Especially you...find that C.A.R. yet, loser?

Good luck finding where I claimed to have a CAR you stolen valor fraud.

 

[Dschrute3]

Let's be real, Democrats want more Americans living in poverty.

Your lies are more absurd than all the thousands of Trump's lies put together.
Democrats are the only party that advocate for the poor.
40 years of evidence is at your fingertips.

and just who are the ones that benefit most from this tax scheme? Trump and his friends while repubs dance around their scraps Yes the repub deficit hawks just tacked on 1.5 trillion for their kids to pay

I have a relative who's been with Walmart for 15yrs. In March, she'll be receiving a hefty bonus and pay raise. She's very excited about it. So good on Walmart and the President.

15 years and she is finally receiving a bonus

That is insulting

She's received numerous pay raises and bonuses in the past. And she's very excited about this. Only hateful Democrat wingnuts seem to be upset about it.

 

[rightwinger]

Both

You need to petition your state to rework their tax laws.

Their has never been a mandate that the federal government is required to subsidize state taxes with by allowing SALT deductions.

Right now under current law my taxable income on my state return will go up 8K for the 2018 filing year. Our governor and legislative leaders are saying they will fix that this summer.

Hard to do when state budgets have already been established
Supposedly, the Trump cutting of state tax deductions will result in a 7.5% reduction in the value of real estate in my state

Trump is going to save you 7.5% on your state property taxes? Congrats!

I didn't say my assessment went down

You're getting screwed on property taxes and on your assessment?
Typical blue state.

I'm getting screwed on my Trump taxes

 

[rightwinger]

Let's be real, Democrats want more Americans living in poverty.

Your lies are more absurd than all the thousands of Trump's lies put together.
Democrats are the only party that advocate for the poor.
40 years of evidence is at your fingertips.

and just who are the ones that benefit most from this tax scheme? Trump and his friends while repubs dance around their scraps Yes the repub deficit hawks just tacked on 1.5 trillion for their kids to pay

I have a relative who's been with Walmart for 15yrs. In March, she'll be receiving a hefty bonus and pay raise. She's very excited about it. So good on Walmart and the President.

15 years and she is finally receiving a bonus

That is insulting

She's received numerous pay raises and bonuses in the past. And she's very excited about this. Only hateful Democrat wingnuts seem to be upset about it.

I am very happy for her

But that 50 percent cut in corporate taxes will be in effect EVERY year
Can she now expect a bonus every year or will she wait another 15 years?

 

[Toddsterpatriot]

You need to petition your state to rework their tax laws.

Their has never been a mandate that the federal government is required to subsidize state taxes with by allowing SALT deductions.

Right now under current law my taxable income on my state return will go up 8K for the 2018 filing year. Our governor and legislative leaders are saying they will fix that this summer.

Hard to do when state budgets have already been established
Supposedly, the Trump cutting of state tax deductions will result in a 7.5% reduction in the value of real estate in my state

Trump is going to save you 7.5% on your state property taxes? Congrats!

I didn't say my assessment went down

You're getting screwed on property taxes and on your assessment?
Typical blue state.

I'm getting screwed on my Trump taxes

What state do you live in?

 

[rightwinger]

Hard to do when state budgets have already been established
Supposedly, the Trump cutting of state tax deductions will result in a 7.5% reduction in the value of real estate in my state

Trump is going to save you 7.5% on your state property taxes? Congrats!

I didn't say my assessment went down

You're getting screwed on property taxes and on your assessment?
Typical blue state.

I'm getting screwed on my Trump taxes

What state do you live in?

Double dip

NJ and MD

 

[usmbguest5318]

I saw the statement for my first paycheck for this Friday that uses the new tax rates. I cleared an extra $70. I get paid every two weeks so over the year that amount will be $1820. My wife's should be similar since we make about the same amount. Plus throw in the extra $1,000 child tax credit and by the end of this year we'll have an extra $4,000 to $5,000 in our pockets we wouldn't have had if the new tax legislation hadn't passed. I can use a lot of this money to pay down my student loans faster. We've also talked about redoing our master bathroom.

When will Democrats stop lying and claiming that this legislation won't help the middle class?

You're getting peanuts next to Trump and his rich cronies. The American people are smart enough to know this. Obviously you're not.

The American people are smart enough to know this.

You give the American people more credit than I do. I think it remains to be seen whether they are as "smart" you've described them.

You're getting peanuts next to Trump and his rich cronies.

How much of a savings any given taxpayer realizes really isn't the question. A higher earning individual, if they are included in a tax cut's design, will always save more, in absolute dollars, than will a lower earning individual. The germane question is whether, across the income spectrum of taxpayers, a tax cut's design, accords to any given taxpayer savings that are equitable in relation to the savings the same legislation gives to any other taxpayer.

As the purchasing power of a dollar decreases and tax rate progressivity (and tax structure/provision progressivity) increases, it becomes increasingly easier to be equitable across the income spectrum. That said, even in the presence of hyperinflation, the fact remains that there is always an income level at which having whatever incrementally greater sum of disposable income a tax cut might afford has no material impact on the quality of life/lifestyle one can live.

Tax cuts, to be equitable, must have a material impact on low and middle income people's lifestyles, but the don't at all need to have a material impact on high earners' lifestyles. They don't because at a high enough earning point, the only way a tax cut can do that is by essentially or nearly eliminating the tax liability burden of high earners. Few and far between ar the people who'd cotton to that happening.

In the U.S. today, what is that point? I don't know; I haven't performed the analysis to put a precise figure to it. My experience says that it's something greater than $500K/year but less than $1.5M/year gross income. Is that "mega-rich" territory, no, but it's well-off enough that one's lifestyle isn't different due to a 10% or smaller cut in one's marginal tax rate.

• Tax liability on $500K gross income, assuming all $500K is taxed at 39.6% --> $198K
  Tax liability on $500K gross income, assuming all $500K is taxed at 29.6% --> $148K
  
  I'll leave it to readers here to find fiscally sage earners of $500K for whom $50K more disposable income is life changing. That increase does little other than allow them to buy either pricery "posh stuff" or buy slightly more "posh stuff." It's conceptually tantamount to trading in one's S Class to get an Aston Martin or Bentley. Call me crazy, but I don't see that as a lifestyle change.

Insofar as for moderate and low income taxpayers Trump's tax cut eventually becomes a tax increase whereas for high earning individuals it does not, the design of Trump's tax cut is not equitable across the spectrum of taxpayers for several reasons:

• The changes did nothing to eliminate the so-called "loopholes" megarich folks use to defer perpetually the tax liability on vast sums of income they nonetheless have access to.
• The changes accorded a greater rate decrease to the highest income earners than to low and middle income earners.
• The tax rate cuts given to middle and low income earners eventually become a tax increase, whereas the rate cuts given to the highest earners, though, like the rate cuts for everyone else, they decrease over time, never decrease to the point that they become a tax increase.
• The changes did nothing to eliminate the "lavish lifestyle" tax breaks -- for example, the boat, private plane and chauffeured transportation deductions -- available only if one is wealthy enough to afford paying for those activities/items.

I realize that whether the above noted design aspects of the Trump tax cut bother one is a normative matter.

 

[Toddsterpatriot]

Trump is going to save you 7.5% on your state property taxes? Congrats!

I didn't say my assessment went down

You're getting screwed on property taxes and on your assessment?
Typical blue state.

I'm getting screwed on my Trump taxes

What state do you live in?

Double dip

NJ and MD

Ouch.

 

[frigidweirdo]

I saw the statement for my first paycheck for this Friday that uses the new tax rates. I cleared an extra $70. I get paid every two weeks so over the year that amount will be $1820. My wife's should be similar since we make about the same amount. Plus throw in the extra $1,000 child tax credit and by the end of this year we'll have an extra $4,000 to $5,000 in our pockets we wouldn't have had if the new tax legislation hadn't passed. I can use a lot of this money to pay down my student loans faster. We've also talked about redoing our master bathroom.

When will Democrats stop lying and claiming that this legislation won't help the middle class?

How much money will you lose in other areas?

How much money will you lose when the next recession hits hard and much earlier?

 

[asaratis]

I saw the statement for my first paycheck for this Friday that uses the new tax rates. I cleared an extra $70. I get paid every two weeks so over the year that amount will be $1820. My wife's should be similar since we make about the same amount. Plus throw in the extra $1,000 child tax credit and by the end of this year we'll have an extra $4,000 to $5,000 in our pockets we wouldn't have had if the new tax legislation hadn't passed. I can use a lot of this money to pay down my student loans faster. We've also talked about redoing our master bathroom.

When will Democrats stop lying and claiming that this legislation won't help the middle class?

Democrats will NEVER stop lying.