Real World Event Discussions
Tax Cuts
POSTED BY: THGRRI
UPDATED: Thursday, April 17, 2025 01:12
VIEWED: 22355
PAGE 11 of 20
Friday, December 29, 2017 9:15 PM
Quote:
Um, Granny? We already had this conversation and I already corrected your intended insults ("Daddy's business..."), or don't you remember?- GSTRING
link please. I recall you saying that both your parents had Alzheimer's/ dementia, and when I expressed my sympathy you (of course) pissed on it. Other than that ... ? - SIGNY
Riiiight... you said the planet would be better off without me (and others) and "I'm coming for you!" so spare me your fake concern. You're a conceited, me-first arse hat, plain and simple.- GSTRING
LINKS PLEASE?
But of course, this has NOTHING TO DO WITH you inheriting your daddy's business, having a comfortable niche where you can while away the hours on FFF.net insulting and trolling (when you aren't stuck to social media, that is), being totally out of touch with ordinary Americans and their worries (and the unemployment and underemployment situation), and quite obviously living in your own comfortable bubble with all of the concerns of a silver-spoon child.
Nope! You DIDN'T address any of that.
You may have inherited your daddy's money, but none of his smarts, because you attempted to pull off a really stupid lie by saying that "We already had this conversation". No, son, we didn't. So either YOUR memory is bad, or you're a liar. I vote "liar".
Happy New Year to you too.
-----------
Pity would be no more,
If we did not MAKE men poor - William Blake
America is an oligarchy
http://www.fireflyfans.net/mthread.aspx?tid=57876
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Friday, December 29, 2017 11:15 PM
Cutting taxes is in the Republican DNA. Even an idiot such as George Bush can do it.
Like Trump, Bush lost the popular vote in 2000. Unlike Trump, Bush only won the Electoral College because of the US supreme court. Despite that added spice of illegitimacy, despite having smaller majorities in both houses of Congress (razor-thin in the Senate, almost razor-thin in the House), Bush still managed to push through massive tax cuts – and, unlike Trump, got 40 Democrats to vote with him. And Bush completed his mission a full six months sooner than Trump did.
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Friday, December 29, 2017 11:16 PM
That's okay. His smart phone makes him smart.
Do Right, Be Right. :)
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Friday, December 29, 2017 11:25 PM
Quote:Well Shazaam! That must be why he was reelected in a landslide, which Democraps have never seen with their party.
Originally posted by THGRRI:
For one in two Americans, those in the bottom half of the income pile, income actually shrank on Reagan’s watch. In 1980, the year he was elected, they earned $16,371 a year on average, in today’s dollars, according to the World Wealth and Income Database. By 1988, Reagan’s last year in office, they had to make do with $16,268.
https://www.nytimes.com/2017/12/26/business/economy/tax-cuts-incomes.h
tml
T
Perhaps you could provide a reliable, credible news source, instead of hanging your hat on The Libtard's Gospel.
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Friday, December 29, 2017 11:26 PM
lol... I'd love to be making $16,268 in today's dollars.
Do Right, Be Right. :)
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Saturday, December 30, 2017 1:16 AM
Quote:I am unable to navigate that wid database.
Originally posted by JEWELSTAITEFAN:Quote:Well Shazaam! That must be why he was reelected in a landslide, which Democraps have never seen with their party.
Originally posted by THGRRI:
For one in two Americans, those in the bottom half of the income pile, income actually shrank on Reagan’s watch. In 1980, the year he was elected, they earned $16,371 a year on average, in today’s dollars, according to the World Wealth and Income Database. By 1988, Reagan’s last year in office, they had to make do with $16,268.
https://www.nytimes.com/2017/12/26/business/economy/tax-cuts-incomes.h
tml
T
Perhaps you could provide a reliable, credible news source, instead of hanging your hat on The Libtard's Gospel.
Can you tell me the numbers they use for 1981, 1982, 1983 - the end of the devastating Carter Economy?
Six, could you help getting those numbers?
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Saturday, December 30, 2017 1:26 AM
Quote:Thanks for that linky, I had only been going by what people said.
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by JEWELSTAITEFAN:Quote:I heard the news report that 2 States had their Governors sign urgent quick laws to allow their residents to pay their property tax early, so it could be before Dec 31. I think NY and NJ.
Originally posted by 6IXSTRINGJACK:
Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.)
I never heard of Governments that did not allow taxes to be paid early. How stupid is that? Free money for the coffers early, less I terest to pay, etc.
OTOH, can you imagine the chaos in Property Tax Offices this week?
In terms of overall benefits of Tax Reform, the simpler the better. Which means less or fewer different kinds of deductions, which would be the case here.
In terms of specific application, consider examples of 2 different taxpayers. 1 is similar to you, or even barely had a benefit of itemizing. 2 is carrying a Million Dollar home. The standard deduction and personal exemptions were raised, one of them doubled - that is for everybody, regardless of Income bracket. By trading an increased Universal deduction and exemptions with elimination of property tax deductible, which party gets the greater benefit? How about a family with one house but more kids? Or somebody not owning property? Those benefitting the greatest from property tax deductible were likely higher income, with more property values. The hard working shlub did not benefit as much, if at all.
That certainly sounds reasonable... but unfortunately I don't see anything aobout either one of them doubling. That would mean either an increase of the personal exemption from $4050 to $8100 or an increase of the standard deduction from $6350 to $12,700.
The current combined total is $4050 + $6350, or $10,400.
The article I'm reading says that both will be combined into a single larger standard deduction of $12,000. So... not really a double at all since it eliminates the personal exemption. Just an increase of $1,600 for a single filer. A larger increase than normal years, so good for me since I use it, but not really all that great.
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-
2017-12
Chances are that most low income earners wouldn't come close to being able to itemize at $12k if they were before. If nothing changes for me, almost my entire paycheck next year will be under that $12k cap. Whatever isn't I'll likely put into an IRA to avoid any taxes.
Property taxes likely did not affect, or help the poorest.
Let's assume that linky is accurate, and run some numbers.
Single, with income 21,520. In 2018 Tax would be $952. In 2017 Tax was $1203. With 1 non-spouse dependent $707. But that wage is $10/hr for 40 hour weeks the whole year, no other income.
Income 50,700. 2018 -> $4,456. 2017 -> $5,814. +1 dependent -> $5,039. +2 dependent -> $4,432.
Income 94,500. 2018 -> $14,092. 2017 -> $16,764. +1 -> $15,752. +2 -> $14,739.
Income 169,500. 2018 -> $32,092. 2017 -> $37,536. +1 -> $36,562.: +2 -> $35,588. +3 -> $34,614. +4 -> $33,640. +5 -> $32,666.
In 2018 there are no extra deductions for each dependent, other than spouse.
Looks like taxpayers with 1 or 0 kids are getting a Tax cut. Mostly due to the reduced Tax Rate in each bracket, plus the expansion of brackets.
I might cry for you if you make $100 too much and have to pay $10 in Tax.
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Saturday, December 30, 2017 2:20 AM
So overall, I expect to pay a lot less in taxes in 2018.
Still, need to see Medicare and Social Security stabilized, as well as health insurance rates. Raising or eliminating the cap on Social Security taxable income and negotiating for lower drug prices would really help, but that would be too simple!
-----------
Pity would be no more,
If we did not MAKE men poor - William Blake
America is an oligarchy
http://www.fireflyfans.net/mthread.aspx?tid=57876
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Saturday, December 30, 2017 6:41 AM
Quote:
Originally posted by JEWELSTAITEFAN:Quote:Thanks for that linky, I had only been going by what people said.
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by JEWELSTAITEFAN:Quote:I heard the news report that 2 States had their Governors sign urgent quick laws to allow their residents to pay their property tax early, so it could be before Dec 31. I think NY and NJ.
Originally posted by 6IXSTRINGJACK:
Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.)
I never heard of Governments that did not allow taxes to be paid early. How stupid is that? Free money for the coffers early, less I terest to pay, etc.
OTOH, can you imagine the chaos in Property Tax Offices this week?
In terms of overall benefits of Tax Reform, the simpler the better. Which means less or fewer different kinds of deductions, which would be the case here.
In terms of specific application, consider examples of 2 different taxpayers. 1 is similar to you, or even barely had a benefit of itemizing. 2 is carrying a Million Dollar home. The standard deduction and personal exemptions were raised, one of them doubled - that is for everybody, regardless of Income bracket. By trading an increased Universal deduction and exemptions with elimination of property tax deductible, which party gets the greater benefit? How about a family with one house but more kids? Or somebody not owning property? Those benefitting the greatest from property tax deductible were likely higher income, with more property values. The hard working shlub did not benefit as much, if at all.
That certainly sounds reasonable... but unfortunately I don't see anything aobout either one of them doubling. That would mean either an increase of the personal exemption from $4050 to $8100 or an increase of the standard deduction from $6350 to $12,700.
The current combined total is $4050 + $6350, or $10,400.
The article I'm reading says that both will be combined into a single larger standard deduction of $12,000. So... not really a double at all since it eliminates the personal exemption. Just an increase of $1,600 for a single filer. A larger increase than normal years, so good for me since I use it, but not really all that great.
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-
2017-12
Chances are that most low income earners wouldn't come close to being able to itemize at $12k if they were before. If nothing changes for me, almost my entire paycheck next year will be under that $12k cap. Whatever isn't I'll likely put into an IRA to avoid any taxes.
Property taxes likely did not affect, or help the poorest.
Let's assume that linky is accurate, and run some numbers.
Single, with income 21,520. In 2018 Tax would be $952. In 2017 Tax was $1203. With 1 non-spouse dependent $707. But that wage is $10/hr for 40 hour weeks the whole year, no other income.
Income 50,700. 2018 -> $4,456. 2017 -> $5,814. +1 dependent -> $5,039. +2 dependent -> $4,432.
Income 94,500. 2018 -> $14,092. 2017 -> $16,764. +1 -> $15,752. +2 -> $14,739.
Income 169,500. 2018 -> $32,092. 2017 -> $37,536. +1 -> $36,562.: +2 -> $35,588. +3 -> $34,614. +4 -> $33,640. +5 -> $32,666.
In 2018 there are no extra deductions for each dependent, other than spouse.
Looks like taxpayers with 1 or 0 kids are getting a Tax cut. Mostly due to the reduced Tax Rate in each bracket, plus the expansion of brackets.
I might cry for you if you make $100 too much and have to pay $10 in Tax.
On face value, this definitely doesn't seem to be the horror show that some people were claiming it was. Any word yet on what the 2019 situation forward is going to look like? I don't want to be saying everything is a-okay when we've been duped by a good first year trojan horse.
lol... I still don't believe that the single guy
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Saturday, December 30, 2017 6:58 PM
Quote:
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by JEWELSTAITEFAN:Quote:Thanks for that linky, I had only been going by what people said.
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by JEWELSTAITEFAN:Quote:I heard the news report that 2 States had their Governors sign urgent quick laws to allow their residents to pay their property tax early, so it could be before Dec 31. I think NY and NJ.
Originally posted by 6IXSTRINGJACK:
Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.)
I never heard of Governments that did not allow taxes to be paid early. How stupid is that? Free money for the coffers early, less I terest to pay, etc.
OTOH, can you imagine the chaos in Property Tax Offices this week?
In terms of overall benefits of Tax Reform, the simpler the better. Which means less or fewer different kinds of deductions, which would be the case here.
In terms of specific application, consider examples of 2 different taxpayers. 1 is similar to you, or even barely had a benefit of itemizing. 2 is carrying a Million Dollar home. The standard deduction and personal exemptions were raised, one of them doubled - that is for everybody, regardless of Income bracket. By trading an increased Universal deduction and exemptions with elimination of property tax deductible, which party gets the greater benefit? How about a family with one house but more kids? Or somebody not owning property? Those benefitting the greatest from property tax deductible were likely higher income, with more property values. The hard working shlub did not benefit as much, if at all.
That certainly sounds reasonable... but unfortunately I don't see anything aobout either one of them doubling. That would mean either an increase of the personal exemption from $4050 to $8100 or an increase of the standard deduction from $6350 to $12,700.
The current combined total is $4050 + $6350, or $10,400.
The article I'm reading says that both will be combined into a single larger standard deduction of $12,000. So... not really a double at all since it eliminates the personal exemption. Just an increase of $1,600 for a single filer. A larger increase than normal years, so good for me since I use it, but not really all that great.
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-
2017-12
Chances are that most low income earners wouldn't come close to being able to itemize at $12k if they were before. If nothing changes for me, almost my entire paycheck next year will be under that $12k cap. Whatever isn't I'll likely put into an IRA to avoid any taxes.
Property taxes likely did not affect, or help the poorest.
Let's assume that linky is accurate, and run some numbers.
Single, with income 21,520. In 2018 Tax would be $952. In 2017 Tax was $1203. With 1 non-spouse dependent $707. But that wage is $10/hr for 40 hour weeks the whole year, no other income.
Income 50,700. 2018 -> $4,456. 2017 -> $5,814. +1 dependent -> $5,039. +2 dependent -> $4,432.
Income 94,500. 2018 -> $14,092. 2017 -> $16,764. +1 -> $15,752. +2 -> $14,739.
Income 169,500. 2018 -> $32,092. 2017 -> $37,536. +1 -> $36,562.: +2 -> $35,588. +3 -> $34,614. +4 -> $33,640. +5 -> $32,666.
In 2018 there are no extra deductions for each dependent, other than spouse.
Looks like taxpayers with 1 or 0 kids are getting a Tax cut. Mostly due to the reduced Tax Rate in each bracket, plus the expansion of brackets.
I might cry for you if you make $100 too much and have to pay $10 in Tax.
On face value, this definitely doesn't seem to be the horror show that some people were claiming it was. Any word yet on what the 2019 situation forward is going to look like? I don't want to be saying everything is a-okay when we've been duped by a good first year trojan horse.
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