Real World Event Discussions
Tax Cuts
POSTED BY: THGRRI
UPDATED: Thursday, April 17, 2025 01:12
VIEWED: 22355
PAGE 12 of 20
Sunday, December 31, 2017 6:10 PM
Quote:
Originally posted by JEWELSTAITEFAN: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 dupNOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Monday, January 1, 2018 10:27 PM
Looks like the EIC will still be in effect. I don't know how much it changes though, since I never really paid all that much attention other than filing for the pittance I got. The cap for an individual without kids seems on par with what it used to be.
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-c
redit/eitc-income-limits-maximum-credit-amounts-next-year
So I guess even though you're not claiming dependents, you're still claiming dependents.
I do like this, although I don't know if it is passed in the bill:
Quote:
If the Trump administration’s America First budget plan for 2018 ever gets approved as proposed, anyone claiming the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) would face a new requirement: They must have a Social Security number and be legally authorized to work in the U.S.
http://fileyourtaxesnow.com/2018-earned-income-tax-credit-eitc/
Do Right, Be Right. :)
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Tuesday, January 2, 2018 6:53 AM
Quote:I have not seen this. So working people get no deduction for kids, but pothead couch potato gamers get paid to not work based on how many kids they have?
Originally posted by 6IXSTRINGJACK:
Looks like the EIC will still be in effect. I don't know how much it changes though, since I never really paid all that much attention other than filing for the pittance I got. The cap for an individual without kids seems on par with what it used to be.
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-c
redit/eitc-income-limits-maximum-credit-amounts-next-year
So I guess even though you're not claiming dependents, you're still claiming dependents.
I do like this, although I don't know if it is passed in the bill:Quote:
If the Trump administration’s America First budget plan for 2018 ever gets approved as proposed, anyone claiming the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) would face a new requirement: They must have a Social Security number and be legally authorized to work in the U.S.
http://fileyourtaxesnow.com/2018-earned-income-tax-credit-eitc/
Do Right, Be Right. :)
Not sure of the wisdom there.
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Tuesday, January 2, 2018 5:27 PM
Quote:
Originally posted by JEWELSTAITEFAN:Quote:I have not seen this. So working people get no deduction for kids, but pothead couch potato gamers get paid to not work based on how many kids they have?
Originally posted by 6IXSTRINGJACK:
Looks like the EIC will still be in effect. I don't know how much it changes though, since I never really paid all that much attention other than filing for the pittance I got. The cap for an individual without kids seems on par with what it used to be.
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-c
redit/eitc-income-limits-maximum-credit-amounts-next-year
So I guess even though you're not claiming dependents, you're still claiming dependents.
I do like this, although I don't know if it is passed in the bill:Quote:
If the Trump administration’s America First budget plan for 2018 ever gets approved as proposed, anyone claiming the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) would face a new requirement: They must have a Social Security number and be legally authorized to work in the U.S.
http://fileyourtaxesnow.com/2018-earned-income-tax-credit-eitc/
Do Right, Be Right. :)
Not sure of the wisdom there.
No. The EIC means "Earned Income Credit". Social Security, Unemployment and other forms of welfare do not constitute "earned" income. Though this credit is essentially a hidden form of welfare that nobody talks about, but at least it only goes to people who hold a job.
I've talked about it in here before. My gripe with it is that somebody with 3-4 kids working the level of jobs I've had in the last 5 or so years essentially gets paid double what I do for the same job, subsidized by taxpayer dollars. What really adds insult to injury is that anybody I've known that gets it doesn't work half as hard as I do either. But really, hardly anybody I've ever worked with is at my level.
My EIC this year will be roughly $115. I've gotten as much as $400 one year... you really have to hit the sweet spot. There is a whole EIC table in the tax booklet if you want to know more. I don't know how long they've been doing this, but it's been at least 15 or more years.
When I was working at Satan's Asshole, aka KMart, I knew people who couldn't wait for tax day because of that $12,000 check they were getting from the government.
Do Right, Be Right. :)
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Tuesday, January 2, 2018 8:47 PM
Quote:I tried to poke around that WID site, never found any page, report, data grid which showed the numbers that the NYT Libtard (I know, redundant) spouted. Perhaps he just made them up, holding to the high journalistic standards of the Times. Or maybe somebody could find a report from that site with those numbers present, and post a link for that specific page.
Originally posted by JEWELSTAITEFAN: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/eco
nomy/tax-cuts-incomes.html
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?
Otherwise, I did get a report from that site, for pre-tax income, bottom 50% of earners, in 2016 constant $.
It shows 1980 as $11,502. And 1988 as $12,504.
That right there suggests that not only did the Times just make stuff up, they also lied in the most dishonest and biased way, stating the opposite of what the data shows.
That looks like approximately 9% increase in annual income from 1980 to 1988, an 8 year span, or about 1% per year.
But more pertinently, the data which was avoided shows a fuller picture.
In 1981 it was $11,518.
In 1982 it was $10,888.
1983: $10,839.
1984: $11,453.
1985: $11,693.
1986: $11,762.
1987: $12,094.
First, Reagan had to stop and reverse the runaway downward spiral of the disastrous Carter Economy. That bottomed in 1983, with a loss of about $700 since 1980, or about 6% in 3 years - which is 2% average loss per year.
Then Reagan grew it, an increase of about $1,700 or about 15% in a span of 5 years, or about 3% each year.
Yet again, Libtard Delusions bow to the reality of real numbers.
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Wednesday, January 3, 2018 3:25 PM
Quote:OF COURSE I remember saying that you didn't WORK for a living. Said it more than once, you stupid slug. But what DIDN'T happen ... the part where you said
"CLEARLY, you don't give a crap about being laid off or eking out a living as a free-lancer. My guess is that you're working in your daddy's company in a comfy middle-management niche where you can while away the hours posting on Firefly and endlessly checking your Twitter feed. But be that as it may ... "
Does that jog your *memory* at all? Care to apologize for your blatant lying? Care to own your BULLSHIT now? Ever?- GSTRING
Quote:
Um, Granny? We already had this conversation and I already corrected your intended insults ("Daddy's business...") ...
Well, you didn't. You didn't "correct" my intended insults. What you said was
Quote:Well, of course he is!
My "daddy" is dead btw.- GSTRING
That's how you inherited his business!
Please, RE-READ YOUR ENTIRE LIST OF STUPID POSTS. Nowhere in there is a denial of your elite inheritance and your comfy non-productive niche; in fact, it reads more like a confirmation. So this "conversation" where you "corrected" my "insults"?
NEVER HAPPENED, you lying piece of shit.
And, wow. I can't believe you keep flogging this particular lie of yours, dredging up old posts and old threads of yours that undercut your own point. You've clearly got some sort of mental deficit: not only can't you tell evidence from accusation, you can't distinguish truth from lies or reality from fiction. And I should stop picking on the mentally disabled ... and yanno, if you were just STUPID I wouldn't be this harsh .... but you're such a TROLL. Not only do you have some sort of intellectual incapacity, you're a LYING ASSHOLE. Your outright lies have been demonstrated over and over again, this is just the latest. So stop lying and stop being an asshole, and I'll stop pointing it out.
-----------
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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Wednesday, January 3, 2018 6:28 PM
Quote:Say, G? The conversations in your head don't really count as valid conversations, m'kay pumpkin?
Originally posted by G:Quote:
Originally posted by SIGNYM:
LINKS PLEASE?
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".
Hey, $IGNYM FRAUD, lookie what I found from Dec 5th - I told you you tried that sh*t before:
http://www.fireflyfans.net/mthread.aspx?bid=18&tid=62106&mid=1
042482#1042482
"CLEARLY, you don't give a crap about being laid off or eking out a living as a free-lancer. My guess is that you're working in your daddy's company in a comfy middle-management niche where you can while away the hours posting on Firefly and endlessly checking your Twitter feed. But be that as it may ... "
Does that jog your *memory* at all? Care to apologize for your blatant lying? Care to own your BULLSHIT now? Ever?
I doubt it! But I look forward to you embarrassing yourself with the upcoming dodges, BS rationals and further Trump level lies.
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Wednesday, January 3, 2018 10:03 PM
Quote:Where did you "correct" my "insults"?
Um, Granny? We already had this conversation and I already corrected your intended insults ("Daddy's business...") ...
Are you not wealthy?
Did you not get your wealth, and your comfy niche, by inheritance?
Are you not completely untroubled by the un- and underemployment problem of most Americans?
Do you not spend much of your time ... time when MOST Americans who have a job MUST be working .... trolling on fff.net and engaged with social media? (And, no, posting on fff.net isn't tolerated in workplaces unless you have a sinecure.)
Did you post a denial, limitation, or correction to any of those suppositions?
No?
Well then, you didn't "correct" anything, did you?
This part of the thread is unbelievably stupid, and I think the problem is at your end. So until you come up with an actual meaningful response, I'm going to bow out.
AND NOW, BACK TO OUR REGULARLY SCHEDULED TOPIC ....
-----------
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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Wednesday, January 3, 2018 10:38 PM
Quote:As a point of curiosity: How? You spend 99% of your posts here insulting and trolling. As YOU YOURSELF said, you don't post a lot about yourself. Apparently, I missed the one post where you mentioned something about taking care of your mom. (Assuming that you're not lying about that too.)
Did you post a denial, limitation, or correction to any of those suppositions? No? - SIGNY
Yes - you must be deaf, dumb and blind:
"So you can't deflect with it again:
I'm definitely not rich, not financially by any definition. I spent most of my life dead ass broke, kinda like Jack. Any inheritance from "daddy" went first to my deadbeat brother (more than a decade without trying to work) and second to take care of my mom - something any intelligent person who genuinely cared and not "fake cared" would have been able to deduce.
Quote:FINALLY! Very late in the day .... and way past the time when you claimed to have "corrected" my posts .... you finally produce a salient post!
Especially someone with a health concern in their own family. That's not you in either case though, is it?"- GSTRING
So, no son, we DIDN'T "have this conversation". Timelines not your thing? An after-the-fact correction is still after-the-fact. And, as I do with some of your posts, I guess I missed this one. Well gosh, whip me with a wet noodle.
Quote:
This conversation in unbelievably stupid, and I think the problem is at your end. So until you come up with an actual meaningful response, I'm going to bow out.- SIGNY
Yes, it's incredibly stupid. "I" lied and were caught and then trolled to deflect from "my" grotesque wealth and now "I" will runaway. - GSTRING
So, you're not wealthy "financially", and yet you spend all hours of the day trolling on Firefly, and you apparently think that the employment situation here in the USA is A-OK? You have NO IDEA about the difficulty of finding and keeping a decent-paying full time job? You have no idea that a record number of children are living with mom and dad? Where have you been hiding? Under a rock?
Quote:As you've pointed out, I post a lot about myself, and I've already touched on this: We worked hard at technical jobs- one in university and one in government, very safe jobs but not extremely well-paid - and saved like maniacs for the time when we would die and our daughter would be on her own. We made less money together than a successful doctor would make on his or her own in this area. Some of our investments did great, some of them not so much. We're neither rich nor poor, and definitely not 1%. Maybe more like top 20% - there are an awful lot of very wealthy people in LA County, and we're definitely not one of them.
Oh yeah.... stepping around your steaming pile of SIGNMY deflection droppings... you still haven't told us about your massive stock pile of wealth - why is that? I would imagine someone as full of themselves as you is having a hard time NOT telling us how great your investment strategies have been. Just let it go, be proud - celebrate you wise investments and superior knowledge and share with us. - GSTRING
-----------
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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Thursday, January 4, 2018 5:36 PM
Get a room, you two.
Do Right, Be Right. :)
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