Tax Cuts
POSTED BY: THGRRI
UPDATED: Thursday, April 17, 2025 01:12
VIEWED: 22355
PAGE 19 of 20
Would anybody like to post, in general terms, how Trump's Tax Reform has changed your paycheck?
Like, comparing your take-home pay now contrasted to last December or November?
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This post was from 29 December:
Quote:That linky seems to have been missing info, or the info changed.
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.
I am looking at an IRS W-4 Form Worksheet for 2018 withholding.
Personal Allowances.
A. Enter 1 for yourself.
B. Enter 1 for Married Filing Jointly.
C. Enter 1 for Head of Household.
D. Enter 1 for several Marital Status including single.
E.
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Smaller tax refunds put GOP on defensive
https://www.msn.com/en-us/news/politics/smaller-tax-refunds-put-gop-on
-defensive/ar-BBTLUKe?li=BBnb7Kz
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Missouri Republicans Refuse To Honor Vote On Medicaid Expansion
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This thread is still relevant.
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Yup. Better lower the taxes to zero to offset the Biden* inflation.
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Give me liberty or just come shoot me in my house. I'm so over this ridiculous reality.
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What does the Fed say?
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Quote:
Originally posted by JAYNEZTOWN:
What does the Fed say?
"We'll just pretend that $100 worth of Platinum is worth $1,000,000,000,000.
It'll be fine." ~Fed 2021
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Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."
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How a secretive conservative group influenced ‘populist’ Trump’s tax cuts
Documents and recordings obtained by the Guardian shed new light on a powerful and secretive rightwing network and the influence it was able to exert on Trump administration policies favoring the super-rich.
https://www.msn.com/en-us/news/politics/how-a-secretive-conservative-g
roup-influenced-populist-trump-s-tax-cuts/ar-AAPUN0j?ocid=msedgntp
This is why I keep my threads close; bump them. Most of the threads I’ve created are on topics that update with new information showing I was correct. And, continue to show how stupid Trumps minions are.
tick tock
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