Politics "Don't be fooled" by Trumps economy

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Anyone know the impact of tax cuts on take home pay? The article mentions earnings, which I presume are gross. I wonder what it would look like if net were reviewed.
 
Natebishop3 said:
The economy was on the way up when Trump took office. He inherited a good economy. If it goes into the toilet 2 years after he became President, that's on him.
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It was a false economy built on QE and low interest rates. The rates are rising and that will cause a major slowdown at best and financial armageddon at worst.
 
PtldPlatypus said:
Anyone know the impact of tax cuts on take home pay? The article mentions earnings, which I presume are gross. I wonder what it would look like if net were reviewed.
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This is a good point. It appears from the links in the story that the numbers are gross.

barfo
 
PtldPlatypus said:
Anyone know the impact of tax cuts on take home pay? The article mentions earnings, which I presume are gross. I wonder what it would look like if net were reviewed.
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Most likely gross was used due to tax rates being different in other states.
 
Those Tariffs too...the impact is coming
 
All of Trump's policies are like those fake buildings in models of old western towns. Bunch of false fronts.
 
...I have not talked to any middle class individual who has noticed an appreciable increase in take home pay including my wife....I'd also be willing to bet that the usual tax year refund will not be a big as before, And anyone who believes that big business and the rich were not the main beneficiaries of Trump's tax bill are in full blown denial.
 
yankeesince59 said:
...I have not talked to any middle class individual who has noticed an appreciable increase in take home pay including my wife....I'd also be willing to bet that the usual tax year refund will not be a big as before, And anyone who believes that big business and the rich were not the main beneficiaries of Trump's tax bill are in full blown denial.
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Bodyman said he's seen a significant increase in his take home.
 
All six of my kids have seen net increases in their paychecks. Just saying!
 
Hoopguru said:
All six of my kids have seen net increases in their paychecks. Just saying!
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They adjusted the withholding tables. I had to add additional amounts taken out from claiming married zero just to break even this year because I calculated out an estimate of the tax I'll pay.

There are going to be a lot of middle class pissed this year about not getting as big of refunds or ending up having to pay at the end of the year.

Which is fine, they got it in their hands spread out, but no one cares about that. The average american feels like they are entitled to a refund. I've seen it time and time again.
 
SlyPokerCat said:
They adjusted the withholding tables. I had to add additional amounts taken out from claiming married zero just to break even this year because I calculated out an estimate of the tax I'll pay.

There are going to be a lot of middle class pissed this year about not getting as big of refunds or ending up having to pay at the end of the year.

Which is fine, they got it in their hands spread out, but no one cares about that. The average american feels like they are entitled to a refund. I've seen it time and time again.
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My tax account said my wife and I retired will pay nearly 1500 less in federal tax this year. All thinks equal to 2017.
WE drop from 28% down to 12%...thats huge and Im middle class as you can get!
I don't care who's president Ill take a genuine tax cut any time. Thank you very large!
 
Hoopguru said:
WE drop from 28% down to 12%...thats huge and Im middle class as you can get!
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That is huge but not very accurate. The old 28% bracket was for incomes between $91 and $191 thousand.
The new 12% bracket is for incomes between $10 and $38 thousand.

barfo
 
barfo said:
That is huge but not very accurate. The old 28% bracket was for incomes between $91 and $191 thousand.
The new 12% bracket is for incomes between $10 and $38 thousand.

barfo
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barfo said:
That is huge but not very accurate. The old 28% bracket was for incomes between $91 and $191 thousand.
The new 12% bracket is for incomes between $10 and $38 thousand.

barfo
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last year we filed joint and a portion was taxed at 25 &28%. Over 77k
This year we are reducing income that put us in 28%
And the 25% falls 12%.
 
SlyPokerCat said:
I'm a tax accountant myself. I'd have to see your returns and estimates for this year to determine why that is. Everyone's situation is different. I will be paying a couple hundred more as will most of my buddies. We get the short end of the stick by not being able to itemize anymore and no longer getting exemptions. The lower tax rates helps that a little, but in our case not enough.

All in all the wealthy win, the poor win, and some of the middle class get fucked.
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It was all a scam calling it a middle class tax reduction as they were basing that on consumers being suckers. Give em a nickel and they will be happy while the rich get mega breaks.
 
Hoopguru said:
Bardo
Your numbers were single.
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Yes, but they were in a committed relationship.

Ok, with joint numbers:

Old 28%: $153-$233
Old 25%: $76-$153
New 12%: $19-$77

So there is about $1,500 of income that was taxed at 25% and is now taxed at 12%, because the new 12% overlaps slightly with the old 25%. So that saves you about $195.00

barfo
 
EL PRESIDENTE said:
The economy is in the shitter. No different from Obama was in office, its on a path of destruction and will crash hard.
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\
hahaha, you know I don't know why R's and D's always argue about who should get credit for the economy. It's impossible to tell in my view. How about we just enjoy the ride and try to avoid a situation where the bottom falls out.

Edit: Oh I guess in response to OP, I personally have found it very difficult to fill positions. I think unemployment is way down. It may take a little while for all people to experience the economic boom.
 
SlyPokerCat said:
I'm a tax accountant myself. I'd have to see your returns and estimates for this year to determine why that is. Everyone's situation is different. I will be paying a couple hundred more as will most of my buddies. We get the short end of the stick by not being able to itemize anymore and no longer getting exemptions. The lower tax rates helps that a little, but in our case not enough.

All in all the wealthy win, the poor win, and some of the middle class get fucked.
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I think it depends on just where one draws the line
For middle class.
They are doubling exemptions and many who don’t have huge write offs should come out ok.
The middle class that deduct everything under the sun and some the increased deduction may not work in their favor.
It’s a form of progressive taxing when high income middle class? And wealthy share more of the net burden. The wealthy bracket went down some however small business owners should be better off too.
 
Without reading the article, is there anything in it that discusses the impact (both on income tax revenue and buying power) in having a million or so more people in the workforce than in 2016?

(Disclosure, my take-home has gone up slightly and I'm estimated--per the calculators, so I'll believe it when I see it--to save about $5k in taxes over last year.)
 
Lanny said:
Yes, of course. And I was sticking an elbow in your ribs.
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...lol..I know...we've just had a few occasions where I replied to someone on your "ignore" list that caused a bit of confusion/miscommunication.

...but in retaliation for your elbow poking I'm returning the favor with one of these;


tenor.gif
 
yankeesince59 said:
...lol..I know...we've just had a few occasions where I replied to someone on your "ignore" list that caused a bit of confusion/miscommunication.

...but in retaliation for your elbow poking I'm returning the favor with one of these;


tenor.gif
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Good grief, I love the stooges. My wife and I have spent hours rolling on the floor with laughter. I remember one time when she was working swing shift and I was working a split shift. We would come home about the same time and put on the TV and watchthe Stooges late night.
 
Hoopguru said:
I think it depends on just where one draws the line
For middle class.
They are doubling exemptions and many who don’t have huge write offs should come out ok.
The middle class that deduct everything under the sun and some the increased deduction may not work in their favor.
It’s a form of progressive taxing when high income middle class? And wealthy share more of the net burden. The wealthy bracket went down some however small business owners should be better off too.
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They are not doubling exemptions. They got rid of them. They increased the standard deduction, which screws those of us that itemized because we no longer get exemptions.

You are correct that the middle class is different. Bob the middle class dude in Iowa where cost of living is low is gonna be fine. The middle class that gets fucked are people in Oregon, California, Washington where cost of living and housing is substantially higher and 100k/year isnt that much.

Btw, I didnt know deducting mortgage interest, property taxes and state and local income taxes was "everything under the sun."
 
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