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General Discussion => The New Joe Montgomery Birther Pit => Topic started by: catastrophe on October 18, 2017, 03:39:40 PM
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Seems like as good a time as any to kick this off in its own thread. Should be a pretty good event. Even though Cruz has one of the most punchable faces in Congress he’s a good debater.
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Is Cruz going to give us all of the details of Trump's tax plan, or is he going to debate on behalf of the tax cut that he would like to see?
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I guess you’ll just have to tune in and see. But really I only know what’s on the ad. Still interested tho.
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I'm gonna guess that they will both simultaneously win and lose this debate.
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The only two people they could have picked that would make this worse were the 2016 presidential nominees.
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man, both their faces
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I'm gonna guess that they will both simultaneously win and lose this debate.
If a tree falls in the forest, and no one is around to hear it, did Ted Cruz win?
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I will be watching. :don’tcare:
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Hopefully he works in an equivalent vote your conscience type remark tonight
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Lol. Poor Bernie. Cruz is going to completely destroy both him and the moderator. Liberals don't seem to understand that Bernie, as a socialist, doesn't even have a basic grasp of economics.
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All I can see in cruz's face is his Simpsons impressions
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Bernie looks half dead and gives Larry David a bad name.
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Lol. Poor Bernie. Cruz is going to completely destroy both him and the moderator. Liberals don't seem to understand that Bernie, as a socialist, doesn't even have a basic grasp of economics.
Yeah, it's going to be a bloodbath. I'm less interested in a debate than I am at getting a better look at what the tax proposal will look like. I'm not sure Ted can give that to us, but he will probably do a better job than Trump would be able to.
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I hope the moderator asks how taxes should be changed for the porn industry.
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I thought Ted was supposed to be good at this.
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I hope the moderator asks how taxes should be changed for the porn industry.
Honest question? What are they like now? :dunno:
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I hope the moderator asks how taxes should be changed for the porn industry.
Honest question? What are they like now? :dunno:
:dunno:
I just wanted to see Ted’s reaction
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I’m enjoying this so far. I was kind of starving for good debate after the 2016 mess. Cruz doing well I think but fading. Still love Bernie’s zingers.
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Still don’t know much about this GOP plan, but Bernie coming on strong in the second half.
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If Cruz looked like Rubio, he'd be president right now. Politics aside, I'm dead serious. Combine GOP candidates: Rubio face, shitty brother bush's politics, Trump's over confidence, and Cruz's public speaking. You pretty much get a better GW with all those powers combined, but libs would still be super Hott, because losing.
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Yeah I don’t think so
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Yeah I don’t think so
Trump is our president. So I can guarantee it 100%
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FTR, I was talking about mushing all those shitty attributes together.
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Yeah I don’t think so
Trump is our president. So I can guarantee it 100%
So you’re saying Trump has all those combined qualities?
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Read above
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Yeah I don’t think so
Trump is our president. So I can guarantee it 100%
So you’re saying Trump has all those combined qualities?
I'm not dax, but ppl voted for anything that wasn't Obama, Bernie, or Hillary.
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Yeah I don’t think so
Trump is our president. So I can guarantee it 100%
So you’re saying Trump has all those combined qualities?
I'm not dax, but ppl voted for anything that wasn't Obama, Bernie, or Hillary.
Actually more than 3 million more people voted for Hillary than Trump....so idk what you are trying to say here.
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Hey you two, don’t ruin my thread.
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Cruz is likely jealous that the don stole his "most hated republican politician" award
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I'm sorry you just learned about the electoral collegiate system. Wish Hillary spent more time in states where she didn't think it mattered. I mean, I'm a GOP voter admitting the USA reps suck right now, but I'm still getting sas from the losing party. Look in the mirror, dorks.
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I will say you are smarter than Trump appears to be. When proven wrong at least you try and pivot
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If Cruz looked like Rubio, he'd be president right now. Politics aside, I'm dead serious. Combine GOP candidates: Rubio face, shitty brother bush's politics, Trump's over confidence, and Cruz's public speaking. You pretty much get a better GW with all those powers combined, but libs would still be super Hott, because losing.
This. And he if sounded a bit less like a southern gospel preacher. On substantive, you can see why Cruz was my guy. He's wiping the floor with this socialist. I can't believe Bernie was so stupid to agree to this stunt.
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Cruz is likely jealous that the don stole his "most hated republican politician" award
He'll never be Tom, that's for sure. :frown:
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Cruz is likely jealous that the don stole his "most hated republican politician" award
He used to be someone people actually listened to and then trump demolished him at his own game and now no one gives any shits about him. Kind of sad
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I will say you are smarter than Trump appears to be. When proven wrong at least you try and pivot
I don't care about being proven wrong. Just didn't want the same BS. Obama was definitely cavalier tho!
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I will say you are smarter than Trump appears to be. When proven wrong at least you try and pivot
I don't care about being proven wrong. Just didn't want the same BS. Obama was definitely cavalier tho!
:jerk:
Ok Wacky
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Libs can't take it when the opposition admits their own wrongs. Stop it TBT. :dunno: I gave an olive branch for Christ sakes.
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It was a good debate. I don’t suspect either side moved the needle. I give advantage Bernie, but I’m a bit of a sucker for him.
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Libs can't take it when the opposition admits their own wrongs. Stop it TBT. :dunno: I gave an olive branch for Christ sakes.
Where exactly did you extend an olive branch?
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By talking crap on my own party? :dunno: Trying to talk through where we are for reasonable reasons? :dunno:
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I guess I missed it
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I thought Ted's interpretation of Robin Hood was hilarious. He got better after that, though.
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If Cruz looked like Rubio, he'd be president right now. Politics aside, I'm dead serious. Combine GOP candidates: Rubio face, shitty brother bush's politics, Trump's over confidence, and Cruz's public speaking. You pretty much get a better GW with all those powers combined, but libs would still be super Hott, because losing.
Rubio looked like Rubio and still got smoked by trump
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It makes me sad when the boards best two moderates argue like this, tbt and wacky should easily find common ground.
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It makes me sad when the boards best two moderates argue like this, tbt and wacky should easily find common ground.
In the pit moderate is referring to politics, not intelligence
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LIB IS SO SMART YOU GUYS!
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It makes me sad when the boards best two moderates argue like this, tbt and wacky should easily find common ground.
In the pit moderate is referring to politics, not intelligence
Wanna have an IQ test challenge?
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:lol:
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This board is known for its great moderates, Wacky, TBT, stevedave, dugout dickstone, etc.
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Agreed those are the moderate four horsemen
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If Cruz looked like Rubio, he'd be president right now. Politics aside, I'm dead serious. Combine GOP candidates: Rubio face, shitty brother bush's politics, Trump's over confidence, and Cruz's public speaking. You pretty much get a better GW with all those powers combined, but libs would still be super Hott, because losing.
I think the addiction to porno might derail Cruz
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Ted Cruz's weird pointy nose is distracting. Honestly I can't look at him and not think of Grandpa Munster.
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the dude loves to slap it to porn
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the dude loves to slap it to porn
Voyeur porn no less. The 2020 moniker trump gives him will be peepin ted or something equally humiliating and torpedo his chances.
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Jerkin' Ted
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If they really take the 401K pre-tax deduction down to $2,400 or whatever they are proposing to pay for a corporate tax rate, it will be interesting to see if KSUW actually willing to defend a tax policy that is almost specifically designed to hurt him as good.
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It will be more interesting to see who he blames it on
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If they really take the 401K pre-tax deduction down to $2,400 or whatever they are proposing to pay for a corporate tax rate, it will be interesting to see if KSUW actually willing to defend a tax policy that is almost specifically designed to hurt him as good.
This really seems like a KITN for the middle class. Or do way fewer people contribute to 401(k)s than I thought?
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Are they boosting contribution limits to IRAs to make up the difference? Just seems like that would be putting way more pressure on social security for retirement.
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SS will be gone
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If they really take the 401K pre-tax deduction down to $2,400 or whatever they are proposing to pay for a corporate tax rate, it will be interesting to see if KSUW actually willing to defend a tax policy that is almost specifically designed to hurt him as good.
Who is actually pushing for this??? I've only seen people say they don't support it.
Also, odd to see a libtard whining about an $18k per year tax shelter for "high earners".
I wouldn't be opposed to a reduced limit if it came with a substantial reduction in income taxes, and mandatory employer matching (punt the non-qualified garbage) or increase in IRA contribution limits.
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If they really take the 401K pre-tax deduction down to $2,400 or whatever they are proposing to pay for a corporate tax rate, it will be interesting to see if KSUW actually willing to defend a tax policy that is almost specifically designed to hurt him as good.
Who is actually pushing for this??? I've only seen people say they don't support it.
Also, odd to see a libtard whining about an $18k per year tax shelter for "high earners".
I wouldn't be opposed to a reduced limit if it came with a substantial reduction in income taxes, and mandatory employer matching (punt the non-qualified garbage) or increase in IRA contribution limits.
This. Word for word.
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well at least the unitary Republican government will get Tax Cuts done. Let's check in on how that is going...
SCOOP:Trump wants to name tax bill “The Cut Cut Cut Act” but Hill leaders disagree <24 hrs out name still undecided
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Sounds like a stupid name, but I have to admit, if there is one thing I think Trump is actually good at, it is branding.
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Yeah, I already can't get the cubic cut out of my head.
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Actually trump wants to call it the kut kut kut act...
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https://twitter.com/RichardRubinDC/status/926080533267968000
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Mortgage interest deduction gone.
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Mortgage interest deduction gone.
Only for loans bigger than $500,000.
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Mortgage interest deduction gone.
Only for loans bigger than $500,000.
I misheard possibly. I thought they just said under 500k. Which would be another eff you to the middle class.
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It's a eff you to people buying homes on the East Coast and in California.
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Dropping the medical expense deduction seems kind of shitty.
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Republicans really hate people getting healthcare.
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Otherwise, these seem pretty fair. Getting rid of the interest deduction on big loans makes a ton of sense and I would be on board if that was literally the only thing that passed.
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It's a eff you to people buying homes on the East Coast and in California mainly liberals.
FYP. :Woot:
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I don't like dropping the state and local deductions for income and sales tax, but keeping them for property tax. They should either drop them all or keep them all.
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Student loan interest deduction gone? :curse: FY GOP!
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I'm intrigued.
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
If anything close to this gets through the Senate.... :love: :woot: :party:
Here is a useful illustration of how the tax brackets would change when they are collapsed from 7 to 4.
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/21/2017-11-02%20%283%29.jpg)
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this thing is DOA
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I don't like dropping the state and local deductions for income and sales tax, but keeping them for property tax. They should either drop them all or keep them all.
Fair point, but I think the reasoning is they still want to incentivize middle class home ownership. I’m ok with it even though it benefits folks in some states disproportionately.
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
If anything close to this gets through the Senate.... :love: :woot: :party:
Here is a useful illustration of how the tax brackets would change when they are collapsed from 7 to 4.
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/21/2017-11-02%20%283%29.jpg)
Serious questions:
1. What do you think the odds are of this passing in its current form?
2. What do you think the odds are of Republicans getting ANYTHING passed on tax reform?
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
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Student loan interest deduction gone? :curse: FY GOP!
I sympathize, a little, for people with student loan debt. But not that much. We shouldn't be subsidizing reckless borrowing. And yes, a lot of student loan debt is reckless borrowing. If you get a valuable degree and work a part time job in college, you can pay off your loans fairly quickly. If you don't, that's tough. This will help deflate the college tuition bubble, too.
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
If anything close to this gets through the Senate.... :love: :woot: :party:
Here is a useful illustration of how the tax brackets would change when they are collapsed from 7 to 4.
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/10/21/2017-11-02%20%283%29.jpg)
Serious questions:
1. What do you think the odds are of this passing in its current form?
2. What do you think the odds are of Republicans getting ANYTHING passed on tax reform?
1. No chance - of course there will be changes as it goes through the House and Senate, the question is how much.
2. Good chance - the GOP is much more unified over tax cuts and they know they have to produce some results.
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Student loan interest deduction gone? :curse: FY GOP!
I sympathize, a little, for people with student loan debt. But not that much. We shouldn't be subsidizing reckless borrowing. And yes, a lot of student loan debt is reckless borrowing. If you get a valuable degree and work a part time job in college, you can pay off your loans fairly quickly. If you don't, that's tough. This will help deflate the college tuition bubble, too.
None of mine was reckless borrowing. It was an unfortunate situation. That's not everyone's case, dude. Also, since my family made too much $, but couldn't help, I got the minimal federal loan, which meant we had to use private loans. I also went to school FT and worked 2 part time jobs, so get mumped dude!
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
Yes, the current proposal eliminates personal exemptions.
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
Yes, the current proposal eliminates personal exemptions.
Link? I can't find that in the proposal.
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Lower upper class rejoice!
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
Yes, the current proposal eliminates personal exemptions.
Link? I can't find that in the proposal.
It's about halfway down the sheet here. Just ctrl-f "personal".
https://www.wsj.com/livecoverage/tax-bill-2017
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Mine goes up. Shocking
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
Yes, the current proposal eliminates personal exemptions.
Link? I can't find that in the proposal.
It's about halfway down the sheet here. Just ctrl-f "personal".
https://www.wsj.com/livecoverage/tax-bill-2017
Well eff, that might result in a slight tax increase for me. Thanks for peeing in my cheerios, Rage. I'm going to have to do some more number crunching tonight.
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I think the only way I’d be more mumped under this plan is if they got rid of the charitable deduction.
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I feel bad for all the accountants at H&R Block that are going to lose their jobs based on all this tax reform.
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
Yes, the current proposal eliminates personal exemptions.
Link? I can't find that in the proposal.
It's about halfway down the sheet here. Just ctrl-f "personal".
https://www.wsj.com/livecoverage/tax-bill-2017
Well eff, that might result in a slight tax increase for me. Thanks for peeing in my cheerios, Rage. I'm going to have to do some more number crunching tonight.
:lol:
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If $1,182 is what they're touting, imagine what the actual outcome will be.
https://twitter.com/DailyMail/status/926128870620876800
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student loans = reckless borrowing :love: :love: :love:
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Cut cut cut
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If $1,182 is what they're touting, imagine what the actual outcome will be.
https://twitter.com/DailyMail/status/926128870620876800
If they manage to save that much while cutting corporate taxes as much as they are AND still not add to the deficit it would be a pretty amazing achievement.
However, right now it looks like the government would be more or less subsidizing corporations and redistributing money from wealthier Americans to the middle class in order to make it more palatable for the general population.
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https://twitter.com/DavidWright_CNN/status/926128154212696064
https://twitter.com/docrocktex26/status/926117471718903808
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Looks like I'll get a cut, I'm a standard deduction'r though.
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I don't like dropping the state and local deductions for income and sales tax, but keeping them for property tax. They should either drop them all or keep them all.
This and
Student loan interest deduction gone? :curse: FY GOP!
And the medical deduction and personal exemptions removals are major effs that hurt more than help and are major no goes to making this viable IMO.
I like the cap on mortgage deductions.
Despite the fact I generally like more tax brackets the fact the didn't touch the top and moved up the 2nd highest to 35% is a decent move, and they did well on the lower parts with the rate and deduction amounts.
Generally fine with business parts.
It's such a mixed bag I can't really seeing it being a boon to anyone, not even really the rich, businesses win mostly so that's fine.
If this plan were to keep most of deductions (personal, medical, student loans) in place, changed the 10k cap on deduction to just be property tax to include state and sales and move the cap to 20k, and kept alternative minimum and estate tax in place, I would be pretty good with the plan.
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Student loan interest deduction gone? :curse: FY GOP!
I thought you said you couldn’t claim this anymore because you’re married? The deduction was the main reason I got a pretty good chunk back last year. Would suck ass if they took it away.
KSUW saying that student debt is mostly reckless borrowing is a joke. If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food. I have quite a bit and 0% of it was reckless borrowing.
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Keep in mind that tuition was like $50/hr when kdub was in school
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I'm sure my accountant will take care of this, whatever ends up happening.
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Student loan interest deduction gone? :curse: FY GOP!
I thought you said you couldn’t claim this anymore because you’re married? The deduction was the main reason I got a pretty good chunk back last year. Would suck ass if they took it away.
KSUW saying that student debt is mostly reckless borrowing is a joke. If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food. I have quite a bit and 0% of it was reckless borrowing.
Yeah, I totally forgot about that. I could have if I would have claimed married but filing separately, but it would have hurt Mrs. Wacky, so I didn't do that. I thought i'd be able to do it for this year, but I believe it would hurt Mrs wacky again due to her unemployment. It's complicated and way over my head.
It's a big deal for recent grads trying to make it in the world and having large payments per month.
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I don't read much of KSUW's posts, but that student loan take was hot garbage. Woof!
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Keep in mind that tuition was like $50/hr when kdub was in school
:lol:
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Keep in mind that tuition was like $50/hr when kdub was in school
Yeah I thought about that. It’s almost $400 rough ridin' dollars per credit hour right now for engineering classes. That’s absolutely insane.
https://www.k-state.edu/admissions/finaid/
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Student loan interest deduction gone? :curse: FY GOP!
I thought you said you couldn’t claim this anymore because you’re married? The deduction was the main reason I got a pretty good chunk back last year. Would suck ass if they took it away.
KSUW saying that student debt is mostly reckless borrowing is a joke. If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food. I have quite a bit and 0% of it was reckless borrowing.
Yeah, it's mostly a joke to say a lot is reckless, he's lumping a lot of people into that who didn't take out loans recklessly, and then go on to have decent jobs and still saddled with debt.
I do consider myself lucky, I had 30k in loans when I graduated, and thanks to 3 total (paid) internships and working jobs during school was able to keep my interest from increasing over the life of the loans, and then when I started full time got a roommate to share expenses and essentially plowed every bit of discretionary income into it and killed it off with that + my bonuses in 2 years.
But I didn't have to pay for:
Kids
House
or Auto
and I waited those 2 years not taking any real vacation.
If I had any one of those items (kids, house, auto) which many students after graduation get into, I'd be paying those damn loans off still for a long time. I am KSUW wet dream of how it should go and I can tell you, it's not a common path at all, and I don't advise anyone should have to do what I did just to pay off student loans in a short time period.
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Student loan interest deduction gone? :curse: FY GOP!
I thought you said you couldn’t claim this anymore because you’re married? The deduction was the main reason I got a pretty good chunk back last year. Would suck ass if they took it away.
KSUW saying that student debt is mostly reckless borrowing is a joke. If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food. I have quite a bit and 0% of it was reckless borrowing.
Yeah, I totally forgot about that. I could have if I would have claimed married but filing separately, but it would have hurt Mrs. Wacky, so I didn't do that. I thought i'd be able to do it for this year, but I believe it would hurt Mrs wacky again due to her unemployment. It's complicated and way over my head.
It's a big deal for recent grads trying to make it in the world and having large payments per month.
Good, I’m not going insane for remembering that wrong. I’ve always done my own taxes but will be using a service this year for sure.
If I didn’t have a good job I wouldn’t be able to pay for mine plus rent plus everything else. I wouldn’t want to just be starting out college now for sure with how it is.
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:thumbs: Samesies.
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Student loan interest deduction gone? :curse: FY GOP!
I thought you said you couldn’t claim this anymore because you’re married? The deduction was the main reason I got a pretty good chunk back last year. Would suck ass if they took it away.
KSUW saying that student debt is mostly reckless borrowing is a joke. If you don’t have any help or can’t work much you have to take out a bunch just to pay tuition and eat food. I have quite a bit and 0% of it was reckless borrowing.
Yeah, it's mostly a joke to say a lot is reckless, he's lumping a lot of people into that who didn't take out loans recklessly, and then go on to have decent jobs and still saddled with debt.
I do consider myself lucky, I had 30k in loans when I graduated, and thanks to 3 total (paid) internships and working jobs during school was able to keep my interest from increasing over the life of the loans, and then when I started full time got a roommate to share expenses and essentially plowed every bit of discretionary income into it and killed it off with that + my bonuses in 2 years.
But I didn't have to pay for:
Kids
House
or Auto
and I waited those 2 years not taking any real vacation.
If I had any one of those items (kids, house, auto) which many students after graduation get into, I'd be paying those damn loans off still for a long time. I am KSUW wet dream of how it should go and I can tell you, it's not a common path at all, and I don't advise anyone should have to do what I did just to pay off student loans in a short time period.
Oh, yeah, and my debt would be 60k, not 30k, since my parents took 1/2 the debt, so I lucked out there too.
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Interesting graphic in this one.
https://www.nytimes.com/2017/10/29/opinion/trump-raise-taxes.html
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JFC!
These families are in the minority, yes. But there are a lot of them. About 17 percent of households earning between $50,000 and $150,000 would see their taxes rise immediately, according to the only rigorous analysis so far, by the Tax Policy Center. Among households earning between $150,000 and $250,000, the share is about 35 percent.
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If the personal exemptions could be restored and offset by eliminating other deductions like mortgage interest and property tax, I think that would be better.
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“Cut Cut Cut!”
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Ok, ok, crisis averted (I think). Turns out that doubling the standard deduction would actually slightly surpass my itemized deductions, so I save a little money there and it makes the loss of the SALT deduction irrelevant to me. And I forgot that the proposal eliminates the AMT, which has eff'd me the past several years, so that's more savings. All told, even after losing the personal exemptions, I should be somewhere between a $200 increase and a $500 decrease.
So this crap basically does nothing for me, and doesn't really simplify tax time at all, but I guess it's not going to eff me over, either. And if it significantly boosts the economy then that's good for my investments. Man, what an emotional rollercoaster I've been on today!
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Ok, ok, crisis averted (I think). Turns out that doubling the standard deduction would actually slightly surpass my itemized deductions, so I save a little money there and it makes the loss of the SALT deduction irrelevant to me. And I forgot that the proposal eliminates the AMT, which has eff'd me the past several years, so that's more savings. All told, even after losing the personal exemptions, I should be somewhere between a $200 increase and a $500 decrease.
So this crap basically does nothing for me, and doesn't really simplify tax time at all, but I guess it's not going to eff me over, either. And if it significantly boosts the economy then that's good for my investments. Man, what an emotional rollercoaster I've been on today!
see, you can rationalize even a tax increase. this is going to be great!
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Hopes rising that they'll totally eff this up.
https://twitter.com/samstein/status/926169427762143232
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Ok, ok, crisis averted (I think). Turns out that doubling the standard deduction would actually slightly surpass my itemized deductions, so I save a little money there and it makes the loss of the SALT deduction irrelevant to me. And I forgot that the proposal eliminates the AMT, which has eff'd me the past several years, so that's more savings. All told, even after losing the personal exemptions, I should be somewhere between a $200 increase and a $500 decrease.
So this crap basically does nothing for me, and doesn't really simplify tax time at all, but I guess it's not going to eff me over, either. And if it significantly boosts the economy then that's good for my investments. Man, what an emotional rollercoaster I've been on today!
see, you can rationalize even a tax increase. this is going to be great!
As long as it doesn't eff me over and helps a lot of other people, I can live with it. I guess I just care more than you about people getting to keep more of their money.
You know who's gonna do really well under this plan? Older high earners without any dependents in the home. I wonder who that might describe....
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I am looking for who is helping.... Nobody is raising their hand yet
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I'm not sure the republicans will be able to hold onto the house if this thing passes. Seems like a lot of republicans from blue states might be in trouble.
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Get ready for some sweet trickle down :excited:
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If $1,182 is what they're touting, imagine what the actual outcome will be.
https://twitter.com/DailyMail/status/926128870620876800
If they manage to save that much while cutting corporate taxes as much as they are AND still not add to the deficit it would be a pretty amazing achievement.
However, right now it looks like the government would be more or less subsidizing corporations and redistributing money from wealthier Americans to the middle class in order to make it more palatable for the general population.
there's a 1.2T hole right there. good luck!
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Where is the gd plan ?
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If $1,182 is what they're touting, imagine what the actual outcome will be.
https://twitter.com/DailyMail/status/926128870620876800
If they manage to save that much while cutting corporate taxes as much as they are AND still not add to the deficit it would be a pretty amazing achievement.
However, right now it looks like the government would be more or less subsidizing corporations and redistributing money from wealthier Americans to the middle class in order to make it more palatable for the general population.
there's a 1.2T hole right there. good luck!
I was wrong - it's a 1.5T hole.
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Tax plan looks great!
Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
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Tax plan looks great!
Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
Feel free to post a picture of the arithmetic you did by hand. TIA.
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Student loan interest deduction gone? :curse: FY GOP!
It's already capped at $2k wacky, take your $300 lump in exchange for a 3%+ leaser tax rate (unless you make less than $10k, in which case---you don't pay taxes anyways)
^^^
Simple arithmetic
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Tax plan looks great!
Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?
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Or not be bad for me? I'm ok with that too.
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By my quick math, just on the revised tax brackets, this reform will save me nearly $6,000!! Scaling back the SALT deduction will likely cost me a few grand, but that's still a sizable tax cut for the KSUdub family. None of these other deductions matter to me (as long as they keep the mortgage interest deduction up to 500k). Not sure if I'll get any off-setting benefit from that child credit increase (it probably phases out below my income).
Are you factoring the increased taxable income of $4,150 per kid, plus you and your wife?
No. I haven't seen that in the proposal. Have you?
Yes, the current proposal eliminates personal exemptions.
Link? I can't find that in the proposal.
It's about halfway down the sheet here. Just ctrl-f "personal".
https://www.wsj.com/livecoverage/tax-bill-2017
Well eff, that might result in a slight tax increase for me. Thanks for peeing in my cheerios, Rage. I'm going to have to do some more number crunching tonight.
Standard deduction way up though! Increased child credit!
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Tax plan looks great!
Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?
The only way you might lose is if you have a huge mortgage and live in a place like NY with super high SALT
If you can't do math and are naive enough to believe leftist propoganda, you might be tricked into believing you're getting screwed, though.
If the left rallies around "deficits", you know we've won!
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401k contributions weren't touched, despite all the leftist bullshit to the contrary
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I rent and work in KCMO but live in KS. I guess this means I'll be good. Thanks, FSD!
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401k contributions weren't touched, despite all the leftist bullshit to the contrary
Great! That matched 5% makes SdK happy in his heart.
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I'm so jacked about the thousands of extra dollars I'll have each year once this sails through the Senate.
Might even buy (finance of course) a cobalt boat and F150 Super Duty to bring to cat tailgates to party in! #merica
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I'm so jacked about the thousands of extra dollars I'll have each year once this sails through the Senate.
Might even buy (finance of course) a cobalt boat and chipped Duramax to bring to cat tailgates to party in! #merica
:thumbs:
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my taxes are very confusing so I will have no idea whether this ends up hurting or helping me
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Tax plan looks great!
Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?
The only way you might lose is if you have a huge mortgage and live in a place like NY with super high SALT
If you can't do math and are naive enough to believe leftist propoganda, you might be tricked into believing you're getting screwed, though.
If the left rallies around "deficits", you know we've won!
I can do math, don't have a huge mortgage, do not live in a big SALT state, and will definitely end up paying more in taxes under this plan.
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Tax plan looks great!
Lemme guess, libtards say its a big break for the rich and fucks everyone despite simple arithmetic showing otherwise.
How will it benefit me, FSD?
The only way you might lose is if you have a huge mortgage and live in a place like NY with super high SALT
If you can't do math and are naive enough to believe leftist propoganda, you might be tricked into believing you're getting screwed, though.
If the left rallies around "deficits", you know we've won!
I can do math, don't have a huge mortgage, do not live in a big SALT state, and will definitely end up paying more in taxes under this plan.
How? Heavy corporate debt?
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There's a lot of give and take here. As a higher wage earner with multiple kids, the benefits of this reform are relatively small and uncertain.
I take a huge hit right off the bat by losing the personal exemptions for me and my family. That deduction was worth over $20k.
On the flip side, doubling the standard deduction will equal or perhaps slightly exceed my itemized deduction. So it might help me a little or be a wash. It certainly makes losing the SALT deduction irrelevant for me.
Eliminating the AMT should be worth about $1000.
Collapsing the brackets also significantly reduced my marginal rate.
So if you take all those savings together, it might be enough to offset losing the personal exemptions and maybe even giving me a small tax cut.
What would be awesome is if, in addition to increasing the child tax credit from $1000 to $1600, they also increase the income threshold at which that credit phases out. Currently we don't get that credit because of the phase out. If we got even part of it under this new plan, I'd feel more confident that my net result will be a cut.
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I thought I read the child credit phase out was gone
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Either way, it's reckless neglect to have 4 kids and both parents working full time.
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
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I thought I read the child credit phase out was gone
Hope that is true - would be huge for us - but I haven't seen that reported.
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Either way, it's reckless neglect to have 4 kids and both parents working full time.
Hahahahahah
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I don't live life like republicans want me to live so I don't get a tax break.....oh well. Use my tax increase for good please.
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
You are so out of touch with college expenses as they are right now it’s almost comical.
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As if we didn't already know, libtards can't do simple math and lap up leftist propoganda
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As if we didn't already know, libtards can't do simple math and lap up leftist propoganda
Show your work.
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
You are so out of touch with college expenses as they are right now it’s almost comical.
Student loan interest deduction capped at $2k, so another $6k-12k in std deduction is obviously way better.
Again, ignorant and unable to do math
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Several libtards say their taxes are going up, but cannot explain why, bc indoctrinated and can't do math
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
You are so out of touch with college expenses as they are right now it’s almost comical.
Student loan interest deduction capped at $2k, so another $6k-12k in std deduction is obviously way better.
Again, ignorant and unable to do math
Did you not understand I was commenting on the reckless debt statement again? Of course not, because you are a mindless drone incapable of processing multiple things at once.
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
You are so out of touch with college expenses as they are right now it’s almost comical.
Student loan interest deduction capped at $2k, so another $6k-12k in std deduction is obviously way better.
Again, ignorant and unable to do math
Did you not understand I was commenting on the reckless debt statement again? Of course not, because you are a mindless drone incapable of processing multiple things at once.
Have a cranberry juice
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I don't live life like republicans want me to live so I don't get a tax break.....oh well. Use my tax increase for good please.
its earmarked for crates of AK-47's to send to Syria. that good enough?
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
You are so out of touch with college expenses as they are right now it’s almost comical.
Student loan interest deduction capped at $2k, so another $6k-12k in std deduction is obviously way better.
Again, ignorant and unable to do math
Did you not understand I was commenting on the reckless debt statement again? Of course not, because you are a mindless drone incapable of processing multiple things at once.
Have a cranberry juice
Take a breathe before you pass out
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A lot of the complaining about losing the student loan interest deduction seems pretty off base. I suspect that for most people who are still encumbered by high student loan debt, the doubling of the standard deduction will more than offset it. Again though, shouldn't be subsidizing all that reckless debt....
You are so out of touch with college expenses as they are right now it’s almost comical.
Student loan interest deduction capped at $2k, so another $6k-12k in std deduction is obviously way better.
Again, ignorant and unable to do math
Did you not understand I was commenting on the reckless debt statement again? Of course not, because you are a mindless drone incapable of processing multiple things at once.
Have a cranberry juice
:lol:
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KSUW getting a tax increase owns so much. :lol:
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Several libtards say their taxes are going up, but cannot explain why, bc indoctrinated and can't do math
Show your work. It's simple....even on a POSTCARD...you should be able to easily post your tax break.
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Well Phil, all the tax brackets are better, so it doesn't take a rocket scientist to figure it out.
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I've said this before obviously, but tax brackets are literally the very least complicated thing about taxes. we need more not less.
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OT tax advice super thread: can I write off (or deduct or whatever) tax penalties as a business expense?
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https://twitter.com/benwikler/status/926292150417022976
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https://twitter.com/benwikler/status/926292150417022976
do the defenders of shareholder capitalism realize they are pawns for the globalists?
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The plan looks like it is going to simplify taxes, it doesn’t appear to have much effect for individuals, (not surprised), it’s focus is reviving the American economy and when that happens we all benefit. Good work Mr. President.
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https://twitter.com/benwikler/status/926292150417022976
do the defenders of shareholder capitalism realize they are pawns for the globalists?
That tweet is lollz levels of non sequiter and wgaf
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OT tax advice super thread: can I write off (or deduct or whatever) tax penalties as a business expense?
No
Sent from my Pixel 2 XL using Tapatalk
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3 stupidest things.
1. 25% pass throughs. i mean, jfc.
2. not figuring out how to fund corporate tax cuts. hey idiots, cut corporate to 0% and fund it 100% by raising the rates on dividends and cap gains.
3. estate tax.
i think 1 will get fixed/changed and 3 is just in as a negotiating tactic, tho, so maybe only #2 is super dumb.
raising the standard deduction is a really good idea, they should have doubled down on that one and gotten rid of more of the deductions/credits/etc.
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Well Phil, all the tax brackets are better, so it doesn't take a rocket scientist to figure it out.
Are you really this simple?
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This kind of a sad twitter thread
https://twitter.com/Tojiro/status/926290713897250816
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Yea. Honestly I think they got that part way wrong. If anything the child tax credit should be eliminated in favor of an adoption credit. I also have a hard time believing it helps the deficit THAT much.
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Children are really expensive, and important, so I favor a generous deduction for children. One way to make the tax code much fairer would to decrease the child tax credit and restore a portion of the dependent personal exemptions.
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Restoring the personal exemptions really is the only way they are going to be able to implement this thing without some middle class families getting tax increases. Hopefully that happens. It would be a huge windfall for K-S-U and me both.
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It is a great way to balance against deficit concerns, though. I guess they should probably just cap the personal exemption at a certain income level.
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Children are really expensive, and important, so I favor a generous deduction for children. One way to make the tax code much fairer would to decrease the child tax credit and restore a portion of the dependent personal exemptions.
:lol: JFC
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You shouldn't be rewarded with lower taxes just because you reproduce
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It is a great way to balance against deficit concerns, though. I guess they should probably just cap the personal exemption at a certain income level.
Or they could just drop some other deductions, lower the child tax credit back to where it was, keep the estate tax, etc.
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You shouldn't be rewarded with lower taxes just because you reproduce
We need breeders so we incentivize the behavior
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I have no idea what the relative impact of all these policies is, but I have to imagine eliminating personal exemptions has a much larger impact than most other measures.
I think we all agree that eliminating the estate tax is pretty dumb though.
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You shouldn't be rewarded with lower taxes just because you reproduce
We need breeders so we incentivize the behavior
We really don’t, though. And even if we did, the current bill only encourages breeding among the middle class and lower, which doesn’t make a ton of sense from a policy perspective.
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You shouldn't be rewarded with lower taxes just because you reproduce
We need breeders so we incentivize the behavior
If you need tax incentives to have kids you're doing it wrong and should probably just abort instead
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Well Phil, all the tax brackets are better, so it doesn't take a rocket scientist to figure it out.
Are you really this simple?
Show your work, phil!!!
Weak effort itt on your part, imho.
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I have no idea what the relative impact of all these policies is, but I have to imagine eliminating personal exemptions has a much larger impact than most other measures.
I think we all agree that eliminating the estate tax is pretty dumb though.
The debate over eliminating the estate tax is moronic. Anybody who wants to get around the estate tax can do so by putting their assets in trusts. So all the estate tax really does is (1) severely penalize a few people who are too stupid to properly protect their assets, and (2) require everyone else to hire lawyers and cpas to protect their assets. So with that in mind, why the hell would we keep the estate tax? Repeal it and reduce the tax compliance burden on millions of people while having almost no impact on revenue.
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You shouldn't be rewarded with lower taxes just because you reproduce
I'm not asking to be rewarded. I'm asking to not be penalized under this current reform by actually raising my taxes due to stripping away a previously extremely valuable personal exemption. For lower income folks, losing those personal exemptions doesn't hurt nearly as bad because the doubling of the standard deduction more than offsets it. But for higher income folks, our itemized deductions were already comparable to the new standard deduction, so losing the personal exemption for our kids could increase our taxes - when we high wage earners already pay a higher effective tax rate than the vast majority of Americans.
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I have no idea what the relative impact of all these policies is, but I have to imagine eliminating personal exemptions has a much larger impact than most other measures.
I think we all agree that eliminating the estate tax is pretty dumb though.
The debate over eliminating the estate tax is moronic. Anybody who wants to get around the estate tax can do so by putting their assets in trusts. So all the estate tax really does is (1) severely penalize a few people who are too stupid to properly protect their assets, and (2) require everyone else to hire lawyers and cpas to protect their assets. So with that in mind, why the hell would we keep the estate tax? Repeal it and reduce the tax compliance burden on millions of people while having almost no impact on revenue.
The estate tax creates about $200 billion in revenue over a 10 year period. It's not much of overall revenue, but it's pretty significant when you are struggling to not increase the deficit by more than $1.5 trillion over the next decade. It's more than 10% of that hole.
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ksuw: not being rewarded =/= being penalized
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You shouldn't be rewarded with lower taxes just because you reproduce
I'm not asking to be rewarded. I'm asking to not be penalized under this current reform by actually raising my taxes due to stripping away a previously extremely valuable personal exemption. For lower income folks, losing those personal exemptions doesn't hurt nearly as bad because the doubling of the standard deduction more than offsets it. But for higher income folks, our itemized deductions were already comparable to the new standard deduction, so losing the personal exemption for our kids could increase our taxes - when we high wage earners already pay a higher effective tax rate than the vast majority of Americans.
Aren't you on record saying the opposite about other deductions?
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I have no idea what the relative impact of all these policies is, but I have to imagine eliminating personal exemptions has a much larger impact than most other measures.
I think we all agree that eliminating the estate tax is pretty dumb though.
The debate over eliminating the estate tax is moronic. Anybody who wants to get around the estate tax can do so by putting their assets in trusts. So all the estate tax really does is (1) severely penalize a few people who are too stupid to properly protect their assets, and (2) require everyone else to hire lawyers and cpas to protect their assets. So with that in mind, why the hell would we keep the estate tax? Repeal it and reduce the tax compliance burden on millions of people while having almost no impact on revenue.
The estate tax creates about $200 billion in revenue over a 10 year period. It's not much of overall revenue, but it's pretty significant when you are struggling to not increase the deficit by more than $1.5 trillion over the next decade. It's more than 10% of that hole.
Damn, $20 billion per year?! I had no idea so many people were falling into that hole. Still, it's a dumb tax for the reasons I've stated. In a way, this actually makes it worse because the government is siphoning away billions simply because people aren't savvy enough to put their assets in trusts.
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You shouldn't be rewarded with lower taxes just because you reproduce
I'm not asking to be rewarded. I'm asking to not be penalized under this current reform by actually raising my taxes due to stripping away a previously extremely valuable personal exemption. For lower income folks, losing those personal exemptions doesn't hurt nearly as bad because the doubling of the standard deduction more than offsets it. But for higher income folks, our itemized deductions were already comparable to the new standard deduction, so losing the personal exemption for our kids could increase our taxes - when we high wage earners already pay a higher effective tax rate than the vast majority of Americans.
Aren't you on record saying the opposite about other deductions?
Yes. The difference is that, as I have repeatedly explained, I'm already paying a higher effective tax rate than just about everyone else - over 90% of Americans. There are going to be some winners and losers with any reform, but I don't think it is "fair" to make me a bigger loser when I'm already getting fleeced. But ideas of fairness can be pretty warped when politics are involved.
I can think of one group of people who are getting screwed even worse than me - people like me except that they also live in blue state high tax hellholes with much higher property values. Like me, they were already getting fleeced and they'll fare even worse, but I just don't think the federal government should be subsidizing irresponsible state taxation.
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I have no idea what the relative impact of all these policies is, but I have to imagine eliminating personal exemptions has a much larger impact than most other measures.
I think we all agree that eliminating the estate tax is pretty dumb though.
The debate over eliminating the estate tax is moronic. Anybody who wants to get around the estate tax can do so by putting their assets in trusts. So all the estate tax really does is (1) severely penalize a few people who are too stupid to properly protect their assets, and (2) require everyone else to hire lawyers and cpas to protect their assets. So with that in mind, why the hell would we keep the estate tax? Repeal it and reduce the tax compliance burden on millions of people while having almost no impact on revenue.
It doesn't affect millions of Americans.
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You shouldn't be rewarded with lower taxes just because you reproduce
I'm not asking to be rewarded. I'm asking to not be penalized under this current reform by actually raising my taxes due to stripping away a previously extremely valuable personal exemption. For lower income folks, losing those personal exemptions doesn't hurt nearly as bad because the doubling of the standard deduction more than offsets it. But for higher income folks, our itemized deductions were already comparable to the new standard deduction, so losing the personal exemption for our kids could increase our taxes - when we high wage earners already pay a higher effective tax rate than the vast majority of Americans.
Aren't you on record saying the opposite about other deductions?
Yes. The difference is that, as I have repeatedly explained, I'm already paying a higher effective tax rate than just about everyone else - over 90% of Americans. There are going to be some winners and losers with any reform, but I don't think it is "fair" to make me a bigger loser when I'm already getting fleeced. But ideas of fairness can be pretty warped when politics are involved.
I can think of one group of people who are getting screwed even worse than me - people like me except that they also live in blue state high tax hellholes with much higher property values. Like me, they were already getting fleeced and they'll fare even worse, but I just don't think the federal government should be subsidizing irresponsible state taxation.
Fair enough that you acknowledge that your opinions are self interested. As they should be.
I am not sure how hard I will get F'd on this new plan but excluding service providers from the LLCs that will not be eligible for the lower pass through rate tells me it will be a nice F'ing
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I have no idea what the relative impact of all these policies is, but I have to imagine eliminating personal exemptions has a much larger impact than most other measures.
I think we all agree that eliminating the estate tax is pretty dumb though.
The debate over eliminating the estate tax is moronic. Anybody who wants to get around the estate tax can do so by putting their assets in trusts. So all the estate tax really does is (1) severely penalize a few people who are too stupid to properly protect their assets, and (2) require everyone else to hire lawyers and cpas to protect their assets. So with that in mind, why the hell would we keep the estate tax? Repeal it and reduce the tax compliance burden on millions of people while having almost no impact on revenue.
The estate tax creates about $200 billion in revenue over a 10 year period. It's not much of overall revenue, but it's pretty significant when you are struggling to not increase the deficit by more than $1.5 trillion over the next decade. It's more than 10% of that hole.
Damn, $20 billion per year?! I had no idea so many people were falling into that hole. Still, it's a dumb tax for the reasons I've stated. In a way, this actually makes it worse because the government is siphoning away billions simply because people aren't savvy enough to put their assets in trusts.
Trusts are handy but they aren’t complete tax shelters. And if they are, your argument seems to be we should limit their use on top of having an estate tax.
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You shouldn't be rewarded with lower taxes just because you reproduce
I'm not asking to be rewarded. I'm asking to not be penalized under this current reform by actually raising my taxes due to stripping away a previously extremely valuable personal exemption. For lower income folks, losing those personal exemptions doesn't hurt nearly as bad because the doubling of the standard deduction more than offsets it. But for higher income folks, our itemized deductions were already comparable to the new standard deduction, so losing the personal exemption for our kids could increase our taxes - when we high wage earners already pay a higher effective tax rate than the vast majority of Americans.
Kinda like those who benefit under the ACA aren't asking to be rewarded. They're just asking not to be penalized under this current reform due to stripping away a previously extremely valuable premium tax credit.
Sent from my SM-G955U using Tapatalk
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Well Phil, all the tax brackets are better, so it doesn't take a rocket scientist to figure it out.
Are you really this simple?
Show your work, phil!!!
Weak effort itt on your part, imho.
This is your tax bill to prove to everyone it's good for them.
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lmao
https://t.co/LPXyAbFKt6 (https://t.co/LPXyAbFKt6)
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Deductions/credits should be done for one reason. Influence behavior. Do we have an aging population problem? No? Eliminate child tax credits.
It would be horrible to actually use some tax theory in Washington vs. these bumbledicks rearranging deck chairs on the Titanic and saying "look what we did, we made less brackets" and simples believing them and posting on message boards how great the plan is.
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Deductions/credits should be done for one reason. Influence behavior. Do we have an aging population problem? No? Eliminate child tax credits.
It would be horrible to actually use some tax theory in Washington vs. these bumbledicks rearranging deck chairs on the Titanic and saying "look what we did, we made less brackets" and simples believing them and posting on message boards how great the plan is.
I disagree with this fundamentally. I think deductions should be available so that the tax rate you pay reflects your ability to pay. Nobody looks at tax breaks as some sort of incentive to have kids. The idea that ending those breaks will cause people to have less kids is laughable. This is why the elimination of the deduction for medical expenses exceeding 10% of your income is so despicable.
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Deductions/credits should be done for one reason. Influence behavior. Do we have an aging population problem? No? Eliminate child tax credits.
It would be horrible to actually use some tax theory in Washington vs. these bumbledicks rearranging deck chairs on the Titanic and saying "look what we did, we made less brackets" and simples believing them and posting on message boards how great the plan is.
I disagree with this fundamentally. I think deductions should be available so that the tax rate you pay reflects your ability to pay. Nobody looks at tax breaks as some sort of incentive to have kids. The idea that ending those breaks will cause people to have less kids is laughable. This is why the elimination of the deduction for medical expenses exceeding 10% of your income is so despicable.
This is certainly a component of it, but at the end of the day you can pick from a limitless amount of things that Americans spend a lot of money on if this is 100% your philosophy. Why have a child tax credit instead of a deduction for paying utilities? Why have a mortgage interest deduction instead of a deduction for expenses like bus fares or gas that you spend getting to and from work?
There has to be more to it than lightening the burden on taxpayers, and that is where the social engineering part comes into play.
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Deductions/credits should be done for one reason. Influence behavior. Do we have an aging population problem? No? Eliminate child tax credits.
It would be horrible to actually use some tax theory in Washington vs. these bumbledicks rearranging deck chairs on the Titanic and saying "look what we did, we made less brackets" and simples believing them and posting on message boards how great the plan is.
I disagree with this fundamentally. I think deductions should be available so that the tax rate you pay reflects your ability to pay. Nobody looks at tax breaks as some sort of incentive to have kids. The idea that ending those breaks will cause people to have less kids is laughable. This is why the elimination of the deduction for medical expenses exceeding 10% of your income is so despicable.
So I can't pay as much because I have these 5 kids... So give me a tax break? Seems backwards
I do agree having a kid probably isn't a decision made many times because of ones 1040. Didn't mean we can influence behaviors with taxes.
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You shouldn't be rewarded with lower taxes just because you reproduce
Correct
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In fact I'd charge more taxes to families 3+ kids and tax breaks for vacestomies. Large families put way more burden out there for society beyond what the family dollar impact is.
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Deductions/credits should be done for one reason. Influence behavior. Do we have an aging population problem? No? Eliminate child tax credits.
It would be horrible to actually use some tax theory in Washington vs. these bumbledicks rearranging deck chairs on the Titanic and saying "look what we did, we made less brackets" and simples believing them and posting on message boards how great the plan is.
I disagree with this fundamentally. I think deductions should be available so that the tax rate you pay reflects your ability to pay. Nobody looks at tax breaks as some sort of incentive to have kids. The idea that ending those breaks will cause people to have less kids is laughable. This is why the elimination of the deduction for medical expenses exceeding 10% of your income is so despicable.
So I can't pay as much because I have these 5 kids... So give me a tax break? Seems backwards
I do agree having a kid probably isn't a decision made many times because of ones 1040. Didn't mean we can influence behaviors with taxes.
It just doesn't seem that backwards to me. It's not like the personal exemption covers 100% of the cost of having a kid or something. It's just an extra $4k that comes off of your annual income.
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Deductions/credits should be done for one reason. Influence behavior. Do we have an aging population problem? No? Eliminate child tax credits.
It would be horrible to actually use some tax theory in Washington vs. these bumbledicks rearranging deck chairs on the Titanic and saying "look what we did, we made less brackets" and simples believing them and posting on message boards how great the plan is.
I disagree with this fundamentally. I think deductions should be available so that the tax rate you pay reflects your ability to pay. Nobody looks at tax breaks as some sort of incentive to have kids. The idea that ending those breaks will cause people to have less kids is laughable. This is why the elimination of the deduction for medical expenses exceeding 10% of your income is so despicable.
So I can't pay as much because I have these 5 kids... So give me a tax break? Seems backwards
I do agree having a kid probably isn't a decision made many times because of ones 1040. Didn't mean we can influence behaviors with taxes.
It just doesn't seem that backwards to me. It's not like the personal exemption covers 100% of the cost of having a kid or something. It's just an extra $4k that comes off of your annual income.
Understood.... I agree taxes should be based on ability to pay.... But that's based on income... Not expenses you decide to incur.
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Maybe kdub should just live within his means instead of relying on government handouts for having unprotected sex
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Statistically the more intelligent you are the less children you have
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As with all statistics there are outliers, so that wasn’t a dig at anybody
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You shouldn't be rewarded with lower taxes just because you reproduce
I'm not asking to be rewarded. I'm asking to not be penalized under this current reform by actually raising my taxes due to stripping away a previously extremely valuable personal exemption. For lower income folks, losing those personal exemptions doesn't hurt nearly as bad because the doubling of the standard deduction more than offsets it. But for higher income folks, our itemized deductions were already comparable to the new standard deduction, so losing the personal exemption for our kids could increase our taxes - when we high wage earners already pay a higher effective tax rate than the vast majority of Americans.
Kinda like those who benefit under the ACA aren't asking to be rewarded. They're just asking not to be penalized under this current reform due to stripping away a previously extremely valuable premium tax credit.
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Did you really just equate taking somebody's money with handing it to someone else?
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That’s literally what taxes are KSUW.
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In fact I'd charge more taxes to families 3+ kids and tax breaks for vacestomies. Large families put way more burden out there for society beyond what the family dollar impact is.
Extra taxes if one of their spawn has a disability
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President Silverback and I are working toward a plan where we all have better jobs and make more cash, we really don’t give a crap whether you are gonna save a few bucks or not, our goal is that after this is implemented that more of you are working making more money and yes paying more taxes because you are kicking so much more ass.
Statement from the Institute for Alpha thought
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https://twitter.com/lilybatch/status/926589221481205760
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FSD was right. No change for ol SdK!
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It is a pretty great plan for the super rich.
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The high tide raises all boats
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dnr the plan or this thread or anything about this plan. what do you need to make to make it good for you?
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Not about that stevedave, I’ll refer you to the statement from the Institute for Alpha thought.
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Not about that stevedave, I’ll refer you to the statement from the Institute for Alpha thought.
well, let me know what they say bud
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Scroll up about 7-8 posts, it’s all there
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The high tide raises all boats
Ann Coulter debunked this theory when she got bumped from premium economy.
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The high tide raises all boats
Ann Coulter debunked this theory when she got bumped from premium economy.
:lol:
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President Silverback and I are working toward a plan where we all have better jobs and make more cash, we really don’t give a crap whether you are gonna save a few bucks or not, our goal is that after this is implemented that more of you are working making more money and yes paying more taxes because you are kicking so much more ass.
Statement from the Institute for Alpha thought
What kind of loser is currently unemployed
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FSD was right. No change for ol SdK!
Duh. If you can add you can see the plan is good for you. Not rocket science
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FSD was right. No change for ol SdK!
Duh. If you can add you can see the plan is good for you. Not rocket science
Surprised you recognized your own name here.
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Look at the little baby girl who's jealous of bff sdk and Sugar Dick
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(https://uploads.tapatalk-cdn.com/20171104/a4ba3cbae60f61013bab42feea125bb7.jpg)
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The person who inherits a house pays no income tax!!!!
So Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!), keep em coming.
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Damn. FSD beat me to it. Outrage over not having to fork over 40% of an estate to the government when you pass it on to your kids. :lol:
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you're dead, you don't pay anything.
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https://twitter.com/lilybatch/status/926589221481205760
Oooh.... Now overlay that with a graph of the percentage of total income tax revenue paid by each of those groups currently!
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World renowned tax firm Liberty Tax has this to say about the gop plan (in The Post's words): people who make income will pay income tax, people who invest their [post income tax] income into investments won't pay the same income tax on that income again, people who own/inherit assets won't pay income tax on those assets [unless those assets make income, in which case they will pay income tax], fuckoffs who don't work and don't have income won't pay income tax, libtards will remain utterly befuddled at the distinction between income, assets, and equity.
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https://twitter.com/lilybatch/status/926589221481205760
Oooh.... Now overlay that with a graph of the percentage of total income tax revenue paid by each of those groups currently!
How dare you question lilly bacherlors 10 yr fwd analysis of tenths of a petcent!! :shakesfist:
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https://twitter.com/lilybatch/status/926589221481205760
Oooh.... Now overlay that with a graph of the percentage of total income tax revenue paid by each of those groups currently!
To some, that would just be further evidence that the poorer should get bigger breaks in this plan than the richer.
What's not subjective, though, is the falsity of the claim that this is a break aimed at middle Americans.
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https://twitter.com/lilybatch/status/926589221481205760
Oooh.... Now overlay that with a graph of the percentage of total income tax revenue paid by each of those groups currently!
To some, that would just be further evidence that the poorer should get bigger breaks in this plan than the richer.
What's not subjective, though, is the falsity of the claim that this is a break aimed at middle Americans.
If by "some" you mean morons, them yes.
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Only if you are Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) enough to not understand that this plan is not about lowering individual tax rates, it’s about giving you dumbasses the opportunity to make way more money.
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Only if you are Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) enough to not understand that this plan is not about lowering individual tax rates, it’s about giving you dumbasses the opportunity to make way more money.
Wasn’t Trump’s personal choice for a name “Cut Cut Cut %”. He has paraded this and his Press Secretary(who is always telling the truth) has said every American should receive a 4 digit return.
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That reminds me, how many jobs did the stimulus create or save :lol:
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Only if you are Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) enough to not understand that this plan is not about lowering individual tax rates, it’s about giving you dumbasses the opportunity to make way more money.
(https://media1.tenor.com/images/78187ba17399b71a1c9448fff92fb8b8/tenor.gif?itemid=7535529)
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I wasn’t taking roll lib
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World renowned tax firm Liberty Tax has this to say about the gop plan (in The Post's words): people who make income will pay income tax, people who invest their [post income tax] income into investments won't pay the same income tax on that income again, people who own/inherit assets won't pay income tax on those assets [unless those assets make income, in which case they will pay income tax], fuckoffs who don't work and don't have income won't pay income tax, libtards will remain utterly befuddled at the distinction between income, assets, and equity.
So when Canary leaves me his house and annuities, will I have to pay taxes on that? Should I have to?
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I think you would pay income taxes on the income from the annuities. So you would ultimately pay income tax on the entire annuity as it's distributed.
If they dump the estate tax, they'd probably dump step up basis. You would not pay income tax (you'd pay property tax though) when you got the house, but when you sold it you would pay income tax on any appreciation dating back from when your bud canary bought the house.
The scare tactics from the left are a tired play book of unsubstantiated lies and half truths.
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Can I see some math functions here to really drive home that you understand what you’re talking about?
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Alright, thanks for the insight. :thumbs:
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dnr the plan or this thread or anything about this plan. what do you need to make to make it good for you?
You need to be above or below upper middle class. Obviously, it's a lot better if you are above.
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I think you would pay income taxes on the income from the annuities. So you would ultimately pay income tax on the entire annuity as it's distributed.
If they dump the estate tax, they'd probably dump step up basis. You would not pay income tax (you'd pay property tax though) when you got the house, but when you sold it you would pay income tax on any appreciation dating back from when your bud canary bought the house.
The scare tactics from the left are a tired play book of unsubstantiated lies and half truths.
There has been no talk of dumping step up basis to my knowledge. The gift exemption to the estate tax is $5 million or $10 million for a married couple. At least I haven't heard much of the "death tax" nonsense W. tried to peddle.
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dnr the plan or this thread or anything about this plan. what do you need to make to make it good for you?
You need to be above or below upper middle class. Obviously, it's a lot better if you are above.
Or be cool with actually paying more in taxes for the common good.
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Biggest losers:
Graduate students
HENRYs with professional degree student loans and expensive homes
Like I said, this tax cut is almost specifically designed to hurt KSUW and he is still cheering it to "own the libs" it is such a perfect example of how broken his brain is.
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Biggest losers:
Graduate students
HENRYs with professional degree student loans and expensive homes
Like I said, this tax cut is almost specifically designed to hurt KSUW and he is still cheering it to "own the libs" it is such a perfect example of how broken his brain is.
Cheering it? I'm pretty disappointed in what this does for me personally. But it does help a ton of people - that can't be denied. It could also indirectly help me by further boosting the economy and my investments.
I suspect the student loan thing is going to impact a very small slice of people. The vast majority of people with a lot of student loan debt will likely be more than covered by the doubling of the standard deduction. As you get older, wealthier, and incur more itemized deductions to surpass the standard deduction, you typically pay off your student loans (unless you don't, and that's on you).
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I'd bet Neither the student loan interest nor the mortgage deduction reduction would apply to ksu.
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Biggest losers:
Graduate students
HENRYs with professional degree student loans and expensive homes
Like I said, this tax cut is almost specifically designed to hurt KSUW and he is still cheering it to "own the libs" it is such a perfect example of how broken his brain is.
Cheering it? I'm pretty disappointed in what this does for me personally. But it does help a ton of people - that can't be denied. It could also indirectly help me by further boosting the economy and my investments.
I suspect the student loan thing is going to impact a very small slice of people. The vast majority of people with a lot of student loan debt will likely be more than covered by the doubling of the standard deduction. As you get older, wealthier, and incur more itemized deductions to surpass the standard deduction, you typically pay off your student loans (unless you don't, and that's on you).
It taxes any grad student on a stipend. So, for instance, when I was getting a stipend and tuition assistance for my undergraduate degree through an academic scholarship? That is now taxable income. My wife who had a stipend and tuition waiver for her Ph.D? Now taxed as income.
All TA's, Graduate Assistants, Post-Docs etc. will now have their stipends and scholarships taxed as income. If it stays in, it will be a disaster for graduate research and a huge de facto cut for higher ed in an environment where states have almost stopped funding higher ed anyways.
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Kstate 2025! All private!
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if I'm reading this thing correctly the proposed mortgage interest and property tax changes would only apply for newly purchased homes so if you already own then you get grandfathered in. and it only applies for mortgages over $500k and property tax over $10k. so most HENRYs won't be impacted because they can't afford that much home anyway. and the student loan stuff wouldn't apply to them either because you can't deduct that if you earn more than $80k single/$160k married filing joint.
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also, from what I can see, this "tax cut" bill doesn't really cut much tax. what a waste of time.
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if I'm reading this thing correctly the proposed mortgage interest and property tax changes would only apply for newly purchased homes so if you already own then you get grandfathered in. and it only applies for mortgages over $500k and property tax over $10k. so most HENRYs won't be impacted because they can't afford that much home anyway. and the student loan stuff wouldn't apply to them either because you can't deduct that if you earn more than $80k single/$160k married filing joint.
Hence my thoughts on kazz dub
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Will the pass through rate impact members of an LLC that owns a wildly successful ksu msg bd?
:Ugh:
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if I'm reading this thing correctly the proposed mortgage interest and property tax changes would only apply for newly purchased homes so if you already own then you get grandfathered in. and it only applies for mortgages over $500k and property tax over $10k. so most HENRYs won't be impacted because they can't afford that much home anyway. and the student loan stuff wouldn't apply to them either because you can't deduct that if you earn more than $80k single/$160k married filing joint.
This thing is probably hardest on HENRY doctors. And while the grandfather thing is true enough, it hurts home values.
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it doesn't really eff anyone, it's just a big deficit financed stimulus package at a time when unemployment stands at 4%.
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if I'm reading this thing correctly the proposed mortgage interest and property tax changes would only apply for newly purchased homes so if you already own then you get grandfathered in. and it only applies for mortgages over $500k and property tax over $10k. so most HENRYs won't be impacted because they can't afford that much home anyway. and the student loan stuff wouldn't apply to them either because you can't deduct that if you earn more than $80k single/$160k married filing joint.
This thing is probably hardest on HENRY doctors. And while the grandfather thing is true enough, it hurts home values.
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Docs likely make too much to deduct loan interest anyway right?
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it doesn't really eff anyone, it's just a big deficit financed stimulus package at a time when unemployment stands at 4%.
This
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I'd bet Neither the student loan interest nor the mortgage deduction reduction would apply to ksu.
Correct. I have a mortgage under 500k and used my grad school loans to get a good paying job to pay them off in about 5yrs.
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Remember when kdub had an all time classic meltdown because Obama changed something and he had a $200 tax increase and was worried he might not be able to put food on the table for his brood? :lol:
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How did he come out of grad school still so dumb? MBA? Geez.
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it doesn't really eff anyone, it's just a big deficit financed stimulus package at a time when unemployment stands at 4%.
This
Yep. Why so many conservatives are ok with adding 1.5 trillion to the deficit in order to create jobs is baffling to me. It’s like exactly the kind of thing Republicans are supposed to be against.
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it doesn't really eff anyone, it's just a big deficit financed stimulus package at a time when unemployment stands at 4%.
This
Yep. Why so many conservatives are ok with adding 1.5 trillion to the deficit in order to create jobs is baffling to me. It’s like exactly the kind of thing Republicans are supposed to be against.
They think trickle down works (que fsd)
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I'd bet Neither the student loan interest nor the mortgage deduction reduction would apply to ksu.
Correct. I have a mortgage under 500k and used my grad school loans to get a good paying job to pay them off in about 5yrs.
I am almost always right.
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it doesn't really eff anyone, it's just a big deficit financed stimulus package at a time when unemployment stands at 4%.
This
Yep. Why so many conservatives are ok with adding 1.5 trillion to the deficit in order to create jobs is baffling to me. It’s like exactly the kind of thing Republicans are supposed to be against.
They think trickle down works (que fsd)
It really doesn’t even matter if it does work. The government is still cutting a massive check to redistribute wealth. It just seems crazy to me as a job creating tool.
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The point of this is to reduce the corporate tax rate because they think trickle down works
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if I'm reading this thing correctly the proposed mortgage interest and property tax changes would only apply for newly purchased homes so if you already own then you get grandfathered in. and it only applies for mortgages over $500k and property tax over $10k. so most HENRYs won't be impacted because they can't afford that much home anyway. and the student loan stuff wouldn't apply to them either because you can't deduct that if you earn more than $80k single/$160k married filing joint.
This thing is probably hardest on HENRY doctors. And while the grandfather thing is true enough, it hurts home values.
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Docs likely make too much to deduct loan interest anyway right?
yeah you are right.
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I’m sure they don’t during residency.
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Biggest losers:
Graduate students
HENRYs with professional degree student loans and expensive homes
Like I said, this tax cut is almost specifically designed to hurt KSUW and he is still cheering it to "own the libs" it is such a perfect example of how broken his brain is.
Cheering it? I'm pretty disappointed in what this does for me personally. But it does help a ton of people - that can't be denied. It could also indirectly help me by further boosting the economy and my investments.
I suspect the student loan thing is going to impact a very small slice of people. The vast majority of people with a lot of student loan debt will likely be more than covered by the doubling of the standard deduction. As you get older, wealthier, and incur more itemized deductions to surpass the standard deduction, you typically pay off your student loans (unless you don't, and that's on you).
It taxes any grad student on a stipend. So, for instance, when I was getting a stipend and tuition assistance for my undergraduate degree through an academic scholarship? That is now taxable income. My wife who had a stipend and tuition waiver for her Ph.D? Now taxed as income.
All TA's, Graduate Assistants, Post-Docs etc. will now have their stipends and scholarships taxed as income. If it stays in, it will be a disaster for graduate research and a huge de facto cut for higher ed in an environment where states have almost stopped funding higher ed anyways.
Wait, so if I'm reading this right, you're pissed that you might have to start paying taxes on your income?
Tell you what: start paying 20% federal income tax on your income and then you can come bitch to me.
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Nobody gets more upset about how much taxes someone else is paying than the libtard who doesn't pay any taxes.
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This thread would be a lol riot with 2016 fed taxes paid next to each posters name
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I assume there's a super special reason why TAs should be paid tax free. Can't wait to hear it. When I think about the citizens who do the most for this country, I bet we all automatically think TAs and our military. In that order.
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Out of curiosity are the military currently taxed on their education grants/scholarships/stipends/whatever? Would they be under this plan? I don't know and didn't read up on this part of the bill.
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I assume there's a super special reason why TAs should be paid tax free. Can't wait to hear it. When I think about the citizens who do the most for this country, I bet we all automatically think TAs and our military. In that order.
They are taxed on their income you moron.
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I assume there's a super special reason why TAs should be paid tax free. Can't wait to hear it. When I think about the citizens who do the most for this country, I bet we all automatically think TAs and our military. In that order.
They are taxed on their income you moron.
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So if you give somebody a "stipend" or "scholarship" in exhange for working, that's not income?
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Mrs. Dave gets a massive amount of money in an "administrative stipend" and we are taxed AF on it.
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Out of curiosity are the military currently taxed on their education grants/scholarships/stipends/whatever? Would they be under this plan? I don't know and didn't read up on this part of the bill.
Good question, haven't heard anything. GI Bill is different now I think, you have to withhold some income to qualify I think now. Not sure how it works exactly just have talked to a few guys about it that were enlisted.
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I assume there's a super special reason why TAs should be paid tax free. Can't wait to hear it. When I think about the citizens who do the most for this country, I bet we all automatically think TAs and our military. In that order.
They are taxed on their income you moron.
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So if you give somebody a "stipend" or "scholarship" in exhange for working, that's not income?
See if you can figure out the difference between a stipend and a scholarship. Because they are different.
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I wouldn’t hold my breath KK
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There is an entirely untapped revenue stream that would bring in billions:
The churches
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There is an entirely untapped revenue stream that would bring in billions:
The churches
I support this 100%.
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There is an entirely untapped revenue stream that would bring in billions:
The churches
I've said this for years. You want to shave taxes of individuals by $100bn there's your solution.
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Do it tomorrow
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Would you receive your scholarship if you weren't working as a TA? If not, it's not a scholarship. It's just a wage by another name. I don't think the law is changing in this regard? What exactly is changing that you are upset about?
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Ah found it. Did not realize the current tax code allowed certain unis to provide tuition reductions - aka scholarships - to TAs and grad assistants tax free. Glad that'll be ended. Cry all you want, but you're not special. Why the hell should your compensation for working as a TA be tax free? What makes you so special, KK?
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As more details emerge, sounds like the expanded child tax credit of $1,600 will be available up to $230,000 AGI! The question is whether the 230k threshold is where the credit completely phases out, or starts to phase out. If the latter, this would put me solidly back into the "cut cut cut" category! :woot:
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Military members are taxed on "pay" but not "allowances".
Base pay. Sea duty pay. Submarine duty pay. Nuclear assignment pay.
Uniform allowance. Food and housing allowance.
Don't recall being taxed when using GI Bill benefits.
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Military members are taxed on "pay" but not "allowances".
Base pay. Sea duty pay. Submarine duty pay. Nuclear assignment pay.
Uniform allowance. Food and housing allowance.
Don't recall being taxed when using GI Bill benefits.
yeah, that makes sense. curious if this bill changes that.
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Ah found it. Did not realize the current tax code allowed certain unis to provide tuition reductions - aka scholarships - to TAs and grad assistants tax free. Glad that'll be ended. Cry all you want, but you're not special. Why the hell should your compensation for working as a TA be tax free? What makes you so special, KK?
I guess I just don't think it is very fair and would rather keep it the way it is. Hopefully universities set a special tuition price for grad students under these circumstances and only set the price of the scholarship at like $1 or whatever to prevent this from affecting people.
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Ah found it. Did not realize the current tax code allowed certain unis to provide tuition reductions - aka scholarships - to TAs and grad assistants tax free. Glad that'll be ended. Cry all you want, but you're not special. Why the hell should your compensation for working as a TA be tax free? What makes you so special, KK?
It's a benefit, not compensation. Lots of benefits are tax free.
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Ya know guys, if nobody wants to pay any taxes because of one reason or another............
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lol you support cutting the corporate tax rate when they already effectively pay much less than most
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Sorry, can’t argue with somebody dumb enough to think that corporations pay taxes.
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This thread would be a lol riot with 2016 fed taxes paid next to each posters name
Job titles alone would be lol
More Taxes Crew: TA, Camp Counselor, Social Worker, Obamacare Enrollment Tech
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I don't want my job title next to my name.
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This thread would be a lol riot with 2016 fed taxes paid next to each posters name
Job titles alone would be lol
More Taxes Crew: TA, Camp Counselor, Social Worker, Obamacare Enrollment Tech
Manager at a pay-day-loan place, used car dealer, etc.
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Now there's some reform I can support.
http://reason.com/blog/2017/11/05/nfl-prepares-to-fight-tax-reform-bill-th
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As more details emerge, sounds like the expanded child tax credit of $1,600 will be available up to $230,000 AGI! The question is whether the 230k threshold is where the credit completely phases out, or starts to phase out. If the latter, this would put me solidly back into the "cut cut cut" category! :woot:
Gotta admit this would be pretty enjoyable for me.
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Now there's some reform I can support.
http://reason.com/blog/2017/11/05/nfl-prepares-to-fight-tax-reform-bill-th
Another thing I would be happy about if it was the only piece that got through.
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Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.
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https://www.msn.com/en-us/news/politics/republican-plan-would-raise-taxes-on-millions/ar-AAuwAys
According to this article, 1/3 of the middle class would pay more taxes in 2018 than they do now. Key deductions are being taken away or reduced to nothing
Reminds me of Obamacare. Premiums went down but out of pocket expenses skyrocketed
I am ashamed of being associated DeeCrap republicans.
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1/3rd of middle class families? I find that very very hard to believe, on many levels. For one, I would hazard a guess that way fewer than 1/3 of middle class families would have itemized deductions significantly greater than the doubled standard deduction. And at middle class wages, the expanded child tax credit should more than offset lost personal exemptions.
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https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3 (https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3)
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Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.
yeah one of the first things I thought of in the doubling standard deduction talk.
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https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3 (https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3)
That's a good take.
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Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.
yeah one of the first things I thought of in the doubling standard deduction talk.
I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.
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https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3 (https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3)
That's a good take.
No it isn't. It's just repackaged Keynesian bullshit. Even if you subscribe to that theory of economics, the purpose of tax reform isn't just to stimulate the economy - it's also to make the tax code more fair. According to this piece, you might as well just cut people checks and not bother with reform at all. This tax reform reduces rates for most people and particularly for people who were already getting gouged. Fairness and economic benefits.
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Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.
yeah one of the first things I thought of in the doubling standard deduction talk.
I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.
So, are the kids ok?
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Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.
yeah one of the first things I thought of in the doubling standard deduction talk.
I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.
I guess the tax advisors to massive charitable organizations spent too much time focusing on the tax plan and empirical data and forgot to ask KSUW what he thinks will happen.
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https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3 (https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3)
That's a good take.
No it isn't. It's just repackaged Keynesian bullshit. Even if you subscribe to that theory of economics, the purpose of tax reform isn't just to stimulate the economy - it's also to make the tax code more fair. According to this piece, you might as well just cut people checks and not bother with reform at all. This tax reform reduces rates for most people and particularly for people who were already getting gouged. Fairness and economic benefits.
Yea, I mean, we can all agree that people that make between $500,000 and above are the big winners here. But that's kinda the point of the article.
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Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.
yeah one of the first things I thought of in the doubling standard deduction talk.
I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.
I guess the tax advisors to massive charitable organizations spent too much time focusing on the tax plan and empirical data and forgot to ask KSUW what he thinks will happen.
Well you can listen to the paid lobbyists or you can use common sense. Up to you.
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$40k a year IPA4Me would definitely be flowing the cash back to expenses. Today, it's going right to savings and I'm nowhere close to $500K.
I've lived it. So yeah, I agree with the article.
Let's be honest though. This is a corporate tax break. Posters here are getting mumped.
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Let's be honest though. This is a corporate tax break.
this is accurate
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the focus of that article is exploring job creation. you don't create more jobs by letting companies keep more of their revenue.
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Well a lot of folks supporting the bill claim that the main focus is on job creation so the article is pretty OP if you ask me.
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Upper middle class taking it on the chin
https://www.washingtonpost.com/business/economy/i-dont-feel-wealthy-the-upper-middle-class-is-worried-about-paying-for-the-tax-overhaul/2017/11/09/a5cf1acc-c55e-11e7-aae0-cb18a8c29c65_story.html?utm_term=.6f09bff81cc8
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the focus of that article is exploring job creation. you don't create more jobs by letting companies keep more of their revenue.
:facepalm:
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
And maybe a family making 180k and living paycheck to paycheck shouldn't buy a 600k house
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The Senate plan does away with the $20 per month deduction people who bike to work can take.
Okay?
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Getting really preachy up in here
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Those people totally deserve to be ridiculed.
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Absolutely. There's no reason to be paycheck to paycheck at $180K. If you are, consider yourself the subject of the sermon.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
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One of those expenses is not like the other
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The average federal income tax paid by the American taxpayer is around $10000, if we raised that to $16500 and didn’t add new spending we wouldn’t have any debt. Guys that is pretty cheap per person to live in this country. My family bronze high ded plan will be $15,000 next year for perspective.
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The average federal income tax paid by the American taxpayer is around $10000, if we raised that to $16500 and didn’t add new spending we wouldn’t have any debt. Guys that is pretty cheap per person to live in this country. My family bronze high ded plan will be $15,000 next year for perspective.
Reduce federal spending by $500 billion and I would gladly pay more in taxes to balance the budget and start paying off the debt. But there is no willingness by either party, except for a minority of conservatives, to actually cut spending. So why the hell would I give the government more of my money just so they can spend more and continue to run massive deficits? I'm not against taxes - I'm against wasting my money and asking for more.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
I mean it's not bologna sandwich money, but it's also nowhere near eff-you money. When you parcel it all out, you still end up with a pretty unremarkable lifestyle. And I say that as a single* person.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
No one is forcing you to live above your means
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When did lib turn into Dave Ramsey....smh
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Upper middle class taking it on the chin
https://www.washingtonpost.com/business/economy/i-dont-feel-wealthy-the-upper-middle-class-is-worried-about-paying-for-the-tax-overhaul/2017/11/09/a5cf1acc-c55e-11e7-aae0-cb18a8c29c65_story.html?utm_term=.6f09bff81cc8
My only problem with this article is that I'm not sure the math adds up. That family with 3 kids is going to get a $4,800 child tax credit they currently didn't qualify for. They're also probably going to save a few hundred when the AMT is eliminated. So by my math, the only way their taxes go up is if they were taking massive itemized deductions, somewhere in the neighborhood of $40,000. Mortgage interest on a $600k house, property taxes, Georgia income tax, and student loan interest could get you there if you've got a lot of debt, but I think this is going to be a relatively rare situation.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
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The average federal income tax paid by the American taxpayer is around $10000, if we raised that to $16500 and didn’t add new spending we wouldn’t have any debt. Guys that is pretty cheap per person to live in this country. My family bronze high ded plan will be $15,000 next year for perspective.
Reduce federal spending by $500 billion and I would gladly pay more in taxes to balance the budget and start paying off the debt. But there is no willingness by either party, except for a minority of conservatives, to actually cut spending. So why the hell would I give the government more of my money just so they can spend more and continue to run massive deficits? I'm not against taxes - I'm against wasting my money and asking for more.
My point with this is we have far to many people not paying their fair share. In 2014 income was around 9 trillion and fed taxes around 1.3 trill. That’s like 15% . I don’t see why everybody can’t just pay 20% and call it a day. This illusion that 85% of our country doesn’t pay much and then votes stupid because of it is silly.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
My mom and dad make it just fine with a 300k house, putting 3 kids through college (with one still in there), and oh look at that just traded in a car and bought the rest of the balance in 15k in cash. All while operating on approx 2/3 of that income. You have very little to no excuse if you are hauling in 180k. Maybe some reckless spending going on there if you are.
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Bingo
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It would indeed be a ton of totally reckless spending. I always figured the simpler explanation is that KSUW WILDLY exaggerates his household income.
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Hey now, KSU-W and I should not be tarred and feathered for one of us being a bachelor 3%er and the other being a married, brood-supporting, never retiring, penny-pinching-hundred-thousand-aire 3%er who can't countenance a change in the dependent tax credit. One of us worked hard all our adult lives to get to this point. Show some 'spect.
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like how they give a 10yr cut to a bunch of low incomer earners then take it away, long enough for all the current GOP to get relected and people to forget.
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The average federal income tax paid by the American taxpayer is around $10000, if we raised that to $16500 and didn’t add new spending we wouldn’t have any debt. Guys that is pretty cheap per person to live in this country. My family bronze high ded plan will be $15,000 next year for perspective.
Reduce federal spending by $500 billion and I would gladly pay more in taxes to balance the budget and start paying off the debt. But there is no willingness by either party, except for a minority of conservatives, to actually cut spending. So why the hell would I give the government more of my money just so they can spend more and continue to run massive deficits? I'm not against taxes - I'm against wasting my money and asking for more.
My point with this is we have far to many people not paying their fair share. In 2014 income was around 9 trillion and fed taxes around 1.3 trill. That’s like 15% . I don’t see why everybody can’t just pay 20% and call it a day. This illusion that 85% of our country doesn’t pay much and then votes stupid because of it is silly.
Agree, except that 20% is way too high. I bet if everyone just paid 15% - no deductions, credits or any of that crap - we'd be in great shape.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
Ok, well can confirm your guarantee is wrong, dumbass.
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
I'm fascinated by the difference in liberal and conservative outlooks on life. To me, a person wanting to keep more of their own money is completely different from a person asking for more of someone else's money. Liberals don't see that distinction, and even hold the welfare recipient in higher regard. To me, a person who worked hard for their money to live a comfortable lifestyle and provide a good life their kids, and already pays a ton in taxes, has a right to be upset about their taxes going up. To a liberal, that person just needs to "spend more responsibly" to afford the higher taxes, and anyone who doesn't agree is a hypocrite if they want welfare recipients to be more responsible for supporting themselves.
It really is fascinating. This isn't a matter of intelligence. I know enough smart liberals to appreciate that. It's a nature or nurture thing. Probably some of both.
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i find it fascinating that we spend 400 billion dollars a year more on our military* than the next largest spender
but to suggest belt tightening is decried by conservatives
(*the same military they claim to need guns to protect themselves from)
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the shell game at the bottom is repulsive and fucks up the market. Big business wants cheap labor and lobbies for it. Establishment fuckfaces give them what they want and make it work by subsidizing the whole scheme with an big safety net, tax credits to the poor, and a bunch of other crap all financed by the people paying taxes. Added benefit for establishment fuckface is he appears to be a hero to both big business and the poor and gets votes. This system is horrible for the poor in a multitude of ways.
In reality you are a irl bad person to think this setup is ok, like racist, slavery, inhumane bad person
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Sent from my SM-G955U using Tapatalk
http://goEMAW.com/forum/index.php?topic=39872.msg1777922#msg1777922
http://goEMAW.com/forum/index.php?topic=28425.msg1774301#msg1774301
:dubious:
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Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.
For some people in some markets, $180K isn't really a lot of money. Especially people with lots of law school debt and expensive tastes in alcohol, just for illustrative purposes.
Can guarantee you that every dumbass who "doesn't feel sorry for the family that hauls in 180k" (a) doesn't have kids, (b) didn't pay for a graduate-level degree, and (c) hasn't bought a home in an expensive school district. That's ok. Maybe these dumbasses are just young and naïve and haven't finished school or started families yet.
Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
I'm fascinated by the difference in liberal and conservative outlooks on life. To me, a person wanting to keep more of their own money is completely different from a person asking for more of someone else's money. Liberals don't see that distinction, and even hold the welfare recipient in higher regard. To me, a person who worked hard for their money to live a comfortable lifestyle and provide a good life their kids, and already pays a ton in taxes, has a right to be upset about their taxes going up. To a liberal, that person just needs to "spend more responsibly" to afford the higher taxes, and anyone who doesn't agree is a hypocrite if they want welfare recipients to be more responsible for supporting themselves.
It really is fascinating. This isn't a matter of intelligence. I know enough smart liberals to appreciate that. It's a nature or nurture thing. Probably some of both.
You weren't upset with your taxes going up. You actually seemed pumped to pay more to support the president
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Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
I'm fascinated by the difference in liberal and conservative outlooks on life. To me, a person wanting to keep more of their own money is completely different from a person asking for more of someone else's money. Liberals don't see that distinction, and even hold the welfare recipient in higher regard. To me, a person who worked hard for their money to live a comfortable lifestyle and provide a good life their kids, and already pays a ton in taxes, has a right to be upset about their taxes going up. To a liberal, that person just needs to "spend more responsibly" to afford the higher taxes, and anyone who doesn't agree is a hypocrite if they want welfare recipients to be more responsible for supporting themselves.
It really is fascinating. This isn't a matter of intelligence. I know enough smart liberals to appreciate that. It's a nature or nurture thing. Probably some of both.
You're either missing or ignoring the point. Right now you are saying "I don't want to give away any more money because I want to spend it on myself." That is fine, but KK's point is based on the conservative critique that people currently receiving welfare benefits could be self-sufficient if they just were more responsible with their money. If you cannot feel sorry enough for those people to pay a little extra tax to help them out, then why the eff should I feel sorry about a family making $180k /year who is underwater on the $600k mortgage they just took out?
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Starting to feel like the MIR of the tax thread now...
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Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
I'm fascinated by the difference in liberal and conservative outlooks on life. To me, a person wanting to keep more of their own money is completely different from a person asking for more of someone else's money. Liberals don't see that distinction, and even hold the welfare recipient in higher regard. To me, a person who worked hard for their money to live a comfortable lifestyle and provide a good life their kids, and already pays a ton in taxes, has a right to be upset about their taxes going up. To a liberal, that person just needs to "spend more responsibly" to afford the higher taxes, and anyone who doesn't agree is a hypocrite if they want welfare recipients to be more responsible for supporting themselves.
It really is fascinating. This isn't a matter of intelligence. I know enough smart liberals to appreciate that. It's a nature or nurture thing. Probably some of both.
You're either missing or ignoring the point. Right now you are saying "I don't want to give away any more money because I want to spend it on myself." That is fine, but KK's point is based on the conservative critique that people currently receiving welfare benefits could be self-sufficient if they just were more responsible with their money. If you cannot feel sorry enough for those people to pay a little extra tax to help them out, then why the eff should I feel sorry about a family making $180k /year who is underwater on the $600k mortgage they just took out?
sounds like these folks need to pull themselves up by their Lucchese Boot Straps
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i find it fascinating that we spend 400 billion dollars a year more on our military* than the next largest spender
but to suggest belt tightening is decried by conservatives
(*the same military they claim to need guns to protect themselves from)
This is a good start.
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Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
I'm fascinated by the difference in liberal and conservative outlooks on life. To me, a person wanting to keep more of their own money is completely different from a person asking for more of someone else's money. Liberals don't see that distinction, and even hold the welfare recipient in higher regard. To me, a person who worked hard for their money to live a comfortable lifestyle and provide a good life their kids, and already pays a ton in taxes, has a right to be upset about their taxes going up. To a liberal, that person just needs to "spend more responsibly" to afford the higher taxes, and anyone who doesn't agree is a hypocrite if they want welfare recipients to be more responsible for supporting themselves.
It really is fascinating. This isn't a matter of intelligence. I know enough smart liberals to appreciate that. It's a nature or nurture thing. Probably some of both.
You're either missing or ignoring the point. Right now you are saying "I don't want to give away any more money because I want to spend it on myself." That is fine, but KK's point is based on the conservative critique that people currently receiving welfare benefits could be self-sufficient if they just were more responsible with their money. If you cannot feel sorry enough for those people to pay a little extra tax to help them out, then why the eff should I feel sorry about a family making $180k /year who is underwater on the $600k mortgage they just took out?
O man I was like 2/3 through writing a response to his post and then my browser freaked out a bit. Glad someone pointed this out.
Agree on lot of it.
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You weren't upset with your taxes going up. You actually seemed pumped to pay more to support the president
it really is amazing. he knows this will be bad for himself, but great for all the people much richer than he will ever be, but he supports it because he is envious of them. what a cuck.
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You weren't upset with your taxes going up. You actually seemed pumped to pay more to support the president
it really is amazing. he knows this will be bad for himself, but great for all the people much richer than he will ever be, but he supports it because he is envious of them. what a cuck.
Trolling those stupid libs tho
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You weren't upset with your taxes going up. You actually seemed pumped to pay more to support the president
it really is amazing. he knows this will be bad for himself, but great for all the people much richer than he will ever be, but he supports it because he is envious of them. what a cuck.
I don't think you've been following this thread closely enough. To follow KSUdub's arc in this thread....
1. ZOMG this is gonna be awesome for me!!
2. Well eff, I'm losing the personal exemptions, so this might really suck for me.
3. Maybe it'll at least help me indirectly by boosting my investments.
4. ZOMG I just found out they're gonna increase the phase out for the child tax credit, so this is gonna be awesome for me!!
5. (The last few pages) batting down idiotic liberal butthurt.
It really has been quite a rollercoaster.
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Just keep in mind this guy thinks people on food stamps and other social welfare programs should just learn some personal responsibility.
I'm fascinated by the difference in liberal and conservative outlooks on life. To me, a person wanting to keep more of their own money is completely different from a person asking for more of someone else's money. Liberals don't see that distinction, and even hold the welfare recipient in higher regard. To me, a person who worked hard for their money to live a comfortable lifestyle and provide a good life their kids, and already pays a ton in taxes, has a right to be upset about their taxes going up. To a liberal, that person just needs to "spend more responsibly" to afford the higher taxes, and anyone who doesn't agree is a hypocrite if they want welfare recipients to be more responsible for supporting themselves.
It really is fascinating. This isn't a matter of intelligence. I know enough smart liberals to appreciate that. It's a nature or nurture thing. Probably some of both.
You're either missing or ignoring the point. Right now you are saying "I don't want to give away any more money because I want to spend it on myself." That is fine, but KK's point is based on the conservative critique that people currently receiving welfare benefits could be self-sufficient if they just were more responsible with their money. If you cannot feel sorry enough for those people to pay a little extra tax to help them out, then why the eff should I feel sorry about a family making $180k /year who is underwater on the $600k mortgage they just took out?
Gosh, I don't think I could have said this any more clearly above, but I'll try again. It is totally adorable how liberals equate a person wanting to keep more of their money with a person wanting more of someone else's money.
Have you guys seen Westworld, where the androids are programmed so they literally can't see something that would eff with their programming and cause them to question the nature of their existence? That's what liberals are like here. They literally can't see the obvious difference right in front of them. "That doesn't look like anything to me." It's really amazing.
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But... You constantly talk about wanting more of poor people's money
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Westworld sounds dorky
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Westworld sounds dorky
It was actually kind of cool but way too convoluted. A bit too Lost'ish. There's a thread for it.
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I think child tax credits are complete horseshit. you should be taxed more if anything. these little shits eat up public services at 10x the rate of grown adults. if we're cutting/adding stuff based on "fairness" that's a layup. and this is coming from someone with like 20 kids.
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I think child tax credits are complete horseshit. you should be taxed more if anything. these little shits eat up public services at 10x the rate of grown adults. if we're cutting/adding stuff based on "fairness" that's a layup. and this is coming from someone with like 20 kids.
Mine use like zero public services
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I think child tax credits are complete horseshit. you should be taxed more if anything. these little shits eat up public services at 10x the rate of grown adults. if we're cutting/adding stuff based on "fairness" that's a layup. and this is coming from someone with like 20 kids.
Especially handicapped ones, the resources they consume relative to what they produce is insane.
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20% is way too high. I bet if everyone just paid 15% - no deductions, credits or any of that crap - we'd be in great shape.
federal spending is 20% of gdp, so no, if everyone paid 15%, we would not be in great shape.
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I don't think you've been following this thread closely enough. To follow KSUdub's arc in this thread....
are we ever going to get to a point in this arc where you realize that decreasing your rates now will increase your rates in the future?
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is anybody here opposed to paying a flat 20% of their income to the feds? (no deductions) I don't think that's too much to ask to live in this now great again country.
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For myself? No. For other people? Yes
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why would you be opposed for others? if they don't make much they don't pay much, its a great deal for them to live in this country for $4000 a year while others are paying $100,000 for the same thing?
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Sure. They are already scraping to keep food on the table. Let's up their taxes because that's fair.
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Sure. They are already scraping to keep food on the table. Let's up their taxes because that's fair.
wants to take other people's money from them, smdh
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the system is screwed up I agree, the fact that wages have been artificially suppressed at the bottom is the problem. The supposed tax savings of the poor have just found their way into the pockets of corporations in the form of profits. There is no reason everyone cant pay 20% and be fine in an unbastardized system.
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this is really good.
https://www.bloomberg.com/news/features/2017-11-09/how-to-break-out-of-our-long-national-tax-nightmare
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I think child tax credits are complete horseshit. you should be taxed more if anything. these little shits eat up public services at 10x the rate of grown adults. if we're cutting/adding stuff based on "fairness" that's a layup. and this is coming from someone with like 20 kids.
Yes.
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is anybody here opposed to paying a flat 20% of their income to the feds? (no deductions) I don't think that's too much to ask to live in this now great again country.
Can I file my taxes on a postcard? All I really care about is the format of the thing I'm mailing in.
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https://twitter.com/nataliewsj/status/930432900616589312
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YES, DO IT!
https://twitter.com/nytpolitics/status/930518215398129664
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WTF is wrong with these people?
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It appears that the mandate tax being stripped away actually makes the tax bill cheaper. Not really sure how, but the Senate is evidently just playing along with the CBO's screwy math. According to the CBO, killing the "individual mandate" tax will save money that the Senate can then use to pay for other tax cuts.
To me, killing one tax to help pay for other tax cuts sounds like a win-win. To liberals it's Armageddon.
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Also gotta say it amused by the liberal talking points that "repealing the individual mandate will cause millions to lose their healthcare." To a liberal, if people decide they don't want to buy insurance because a tax penalty is killed, then killing the tax penalty causes those people to "lose their healthcare." :lol:
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Real fiscal conservatives like myself would just say, how about we make the goal adding 0 to the deficit instead of trying to barely squeak under $1.5 trillion?
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I get removing the individual mandate politically though. It will cause many healthy people to not buy insurance, which means the next time Republicans roll out stupid healthcare plan 4.0, the CBO analysis will look much more favorable because fewer insured means fewer losing insurance.
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Unlikely to pass already, cutting the individual mandate will officially kill this turd
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https://twitter.com/paulkrugman/status/930520569661022209
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Real fiscal conservatives like myself would just say, how about we make the goal adding 0 to the deficit instead of trying to barely squeak under $1.5 trillion?
A real fiscal conservative such as yourself should realize that all this math is totally bogus. Nobody knows the real "cost" of this tax reform because nobody knows how much the economy will be boosted as a result. You should also realize that tax revenue as a percent of GDP may fluctuate but has remained remarkably steady the last several decades regardless of tax rates - the real culprit of our deficits is that we're spending way too much money. So a real fiscal conservative would focus on the spending and be fine with allowing nearly everyone to keep a little more of their own money.
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Real fiscal conservatives like myself would just say, how about we make the goal adding 0 to the deficit instead of trying to barely squeak under $1.5 trillion?
A real fiscal conservative such as yourself should realize that all this math is totally bogus. Nobody knows the real "cost" of this tax reform because nobody knows how much the economy will be boosted as a result. You should also realize that tax revenue as a percent of GDP may fluctuate but has remained remarkably steady the last several decades regardless of tax rates - the real culprit of our deficits is that we're spending way too much money. So a real fiscal conservative would focus on the spending and be fine with allowing nearly everyone to keep a little more of their own money.
CBO is off by $1.5 trillion is your take?
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It appears that the mandate tax being stripped away actually makes the tax bill cheaper. Not really sure how, but the Senate is evidently just playing along with the CBO's screwy math. According to the CBO, killing the "individual mandate" tax will save money that the Senate can then use to pay for other tax cuts.
To me, killing one tax to help pay for other tax cuts sounds like a win-win. To liberals it's Armageddon.
I just don't see how insurance rates don't go up without the individual mandate. I really don't believe it produces much tax revenue, and it never really was meant to.
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Rates will absolutely go up.
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Trying to repeal aca with this is unbelievably stupid
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Real fiscal conservatives like myself would just say, how about we make the goal adding 0 to the deficit instead of trying to barely squeak under $1.5 trillion?
A real fiscal conservative such as yourself should realize that all this math is totally bogus. Nobody knows the real "cost" of this tax reform because nobody knows how much the economy will be boosted as a result. You should also realize that tax revenue as a percent of GDP may fluctuate but has remained remarkably steady the last several decades regardless of tax rates - the real culprit of our deficits is that we're spending way too much money. So a real fiscal conservative would focus on the spending and be fine with allowing nearly everyone to keep a little more of their own money.
1. Real fiscal conservatives like myself are NOT ok with passing measures that “welp, nobody knows what will happen to spending or the economy if we do this.”
2. If you are cutting taxes on those bringing in the most cash, even IF the economy improves (which is practically guaranteed not to happen in the next year), it has to improve by that much more just to cover the difference.
3. I would LOVE to talk about spending. What we really should be talking about is how to cut cut cut the ridiculous military budget.
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Rates will absolutely go up.
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They already were.
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Rates will absolutely go up.
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They already were.
they will go up by more.
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Rates will absolutely go up.
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They already were.
they will go up by more.
Gosh, maybe the people who shoved this crap law down our throats should held the pubs repeal and replace it with actual free market reform. Oh wait... that's never gonna happen because said socialists want to go in the opposite direction. Save your crocodile tears.
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Also gotta say it amused by the liberal talking points that "repealing the individual mandate will cause millions to lose their healthcare." To a liberal, if people decide they don't want to buy insurance because a tax penalty is killed, then killing the tax penalty causes those people to "lose their healthcare." :lol:
The mental gymnastics they're engaging in to claim this is a middle class tax cut is particularly lol after spending 8 years raising taxes on and generally rough ridin' over the middle class.
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Good take.
https://www.realclearpolitics.com/articles/2017/11/15/one_simple_way_to_improve_gops_tax_reform_proposal_135542.html (https://www.realclearpolitics.com/articles/2017/11/15/one_simple_way_to_improve_gops_tax_reform_proposal_135542.html)
It's sounding like this thing now has a real chance of passage. Nervously optimistic. For me, whether the increase of the child tax credit phaseout threshold survives will be the difference between a slight tax increase and significant tax decrease.
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I'm going to pay more either way
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I'm going to pay more either way
Same
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I don't know about my personal tax situation and I don't care. I'd just rather see the government do things other than work to make rich people richer.
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This chart! :love:
https://twitter.com/josephlawler/status/930884532043223041
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This chart! :love:
https://twitter.com/josephlawler/status/930884532043223041
The best part is that Wyden has left that chart up behind him for the remainder of the session.
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
The personal cuts are essentially permanent and everyone knows it. They've even outright said on the record that no one is going to let them expire. It's maneuvering by both sides - the Democrats are using it to gin up bad PR and the Republicans are using it to skirt the reconciliation rules. Don't play dumb.
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
The personal cuts are essentially permanent and everyone knows it. They've even outright said on the record that no one is going to let them expire. It's maneuvering by both sides - the Democrats are using it to gin up bad PR and the Republicans are using it to skirt the reconciliation rules. Don't play dumb.
Not playing dumb. I agree with you. The Pubs are being surprisingly competent this time around from a political standpoint. Or maybe it's just that the Dems are in a tough spot because people like keeping more of their money, and it's hard to pretend to be deficit hawks after doubling the national debt under Obama. All they've got is the tired old "tax cuts for the rich" class warfare. If you're already paying a crap ton in taxes, chances are you're going to get a bigger break than if you weren't paying much to begin with. But the vast majority of people are going to get to keep more of their money. So the Dems figure their only chance to stop this is to stoke resentment about who is getting a bigger slice of cheese. Let's all just have some cheese, please.
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The republicans might not have the votes in the senate.
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The republicans might not have the votes in the senate.
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Convince them otherwise...
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Unlikely to pass already, cutting the individual mandate will officially kill this turd
Nope, senate trying to piggy back a bill that makes Obamacare subsidies law (the illegal ones Trump got rid of) so it may pass and be gross.
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
Why not make the corporate cuts temporary instead? That would seem to be a better PR move for dumb voters.
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
Why not make the corporate cuts temporary instead? That would seem to be a better PR move for dumb voters.
It would be better for PR but not as a matter of policy. Pubs want this tax reform to jolt the economy. Temporary corporate cuts tempers the economic impact of the cuts. So if you've gotta make one temporary to use procedural rules to get around the Dems' filibuster, you go with the personal cuts. Wouldn't it be awesome if enough Dems would choose not to filibuster and we could just make them both "permanent?" Lol, I know that's asking waaaay too much. Politics and stuff.
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
Why not make the corporate cuts temporary instead? That would seem to be a better PR move for dumb voters.
It would be better for PR but not as a matter of policy. Pubs want this tax reform to jolt the economy. Temporary corporate cuts tempers the economic impact of the cuts. So if you've gotta make one temporary to use procedural rules to get around the Dems' filibuster, you go with the personal cuts. Wouldn't it be awesome if enough Dems would choose not to filibuster and we could just make them both "permanent?" Lol, I know that's asking waaaay too much. Politics and stuff.
I guess if you buy into that voodoo then it's a good point.
Come with a plan that doesn't add to the debt then I bet you'd get some votes from across the isle.
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
Why not make the corporate cuts temporary instead? That would seem to be a better PR move for dumb voters.
It would be better for PR but not as a matter of policy. Pubs want this tax reform to jolt the economy. Temporary corporate cuts tempers the economic impact of the cuts. So if you've gotta make one temporary to use procedural rules to get around the Dems' filibuster, you go with the personal cuts. Wouldn't it be awesome if enough Dems would choose not to filibuster and we could just make them both "permanent?" Lol, I know that's asking waaaay too much. Politics and stuff.
I guess if you buy into that voodoo then it's a good point.
Come with a plan that doesn't add to the debt then I bet you'd get some votes from across the isle.
:lol: Yes, that's the objection of all those Democrats! They're just too fiscally conservative!! :lol:
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Owning libs by adding to the debt. :cool:
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Also owning libs by increasing their own health insurance premiums :gocho:
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To me, the best part is the irony. The Senate GOP decided to make the personal cuts temporary in order to fit the bill within procedural rules that allow passage by a simple majority. So, if not for the Democrats' threat of filibuster, they could have made the tax cuts permanent.
Why are the Dems so opposed to letting people keep more of their own money?
Why not make the corporate cuts temporary instead? That would seem to be a better PR move for dumb voters.
It would be better for PR but not as a matter of policy. Pubs want this tax reform to jolt the economy. Temporary corporate cuts tempers the economic impact of the cuts. So if you've gotta make one temporary to use procedural rules to get around the Dems' filibuster, you go with the personal cuts. Wouldn't it be awesome if enough Dems would choose not to filibuster and we could just make them both "permanent?" Lol, I know that's asking waaaay too much. Politics and stuff.
I guess if you buy into that voodoo then it's a good point.
Come with a plan that doesn't add to the debt then I bet you'd get some votes from across the isle.
Yes, that's the objection of all those Democrats! They're just too fiscally conservative!!
They need you guys to balance them out...not make the problem worse....
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https://twitter.com/TopherSpiro/status/931279048998899712
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https://twitter.com/TopherSpiro/status/931279048998899712
That's good, excise taxes are stupid and should all be eliminated.
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https://twitter.com/nielslesniewski/status/931550102468120576
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So in other words, she's a yes. :Woot:
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So in other words, she's a yes. :Woot:
In other words, the Obamacare subsidies that were not law, are now going to be law and I fear the amounts of these subsidies will experience explosive growth. I think this might be a poison pill, I don’t think tax reform is worth this trade-off. Essentially the ACA gets stronger than before Trump was elected?
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So in other words, she's a yes. :Woot:
In other words, the Obamacare subsidies that were not law, are now going to be law and I fear the amounts of these subsidies will experience explosive growth. I think this might be a poison pill, I don’t think tax reform is worth this trade-off. Essentially the ACA gets stronger than before Trump was elected?
Meh - Obamacare is dying anyway. The subsidies weren't saving it when they were illegally being handed out, and they won't now. Killing the individual mandate will cause even more people to exit the exchanges. Granted, the subsidies will add to the "cost" of the tax bill - but not under the Senate's arcane procedural rules because it will be separate legislation.
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Weird how excited Republicans are about putting this country in debt. Vote to increase military spending, vote to decrease government revenue from corporate taxes, vote to expand subsidies for Obamacare.
It’s like all they wanna do is spend my money.
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Weird how excited Republicans are about putting this country in debt. Vote to increase military spending, vote to decrease government revenue from corporate taxes, vote to expand subsidies for Obamacare.
It’s like all they wanna do is spend my money.
we'll care again when a Dem is in office
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Weird how excited Republicans are about putting this country in debt. Vote to increase military spending, vote to decrease government revenue from corporate taxes, vote to expand subsidies for Obamacare.
It’s like all they wanna do is spend my money.
we'll care again when a Dem is in office
And blame them for trying to dig the car out of the ditch the pubs drove into
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Weird how excited Republicans are about putting this country in debt. Vote to increase military spending, vote to decrease government revenue from corporate taxes, vote to expand subsidies for Obamacare.
It’s like all they wanna do is spend my money.
So for what it's worth, I haven't forgotten about our spending problem. I just have never believed you can tax yourself out of our spending problem. And I'm sure as hell not going to support my family continuing to be taxed out the ass to support our spending problem. And I also subscribe to the "voodoo" that tax cuts can at least partially pay for themselves by boosting economic growth.
So if you think fiscal conservatives are being hypocritical for supporting tax cuts, you're oversimplifying.
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I'm a fiscal conservative and registered republican. I want taxes cut. I want spending cut. I want the deficit reduced. I don't like this plan because it doesn't do any of those things.
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I don't care about the deficit, but this tax cut will inevitably lead to major cuts to entitlements.
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KK, I saw a piece by an MIT PhD student that talked about the tuition assistance and stuff you were talking about earlier. I didn't really understand it when you were explaining it but he laid it out much more plainly. Now that I understand the issue, wow, what is the point of such an absolutely devastating move? So ridiculous
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I don't care about the deficit, but this tax cut will inevitably lead to major cuts to entitlements.
If Republicans can't get their crap together enough to cut Obamacare, which they hate with a fiery passion, hopefully they won't be able to for Medicare or Social Security benefits either.
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KK, I saw a piece by an MIT PhD student that talked about the tuition assistance and stuff you were talking about earlier. I didn't really understand it when you were explaining it but he laid it out much more plainly. Now that I understand the issue, wow, what is the point of such an absolutely devastating move? So ridiculous
If you care about lowering tax rates on savings and investment, you do not insert a random excise tax on the earnings of big university endowments. But if you care about sticking it to coastal elite universities that are full of liberals, that provision makes sense. So does treating tuition waivers for PhD students as taxable income. This will hurt the economy dramatically in the long run by undermining human capital developments and creating a less educated workforce. It might even cost lives by impeding biomedical research. But it’s a good way to own the libs.
https://www.vox.com/policy-and-politics/2017/11/17/16667068/republican-tax-plan-gop-mess
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KK, I saw a piece by an MIT PhD student that talked about the tuition assistance and stuff you were talking about earlier. I didn't really understand it when you were explaining it but he laid it out much more plainly. Now that I understand the issue, wow, what is the point of such an absolutely devastating move? So ridiculous
it owns the libs.
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I'm a fiscal conservative and registered republican. I want taxes cut. I want spending cut. I want the deficit reduced. I don't like this plan because it doesn't do any of those things.
Except the first thing. It cuts taxes for the vast majority of people and businesses. And if you're saying you can't support tax cuts unless it's packaged in a bill that cuts spending, you're essentially saying you don't support tax cuts. Take what we can get, and elect more conservatives to office if you want any chance of cutting spending.
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I don't care about the deficit, but this tax cut will inevitably lead to major cuts to entitlements.
If Republicans can't get their crap together enough to cut Obamacare, which they hate with a fiery passion, hopefully they won't be able to for Medicare or Social Security benefits either.
:lol: Hopefully? Does anyone here seriously think the GOP can or will even attempt to cut SS or Medicare? Don't get me wrong, they need to be "cut" by which I mean reformed to stay solvent, but that's a pipe dream.
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I don't care about the deficit, but this tax cut will inevitably lead to major cuts to entitlements.
If Republicans can't get their crap together enough to cut Obamacare, which they hate with a fiery passion, hopefully they won't be able to for Medicare or Social Security benefits either.
:lol: Hopefully? Does anyone here seriously think the GOP can or will even attempt to cut SS or Medicare? Don't get me wrong, they need to be "cut" by which I mean reformed to stay solvent, but that's a pipe dream.
Yes, this is what is being discussed by your party. FYI.
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I'm a fiscal conservative and registered republican. I want taxes cut. I want spending cut. I want the deficit reduced. I don't like this plan because it doesn't do any of those things.
Except the first thing. It cuts taxes for the vast majority of people and businesses . And if you're saying you can't support tax cuts unless it's packaged in a bill that cuts spending, you're essentially saying you don't support tax cuts. Take what we can get, and elect more conservatives to office if you want any chance of cutting spending.
Temporarily.
Also, as of 2015 the latest estimates had between 40-50% of American households paying no federal income tax already. https://www.forbes.com/sites/beltway/2015/10/06/new-estimates-of-how-many-households-pay-no-federal-income-tax/#76fe738561cb
So I don't know what you mean by cutting taxes for the "vast majority of people."
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I'm a fiscal conservative and registered republican. I want taxes cut. I want spending cut. I want the deficit reduced. I don't like this plan because it doesn't do any of those things.
Except the first thing. It cuts taxes for the vast majority of people and businesses . And if you're saying you can't support tax cuts unless it's packaged in a bill that cuts spending, you're essentially saying you don't support tax cuts. Take what we can get, and elect more conservatives to office if you want any chance of cutting spending.
Temporarily.
Also, as of 2015 the latest estimates had between 40-50% of American households paying no federal income tax already. https://www.forbes.com/sites/beltway/2015/10/06/new-estimates-of-how-many-households-pay-no-federal-income-tax/#76fe738561cb
So I don't know what you mean by cutting taxes for the "vast majority of people."
Oh sorry - I thought it was obvious I was talking about people who actually pay FIT already. Because why would you expect people who don't to get a tax cut? This is that liberal/conservative brain thing I was talking about.
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How are 50% of people not paying any federal taxes and how can I do that?
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Make like 35k a year
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Make like 35k a year
I don’t want to brag but that would be a pay cut.
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no one said that there aren't tradeoffs
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free iphones and hi def flat screens tho
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How are 50% of people not paying any federal taxes and how can I do that?
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50% of taxpayers or 50% of all living things including children, retirees, disabled, etc?
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How are 50% of people not paying any federal taxes and how can I do that?
50% of taxpayers or 50% of all living things including children, retirees, disabled, etc?
"Tax units" aka "households". A tax unit excludes those that are dependents of other tax units, so it's basically everyone who could file a return either individually or jointly. There were an estimated 171.3 million tax units in 2015, the last major study conducted by the Tax Policy Center on the subject.
An estimated 77.5 million units, or a little over 45%, paid zero or negative FIT in 2015.
You can see all their data in one easy chart here. It is very interesting. http://www.taxpolicycenter.org/model-estimates/tax-units-zero-or-negative-income-tax/tax-units-zero-or-negative-income-tax (http://www.taxpolicycenter.org/model-estimates/tax-units-zero-or-negative-income-tax/tax-units-zero-or-negative-income-tax)
According to similar studies, the top 1% of income earners pay nearly 50% of all income tax revenue, and the top 20% of income earners pay almost 90% of all income tax revenue.
So our income tax model is extremely "progressive," meaning tax rates increase as income increases, rather than everyone just paying the same rate.
This is balanced out ever so slightly by payroll tax - aka FICA - which funds SS and MC and is a somewhat "regressive" tax, meaning the rate actually goes down at higher incomes. This is because FICA only applies to dollars earned under a certain threshold - around $120k.
Even if you factor in FIT and FICA, there are still 27% of tax units that don't owe those taxes on net.
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Trump says I am going to get an $1800 tax cut. $150 a month. Big whoop deal. Liar. He said $4,000. Liar. I had my issuance premiums for our family's health insurance increase by $300 per month. So with Congress and the Great Dealmaker shoving their hands up their butt to avoid hard plowing, I am worse off than if Obama was still in office. We made a mistake not electing Cruz or Rubio. Why? Stupid people who don't know issues.
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I'm a fiscal conservative and registered republican. I want taxes cut. I want spending cut. I want the deficit reduced. I don't like this plan because it doesn't do any of those things.
Except the first thing. It cuts taxes for the vast majority of people and businesses . And if you're saying you can't support tax cuts unless it's packaged in a bill that cuts spending, you're essentially saying you don't support tax cuts. Take what we can get, and elect more conservatives to office if you want any chance of cutting spending.
Temporarily.
Also, as of 2015 the latest estimates had between 40-50% of American households paying no federal income tax already. https://www.forbes.com/sites/beltway/2015/10/06/new-estimates-of-how-many-households-pay-no-federal-income-tax/#76fe738561cb
So I don't know what you mean by cutting taxes for the "vast majority of people."
Oh sorry - I thought it was obvious I was talking about people who actually pay FIT already. Because why would you expect people who don't to get a tax cut? This is that liberal/conservative brain thing I was talking about.
Call it obvious or not, but it’s directly relevant to your point. The vast majority of Americans do not need tax relief, and those that do are just an afterthought in this bill. Tax relief is just a lame talking point for Republicans to push through a (as sys called it) deficit funded stimulus package. That’s why sd is correct that this bill really doesn’t check any boxes for (non-MAGA) fiscal conservatives.
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Meh, it's amazing how liberals are trying to paint broad tax reductions as a bad thing, but pretty much every argument boils down to the same old class warfare. Stoke resentment because somebody's getting a bigger cut, or because somebody's taxes will go up. The vast majority of people who pay FIT will see a reduction, not to mention a possible slight wage increase and likely boost in their college and retirement accounts.
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A tax cut isn't needed tho :th_twocents:
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Also the corporate tax cut is so lol
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This is normal tax reform in the same way that Trump is a normal president.
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A tax cut isn't needed tho :th_twocents:
I disagree.
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The commentary ITT provides all the evidence I need to know that people who don't pay taxes not only shouldn't be allowed to decide what others pay in taces, but also why people who don't pay taxes should not be allowed to vote. You have non-stakeholders voting to take money from one class amd give it to themselves.
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who doesn't pay taxes?
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The commentary ITT provides all the evidence I need to know that people who don't pay taxes not only shouldn't be allowed to decide what others pay in taces, but also why people who don't pay taxes should not be allowed to vote. You have non-stakeholders voting to take money from one class amd give it to themselves.
People don’t vote to either increase or decrease taxes. If by “non-stakeholders” you are referring to congress then the same is true for all legislation.
Idk about people who don’t pay taxes, but I might support a voting ban of people who don’t even have a rudimentary understanding of how our government works.
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The commentary ITT provides all the evidence I need to know that people who don't pay taxes not only shouldn't be allowed to decide what others pay in taces, but also why people who don't pay taxes should not be allowed to vote. You have non-stakeholders voting to take money from one class amd give it to themselves.
People don’t vote to either increase or decrease taxes. If by “non-stakeholders” you are referring to congress then the same is true for all legislation.
Idk about people who don’t pay taxes, but I might support a voting ban of people who don’t even have a rudimentary understanding of how our government works.
Pretty sure FSD understands we have a representative republic whereby people don't vote directly on issues but instead vote for representatives - who they tend to select based upon how those representatives will vote. So setting aside your cute but stupid bullshit, how about you address the underlying point?
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FSD did not have a point, just a failure to understand how things work. And I defy you to find someone in America who doesn’t pay taxes. He’s just conflating all tax with federal income tax.
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I'm a fiscal conservative and registered republican. I want taxes cut. I want spending cut. I want the deficit reduced. I don't like this plan because it doesn't do any of those things.
Except the first thing. It cuts taxes for the vast majority of people and businesses. And if you're saying you can't support tax cuts unless it's packaged in a bill that cuts spending, you're essentially saying you don't support tax cuts. Take what we can get, and elect more conservatives to office if you want any chance of cutting spending.
Psh, they'll just dump all that extra money in the military, don't give me that bullshit.
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Love when fsd has a wet lunch
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It's like FSD pops in and says, "Hey, I've got a couple train tickets to Crazytown. Who's with me!?" And then no one ever is. And you wonder if he realizes that no one ever is.
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The commentary ITT provides all the evidence I need to know that people who don't pay taxes not only shouldn't be allowed to decide what others pay in taces, but also why people who don't pay taxes should not be allowed to vote. You have non-stakeholders voting to take money from one class amd give it to themselves.
People don’t vote to either increase or decrease taxes. If by “non-stakeholders” you are referring to congress then the same is true for all legislation.
Idk about people who don’t pay taxes, but I might support a voting ban of people who don’t even have a rudimentary understanding of how our government works.
Pretty sure FSD understands we have a representative republic whereby people don't vote directly on issues but instead vote for representatives - who they tend to select based upon how those representatives will vote. So setting aside your cute but stupid bullshit, how about you address the underlying point?
They won't ever address the point. Only a lunatic would argue it's fair that 50% pay nothing and generally get money in return while 1% pay half and 10% pay nearly the entire balance.
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FSD did not have a point, just a failure to understand how things work. And I defy you to find someone in America who doesn’t pay taxes. He’s just conflating all tax with federal income tax.
Why would I be talking about all taxes in the federal income tax reform thread???? Hmmm, dipshit?
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Keep in mind, these are the crazies who think Exxon is covering up global warming and Haliburton orchestrated 9/11, and are batshit furious Donald Trump probably paid no income taxes during certain years.
Is there anything more fundamentally unfair than the federal income tax system in its current state?
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Does fsd understand that the people who pay lots of money in taxes do so because they make lots of money? It's not just randomly assigned.
Maybe he's one of the people not paying taxes and that's why he doesn't understand them :dunno:
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9/11 truthers were much more from the right
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Does fsd understand that the people who pay lots of money in taxes do so because they make lots of money? It's not just randomly assigned.
Maybe he's one of the people not paying taxes and that's why he doesn't understand them :dunno:
Of course the pay more. It's the fact that they pay a much higher rate that's the issue.
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FSD did not have a point, just a failure to understand how things work. And I defy you to find someone in America who doesn’t pay taxes. He’s just conflating all tax with federal income tax.
You are grasping at technicalities to avoid the larger point. Just about everyone pays some tax, usually at least in the form of sales tax. But it's more than a little annoying to hear some bad person who pays an effective FIT rate near zero bitching about how some guy paying 15% or more doesn't deserve a tax cut. There are net makers and net takers in this society and the fact that they both get an equal voice in our governance leads one direction.
Unless you're paying FIT, please: STFU about somebody else getting to keep a little more of their money. That is all.
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Oh, you guys are just mad at strawmen, I should have known
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Does fsd understand that the people who pay lots of money in taxes do so because they make lots of money? It's not just randomly assigned.
Maybe he's one of the people not paying taxes and that's why he doesn't understand them :dunno:
Of course the pay more. It's the fact that they pay a much higher rate that's the issue.
It goes so far beyond that. People making the same amount of money pay widely varying rates.
The libtarded do not understand math at all, but even they can't deny that the fed income tax code is an absurd grab bag of special interests and social engineering. Nevermind that the half of society using the govt the most doesn't contribute one cent (extremely unfair).
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Love when fsd has a wet lunch
:lol:
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Keep punching at the air fsd
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FSD: people who don’t pay tax shouldn’t get a vote on how taxes work
Catastrophe: everyone does pay tax, and no one gets a vote on specific policy decisions like tax structure
FSD: IM ANGRRRY!!!
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Nevermind that the half of society using the govt the most doesn't contribute one cent (extremely unfair).
this portion is extremely arguable
YOU DIDNT BUILD THAT!!!!!
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Nevermind that the half of society using the govt the most doesn't contribute one cent (extremely unfair).
this portion is extremely arguable
YOU DIDNT BUILD THAT!!!!!
Man I would dearly love if the Dems ran on this message in 2020. I didn't get enough play when Obama trotted it out (and then quickly backpeddled) in 2012. It just so perfectly sums up the socialist mindset of the liberal left.
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Keep in mind that kdub and his wife are both lawyers so 100% of his families income is reliant on government operations
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Nevermind that the half of society using the govt the most doesn't contribute one cent (extremely unfair).
this portion is extremely arguable
YOU DIDNT BUILD THAT!!!!!
Man I would dearly love if the Dems ran on this message in 2020. I didn't get enough play when Obama trotted it out (and then quickly backpeddled) in 2012. It just so perfectly sums up the socialist mindset of the liberal left.
Psh, like wanting good infrastructure makes people raging socialists. It was a bad sound bite and he knew it immediately. JFC
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Keep in mind that kdub and his wife are both lawyers so 100% of his families income is reliant on government operations
Lawyer and a PA. That'd be scary being married to a lawyer.
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Nevermind that the half of society using the govt the most doesn't contribute one cent (extremely unfair).
this portion is extremely arguable
YOU DIDNT BUILD THAT!!!!!
Man I would dearly love if the Dems ran on this message in 2020. I didn't get enough play when Obama trotted it out (and then quickly backpeddled) in 2012. It just so perfectly sums up the socialist mindset of the liberal left.
Psh, like wanting good infrastructure makes people raging socialists. It was a bad sound bite and he knew it immediately. JFC
:lol: Thats a pretty generous take.
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k-s-u-w is a commercial Christmas lighting sales engineer. his wife is an HVAC sales engineer.
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Holy crap! I had no idea how hard I was dick punching the libtarded itt!
AMAZE
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Yea you have no idea about a lot of things.
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https://www.vanityfair.com/news/2017/11/house-tax-plan-conveniently-full-of-glitches-that-benefit-the-rich
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I’m so pissed about everything estate tax right now.
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FSD did not have a point, just a failure to understand how things work. And I defy you to find someone in America who doesn’t pay taxes. He’s just conflating all tax with federal income tax.
You are grasping at technicalities to avoid the larger point. Just about everyone pays some tax, usually at least in the form of sales tax. But it's more than a little annoying to hear some bad person who pays an effective FIT rate near zero bitching about how some guy paying 15% or more doesn't deserve a tax cut. There are net makers and net takers in this society and the fact that they both get an equal voice in our governance leads one direction.
Unless you're paying FIT, please: STFU about somebody else getting to keep a little more of their money. That is all.
Sooo, you are revoking your offer to give up more of your money to support President Trump?
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Another RINO falls in line. http://thehill.com/policy/healthcare/361481-murkowski-supports-repealing-obamacare-mandate-in-boost-to-tax-reform (http://thehill.com/policy/healthcare/361481-murkowski-supports-repealing-obamacare-mandate-in-boost-to-tax-reform)
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I’m so pissed about everything estate tax right now.
Why should people pay more taxes on what has already been taxed? Keep your hands out of my family's pocket.
I can't decide if I actually agree with that argument, but I think it has some merit. I think it makes much more sense to tax high levels of income than it does tax inherited money and property. That is just a pure form of wealth redistribution.
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I’m so pissed about everything estate tax right now.
Why should people pay more taxes on what has already been taxed? Keep your hands out of my family's pocket.
I can't decide if I actually agree with that argument, but I think it has some merit. I think it makes much more sense to tax high levels of income than it does tax inherited money and property. That is just a pure form of wealth redistribution.
I guess what I'm saying is that if I were to write a new tax code from scratch that I thought was just, it wouldn't include an estate tax.
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I'll repeat that the estate tax can be legally avoided, and almost always is, with some careful estate planning. So the estate tax is primarily a boon for tax planning attorneys and cpas, and a political cudgel for Dems. If you can avoid a tax completely and legally by paying a lawyer to shelter your assets, that's a dumb tax.
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I'll repeat that the estate tax can be legally avoided, and almost always is, with some careful estate planning. So the estate tax is primarily a boon for tax planning attorneys and cpas, and a political cudgel for Dems. If you can avoid a tax completely and legally by paying a lawyer to shelter your assets, that's a dumb tax.
Then almost all taxes are a dumb tax in that case
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I’m so pissed about everything estate tax right now.
Why should people pay more taxes on what has already been taxed? Keep your hands out of my family's pocket.
I can't decide if I actually agree with that argument, but I think it has some merit. I think it makes much more sense to tax high levels of income than it does tax inherited money and property. That is just a pure form of wealth redistribution.
I guess what I'm saying is that if I were to write a new tax code from scratch that I thought was just, it wouldn't include an estate tax.
There is always going to be an unfairness to taxes. Why should a grocery store pay tax on money I spend there when that money was already taxed when I got paid? And why should my income be taxed when my clients already paid tax on the money they used to pay my bills?
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I’m so pissed about everything estate tax right now.
Why should people pay more taxes on what has already been taxed? Keep your hands out of my family's pocket.
I can't decide if I actually agree with that argument, but I think it has some merit. I think it makes much more sense to tax high levels of income than it does tax inherited money and property. That is just a pure form of wealth redistribution.
I guess what I'm saying is that if I were to write a new tax code from scratch that I thought was just, it wouldn't include an estate tax.
There is always going to be an unfairness to taxes. Why should a grocery store pay tax on money I spend there when that money was already taxed when I got paid? And why should my income be taxed when my clients already paid tax on the money they used to pay my bills?
Because goods or services were exchanged in a business transaction? Sales tax + income tax, done. Boom, problem solved.
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I'll repeat that the estate tax can be legally avoided, and almost always is, with some careful estate planning. So the estate tax is primarily a boon for tax planning attorneys and cpas, and a political cudgel for Dems. If you can avoid a tax completely and legally by paying a lawyer to shelter your assets, that's a dumb tax.
Then almost all taxes are a dumb tax in that case
Well there are a lot of stupid taxes out there. But there are many others that you can't legally avoid with a few simple moves. You make wage-based income, you generally have to pay tax on it.
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Because goods or services were exchanged in a business transaction? Sales tax + income tax, done. Boom, problem solved.
an estate is also only taxed when it changes hands. i think it makes perfect sense to tax inherited wealth rather than earned income - society has an interest in encouraging industry, not sloth.
furthermore, much of that inherited wealth was initially taxed as capital gains or dividend/interest, at a lower rate than earned income. as long as we provide tax breaks on income from capital, the argument that an estate has already been fully taxed, and should be passed to heirs tax-free is a bit shallow.
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Estate tax is attempted social engineering to resist an aristocracy.
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You guys are still talking about estate tax as if rich people pay it.
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Estate tax is attempted social engineering to resist an aristocracy.
isn't it taken from the taxes nobility paid when an heir ascended to the title?
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You guys are still talking about estate tax as if rich people pay it.
If you have less than 5.5 milly you don't pay a dime giving it to your heirs. I would say the 20 billion in estate taxes paid in 2016 was from some rich people.
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You guys are still talking about estate tax as if rich people pay it.
If you have less than 5.5 milly you don't pay a dime giving it to your heirs. I would say the 20 billion in estate taxes paid in 2016 was from some rich people.
More likely "land rich" farmers and ranchers.
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You guys are still talking about estate tax as if rich people pay it.
If you have less than 5.5 milly you don't pay a dime giving it to your heirs. I would say the 20 billion in estate taxes paid in 2016 was from some rich people.
More likely "land rich" farmers and ranchers.
In 2016, only 682 taxable estates -- or just 13% of all taxable estates -- reported having any farm assets at all, said Beth Kaufman, an estate tax lawyer at Caplin & Drysdale and former associate tax legislative counsel at the Treasury Department.
And those farm assets represented just a small percent of the gross estate values on average. That suggests that for many in this select group, the farm was not the sole -- and maybe not even the primary -- source of income. It also suggests that there may be other assets to tap if needed to pay an estate tax bill.
For example, Kaufman noted, farm assets represented just 5.4% of total assets on average in taxable estates worth between $5 million and $10 million. That drops to 3.6% for estates worth between $10 million and $20 million, to just under 2% for those worth between $20 million and $50 million, and to 1.5% of estates valued at more than $50 million.
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#whenTedCruztalkingpointsgowrong
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Those pesky facts sure get in the way
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isn't it taken from the taxes nobility paid when an heir ascended to the title?
i guess prolly not, as apparently the british didn't start it up until the late 19th century. we may have even started ours up first.
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Those pesky facts sure get in the way
Only when they fit your agenda. Otherwise you just have to act like they are #fakenews
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Definitely fake news. Happy TG everyone. Took the day off yesterday.
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https://twitter.com/sahilkapur/status/935275909631893504
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LOL if this thing doesn't even make it to the floor.
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Also Corker
https://twitter.com/thehill/status/935296916610519042
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https://twitter.com/arappeport/status/935297003562651648
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johnson's just rough ridin' around, corker prolly isn't.
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Neither of these are a "hell no." They want a bigger cut for pass thrus, and they'll get it. Simple as that. Things actually look quite promising so far.
The bigger concerns are Collins, who is the most liberal Republican, and McCain who might say no to anything just to eff Trump over.
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Neither of these are a "hell no." They want a bigger cut for pass thrus, and they'll get it. Simple as that. Things actually look quite promising so far.
The bigger concerns are Collins, who is the most liberal Republican, and McCain who might say no to anything just to eff Trump over.
do you ever get anything right? even by accident?
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Estate tax is attempted social engineering to resist an aristocracy.
Not like we're that far off from it. Just need a few more cuts here and there and then it's ball game until everyone gets voted out or heads roll
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will no longer be insured which means fewer subsidies paid by Uncle Sam.
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
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LOL if this thing doesn't even make it to the floor.
... and it's out of committee. https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update (https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update)
Johnson now satisfied (and likely the Sen from Montana, too, who had the same basis pass-thru concern). Corker likewise placated, for now. His ask - automatic tax increases if growth goals aren't met - will be a much tougher sell.
In same article, Collins seems surprisingly amenable to the bill. Her asks won't be hard at all to reconcile. :Woot:
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
The distinction doesn’t matter in this context. Republicans are hoping millions of fewer people are insured (almost certainly the healthy ones) which inevitably will lead to the entire system collapsing until Congress has its oh crap moment and bails it out for even more money. You might argue they secretly hope these folks actually do get insurance, in which case it’s just a lame workaround for the sake of adding more to the deficit. I don’t see either of those as a positive.
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
The distinction doesn’t matter in this context. Republicans are hoping millions of fewer people are insured (almost certainly the healthy ones) which inevitably will lead to the entire system collapsing until Congress has its oh crap moment and bails it out for even more money. You might argue they secretly hope these folks actually do get insurance, in which case it’s just a lame workaround for the sake of adding more to the deficit. I don’t see either of those as a positive.
Seems like a pretty good way to end up with single payer. Maybe that is what the republicans are shooting for.
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LOL if this thing doesn't even make it to the floor.
... and it's out of committee. https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update (https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update)
Johnson now satisfied (and likely the Sen from Montana, too, who had the same basis pass-thru concern). Corker likewise placated, for now. His ask - automatic tax increases if growth goals aren't met - will be a much tougher sell.
In same article, Collins seems surprisingly amenable to the bill. Her asks won't be hard at all to reconcile. :Woot:
Who knew you'd "woot" more taxes. I think it's great you are willing to help out those less fortunate by taxing yourself more... Proud of you!
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LOL if this thing doesn't even make it to the floor.
... and it's out of committee. https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update (https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update)
Johnson now satisfied (and likely the Sen from Montana, too, who had the same basis pass-thru concern). Corker likewise placated, for now. His ask - automatic tax increases if growth goals aren't met - will be a much tougher sell.
In same article, Collins seems surprisingly amenable to the bill. Her asks won't be hard at all to reconcile. :Woot:
Who knew you'd "woot" more taxes. I think it's great you are willing to help out those less fortunate by taxing yourself more... Proud of you!
This is gonna save me thousands.
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
Isn't the actual (simplified) argument that:
1. Millions of healthy people (actually) "choose" not to buy health insurance without the mandate
2. Insurance companies have to raise rates on remaining (less healthy) customers to cover increased cost per customer
3. Older / less healthy people who are hit with highest rate increases can no longer afford insurance and "choose" (but not really) not to buy insurance.
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
The distinction doesn’t matter in this context. Republicans are not hoping millions of fewer people are insured (almost certainly the healthy ones) which inevitably will lead to the entire system collapsing until Congress has its oh crap moment and bails it out for even more money. You might argue they secretly hope these folks actually do get insurance, in which case it’s just a lame workaround for the sake of adding more to the deficit. I don’t see either of those as a positive.
Yeah, it's more the latter. They're relying upon the CBO's own dubious predictions to "save" money by eliminating a tax they already hate. Seems fair to me. Republicans are not hoping for people to uninsure - they're ultimately hoping people will buy their own, cheaper policies in a free market. Gotta clear away a few more Obamacare hurdles first, but that's the end game. In the meantime, they can allow the vast majority of taxpayers to keep a bit more of their money.
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
Isn't the actual (simplified) argument that:
1. Millions of healthy people (actually) "choose" not to buy health insurance without the mandate
2. Insurance companies have to raise rates on remaining (less healthy) customers to cover increased cost per customer
3. Older / less healthy people who are hit with highest rate increases can no longer afford insurance and "choose" (but not really) not to buy insurance.
I think you are giving liberal politicians too much credit. They are basing their argument on a prediction by the CBO that x number of people will choose not to buy insurance if they don't have to. The CBO's projection is not, to my knowledge, based upon the rising premium scenario for everyone else. And it bears repeating that premiums were already rising, often skyrocketing, since this turd law went into effect.
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I don't want to hijack this into another Obamacare thread, but the sad truth is that because the liberals rammed Obamacare through, and because the GOP is too spineless/corrupt/incompetent to pass repeal and replace legislation, the implosion of Obamacare is going to be a very messy process. Maybe it will lead to single payer. Maybe it will lead to a more free market oriented healthcare system. And maybe that will depend upon the leaders we elect in the next few cycles.
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LOL if this thing doesn't even make it to the floor.
... and it's out of committee. https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update (https://www.bloomberg.com/news/articles/2017-11-28/senate-bill-in-limbo-amid-budget-panel-drama-tax-debate-update)
Johnson now satisfied (and likely the Sen from Montana, too, who had the same basis pass-thru concern). Corker likewise placated, for now. His ask - automatic tax increases if growth goals aren't met - will be a much tougher sell.
In same article, Collins seems surprisingly amenable to the bill. Her asks won't be hard at all to reconcile. :Woot:
Who knew you'd "woot" more taxes. I think it's great you are willing to help out those less fortunate by taxing yourself more... Proud of you!
This is gonna save me thousands.
Pretty sure when you don't even know what "this" is.
Blind loyalty will be rewarded though I'm sure.
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Not sure if it’s been covered here, but I heard recently the reason that scrapping the individual mandate saves money is because the tax penalty for failure to have insurance is lower than the amount insurers are subsidized for each person. So the CBO is assuming several million people will choose to no longer be insured which means fewer subsidies paid by Uncle Sam.
FYP. Liberals really pushing the argument hard that millions will "lose" their health insurance if the mandate is stripped away. Choosing not to buy insurance is not the same as losing it.
Isn't the actual (simplified) argument that:
1. Millions of healthy people (actually) "choose" not to buy health insurance without the mandate
2. Insurance companies have to raise rates on remaining (less healthy) customers to cover increased cost per customer
3. Older / less healthy people who are hit with highest rate increases can no longer afford insurance and "choose" (but not really) not to buy insurance.
I think you are giving liberal politicians too much credit. They are basing their argument on a prediction by the CBO that x number of people will choose not to buy insurance if they don't have to. The CBO's projection is not, to my knowledge, based upon the rising premium scenario for everyone else. And it bears repeating that premiums were already rising, often skyrocketing, since this turd law went into effect.
Premiums were rising before Obamacare....
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I think you are giving liberal politicians too much credit. They are basing their argument on a prediction by the CBO that x number of people will choose not to buy insurance if they don't have to. The CBO's projection is not, to my knowledge, based upon the rising premium scenario for everyone else. And it bears repeating that premiums were already rising, often skyrocketing, since this turd law went into effect.
Premiums were rising before Obamacare....
www.forbes.com/sites/theapothecary/2017/03/22/yes-it-was-the-affordable-care-act-that-increased-premiums/amp/ (http://www.forbes.com/sites/theapothecary/2017/03/22/yes-it-was-the-affordable-care-act-that-increased-premiums/amp/)
It turns out that across the board, for all ages and family sizes, for HMO, PPO, and POS plans, premium increases averaged about 60 percent from 2013, the last year before ACA reforms took effect, to 2017. In same length of time preceding that, all groups experienced premium increases of less than 10 percent, and most age groups actually experienced premium decreases, on average.
And keep in mind, it's not as if we had a wonderful free market for health insurance prior to Ocare.
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I don't want to hijack this into another Obamacare thread, but the sad truth is that because the liberals rammed Obamacare through, and because the GOP is too spineless/corrupt/incompetent to pass repeal and replace legislation, the implosion of Obamacare is going to be a very messy process. Maybe it will lead to single payer. Maybe it will lead to a more free market oriented healthcare system. And maybe that will depend upon the leaders we elect in the next few cycles.
Republicans didn't repeal and replace because it was their baby and they were pissed the democrats did it. How hard is it to understand why they were/are so rough ridin' pissed off. They really don't have anything to replace it with because it was their goddamn plan all along.
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I think you are giving liberal politicians too much credit. They are basing their argument on a prediction by the CBO that x number of people will choose not to buy insurance if they don't have to. The CBO's projection is not, to my knowledge, based upon the rising premium scenario for everyone else. And it bears repeating that premiums were already rising, often skyrocketing, since this turd law went into effect.
Premiums were rising before Obamacare....
www.forbes.com/sites/theapothecary/2017/03/22/yes-it-was-the-affordable-care-act-that-increased-premiums/amp/ (http://www.forbes.com/sites/theapothecary/2017/03/22/yes-it-was-the-affordable-care-act-that-increased-premiums/amp/)
It turns out that across the board, for all ages and family sizes, for HMO, PPO, and POS plans, premium increases averaged about 60 percent from 2013, the last year before ACA reforms took effect, to 2017. In same length of time preceding that, all groups experienced premium increases of less than 10 percent, and most age groups actually experienced premium decreases, on average.
And keep in mind, it's not as if we had a wonderful free market for health insurance prior to Ocare.
OH MY GOD YOU ARE SO DUMB
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I don't want to hijack this into another Obamacare thread, but the sad truth is that because the liberals rammed Obamacare through, and because the GOP is too spineless/corrupt/incompetent to pass repeal and replace legislation, the implosion of Obamacare is going to be a very messy process. Maybe it will lead to single payer. Maybe it will lead to a more free market oriented healthcare system. And maybe that will depend upon the leaders we elect in the next few cycles.
Republicans didn't repeal and replace because it was their baby and they were pissed the democrats did it. How hard is it to understand why they were/are so rough ridin' pissed off. They really don't have anything to replace it with because it was their goddamn plan all along.
Yeah I hear that claim all the time, and even left-leaning Politifact concedes it is mostly bullshit. Feel free to cherry pick if you want, but the plan from 93 was different in multiple aspects and was criticized by many conservatives even then.
http://www.politifact.com/punditfact/statements/2013/nov/15/ellen-qualls/aca-gop-health-care-plan-1993/ (http://www.politifact.com/punditfact/statements/2013/nov/15/ellen-qualls/aca-gop-health-care-plan-1993/)
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So cliffnotes are taxes gonna be a giant CF
Sent from my iPhone using Tapatalk
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So cliffnotes are taxes gonna be a giant CF
Biggest impacts for individuals:
1. Tax brackets will be revised (and maybe consolidated) to result in lower marginal rate for most people.
2. You lose state and local income tax deduction and mortgage interest deduction, but most Kansans will come out ahead because the standard deduction will be doubled. Far fewer people will need to bother itemizing.
3. You lose your personal exemption (a $4050 deduction per person in your household) but that's not a very big hit if it's just you and your wife, and if you got kids it is offset by increasing the child tax credit. Most people come out ahead.
4. No more AMT. If you don't pay AMT, you don't care.
5. Corporate taxes cut, stocks roar, retirement accounts soar.
6. Deficits increase, so congress finally reaches a bipartisan agreement on cutting spending.
5 of those 6 things will happen.
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Are they lowering the rate on pass through Llcs in service fields for actual big shots?
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Don't forget skyrocketing insurance premiums
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I heard this tax plan was extremely racist and homophobic. True?
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Yup
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
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I heard this tax plan was extremely racist and homophobic. True?
Sad but true. Also hearing it doesn't cut taxes for people not paying taxes. Evil.
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
The middle class is pumped on this news.
Just be honest who this is for.
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I don't want to hijack this into another Obamacare thread, but the sad truth is that because the liberals rammed Obamacare through, and because the GOP is too spineless/corrupt/incompetent to pass repeal and replace legislation, the implosion of Obamacare is going to be a very messy process. Maybe it will lead to single payer. Maybe it will lead to a more free market oriented healthcare system. And maybe that will depend upon the leaders we elect in the next few cycles.
Republicans didn't repeal and replace because it was their baby and they were pissed the democrats did it. How hard is it to understand why they were/are so rough ridin' pissed off. They really don't have anything to replace it with because it was their goddamn plan all along.
Yeah I hear that claim all the time, and even left-leaning Politifact concedes it is mostly bullshit. Feel free to cherry pick if you want, but the plan from 93 was different in multiple aspects and was criticized by many conservatives even then.
http://www.politifact.com/punditfact/statements/2013/nov/15/ellen-qualls/aca-gop-health-care-plan-1993/ (http://www.politifact.com/punditfact/statements/2013/nov/15/ellen-qualls/aca-gop-health-care-plan-1993/)
Part that, and part of what was done with Massachusetts is more the angle I was going for. And even within that it does not concede it as bullshit, just partly. More of "it goes too far" not "oh no it's totally not comparable"
http://www.politifact.com/truth-o-meter/article/2012/mar/20/romneycare-and-obamacare-can-you-tell-difference/
My point mostly stands, the reason they couldn't get it done was that there are/were a significant amount of Republicans who either wanted/endorsed, or were ok with the plan. All attempts have always been scuttled by the hard right, as was even pointed out in your link.
I don't think it's bullshit, it's a largely center right republican plan with a twist, and the pushback has always been from the crazy far right as it was in '93 and is today. The moderate Republicans, which there are plenty, have and continue to be enough to stop and of this repeal and replace nonsense. Cause either they are ok with the plan, or their updates to said plan with like rearranging chairs on the deck of the ship, so why really bother, especially when the updates the far right tries to push are always to very popular parts of the plan (expanded medicare/medicaid), and not the unpopular parks (mandate) or they package it all together and it's too poisonous of a pill to swallow.
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I don't want to hijack this into another Obamacare thread, but the sad truth is that because the liberals rammed Obamacare through, and because the GOP is too spineless/corrupt/incompetent to pass repeal and replace legislation, the implosion of Obamacare is going to be a very messy process. Maybe it will lead to single payer. Maybe it will lead to a more free market oriented healthcare system. And maybe that will depend upon the leaders we elect in the next few cycles.
Republicans didn't repeal and replace because it was their baby and they were pissed the democrats did it. How hard is it to understand why they were/are so rough ridin' pissed off. They really don't have anything to replace it with because it was their goddamn plan all along.
Yeah I hear that claim all the time, and even left-leaning Politifact concedes it is mostly bullshit. Feel free to cherry pick if you want, but the plan from 93 was different in multiple aspects and was criticized by many conservatives even then.
http://www.politifact.com/punditfact/statements/2013/nov/15/ellen-qualls/aca-gop-health-care-plan-1993/ (http://www.politifact.com/punditfact/statements/2013/nov/15/ellen-qualls/aca-gop-health-care-plan-1993/)
Part that, and part of what was done with Massachusetts is more the angle I was going for. And even within that it does not concede it as bullshit, just partly. More of "it goes too far" not "oh no it's totally not comparable"
http://www.politifact.com/truth-o-meter/article/2012/mar/20/romneycare-and-obamacare-can-you-tell-difference/
My point mostly stands, the reason they couldn't get it done was that there are/were a significant amount of Republicans who either wanted/endorsed, or were ok with the plan. All attempts have always been scuttled by the hard right, as was even pointed out in your link.
I don't think it's bullshit, it's a largely center right republican plan with a twist, and the pushback has always been from the crazy far right as it was in '93 and is today. The moderate Republicans, which there are plenty, have and continue to be enough to stop and of this repeal and replace nonsense. Cause either they are ok with the plan, or their updates to said plan with like rearranging chairs on the deck of the ship, so why really bother, especially when the updates the far right tries to push are always to very popular parts of the plan (expanded medicare/medicaid), and not the unpopular parks (mandate) or they package it all together and it's too poisonous of a pill to swallow.
There is a big difference between supporting a law and being concerned about electoral blowback of repealing an entitlement. But I'm really not interested in debating this because it is completely irrelevant.
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
The middle class is pumped on this news.
Just be honest who this is for.
I think I've been very honest about who this is for. It is going to benefit most people - some more than others. Generally speaking, the higher your income, the bigger the cut you'll receive. And that seems perfectly appropriate to me, given that I'm getting soaked on taxes and think we could stand to make the tax code a bit less progressive.
You're a liberal. You like a progressive tax code. You'd like it to be more progressive. You're entitled to that opinion. I realize this must all be very aggravating to you, but look for the silver linings. Even liberals have retirement accounts.
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
The middle class is pumped on this news.
Just be honest who this is for.
I think I've been very honest about who this is for. It is going to benefit most people - some more than others. Generally speaking, the higher your income, the bigger the cut you'll receive. And that seems perfectly appropriate to me, given that I'm getting soaked on taxes and think we could stand to make the tax code a bit less progressive.
You're a liberal. You like a progressive tax code. You'd like it to be more progressive. You're entitled to that opinion. I realize this must all be very aggravating to you, but look for the silver linings. Even liberals have retirement accounts.
Why tho?
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
The middle class is pumped on this news.
Just be honest who this is for.
I think I've been very honest about who this is for. It is going to benefit most people - some more than others. Generally speaking, the higher your income, the bigger the cut you'll receive. And that seems perfectly appropriate to me, given that I'm getting soaked on taxes and think we could stand to make the tax code a bit less progressive.
You're a liberal. You like a progressive tax code. You'd like it to be more progressive. You're entitled to that opinion. I realize this must all be very aggravating to you, but look for the silver linings. Even liberals have retirement accounts.
Middle class tax cuts are not coming out of this bill according to all data so far. You want the highest paying taxpayers to pay less...fine...but anyone hiding behind this is going to help the coal miner is ridiculous.
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
They aren't the middle class.
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
The middle class is pumped on this news.
Just be honest who this is for.
I think I've been very honest about who this is for. It is going to benefit most people - some more than others. Generally speaking, the higher your income, the bigger the cut you'll receive. And that seems perfectly appropriate to me, given that I'm getting soaked on taxes and think we could stand to make the tax code a bit less progressive.
You're a liberal. You like a progressive tax code. You'd like it to be more progressive. You're entitled to that opinion. I realize this must all be very aggravating to you, but look for the silver linings. Even liberals have retirement accounts.
Why tho?
I don't think it's fair to tax people at a higher rate for being smarter and working harder. I like to reward hard work and intelligence - not tax it. This is just a fundamental liberal versus conservative difference of opinion. I don't think liberals are stupid, generally speaking, any more than conservatives. I do think that liberal and conservative brains are wired differently. So much so that liberals don't just disagree with conservatives - they actually can't even recognize conservative viewpoints.
(Liberal) Jonathon Haidt actually wrote a popular book about this subject. The Righteous Mind. He posits that there are five basic foundations of morality, but whereas conservatives tend to weigh the five foundations more equally, liberals operate on a narrower 2-channel spectrum. He has a good TED talk on this subject. Google Haidt TED.
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
They aren't the middle class.
Really? So middle class people don't have investments like college savings and retirement accounts? Just how low is your opinion of "the middle class?"
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
They aren't the middle class.
Really? So middle class people don't have investments like college savings and retirement accounts? Just how low is your opinion of "the middle class?"
Different estimates have the share of people with retirement accounts or stocks around 40-50%, so unless you define "middle" differently, about half of the middle class doesn't.
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
They aren't the middle class.
Really? So middle class people don't have investments like college savings and retirement accounts? Just how low is your opinion of "the middle class?"
It has nothing to do with opinion. It has to do with reports of the middle class not saving squat for retirement.
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
They aren't the middle class.
Really? So middle class people don't have investments like college savings and retirement accounts? Just how low is your opinion of "the middle class?"
so your belief that this tax plan is a benefit to the middle class is based on a predicted bump in equities to benefit accounts they won't touch for decades?
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CNBC: Dow soars 255 points to record as Senate gets closer to passing tax reform (https://www.cnbc.com/2017/11/28/us-stocks-amazon-cyber-monday-powell.html)
The middle class is pumped on this news.
Just be honest who this is for.
I think I've been very honest about who this is for. It is going to benefit most people - some more than others. Generally speaking, the higher your income, the bigger the cut you'll receive. And that seems perfectly appropriate to me, given that I'm getting soaked on taxes and think we could stand to make the tax code a bit less progressive.
You're a liberal. You like a progressive tax code. You'd like it to be more progressive. You're entitled to that opinion. I realize this must all be very aggravating to you, but look for the silver linings. Even liberals have retirement accounts.
Why tho?
I don't think it's fair to tax people at a higher rate for being smarter and working harder. I like to reward hard work and intelligence - not tax it. This is just a fundamental liberal versus conservative difference of opinion. I don't think liberals are stupid, generally speaking, any more than conservatives. I do think that liberal and conservative brains are wired differently. So much so that liberals don't just disagree with conservatives - they actually can't even recognize conservative viewpoints.
(Liberal) Jonathon Haidt actually wrote a popular book about this subject. The Righteous Mind. He posits that there are five basic foundations of morality, but whereas conservatives tend to weigh the five foundations more equally, liberals operate on a narrower 2-channel spectrum. He has a good TED talk on this subject. Google Haidt TED.
What if the other 3 channels are total bullshit, though?
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https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors)
of course they will, because that's how markets work.
Who do you think shareholders are?
"Shareholder" is not a job. How do you not understand that?
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I know when I think "hard work" I think of Trumps idiot children and not someone that would benefit from a cut to the payroll tax.
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Yeah, the "smart, hardworking" argument falls apart when you also support eliminating the estate tax. The estate tax should be expanded so it affects everyone, imo.
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The only thing that directly causes job creation by a company is increased demand for that company's product or services. That's it. No company that is competently managed would ever hire more people simply because they got a tax break.
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Rich people have lots of money, therefore they are smart and work hard.
That is actually a logical statement to KSUW.
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Money= smart hard working
Sent from my iPhone using Tapatalk
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MLK: not smart and hardworking
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Maybe we need a smart people dumb people in history thread
Sent from my iPhone using Tapatalk
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Hard working
Not hardworking
Sent from my iPhone using Tapatalk
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I do think that liberal and conservative brains are wired differently.
http://www.businessinsider.com/how-to-turn-conservatives-liberal-john-bargh-psychology-2017-10
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Middle class tax cuts are not coming out of this bill according to all data so far. You want the highest paying taxpayers to pay less...fine...but anyone hiding behind this is going to help the coal miner is ridiculous.
You're simply wrong. I'll prove it to you by running the numbers for a few basic situations.
Let's take the Smiths, your average middle class family somewhere in the Midwest. They've got three dependent children and a combined AGI of $100,000. Would you agree that's middle class? Let's assume the Smiths have $18,000 in itemized deductions. That's probably way too high for folks with that income in the Midwest (biggest itemized deductions are typically SALT, property tax, and mortgage interest, which track pretty well to income). But whatever, let's go with it. Might be closer to accurate if the Smiths live in a higher tax, higher property value state.
Under the current code for 2017, the Smiths have a taxable income of $61,750 (after deducting their 5 personal exemptions and itemized deductions from AGI). Taxes on that income, minus a $3,000 Child Tax Credit come to $5,330 (an effective rate of 5.3%).
Under the House Plan for 2018, the Smith now have a taxable of income of $76,000 (they lose their 5 personal exemptions worth $4,050 a piece, but they are now claiming a standard deduction of $24,000 instead of itemizing). Their marginal rate on that taxable income is reduced and they're getting a $4,800 CTC, resulting in a tax bill of $1,440 (effective rate 1.4%). That's a tax cut of $3,890 and a 3.9% rate reduction.
How about if the Smiths only bring home $80,000 AGI? Let's run the same exact numbers except we'll reduce their itemized deductions to $16,000 (which makes sense in our hypothetical even though, again, this is probably too high for itemized deductions at that income, especially in the Midwest).
They'll owe $2,630 under the current code, and -$960 under the House Bill (they owe negative tax and get money back due to partial refundability of CTC). That's a tax cut of $3,590.
Now I know what you're saying - those damned "breeders" aren't representative of a Midwest family. That's (1) bullshit, and (2) irrelevant. Let's rerun the same numbers with only 1 kid....
At 100k AGI, the Smiths pay $8,545 under current law, and $4,640 under House Plan. A tax cut of $3,905.
At 80k, the Smiths pay $5,845 under current law, and $2,240 under the House Plan. A tax cut of $3,605.
Under every scenario above, a gobsmacking tax cut. The only way to get to tax increases is if you get into itemized deductions vastly in excess of the newly doubled standard deduction - something that isn't going to be common for middle class incomes except maybe on the coasts.
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Average middle class family...AGI 100,000
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Yeah, expanding the child tax credit eliminates most of the concern about middle class families getting tax increases. I still think it would be a much better plan overall if we were to eliminate the child tax credit altogether and keep personal exemptions, though. Maybe keep the estate tax and tweak the corporate rate enough to make that revenue-neutral.
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Median household income in KS is $51k
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Oh wait, $80k drops to right around the 70th percentile, guess thats reasonable for upper middle class
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Don't be a dumbass. Those AGIs are absolutely middle class for a family of 5, and even for a family of 3 (the two scenarios presented above). https://www.investopedia.com/financial-edge/0912/which-income-class-are-you.aspx (https://www.investopedia.com/financial-edge/0912/which-income-class-are-you.aspx)
And regardless, even if you dropped down to $60k AGI, they still get a huge tax cut.
Family of 5: a $3,290 cut.
Family of 3: a $3,305 cut.
These calculations assume the CTC is fully refundable at this low threshold, and it appears they would be. I think the House Plan caps refundability at 15% of AGI. So that easily covers the full value of the credit for an AGI of 60k.
You people arguing that the "middle class" aren't getting a tax cut are simply wrong.
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These are just awful, awful people.
https://twitter.com/RichardRubinDC/status/935949106018648065
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I do think that liberal and conservative brains are wired differently.
http://www.businessinsider.com/how-to-turn-conservatives-liberal-john-bargh-psychology-2017-10
wow, science says conservatives are by definition irl frightened snowflakes
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Yeah, expanding the child tax credit eliminates most of the concern about middle class families getting tax increases. I still think it would be a much better plan overall if we were to eliminate the child tax credit altogether and keep personal exemptions, though. Maybe keep the estate tax and tweak the corporate rate enough to make that revenue-neutral.
I agree with you as a matter of policy. I far prefer deductions to credits, which help make the code less progressive. But expansion of the CTC is a big piece of giving such a generous tax cut to middle class families (the cut that liberals pretend doesn't exist).
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Yeah, expanding the child tax credit eliminates most of the concern about middle class families getting tax increases. I still think it would be a much better plan overall if we were to eliminate the child tax credit altogether and keep personal exemptions, though. Maybe keep the estate tax and tweak the corporate rate enough to make that revenue-neutral.
I agree with you as a matter of policy. I far prefer deductions to credits, which help make the code less progressive. But expansion of the CTC is a big piece of giving such a generous tax cut to middle class families (the cut that liberals pretend doesn't exist).
It's big for families with kids. The exemptions would mostly offset that, though, and they would apply to all families.
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https://twitter.com/ddale8/status/935976184604774402
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Middle class tax cuts are not coming out of this bill according to all data so far. You want the highest paying taxpayers to pay less...fine...but anyone hiding behind this is going to help the coal miner is ridiculous.
You're simply wrong. I'll prove it to you by running the numbers for a few basic situations.
Let's take the Smiths, your average middle class family somewhere in the Midwest. They've got three dependent children and a combined AGI of $100,000. Would you agree that's middle class? Let's assume the Smiths have $18,000 in itemized deductions. That's probably way too high for folks with that income in the Midwest (biggest itemized deductions are typically SALT, property tax, and mortgage interest, which track pretty well to income). But whatever, let's go with it. Might be closer to accurate if the Smiths live in a higher tax, higher property value state.
Under the current code for 2017, the Smiths have a taxable income of $61,750 (after deducting their 5 personal exemptions and itemized deductions from AGI). Taxes on that income, minus a $3,000 Child Tax Credit come to $5,330 (an effective rate of 5.3%).
Under the House Plan for 2018, the Smith now have a taxable of income of $76,000 (they lose their 5 personal exemptions worth $4,050 a piece, but they are now claiming a standard deduction of $24,000 instead of itemizing). Their marginal rate on that taxable income is reduced and they're getting a $4,800 CTC, resulting in a tax bill of $1,440 (effective rate 1.4%). That's a tax cut of $3,890 and a 3.9% rate reduction.
How about if the Smiths only bring home $80,000 AGI? Let's run the same exact numbers except we'll reduce their itemized deductions to $16,000 (which makes sense in our hypothetical even though, again, this is probably too high for itemized deductions at that income, especially in the Midwest).
They'll owe $2,630 under the current code, and -$960 under the House Bill (they owe negative tax and get money back due to partial refundability of CTC). That's a tax cut of $3,590.
Now I know what you're saying - those damned "breeders" aren't representative of a Midwest family. That's (1) bullshit, and (2) irrelevant. Let's rerun the same numbers with only 1 kid....
At 100k AGI, the Smiths pay $8,545 under current law, and $4,640 under House Plan. A tax cut of $3,905.
At 80k, the Smiths pay $5,845 under current law, and $2,240 under the House Plan. A tax cut of $3,605.
Under every scenario above, a gobsmacking tax cut. The only way to get to tax increases is if you get into itemized deductions vastly in excess of the newly doubled standard deduction - something that isn't going to be common for middle class incomes except maybe on the coasts.
Taking all this at your word even though the house plan isn't going to be anywhere close to the final plan...and personally I'd say it's not the upper middle class that needs the tax break so they can send Jr to baseball traveling teams...it's the lower side of the middle class that needs the help to you know...buy clothes.
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@sd At least Trump is right about something I guess.
KSU-W, I don't actually disagree with most of your points on this, I just think your definition of middle class and average is either pretty far away from what mine is. Most rich people don't think they are rich though.
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Taking all this at your word even though the house plan isn't going to be anywhere close to the final plan...and personally I'd say it's not the upper middle class that needs the tax break so they can send Jr to baseball traveling teams...it's the lower side of the middle class that needs the help to you know...buy clothes.
The Senate plan is actually more generous for me. Didn't run it for lower incomes. It sounds to me like you're expecting this reform to be less about cutting taxes and more about redistributing cash to folks who aren't paying much, if any, FIT to begin with. And that's understandable for a liberal, but this is supposed to be a tax cut - not another welfare program. Let's just stop with the "middle class aren't getting a tax cut" hogwash. This is yuuuuuge for most of the middle class.
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How about owners of LLCs in the service field?
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How about owners of LLCs in the service field?
The pass-thru taxation is currently under discussion. It vertainly won't be tax free like what was attempted in KS. Question is how it will compare to corporate and personal rates.
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Taking all this at your word even though the house plan isn't going to be anywhere close to the final plan...and personally I'd say it's not the upper middle class that needs the tax break so they can send Jr to baseball traveling teams...it's the lower side of the middle class that needs the help to you know...buy clothes.
The Senate plan is actually more generous for me. Didn't run it for lower incomes. It sounds to me like you're expecting this reform to be less about cutting taxes and more about redistributing cash to folks who aren't paying much, if any, FIT to begin with. And that's understandable for a liberal, but this is supposed to be a tax cut - not another welfare program. Let's just stop with the "middle class aren't getting a tax cut" hogwash. This is yuuuuuge for most of the middle class.
so it's just a tax cut not redistribution of cash if the higher incomes get the break? okay.
this conversations would probably go further if you didn't insist on labeling everybody's political party to discount their opinion.
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How about owners of LLCs in the service field?
The pass-thru taxation is currently under discussion. It vertainly won't be tax free like what was attempted in KS. Question is how it will compare to corporate and personal rates.
I'll just grab my ankles real quick then
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It's redistribution to the national debt
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Taking all this at your word even though the house plan isn't going to be anywhere close to the final plan...and personally I'd say it's not the upper middle class that needs the tax break so they can send Jr to baseball traveling teams...it's the lower side of the middle class that needs the help to you know...buy clothes.
The Senate plan is actually more generous for me. Didn't run it for lower incomes. It sounds to me like you're expecting this reform to be less about cutting taxes and more about redistributing cash to folks who aren't paying much, if any, FIT to begin with. And that's understandable for a liberal, but this is supposed to be a tax cut - not another welfare program. Let's just stop with the "middle class aren't getting a tax cut" hogwash. This is yuuuuuge for most of the middle class.
so it's just a tax cut not redistribution of cash if the higher incomes get the break? okay.
this conversations would probably go further if you didn't insist on labeling everybody's political party to discount their opinion.
Yes. I view allowing people to keep more of their own money as different from giving a "refund" to someone who already didn't owe any. But that's just me. I know liberal brains work differently. It's adorable.
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https://twitter.com/naomirwolf/status/934849382343684096
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KSU-D, this thing specifically fucks you and (more importantly at least to me) your offspring. I know you're huge into the my team v. your team stuff but this is not a good idea for you personally and (don't get offended) you are by far the least altruistic person on this message board.
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It Fs me super hard too right?
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KSU-D, this thing specifically fucks you and (more importantly at least to me) your offspring. I know you're huge into the my team v. your team stuff but this is not a good idea for you personally and (don't get offended) you are by far the least altruistic person on this message board.
So I've actually done the math, and I do awesome. Thanks.
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It Fs me super hard too right?
Not sure how it ended but the proposed plan favored pass through types.
https://www.cbsnews.com/news/house-tax-bill-could-help-the-self-employed/
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KSU-D, this thing specifically fucks you and (more importantly at least to me) your offspring. I know you're huge into the my team v. your team stuff but this is not a good idea for you personally and (don't get offended) you are by far the least altruistic person on this message board.
He would sell the US if he profits off of it, oh wait.
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I would take that
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Is this thing going to be law?
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They're going to pass the crap out of this bill.
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KSU-D, this thing specifically fucks you and (more importantly at least to me) your offspring. I know you're huge into the my team v. your team stuff but this is not a good idea for you personally and (don't get offended) you are by far the least altruistic person on this message board.
He would sell the US if he profits off of it, oh wait.
Quick question: why are you guys being such a-holes? Just general butthurt, or a more specific envy?
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Taking all this at your word even though the house plan isn't going to be anywhere close to the final plan...and personally I'd say it's not the upper middle class that needs the tax break so they can send Jr to baseball traveling teams...it's the lower side of the middle class that needs the help to you know...buy clothes.
The Senate plan is actually more generous for me. Didn't run it for lower incomes. It sounds to me like you're expecting this reform to be less about cutting taxes and more about redistributing cash to folks who aren't paying much, if any, FIT to begin with. And that's understandable for a liberal, but this is supposed to be a tax cut - not another welfare program. Let's just stop with the "middle class aren't getting a tax cut" hogwash. This is yuuuuuge for most of the middle class.
so it's just a tax cut not redistribution of cash if the higher incomes get the break? okay.
this conversations would probably go further if you didn't insist on labeling everybody's political party to discount their opinion.
Yes. I view allowing people to keep more of their own money as different from giving a "refund" to someone who already didn't owe any. But that's just me. I know liberal brains work differently. It's adorable.
where is anybody wanting people that pay no taxes to pay MORE no taxes? Don't be a dumb.
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Maybe keep the estate tax and tweak the corporate rate enough to make that revenue-neutral.
eliminate the estate tax loopholes, get rid of taxes on c corps altogether and tax dividends and cap gains at the same rate as ordinary income. pretty easy.
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KSU-D, this thing specifically fucks you and (more importantly at least to me) your offspring. I know you're huge into the my team v. your team stuff but this is not a good idea for you personally and (don't get offended) you are by far the least altruistic person on this message board.
He would sell the US if he profits off of it, oh wait.
Quick question: why are you guys being such a-holes? Just general butthurt, or a more specific envy?
I said not to get offended
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OT THOUGHT EXPERIMENT:
what would k-s-u-w think of this IDENTICAL TAX PLAN if it were proposed by 3rd term president B. Obama and his democrat majority congress?
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We max out our childcare reimbursement benefit every year so there goes like $5000.
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I mean, could this tax bill be any more specifically designed to hurt middle class-upper middle class families?
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https://twitter.com/TopherSpiro/status/936007520665169921
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$1.5 trillion NBD
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I mean, could this tax bill be any more specifically designed to hurt middle class-upper middle class families?
Give me a scenario where this hurts them. AGI, number of dependent kids, and current deductions and credits that are changing.
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Taking all this at your word even though the house plan isn't going to be anywhere close to the final plan...and personally I'd say it's not the upper middle class that needs the tax break so they can send Jr to baseball traveling teams...it's the lower side of the middle class that needs the help to you know...buy clothes.
The Senate plan is actually more generous for me. Didn't run it for lower incomes.
I re-ran the numbers for the scenarios I gave above using the Senate proposal. The only significant differences between House and Senate for purposes of my scenarios are (1) Senate provides a slightly larger CTC of $2,000, and (2) Senate's tax brackets are less progressive than the House.
For every scenario (100k AGI, 80k AGI, and 60k AGI, 3 kids versus 1 kid), the Senate tax cut is smaller by about 1/3. This is because, even though the Senate provides a larger CTC, the brackets are less progressive. By contrast, the Senate plan provides a more generous cut at higher AGIs.
Bracket comparisons for House and Senate are here: https://www.cnbc.com/2017/11/17/how-the-senate-and-house-tax-brackets-compare.html (https://www.cnbc.com/2017/11/17/how-the-senate-and-house-tax-brackets-compare.html) This is the only part of my math I didn't show but it's not hard to calculate.
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Whatcha going to with all your extra money? Go hire an extra gardener? The poors need your trickle down you know.
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Whatcha going to with all your extra money? Go hire an extra gardener? The poors need your trickle down you know.
Gonna have to replace the minivan soon (cost of breeding). :driving:
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xmas light fund
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(https://img.washingtonpost.com/wp-apps/imrs.php?src=https://img.washingtonpost.com/news/politics/wp-content/uploads/sites/11/2017/11/Change_Amount_Final.jpg&w=1484)
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xmas light fund
Dude, you clearly haven't followed the xmas light thread. Because I bought smart, that was a one-time investment about 5 years ago. Follow my advice. KSUdub is wise.
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xmas light fund
Dude, you clearly haven't followed the xmas light thread. Because I bought smart, that was a one-time investment about 5 years ago. Follow my advice. KSUdub is wise.
i didn't realize your xmas light situation couldn't be improved in any way
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(https://img.washingtonpost.com/wp-apps/imrs.php?src=https://img.washingtonpost.com/news/politics/wp-content/uploads/sites/11/2017/11/Change_Amount_Final.jpg&w=1484)
Interesting chart. It seems like a lot of the criticism I'm reading from liberals focuses on what happens after 2025 when portions of the individual cuts are set to expire. This criticism is pretty ironic, given that it is the liberals who would cause such cuts to not be extended. They're essentially saying "don't get too excited - here's what your rates will be if you elect more of us to office." Strange message.
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xmas light fund
Dude, you clearly haven't followed the xmas light thread. Because I bought smart, that was a one-time investment about 5 years ago. Follow my advice. KSUdub is wise.
i didn't realize your xmas light situation couldn't be improved in any way
No. It's AMAZING. :love:
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There should be more credits for SAHM and private schools IMO
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McCain says he's a YES. Merry Christmas everyone!!
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ksuw-
do you have a site you are using to crunch the #'s?
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The one that I used had the CTC as $5,400, but aren't those going away?
Am I missing something?
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The calculator I ran gave me a $600 family/child credit. Do you still get the $300 credit for parents if you don't have kids?
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Guys don't worry about the deficit this will cause...the stock market will go up! Solved!
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I'm just using a spreadsheet because I haven't found a calculator that shows its work. Without seeing its work, I can't tell whether its assumptions accurately reflect the law, and some of the calcs I've looked at seem overly simplistic and/or outdated.
Keep in mind there is a difference between the Child Tax Credit and the Child and Dependent Care Credit. As I understand it, neither the House nor Senate plans are changing the dependent care credit. The CTC is increased from $1000 to $1600 per qualifying dependent and the Senate goes from $1000 to $2000. In both cases, the phase out threshold for this credit is significantly boosted, which is important to higher AGIs. Without boosting the phase out, higher AGIs wouldn't qualify for the CTC and would be adversely affected by elimination of the $4,050pp personal exemptions.
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I'm just using a spreadsheet because I haven't found a calculator that shows its work. Without seeing its work, I can't tell whether its assumptions accurately reflect the law, and some of the calcs I've looked at seem overly simplistic and/or outdated.
Keep in mind there is a difference between the Child Tax Credit and the Child and Dependent Care Credit. As I understand it, neither the House nor Senate plans are changing the dependent care credit. The CTC is increased from $1000 to $1600 per qualifying dependent and the Senate goes from $1000 to $2000. In both cases, the phase out threshold for this credit is significantly boosted, which is important to higher AGIs. Without boosting the phase out, higher AGIs wouldn't qualify for the CTC and would be adversely affected by elimination of the $4,050pp personal exemptions.
We so very trust your spreadsheet calcs!
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His calcs are probably accurate. It's not like the math is difficult.
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It was more a joke about him not being able to trust website calculators.
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the business equipment deduction increase is pretty dreamy
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His calcs are probably accurate. It's not like the math is difficult.
I think it's accurate. I kept the scenarios simple.
Start with 2017:
1. AGI
2. Deduct personal exemptions (for joint filers, $4,050 for you, spouse, and kids under 18 in the home)
3. Deduct your standard or itemized deductions (I supplied hypothetical itemized deductions, which are probably on the high side for the AGIs I selected)
4. This gives you taxable income, which you tax according to the brackets I linked.
5. Subtract current CTC.
Repeat for House or Senate Bill:
1. AGI
2. No more personal exemptions
3. Subtract newly doubled standard deduction of $24,000 (I assumed that this new standard deduction is almost always going to exceed itemized deductions for middle class, especially after many of those deductions are eliminated)
4. Tax the taxable income according to the revised brackets.
5. Subtract the new CTC.
I didn't make any changes for child and dependent care credit because I don't think there are any changes.
I didn't include student loan interest in my scenarios, which deduction is being eliminated, but I still think my assumptions on itemized deductions for middle class erred on the high side.
What am I missing?
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Guys don't worry about the deficit this will cause...the stock market will go up! Solved!
This is probably a good spot to update how amazing President Business has been for the markets and folks' retirement accounts. The DJIA:
November 4, 2008 (election day): 9,625
November 5, 2009 (the next day): 9,139 (the market plummets 486 points - that is incredible)
November 27, 2009 (387 days later): 10,310 (1,171 points up from 11/5)
November 6, 2012 (election day): 13,246
November 7, 2012 (the next day): 12,933 (the market plummets 313 points - ouch)
November 8, 2016 (election day): 18,363
November 9, 2016 (the next day): 18,590 (the market leaps by 227 - weird....)
November 30, 2017 (387 days later): 24,251 (5,888 point gain)
Ok, so key takeaways:
1. The markets did quite well under Obama, gaining 9,224 points from his election to Trump's election.
2. But investors sure hated Obama being elected in general, punishing the markets the day after both his elections.
3. By contrast, investors loved Trump's election, adding 227 points the day he was elected.
4. And most staggering of all, the markets have added 5,888 points in the 387 days since Trump was elected.
That's right, in a little over one year under Trump, the markets have already achieved 2/3 of the total gains under Obama's 8 years.
Which segues nicely to the NYT's preeminent economist Paul Krugman, the night of Trump's election:
It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?
Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.
Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.
https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout (https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout)
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That's quite a bit of flawed reasoning. Just use this.
http://www.macrotrends.net/2481/stock-market-performance-by-president
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That's quite a bit of flawed reasoning. Just use this.
http://www.macrotrends.net/2481/stock-market-performance-by-president
:lol: Ok bub. I just stated numbers. You can rationalize it all you want, but the market's enthusiasm for Trump and tax reform is undeniable.
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That's quite a bit of flawed reasoning. Just use this.
http://www.macrotrends.net/2481/stock-market-performance-by-president
:lol: Ok bub. I just stated numbers. You can rationalize it all you want, but the market's enthusiasm for Trump and tax reform is undeniable.
If you look at percentages, which can also be stated as numbers, the stock market performance during Obama and Trump is extremely similar. And Obama did not have a major corporate tax cut. That seems like the opposite of what you are wanting to conclude.
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That's quite a bit of flawed reasoning. Just use this.
http://www.macrotrends.net/2481/stock-market-performance-by-president
:lol: Ok bub. I just stated numbers. You can rationalize it all you want, but the market's enthusiasm for Trump and tax reform is undeniable.
If you look at percentages, which can also be stated as numbers, the stock market performance during Obama and Trump is extremely similar. And Obama did not have a major corporate tax cut. That seems like the opposite of what you are wanting to conclude.
Extremely similar? In one year under Trump, the markets are up about 33%. They increased by 12% under Obama's first year, and that was coming out of a horrible recession. At this rate, Trump will vastly exceed Obama's market performance.
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many intl markets are up more than us indices over the same time span. undeniable, the intl enthusiasm for trump.
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You arent this simple. Good gE'ing
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Well, crap. What now?
https://twitter.com/JohnJHarwood/status/936333328353058816
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That's quite a bit of flawed reasoning. Just use this.
http://www.macrotrends.net/2481/stock-market-performance-by-president
:lol: Ok bub. I just stated numbers. You can rationalize it all you want, but the market's enthusiasm for Trump and tax reform is undeniable.
If you look at percentages, which can also be stated as numbers, the stock market performance during Obama and Trump is extremely similar. And Obama did not have a major corporate tax cut. That seems like the opposite of what you are wanting to conclude.
Extremely similar? In one year under Trump, the markets are up about 33%. They increased by 12% under Obama's first year, and that was coming out of a horrible recession. At this rate, Trump will vastly exceed Obama's market performance.
[attachment deleted by admin]
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There are no room.for facts in this thread.
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The propaganda machine has really roped KSUW in for sure.
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the trump echo chamber reverberates
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Guys don't worry about the deficit this will cause...the stock market will go up! Solved!
This is probably a good spot to update how amazing President Business has been for the markets and folks' retirement accounts. The DJIA:
November 4, 2008 (election day): 9,625
November 5, 2009 (the next day): 9,139 (the market plummets 486 points - that is incredible)
November 27, 2009 (387 days later): 10,310 (1,171 points up from 11/5)
November 6, 2012 (election day): 13,246
November 7, 2012 (the next day): 12,933 (the market plummets 313 points - ouch)
November 8, 2016 (election day): 18,363
November 9, 2016 (the next day): 18,590 (the market leaps by 227 - weird....)
November 30, 2017 (387 days later): 24,251 (5,888 point gain)
Ok, so key takeaways:
1. The markets did quite well under Obama, gaining 9,224 points from his election to Trump's election.
2. But investors sure hated Obama being elected in general, punishing the markets the day after both his elections.
3. By contrast, investors loved Trump's election, adding 227 points the day he was elected.
4. And most staggering of all, the markets have added 5,888 points in the 387 days since Trump was elected.
That's right, in a little over one year under Trump, the markets have already achieved 2/3 of the total gains under Obama's 8 years.
Which segues nicely to the NYT's preeminent economist Paul Krugman, the night of Trump's election:
It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?
Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.
Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.
https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout (https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout)
I responded to this the last time you posted it.
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That's quite a bit of flawed reasoning. Just use this.
http://www.macrotrends.net/2481/stock-market-performance-by-president
:lol: Ok bub. I just stated numbers. You can rationalize it all you want, but the market's enthusiasm for Trump and tax reform is undeniable.
If you look at percentages, which can also be stated as numbers, the stock market performance during Obama and Trump is extremely similar. And Obama did not have a major corporate tax cut. That seems like the opposite of what you are wanting to conclude.
Extremely similar? In one year under Trump, the markets are up about 33%. They increased by 12% under Obama's first year, and that was coming out of a horrible recession. At this rate, Trump will vastly exceed Obama's market performance.
lol what a nut
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Trump really got lucky to inherit such a great economy
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since it's been clearly established that presidents have such a huge influence on the economy, I just know that KSUW will be the first to blame Trump for the upcoming market correction.
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There's a big market correction coming? Please PM me the details. :Wha:
And for what it's worth, I don't think presidents have much impact on the economy at large. But I also think markets are sometimes driven by investor confidence not necessarily tethered to actual economic strength. And we're seeing a huge boost in confidence (and my 401k and other investments).
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1 trillion to the debt but at least ksuw can now get Jr that new soccer uni.
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1 trillion to the debt but at least ksuw can now get Jr that new soccer uni.
Posts like this are so incredibly butthurt. Sad. Liberals are apoplectic that high wage earners might get a little less soaked if this passes. So envious that they cant even be happy getting a likely tax cut of their own.
Adding $1 trillion (maybe) evil. Adding $10 tril under Obama. :whistles:
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The point of two political and economic mindsets is to balance out the other side...hard for one side to complain about adding to debt if they want to do the exact same.
But playing the us vs them card is your thing..but you keep assuming that people raising criticism of this plan aren't big wager earners...I mean we are all :kstategrad: remember.
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Investors were pretty damn confident in 2007 when there were few regulations. I’d pump the brakes if I were you KSUW.
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There's a big market correction coming? Please PM me the details. :Wha:
And for what it's worth, I don't think presidents have much impact on the economy at large. But I also think markets are sometimes driven by investor confidence not necessarily tethered to actual economic strength. And we're seeing a huge boost in confidence (and my 401k and other investments).
Boosts in confidence that are not tethered to actual economic strength are why big market corrections happen.
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There's a big market correction coming? Please PM me the details. :Wha:
And for what it's worth, I don't think presidents have much impact on the economy at large. But I also think markets are sometimes driven by investor confidence not necessarily tethered to actual economic strength. And we're seeing a huge boost in confidence (and my 401k and other investments).
Boosts in confidence that are not tethered to actual economic strength are why big market corrections happen.
Impeachment too
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There's a big market correction coming? Please PM me the details. :Wha:
And for what it's worth, I don't think presidents have much impact on the economy at large. But I also think markets are sometimes driven by investor confidence not necessarily tethered to actual economic strength. And we're seeing a huge boost in confidence (and my 401k and other investments).
Boosts in confidence that are not tethered to actual economic strength are why big market corrections happen.
i'd like to be there when ksu-w figures out that the market going up costs him money.
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I’ll bite, why will it cost our pal money?
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he's not as old as you'd think.
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Oh ok, I want to be there too
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Right now would be a decent time for a market correction for myself.
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https://www.cnbc.com/2017/12/01/sen-steve-daines-one-of-the-last-gop-holdouts-will-back-senate-tax-bill-after-pass-through-tweak.html (https://www.cnbc.com/2017/12/01/sen-steve-daines-one-of-the-last-gop-holdouts-will-back-senate-tax-bill-after-pass-through-tweak.html) :Woot: :Woot:
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Raising my own retirement age to own the libs! :Woot: :Woot:
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There's a big market correction coming? Please PM me the details. :Wha:
And for what it's worth, I don't think presidents have much impact on the economy at large. But I also think markets are sometimes driven by investor confidence not necessarily tethered to actual economic strength. And we're seeing a huge boost in confidence (and my 401k and other investments).
Boosts in confidence that are not tethered to actual economic strength are why big market corrections happen.
i'd like to be there when ksu-w figures out that the market going up costs him money.
You say a lot of dumb things, but this is one of the dumbest. First, I invest when markets are going up. I invest when markets are going down. I just invest slow and steady. It's called dollar cost averaging. And in the long term, it pays off. Second, I invest for short term (dream fund), medium term (college savings), and long term (retirement) goals, so hoping for a market correction at any particular time frame is a mixed bag at best.
I know you guys are extremely butthurt about the possibility of allowing most people, and especially many of the highest federally taxed people, to keep more of their money (still not a sure thing), but you're really behaving like jerks. Go hop in the tub with Chum over in the Russia thread for a while. Sheesh.
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Raising my own retirement age to own the libs! :Woot: :Woot:
:lol: This might be the most creative rationalization yet! :thumbs:
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Not keeping up with what my political party is plotting to own the libs. :Woot: :Woot:
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Welp ksuw was right... The president can influence the markets!
https://twitter.com/SteveKopack/status/936629613907890176
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So markets fall on news that Trump might be in trouble (he isn't, btw). Kinda proving my point how much investors love this guy. So, so butthurt.
https://www.wsj.com/articles/gop-tax-bill-picks-up-support-after-delay-over-deficit-fears-1512140345 (https://www.wsj.com/articles/gop-tax-bill-picks-up-support-after-delay-over-deficit-fears-1512140345)
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I'm not 100% certain ksu-dub understands how corporate tax cuts work
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Yeah, I'd say that one backfired pretty hard, phil.
Just red an article that says family of four making six figs saves thousands under both plans. :Woot:
I'm buying another jet ski! #merica-fuckyeah!
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I'm not 100% certain ksu-dub understands how corporate tax cuts work
I for one am stunned that libtard dave opposes everything the pubs do, bc teams and stuff
AMAZE
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Yeah, I'd say that one backfired pretty hard, phil.
Just red an article that says family of four making six figs saves thousands under both plans. :Woot:
I'm buying another jet ski! #merica-fuckyeah!
Pssshh. That might look like a big tax cut, FSD, but it'll only save you a few hundred dollars in 8 more years if you elect enough of us liberals to office. Also, don't you realize all the reasons why a booming economy and stock market hurt young people? :shakesfist: (Actual arguments ITT).
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Yeah, I've seen the tortured "logic" employed by the brain damaged libtards in oppo to the plans. They'd be far better off just accusing the tax code of homophobic racism.
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Right now would be a decent time for a market correction for myself.
Yes. I get my six month match in January.
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There's a big market correction coming? Please PM me the details. :Wha:
And for what it's worth, I don't think presidents have much impact on the economy at large. But I also think markets are sometimes driven by investor confidence not necessarily tethered to actual economic strength. And we're seeing a huge boost in confidence (and my 401k and other investments).
Boosts in confidence that are not tethered to actual economic strength are why big market corrections happen.
i'd like to be there when ksu-w figures out that the market going up costs him money.
You say a lot of dumb things, but this is one of the dumbest. First, I invest when markets are going up. I invest when markets are going down. I just invest slow and steady. It's called dollar cost averaging. And in the long term, it pays off. Second, I invest for short term (dream fund), medium term (college savings), and long term (retirement) goals, so hoping for a market correction at any particular time frame is a mixed bag at best.
I know you guys are extremely butthurt about the possibility of allowing most people, and especially many of the highest federally taxed people, to keep more of their money (still not a sure thing), but you're really behaving like jerks. Go hop in the tub with Chum over in the Russia thread for a while. Sheesh.
I invest like this. At least the firm I pay to invest for me should be doing this I assume. They all have super nice cars
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I just invest in my own happiness
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I just invest in my own happiness
:lol: I think your account may be under funded
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I invest when markets are going up. I invest when markets are going down. I just invest slow and steady. It's called dollar cost averaging. And in the long term, it pays off. Second, I invest for short term (dream fund), medium term (college savings), and long term (retirement) goals, so hoping for a market correction at any particular time frame is a mixed bag at best.
you're like 37, 38. something like that, iirc. if you're not a net buyer, you're lying about being a hinry.
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The Senate Bill continues to be tweaked, and it keeps getting better and better. Myrtle says he has the votes and plans to pass later today. High points...
• Senator Mitch McConnell, the majority leader, said “we have the votes” and the Senate will begin voting later today.
• Senator Susan Collins of Maine said she has secured the changes she needs to vote yes. For example, the bill will now include a $10,000 deduction for state and local property taxes.
• Three previous Republican holdouts — Senators Jeff Flake of Arizona, Steve Daines of Montana and Ron Johnson of Wisconsin — threw their support behind the bill.
• An effort by Senator Bob Corker of Tennessee to include future tax increases to offset the deficit impact of the bill appears to have been rejected by Senate leadership. [:woot:]
• Lawmakers are now considering reinstating a modified version of the alternative minimum tax on individuals and on corporations. [It'll be much higher threshold, so don't care]
https://www.nytimes.com/2017/12/01/us/politics/senate-tax-bill-debate-vote.html (https://www.nytimes.com/2017/12/01/us/politics/senate-tax-bill-debate-vote.html)
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Is there a way to short the US economy? I can take this to the investing thread.
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Is there a way to short the US economy? I can take this to the investing thread.
There's all kinds of ways to do that. Good luck.
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@KSU-Wildcats
Given your excitement about the various deals, I take it you aren't one who cares about not increasing the deficit, just less personal tax burden?
These changes will save me quite a bit of $$$, but it seems like an even worse bill than before.
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Yeah for saving me some coin. Maybe $2500. In-state tuition is $12K. So, we'll need some more savings please. :/
Not happy at all about the continued deficit spending. I just don't see why we need to keep running like this.
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Yeah for saving me some coin. Maybe $2500. In-state tuition is $12K. So, we'll need some more savings please. :/
Not happy at all about the continued deficit spending. I just don't see why we need to keep running like this.
Just shows that all these "fiscally conservative" senators claiming to be concerned about the deficit don't actually care about anything but putting more cash in the pockets of rich people. They may be giant hypocrites, but hey, we're all :kstategrad: anyway, right?
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Yeah for saving me some coin. Maybe $2500. In-state tuition is $12K. So, we'll need some more savings please. :/
Not happy at all about the continued deficit spending. I just don't see why we need to keep running like this.
Just shows that all these "fiscally conservative" senators claiming to be concerned about the deficit don't actually care about anything but putting more cash in the pockets of rich people. They may be giant hypocrites, but hey, we're all :kstategrad: anyway, right?
No, it is not hypocritical for fiscal conservatives to support tax cuts and deficit reduction. First, tax cuts can boost economic growth and possibly even increase revenue in the long term. In fact, you'll notice that tax revenue stays at a relatively steady 18-20% of GDP over time no matter the tax rate. We have a spending problem. Second, many fiscal conservatives are already massively overtaxed in comparison to other Americans, so it is no hypocritical to desire to keep a little bit more of their own hard-earned money.
What's annoying, to say the least, is that the GOP is going to take the relatively easy step of cutting taxes but not do a damned thing to cut spending. Just like the Kansas GOP did.
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Yeah for saving me some coin. Maybe $2500. In-state tuition is $12K. So, we'll need some more savings please. :/
Not happy at all about the continued deficit spending. I just don't see why we need to keep running like this.
Just shows that all these "fiscally conservative" senators claiming to be concerned about the deficit don't actually care about anything but putting more cash in the pockets of rich people. They may be giant hypocrites, but hey, we're all :kstategrad: anyway, right?
No, it is not hypocritical for fiscal conservatives to support tax cuts and deficit reduction. First, tax cuts can boost economic growth and possibly even increase revenue in the long term. In fact, you'll notice that tax revenue stays at a relatively steady 18-20% of GDP over time no matter the tax rate. We have a spending problem. Second, many fiscal conservatives are already massively overtaxed in comparison to other Americans, so it is no hypocritical to desire to keep a little bit more of their own hard-earned money.
What's annoying, to say the least, is that the GOP is going to take the relatively easy step of cutting taxes but not do a damned thing to cut spending. Just like the Kansas GOP did.
Slow down and read 8man's post again. They don't care about deficits / cutting spending. That's the hypocritical part. They've spent the last eight years trashing dems on deficits and don't do a damn thing about it when in power.
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Any of you guys remember when Newsweek was a respected publication? Used to always be in doctors and dentists offices. Had big time respected, reasonable minded columnists like George Will and Robert Samuelson?
And then I guess somebody bought it and turned into some sort of leftwing blog. They've really gone off the deep end lately.
http://www.newsweek.com/trump-tax-bill-gop-senate-riots-economy-money-wealth-wall-street-728400 (http://www.newsweek.com/trump-tax-bill-gop-senate-riots-economy-money-wealth-wall-street-728400)
When White People Riot: GOP Tax Reform
White people don’t riot. At least that’s the presumption of many white Americans, especially Trump supporters whose easily provoked fears have been fomented by decades of televised civil unrest and the urban wreckage at Ferguson, Baltimore, Los Angeles, and further back, Detroit and Watts.
But there’s a smash-and-grab underway in broad daylight, and it’s not at the Quikmart in Ferguson or Tom's Liquor at Normandie and Florence in L.A. One trillion dollars is about to pass out of the U.S. treasury and into the bank accounts of the beneficiaries of the Trump tax reform plan, according to the official congressional scorekeeper.
We associate looting with televised urban violence, because we can see it. After police in Ferguson, Missouri, left the body of Michael Brown in the street for nine hours, national television networks broke away to rioters burning and looting a Little Caesars, a Prime Beauty Supply, Sam’s Meat Market and other small businesses. The violence cost the town at least $5.7 million, according to local news reports.
After Baltimore cops couldn’t explain why Freddie Gray was tossed into a paddy wagon alive and found dead 20 minutes later in 2015, national television networks broke away and focused on looters and rioters, who ultimately caused between $9 million and $20 million in damages.
The mother of all riots in living memory cost Los Angeles $1 billion in 1992. Every minute of that three-day event was broadcast on live television. Images of black and brown people smashing and grabbing TVs, stereos and tennis shoes are seared into a generation of white suburbanite brains.
The urban riots have two things in common: they involve brown people and they were caught on camera.
When white people riot, it’s different. First, it costs a lot more. Second, it is not televised. When white people smash and grab, they do it from boardrooms, or Senate caucuses.
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I don't really care about the debt, but it's pretty great that if anything happens it will be kdubs kids who get mumped so he can own the libs
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Yeah for saving me some coin. Maybe $2500. In-state tuition is $12K. So, we'll need some more savings please. :/
Not happy at all about the continued deficit spending. I just don't see why we need to keep running like this.
Just shows that all these "fiscally conservative" senators claiming to be concerned about the deficit don't actually care about anything but putting more cash in the pockets of rich people. They may be giant hypocrites, but hey, we're all :kstategrad: anyway, right?
No, it is not hypocritical for fiscal conservatives to support tax cuts and deficit reduction. First, tax cuts can boost economic growth and possibly even increase revenue in the long term. In fact, you'll notice that tax revenue stays at a relatively steady 18-20% of GDP over time no matter the tax rate. We have a spending problem. Second, many fiscal conservatives are already massively overtaxed in comparison to other Americans, so it is no hypocritical to desire to keep a little bit more of their own hard-earned money.
What's annoying, to say the least, is that the GOP is going to take the relatively easy step of cutting taxes but not do a damned thing to cut spending. Just like the Kansas GOP did.
Slow down and read 8man's post again. They don't care about deficits / cutting spending. That's the hypocritical part. They've spent the last eight years trashing dems on deficits and don't do a damn thing about it when in power.
I don't think that's what he said, but I absolutely agree that is a fair observation for many GOP pols.
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There is absolutely ZERO evidence this will increase revenues. Just because people [politicians and lobbyists] have said that doesn't make it true.
Speaking of who has claimed this tax bill isn't a completely idiotic way to boost the economy, the "137 economists" list was an utter fraud.
https://theintercept.com/2017/12/01/gops-list-of-economists-backing-tax-cut-includes-ghosts-office-assistants-ex-felons-and-a-sprinkling-of-real-economists/ (https://theintercept.com/2017/12/01/gops-list-of-economists-backing-tax-cut-includes-ghosts-office-assistants-ex-felons-and-a-sprinkling-of-real-economists/)
Another signatory to the RATE letter, Seth Bied, is not an economist. He is a low-level office assistant at the New York State Tax Department, whose spokesperson said Bied does not remember signing the economists’ letter.
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There is absolutely ZERO evidence this will increase revenues. Just because people [politicians and lobbyists] have said that doesn't make it true.
Speaking of who has claimed this tax bill isn't a completely idiotic way to boost the economy, the "137 economists" list was an utter fraud.
https://theintercept.com/2017/12/01/gops-list-of-economists-backing-tax-cut-includes-ghosts-office-assistants-ex-felons-and-a-sprinkling-of-real-economists/ (https://theintercept.com/2017/12/01/gops-list-of-economists-backing-tax-cut-includes-ghosts-office-assistants-ex-felons-and-a-sprinkling-of-real-economists/)
Another signatory to the RATE letter, Seth Bied, is not an economist. He is a low-level office assistant at the New York State Tax Department, whose spokesperson said Bied does not remember signing the economists’ letter.
97% agree this will boost the economy. Denier.
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Re-read my post.
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https://twitter.com/SenatorTester/status/936748480000921600
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https://twitter.com/SenatorMenendez/status/936739835880136705
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So ksw is celebrating saving a buck while his kids are going to get death taxed out the Ass
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I mean Christ, what a world view
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I get an extra 1500 and my kids get mumped
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Narcissist gonna narcissist
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Just irrational rage at this point. Sad.
So I'm watching CSPAN right now as they go through the theater of these last amendments. It is incredibly boring except for Ron Wyden from Oregon. Have you guys ever heard him speak before? I hadn't until tonight. The man sounds and looks, and I am not exaggerating, like he is mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!). Go find any YouTube video.
One more observation: all the college students working as senate aides have to sit on the lowest step of the podium about 10" off the floor, like they're in kindergarten. Can't find any folding chairs for them? Bizarre.
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I get an extra 1500 and my kids get mumped
So it's closer to 7 large under the Senate plan, per year, unless the newly re-inserted AMT bites me. Haven't seen the details on that yet. Might be in one of those hand-revised pages above the Dems are sobbing over. Kids are gonna be great if we can keep socialism in check. But thanks for your concern.
Oh, and invoking people's kids is a huge dickwad move, btw. Get mumped.
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We have to pass it to know what's in it
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We have to pass it to know what's in it
We'll have plenty of time to know what's in it during reconciliation.
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Just irrational rage at this point. Sad.
So I'm watching CSPAN right now as they go through the theater of these last amendments. It is incredibly boring except for Ron Wyden from Oregon. Have you guys ever heard him speak before? I hadn't until tonight. The man sounds and looks, and I am not exaggerating, like he is mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!). Go find any YouTube video.
One more observation: all the college students working as senate aides have to sit on the lowest step of the podium about 10" off the floor, like they're in kindergarten. Can't find any folding chairs for them? Bizarre.
https://twitter.com/yusufahmed/status/936815095568465920
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KSUW, I don't know you other than your representation that you make a lot of money, but if this tax bill will save you $7k+ per year in taxes, you are doing something seriously wrong.
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Seriously, turn on CSPAN2 and tell me I'm wrong about the aides.
And Wyden, if you're lucky you'll catch him speaking again - he seems to the be the designated guy for the Dems to object to the GOP's amendments. I swear you can practically see a little drool dripping down his chin as he speaks. US Senator Ron Wyden (D) of Oregon.
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ZOMG Pence just hit the floor to break a 50/50 tie break to vote in favor of a Cruz amendment expanding 529 usage for K-12 spending. The intrigue!
Next Tim Kaine says he wants to drop AMT back down to current levels. Which I guess means the current plan shoved the AMT to a much higher threshold! :woot:
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Oh look, another Dem proposed amendment gets shown down on party lines. :zzz: Seriously how much more of this is Myrtle going to allow?
I'm amazed that not a single one of the senior citizens has fallen asleep yet. They must stay amped on redbull or cocaine. That might actually explain Wyden.
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Own the libs
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They are trying so hard to pass something, ANYTHING, at this point. You would think they would think something like this out in a responsible way, especially since so much winning. Yet since nothing has been accomplished they are gonna pass this turd and eff generations of people over.
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Joe Manchin just got shushed. :lol: (he actually seems like a decent and intelligent guy).
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They are trying so hard to pass something, ANYTHING, at this point. You would think they would think something like this out in a responsible way, especially since so much winning. Yet since nothing has been accomplished they are gonna pass this turd and eff generations of people over.
Letting people keep more of their own money = rough ridin' generations of people over. Hysterical.
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They are trying so hard to pass something, ANYTHING, at this point. You would think they would think something like this out in a responsible way, especially since so much winning. Yet since nothing has been accomplished they are gonna pass this turd and eff generations of people over.
Letting people keep more of their own money = rough ridin' generations of people over. Hysterical.
I know you’re a short sited kind of guy that thinks only of himself. That’s fine, it’s your right. Being a HENRY the projections keep your taxes down. However what the CBO charts show fucks lower wage earners over the long term, which impacts generational poverty. Putting your knee in those peoples back is a good thing in your eyes, that’s fine. I’m just stating facts, which we all know you don’t care about.
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They are trying so hard to pass something, ANYTHING, at this point. You would think they would think something like this out in a responsible way, especially since so much winning. Yet since nothing has been accomplished they are gonna pass this turd and eff generations of people over.
Letting people keep more of their own money = rough ridin' generations of people over. Hysterical.
I know you’re a short sited kind of guy that thinks only of himself. That’s fine, it’s your right. Being a HENRY the projections keep your taxes down. However what the CBO charts show fucks lower wage earners over the long term, which impacts generational poverty. Putting your knee in those peoples back is a good thing in your eyes, that’s fine. I’m just stating facts, which we all know you don’t care about.
What's it do for those folks in the short term?
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Just saw Sanders on the floor! He is really old. Gotta be at least 75 right?
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They are trying so hard to pass something, ANYTHING, at this point. You would think they would think something like this out in a responsible way, especially since so much winning. Yet since nothing has been accomplished they are gonna pass this turd and eff generations of people over.
Letting people keep more of their own money = rough ridin' generations of people over. Hysterical.
I know you’re a short sited kind of guy that thinks only of himself. That’s fine, it’s your right. Being a HENRY the projections keep your taxes down. However what the CBO charts show fucks lower wage earners over the long term, which impacts generational poverty. Putting your knee in those peoples back is a good thing in your eyes, that’s fine. I’m just stating facts, which we all know you don’t care about.
What's it do for those folks in the short term?
Puts more money in their pocket to buy drugs and commit crimes. Which perpetuates the generational poverty. I know this is what you think. So in the end it creates a bigger gap in the wealth distribution charts. You buy a new minivan and the poor pass on that burden to the next generation.
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They are trying so hard to pass something, ANYTHING, at this point. You would think they would think something like this out in a responsible way, especially since so much winning. Yet since nothing has been accomplished they are gonna pass this turd and eff generations of people over.
Letting people keep more of their own money = rough ridin' generations of people over. Hysterical.
I know you’re a short sited kind of guy that thinks only of himself. That’s fine, it’s your right. Being a HENRY the projections keep your taxes down. However what the CBO charts show fucks lower wage earners over the long term, which impacts generational poverty. Putting your knee in those peoples back is a good thing in your eyes, that’s fine. I’m just stating facts, which we all know you don’t care about.
What's it do for those folks in the short term?
Puts more money in their pocket to buy drugs and commit crimes. Which perpetuates the generational poverty. I know this is what you think. So in the end it creates a bigger gap in the wealth distribution charts. You buy a new minivan and the poor pass on that burden to the next generation.
:sdeek:
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Maria Cantwell is seriously angry about opening 1/10,000 of ANWR to oil drilling. And Murkowski is all for it. Drill Baby Drill! :woot:
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No interns have been molested yet, that I can see. That's probably why they make them sit on the podium at the front as far away from the cloak room as possible.
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Turd Bill passes. Don’t get me wrong, I benefit from this thing, even after 2027, but it just feels slimy and not well done at all.
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I tried but couldn't stay up until the end. Too boring. I hope everyone at least got to see Wyden once.
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KSUW got wackyball'd last night itt
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"Historians will mark today as one of the darkest black-letter days in the long history of this Senate," Schumer said just before that vote.
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"mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)"
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"mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)"
That's Wyden, not Shumer. I'll try to find some video of him melting down.
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Why are you ridiculing someone's physical appearance? I don't understand the point.
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"mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)"
That's Wyden, not Shumer. I'll try to find some video of him melting down.
oh no you misunderstood my post i think
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Lower taxes for everyone! :Woot:
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"mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)"
That's Wyden, not Shumer. I'll try to find some video of him melting down.
oh no you misunderstood my post i think
His mental capacity is severely lacking.
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Lower taxes for everyone! :Woot:
“Everyone”
(https://uploads.tapatalk-cdn.com/20171202/111e47752fe1ac09bd76af172b1debfc.jpg)
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Did they make this thing apply to this year’s taxes?
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The red boxes indicate paying more taxes. I know comprehension is hard for you FSD so I’m trying to be helpful.
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Ksuw just creamed his jeans
https://twitter.com/chrislhayes/status/936825293947334656
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Ksuw just creamed his jeans
https://twitter.com/chrislhayes/status/936825293947334656
ksu's kids go to public school, this is a lsoc wet dream
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Lower taxes for everyone! :Woot:
“Everyone”
(https://uploads.tapatalk-cdn.com/20171202/111e47752fe1ac09bd76af172b1debfc.jpg)
yeah, but poor people in this country have had it too easy for too long. eff 'em, that's what i say.
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Can't believe Trump decided to pass this tax bill instead of passing a tax bill that will end generational poverty. :curse:
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Lol at someone making less than $30k a year paying income taxes at all.
Libtards have gone full #fucktards. There's no coming back
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The red boxes indicate paying more taxes. I know comprehension is hard for you FSD so I’m trying to be helpful.
No it means less refund. Those people have a negative income tax rate, fucktard
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The red boxes indicate paying more taxes. I know comprehension is hard for you FSD so I’m trying to be helpful.
No it means less refund. Those people have a negative income tax rate, fucktard
So less refund would mean you are being taxed more, yes?
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Generational poverty (whatever the eff that is) is totally back in play no that the poors are getting $72 less per year welfare.
- source: libtards who've gone full fucktard
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The red boxes indicate paying more taxes. I know comprehension is hard for you FSD so I’m trying to be helpful.
No it means less refund. Those people have a negative income tax rate, fucktard
So less refund would mean you are being taxed more, yes?
If your income tax liability is zero dollars under both scenarios, how are your taxes going up, fucktard?
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Can't believe Trump decided to pass this tax bill instead of passing a tax bill that will end generational poverty. :curse:
:lol:
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The red boxes indicate paying more taxes. I know comprehension is hard for you FSD so I’m trying to be helpful.
No it means less refund. Those people have a negative income tax rate, fucktard
So less refund would mean you are being taxed more, yes?
If your income tax liability is zero dollars under both scenarios, how are your taxes going up, fucktard?
You only get a refund if you paid too much in taxes. So if you don’t get as big of refund you are paying more in taxes. Like I said, I know comprehension is hard for you.
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Thanks for taking over for a bit FSD. I went to see a movie and when I got back this thread went full Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!). That chart! :love: I for one am appalled that people who currently pay no FIT might not get as big of a "refund." :lol:
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"mentally Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)"
That's Wyden, not Shumer. I'll try to find some video of him melting down.
oh no you misunderstood my post i think
His mental capacity is severely lacking.
Oh no I understood exactly what you were doing. I just reinterpreted it to take another dig at Wyden.
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Why are you ridiculing someone's physical appearance? I don't understand the point.
It's not really about his physical appearance. Or not just about that. If I saw Wyden walking down the street I would just think "there's a dude with a really terrible haircut." But if you then listen to him talk... from a lectern on the Senate floor... it really hits home: This moron is a US Senator. Let me see if I can dig up a video from last night. It was a treat.
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I was gonna dig up more quotes of liberals losing their crap over letting people keep more of their money (and poor people getting to keep less of other people's money), but the liberal posters here seem to be providing excellent fodder.
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I'm pretty sure the big tuck genuinely does not understand the income tax system.
That Chris Hayes tweet was lol fucktarded
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I'm pretty sure the big tuck genuinely does not understand the income tax system.
That Chris Hayes tweet was lol fucktarded
I’d love to read you trying to explain it.
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Did they make this thing apply to this year’s taxes?
Sadly almost positive it is not retroactive.
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I'm pretty sure the big tuck genuinely does not understand the income tax system.
That Chris Hayes tweet was lol fucktarded
I’d love to read you trying to explain it.
Google EIC. Prepare to have your mind blown.
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I'm pretty sure the big tuck genuinely does not understand the income tax system.
That Chris Hayes tweet was lol fucktarded
I’d love to read you trying to explain it.
Google EIC. Prepare to have your mind blown.
Why do you tease him like that? The minute he googles that he's gonna mostly see a lot of liberals bitching about how this bill effs the poors.
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so this thing is projected to add 1 trillion to the national debt huh?
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Reagan called the EITC "the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress”
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What spending we going to cut now?
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I don't think the EIC is going away, it's just one of many examples of how people who don't pay income taxes get refunds. Trying to educate the libtarded is yeomans work.
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So how's my pass through LLC profits looking?
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So how's my pass through LLC profits looking?
there's no way to know, yet. they have to reconcile.
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:pray:
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i don't think pass-throughers like you and i would benefit regardless, but i'm very far from sure. i haven't seen anything that well explains the senate details.
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I mean, lowering the rate would benefit
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right, but i think we're still excluded.
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Lower taxes on pass-through business income: Most U.S. businesses are set up as pass-throughs, not corporations. That means their profits are passed through to the owners, shareholders and partners, who pay tax on them on their personal returns under ordinary income tax rates.
Both the House and Senate bills lower taxes on the business portion of a filer's passthrough income.
The House bill dropped the top income tax rate to 25% from 39.6%, while prohibiting anyone providing professional services (e.g., lawyers and accountants) from taking advantage of the lower rate. It also phases in a lower rate of 9% for businesses that earn less than $75,000.
The Senate bill lowers taxes on filers in pass-throughs by letting them deduct 23% of their income, up from 17.4% originally.
The 23% deduction would be prohibited for anyone in a service business -- except those with taxable incomes under $500,000 if married ($250,000 if single).
Prevent abuse of pass-through tax break: If the owner or partner in a pass-through also draws a salary from the business, that money would be subject to ordinary income tax rates.
But to prevent people from recharacterizing their wage income as business profits to get the benefit of the pass-through deduction, the Senate bill would automatically limit the deduction to half of the W-2 wages of the pass-through entity or its share to the individual taxpayer. The W-2 rule would not apply, however, if the filer's taxable income is under $500,000 if married, $250,000 if single.
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if this explanation is correct, it sounds like the senate version would benefit me (and presumably dugout).
https://www.forbes.com/sites/greatspeculations/2017/11/27/senates-five-haircuts-on-the-tax-deduction-for-pass-through-entities/#4967c0891fde
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I'm happy for you guys! :cheers:
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That's what it's all about guys!
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That's what it's all about guys!
How about you, Phil Titola? :thumbsup:
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That's what it's all about guys!
How about you, Phil Titola? :thumbsup:
what I get out of this is the least of my concern here TBH.
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https://www.forbes.com/sites/anthonynitti/2017/12/02/winners-and-losers-of-the-senate-tax-bill/#21511191254d
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Butthurt lib article
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ksu-dubs spreadsheet disagrees with lib slam piece
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Winners: Everyone ITT
Losers: the libtards, per usual
:lol:
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I'd take a lib slam piece over W's spread sheet twice a day and three times on Sunday.
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BERNIE SANDERS: As I think about what's going on here today, I think this is in many ways a historic day, a day that historians will look back on: December 1, 2017.
And they will conclude that today is the day of one of the great robberies, criminal activities if you like, in the modern history of this country, because the federal treasury is being looted tonight.
Yup, to a socialist, letting people keep more of their money is robbery!
https://www.realclearpolitics.com/video/2017/12/01/sanders_this_tax_bill_will_be_remembered_as_one_of_the_great_robberies_in_history.html (https://www.realclearpolitics.com/video/2017/12/01/sanders_this_tax_bill_will_be_remembered_as_one_of_the_great_robberies_in_history.html)
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Political commentators are increasingly suggesting that we are in the midst of, or headed toward, another "civil war," metaphorically speaking. I'm not speaking metaphorically at all. This tax bill is not so much a tax bill as a declaration of war. A declaration of war on not just certain identifiable states but also their predominant ideology and economic model.
He's not speaking metaphorically, guys.
https://www.usnews.com/opinion/thomas-jefferson-street/articles/2017-12-01/gop-tax-bill-declares-war-on-blue-states (https://www.usnews.com/opinion/thomas-jefferson-street/articles/2017-12-01/gop-tax-bill-declares-war-on-blue-states)
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I mean, reducing the property tax deduction does really eff over homeowners in NYC, Chicago, Boston etc. That kind of does seem targeted to affect Democrats disproportionately. At least if they keep it at $10k it will only affect people who won't miss it much.
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I mean, reducing the property tax deduction does really eff over homeowners in NYC, Chicago, Boston etc. That kind of does seem targeted to affect Democrats disproportionately. At least if they keep it at $10k it will only affect people who won't miss it much.
If sure their respective state and local governments will make it right. :lol:
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I mean, reducing the property tax deduction does really eff over homeowners in NYC, Chicago, Boston etc. That kind of does seem targeted to affect Democrats disproportionately. At least if they keep it at $10k it will only affect people who won't miss it much.
If sure their respective state and local governments will make it right. :lol:
Ha... Not likely.
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What spending we going to cut now?
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What spending we going to cut now?
None. Republicans and Democrats don't care about increasing the deficit
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What spending we going to cut now?
Hopefully spending on generational poverty, cuz that ain't working.
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Apparently, Iowans in the 99% bracket have issues.
““I think not having the estate tax recognizes the people that are investing, as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.””
https://www.desmoinesregister.com/story/news/2017/12/02/tax-reform-iowa-farmers-estate-tax/906946001/
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republicans are so gross
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Apparently, Iowans in the 99% bracket have issues.
““I think not having the estate tax recognizes the people that are investing, as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.””
https://www.desmoinesregister.com/story/news/2017/12/02/tax-reform-iowa-farmers-estate-tax/906946001/
I'm an Iowan
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Apparently, Iowans in the 99% bracket have issues.
““I think not having the estate tax recognizes the people that are investing, as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.””
https://www.desmoinesregister.com/story/news/2017/12/02/tax-reform-iowa-farmers-estate-tax/906946001/
I thought it was just a guy that said that. But nope, that was a senator. Unreal
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I thought the whole point of cuts is to encourage spending.
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Apparently, Iowans in the 99% bracket have issues.
““I think not having the estate tax recognizes the people that are investing, as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.””
https://www.desmoinesregister.com/story/news/2017/12/02/tax-reform-iowa-farmers-estate-tax/906946001/
I'm an Iowan
Your senator has no respect for you.
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I thought the whole point of cuts is to encourage spending.
Rich people aren't all that great at spending money.
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Just weird to act like people who spend all their income should not be the biggest target of tax cuts.
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the REAL idea is that by lowering taxes on the rich, people will be incentivized to become rich. previously, being rich was so burdensome, it just wasn't worth it to make the jump.
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the REAL idea is that by lowering taxes on the rich, people will be incentivized to become rich. previously, being rich was so burdensome, it just wasn't worth it to make the jump.
I turn down offers to be paid more ALL the time. I mean, the govt is just going to take their cut and leave me with lots of money still.
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I think once this kicks in, I'll have my housekeeper come an extra time every week. TRICKLE DOWN, ROUGH RIDERS!
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https://twitter.com/JimPethokoukis/status/937455162481881089
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I'm basically at max spend now. I don't know how I'm going to trickle this down better. Can fsd or ksuw help me?
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I'm basically at max spend now. I don't know how I'm going to trickle this down better. Can fsd or ksuw help me?
Mrs. Titola should be a SAHM
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https://twitter.com/realDonaldTrump/status/937653535486959616
Dow soars 300 points higher to record as Street cheers Senate passing tax bill (https://www.cnbc.com/2017/12/04/us-stock-futures-dow-data-tax-plan-opec-politics-on-the-agenda.html)
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I really like this quote from a former Office Depot executive:
But Nelson said he doubted the cuts would generate significant corporate investment. Companies already need to be ruthless about lowering costs. He couldn’t imagine a company waiting for a tax cut to become more efficient. And he didn’t expect the tax cuts to translate into pay raises.
“There’s no such thing as trickle-down,” Nelson said.
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I really like this quote from a former Office Depot executive:
But Nelson said he doubted the cuts would generate significant corporate investment. Companies already need to be ruthless about lowering costs. He couldn’t imagine a company waiting for a tax cut to become more efficient. And he didn’t expect the tax cuts to translate into pay raises.
“There’s no such thing as trickle-down,” Nelson said.
Well there you have it: straight from a former Office Depot executive.
I like this quote....
this thing is DOA
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The office depot by my house just went out of business.
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The office depot by my house just went out of business.
T's & P's
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Should have given them one more payday loan
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If they tried to open an Office Depot in my neighborhood there would be a riot
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So are kdub and fsd admitting that they think trickle down works?
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
Are you referring to such renowned economists as Gil Sylvia?
http://goEMAW.com/forum/index.php?topic=38387.msg1787086#msg1787086
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being totally honest I intend to spend more with my tax cut.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
Are you referring to such renowned economists as Gil Sylvia?
http://goEMAW.com/forum/index.php?topic=38387.msg1787086#msg1787086
No. But I do appreciate that the "97%" crowd is suddenly interested in parsing a list of so-called experts. :cheers:
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To be perfectly honest, changes to the amount of taxes that I pay will not change my behavior in any way. I will not even notice a difference. I will have absolutely no idea if I am paying more or less in taxes.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
Are you referring to such renowned economists as Gil Sylvia?
http://goEMAW.com/forum/index.php?topic=38387.msg1787086#msg1787086
No. But I do appreciate that the "97%" crowd is suddenly interested in parsing a list of so-called experts. :cheers:
If the list represented even a significant fraction of real economists then you would be right, that would be a bit ironic.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
It's worked out so well for KS, hasn't it?
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To be perfectly honest, changes to the amount of taxes that I pay will not change my behavior in any way. I will not even notice a difference. I will have absolutely no idea if I am paying more or less in taxes.
yep
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To be perfectly honest, changes to the amount of taxes that I pay will not change my behavior in any way. I will not even notice a difference. I will have absolutely no idea if I am paying more or less in taxes.
yep
100% this. Since the vast majority of people on salary pre pays their taxes throughout the year I would think they wouldn't notice much of a change at all. I'd almost think the annual COLA would cover the bump.
Someone with more knowledge than me, will my company automatically adjust the amount that will come out of my paycheck each month or will I need to do that?
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What spending we going to cut now?
I am still holding out hope that some sort of technology breakthrough will make the military a lot cheaper to operate without cutting salaries to any of our service men and women.
It is the balance between wanting to spend less on defense while still being able to wag our giant military willy around to make our enemies quiver in fear.
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To be perfectly honest, changes to the amount of taxes that I pay will not change my behavior in any way. I will not even notice a difference. I will have absolutely no idea if I am paying more or less in taxes.
yep
Weird to me to be so ambivalent toward your own finances that you wouldn't even a notice a difference in taxes.
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Most of us don't live beyond our means
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I pay quarterly and expect to rev this economy up to 11 every quarter. lets party
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Pretty proud of Congressional Dems and their lemmings for doing a complete 180 from, "it's just numbers" and "it's only money".
Also good to see some good ironclad fiscal conservatism back in the Lib movement after being so Cucked for 8 years as the deficit was ratcheted up by $6 trillion. Nice backbone!
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To be perfectly honest, changes to the amount of taxes that I pay will not change my behavior in any way. I will not even notice a difference. I will have absolutely no idea if I am paying more or less in taxes.
yep
Weird to me to be so ambivalent toward your own finances that you wouldn't even a notice a difference in taxes.
maybe if my income and insurance premiums and retirement savings all stayed fixed year-to-year i would notice a change in my federal taxes
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Whoops.
https://twitter.com/AynRandPaulRyan/status/937798388870930432
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Oh. That's rich.
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The deficit matters* - dax
*unless Republicans are adding to it then it doesn't matter
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The deficit matters* - dax
*unless Republicans are adding to it then it doesn't matter
Didn't say that lib.
It's just hilarious to see Lib's now all about fiscal responsibility and melting down over projections while standing by completly Cucked as the actual numbers rolled in to the tune of $6 trillion (in spite of all time record tax receipts over the last 3 or 4 years).
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So only "libs" have done a 180 on the subject of fiscal responsibility? Have you seen ksuw literally masturbating because he gets to add to the debt? No hilarity about ksuw bitching about insurance premiums for years (omabacare!!! :curse: ) and then passing a bill that will for sure make premiums rise significantly?
Sad how cucked you are bud :frown:
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So only "libs" have done a 180 on the subject of fiscal responsibility? Have you seen ksuw literally masturbating because he gets to add to the debt? No hilarity about ksuw bitching about insurance premiums for years (omabacare!!! :curse: ) and then passing a bill that will for sure make premiums rise significantly?
Sad how cucked you are bud :frown:
LOL, I want to see spending cut.
But you just stood by and said crap like "just numbers" and "only money" while your hero racked up all-time record debt aka more debt than any other president in U.S. history all the while collecting all time record annual tax receipts for 3 or 4 consecutive years.
But nice little meltdown (as usual)
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You don't read very well when you're seething with rage do you?
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You don't read very well when you're seething with rage do you?
I read perfectly fine.
Ensure insurance premiums to rise? LOL, they've risen every year since ObamaCare was passed, where were you then?
Libs have no standing on the debt, you went face down ass up for Obama, and let him ram $6 trillion in new debt and then you blew it all off with by saying things like "only numbers". Now you're melting down over projections. :lol:
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You don't read very well when you're seething with rage do you?
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You don't read very well when you're seething with rage do you?
So, nothing, as usual. Sad
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what specific policies created more debt under Obama Dax?
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https://twitter.com/samstein/status/937856781124079616
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Anyone in congress who is surprised by a move like that is way too gullible to represent millions of people.
They knew what was going to happen and are just too spineless to admit they fell in line against their principles.
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what specific policies created more debt under Obama Dax?
This is just begging to get “but Hillary-ed.”
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what specific policies created more debt under Obama Dax?
LOL, so in essence your seeking to recuse the Obama administration from all culpability.
Where does defense spending get initiated Phil?
Making tax cuts permanent (why was it okay back then?)
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It’s too bad we can’t get bipartisan support for lower insurance premiums and not deporting productive members of society that really should be citizens.
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It’s too bad we can’t get bipartisan support for lower insurance premiums and not deporting productive members of society that really should be citizens.
8 years to fix immigration in a real way, and instead it was just an open invitation to have a border free-for-all coupled with a weird deportation bent.
Purposeful?
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https://www.washingtonpost.com/news/wonk/wp/2017/12/04/is-the-gop-tax-plan-an-unprecedented-windfall-for-the-wealthy-we-look-at-50-years-of-data-to-find-out/
Most regressive cut in 50 years.
Sent from my iPhone using Tapatalk
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https://www.washingtonpost.com/news/wonk/wp/2017/12/04/is-the-gop-tax-plan-an-unprecedented-windfall-for-the-wealthy-we-look-at-50-years-of-data-to-find-out/
Most regressive cut in 50 years.
Sent from my iPhone using Tapatalk
At the end of the day, the truly wealthy are already working every loophole there is to avoid taxation. Using the term "unprecedented windfall" is hilariously disingenuous but it sells to the idiots. The WaPo's owner (for example) has an army of lawyers and accountants doing everything they can for the boss and his companies to avoid paying taxes.
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Lower taxes for everyone! :Woot:
Libtard partisan bitching :zzz:
Libtard concern for deficits :Wha:
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Libtard concern for deficits :Wha:
The funny thing is you’re calling people on this board libtards solely because they’re complaining about Republicans adding to the deficit.
I have not voted for a Democratic presidential candidate in my entire life.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
It's worked out so well for KS, hasn't it?
8 consecutive months exceeding revenue projections :Wha: :Wha:
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
It's worked out so well for KS, hasn't it?
8 consecutive months exceeding revenue projections :Wha: :Wha:
6 months of which is after Brownbacks veto was overridden and taxes were raised. Still a 320 million budget deficit. You moron.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
It's worked out so well for KS, hasn't it?
8 consecutive months exceeding revenue projections :Wha: :Wha:
6 months of which is after Brownbacks veto was overridden and taxes were raised. Still a 320 million budget deficit. You moron.
Only money, just numbers.
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
It's worked out so well for KS, hasn't it?
8 consecutive months exceeding revenue projections :Wha: :Wha:
6 months of which is after Brownbacks veto was overridden and taxes were raised. Still a 320 million budget deficit. You moron.
Only money, just numbers.
Your strawman doesn't pertain to me
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https://twitter.com/JustinWolfers/status/937876660942143488
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get a haircut Wolfers
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https://twitter.com/JustinWolfers/status/937876660942143488
Again, everyone knew this going into it. They just did not have the guts to kill the bill.
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https://twitter.com/CNNPolitics/status/938389080680943616
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And it's the same guy suing john oliver
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So are kdub and fsd admitting that they think trickle down works?
Yes, I think supply side economics works. So do a great many economists.
It's worked out so well for KS, hasn't it?
8 consecutive months exceeding revenue projections :Wha: :Wha:
6 months of which is after Brownbacks veto was overridden and taxes were raised. Still a 320 million budget deficit. You moron.
Only money, just numbers.
Your strawman doesn't pertain to me
The standard Dem answer to all deficit and budget matters for 8 consecutive years is absolutely applicable to this entire discussion.
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House and Senate are getting pretty close to a deal on the tax reform package. "Raising" the corporate rate to 21-22% makes it pretty easy to pay for the other changes necessary to resolve the differences. Sounds like the only remaining sticking point is rates and rules for pass-through business income.
http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171213-story.html (http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171213-story.html)
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House and Senate are getting pretty close to a deal on the tax reform package. "Raising" the corporate rate to 21-22% makes it pretty easy to pay for the other changes necessary to resolve the differences. Sounds like the only remaining sticking point is rates and rules for pass-through business income.
http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171213-story.html (http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171213-story.html)
I mean, that is the entire premise of his dipshit plan is to cut taxes for us so we go spend it or reinvest. WTH is the problem with these gross losers actually following through?
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House and Senate are getting pretty close to a deal on the tax reform package. "Raising" the corporate rate to 21-22% makes it pretty easy to pay for the other changes necessary to resolve the differences. Sounds like the only remaining sticking point is rates and rules for pass-through business income.
http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171213-story.html (http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171213-story.html)
I mean, that is the entire premise of his dipshit plan is to cut taxes for us so we go spend it or reinvest. WTH is the problem with these gross losers actually following through?
Can you explain the issue?
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Here's how I understand it, and please correct me if I'm wrong (I am far far far from knowledgeable about this)...
Typical C-Corporations are subject to double taxation, at least theoretically. They pay taxes once on their profits, and then the shareholders are taxed again on any distributions from the business. I say theoretically because there are evidently all kinds of ways to essentially pay zero corporate income tax, but the shareholders still pay the personal income tax on distributions.
S-Corps and other pass-through entities don't have to pay corporate income tax, as long as they follow certain rules, but the shareholders still pay personal income tax on distributions, just like shareholders of C-Corps.
Do I have that right?
If so, I totally understand why we would reduce the corporate income tax rate on C-Corps, but why would S-Corps get a special personal income tax rate on their distributions? Aren't they already receiving favorable tax treatment by not having to pay any corporate income tax?
What's the argument?
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It looks like they are removing the stupid stuff that targeted grad students that you thought was a good idea.
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Here's how I understand it, and please correct me if I'm wrong (I am far far far from knowledgeable about this)...
Typical C-Corporations are subject to double taxation, at least theoretically. They pay taxes once on their profits, and then the shareholders are taxed again on any distributions from the business. I say theoretically because there are evidently all kinds of ways to essentially pay zero corporate income tax, but the shareholders still pay the personal income tax on distributions.
S-Corps and other pass-through entities don't have to pay corporate income tax, as long as they follow certain rules, but the shareholders still pay personal income tax on distributions, just like shareholders of C-Corps.
Do I have that right?
If so, I totally understand why we would reduce the corporate income tax rate on C-Corps, but why would S-Corps get a special personal income tax rate on their distributions? Aren't they already receiving favorable tax treatment by not having to pay any corporate income tax?
What's the argument?
Members of LLC's are employing people and buying office ferns - it's the engine of the economy bro.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Of course, if the intent of cutting the corporate tax rate is to allow fatter bottom lines and bigger bonuses to mega corporation executives, then it is entirely consistent that the same breaks would not apply to s corps and LLCs.
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It looks like they are removing the stupid stuff that targeted grad students that you thought was a good idea.
This is very good
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Of course, if the intent of cutting the corporate tax rate is to allow fatter bottom lines and bigger bonuses to mega corporation executives, then it is entirely consistent that the same breaks would not apply to s corps and LLCs.
that is really so obvious only a complete idiot couldn't see it
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Big Grad with another power move to keep the public money flowing
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It looks like they are removing the stupid stuff that targeted grad students that you thought was a good idea.
If by "target" you mean "treat them like everyone else" (or more specifically, require the universities to provide adequate compensation such that they can pay taxes on their scholarships), then it would be a shame for the GOP to back away from this. The higher ed lobby wins again, I guess.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
If we are trying to incentivize people to start businesses, seems like the s-corp structure was already a pretty good incentive: open a business and you won't pay any corporate income tax on your profits - you just pay personal income tax on what you take out of the business, same as everyone else.
I understand why Kansas eliminated taxes on s-corps: it was designed to lure businesses to Kansas. But that's a non-issue when implementing nationwide.
At the end of the day, I'm not begrudging anyone getting a better deal than me. I'm already getting a pretty sweet deal. Just seems odd to me that we'd allow two people earning the same amount to pay significantly different rates based on a legal fiction.
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You know businesses can choose their organizational structure, right?
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You know businesses can choose their organizational structure, right?
Sort of. As I understand it, there are certain restrictions in place. Not just any business can be an s-corp. I think there is a maximum number of shareholders, restrictions on share classifications, etc. So again, my questions above....
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
If we are trying to incentivize people to start businesses, seems like the s-corp structure was already a pretty good incentive: open a business and you won't pay any corporate income tax on your profits - you just pay personal income tax on what you take out of the business, same as everyone else.
I understand why Kansas eliminated taxes on s-corps: it was designed to lure businesses to Kansas. But that's a non-issue when implementing nationwide.
At the end of the day, I'm not begrudging anyone getting a better deal than me. I'm already getting a pretty sweet deal. Just seems odd to me that we'd allow two people earning the same amount to pay significantly different rates based on a legal fiction.
Because the member is not some schmuck w-2 wage earner.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
If we are trying to incentivize people to start businesses, seems like the s-corp structure was already a pretty good incentive: open a business and you won't pay any corporate income tax on your profits - you just pay personal income tax on what you take out of the business, same as everyone else.
I understand why Kansas eliminated taxes on s-corps: it was designed to lure businesses to Kansas. But that's a non-issue when implementing nationwide.
At the end of the day, I'm not begrudging anyone getting a better deal than me. I'm already getting a pretty sweet deal. Just seems odd to me that we'd allow two people earning the same amount to pay significantly different rates based on a legal fiction.
Because the member is not some schmuck w-2 wage earner.
Wageist
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I don't have a problem with reducing taxes on pass-throughs, per se. But I'd probably set it closer to 35% and use the savings to give everyone (including pass-through earners) an even sweeter tax cut.
I guess maybe this is what the House and Senate are currently arguing over (that, and how to structure this to prevent wealthy w-2 wage earners from incorporating). Seems like a worthwhile discussion. But I can't sympathize with the side pushing for a bigger pass-through cut.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
You're presuming these two organizational structures should be on equal footing, but why? Are you just assuming that the legislators who allowed for s-corps accidentally made them way better than c-corps? And regardless of that distinction, you can organize an LLC just about however you want. If a c-corp really thought they were getting a raw deal, they would change organizational structures.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
So you do or do not believe in trickle down economics? Need an answer on that first, because that is exactly the point of allowing the owners of pass-through entities to keep more money.
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so am I getting a crap ton or no crap for this lovely new tax deduction that was born in december?
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so am I getting a crap ton or no crap for this lovely new tax deduction that was born in december?
Should be golden for next year. The year after, it likely will depend on what number you are on and how much you make.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
You're presuming these two organizational structures should be on equal footing, but why? Are you just assuming that the legislators who allowed for s-corps accidentally made them way better than c-corps? And regardless of that distinction, you can organize an LLC just about however you want. If a c-corp really thought they were getting a raw deal, they would change organizational structures.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
So you do or do not believe in trickle down economics? Need an answer on that first, because that is exactly the point of allowing the owners of pass-through entities to keep more money.
I absolutely believe in supply side economics. But I think that applies regardless of whether someone is a w-2 wage earner or self incorporates. Again, pass throughs already get a big benefit of paying zero corporate income tax. Once you take a distribution, pay the same personal income tax as anyone else. Cut those taxes to the same levels for everyone.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
If we are trying to incentivize people to start businesses, seems like the s-corp structure was already a pretty good incentive: open a business and you won't pay any corporate income tax on your profits - you just pay personal income tax on what you take out of the business, same as everyone else.
I understand why Kansas eliminated taxes on s-corps: it was designed to lure businesses to Kansas. But that's a non-issue when implementing nationwide.
At the end of the day, I'm not begrudging anyone getting a better deal than me. I'm already getting a pretty sweet deal. Just seems odd to me that we'd allow two people earning the same amount to pay significantly different rates based on a legal fiction.
S corps and partnerships are taxed on their earnings. Its the distributions that are tax free.
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man now kaz dub is a socialist? gross
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I also think it is a great idea to help small businesses. But I don't think the proposed rate reduction does that, because most truly small business won't pay a high enough marginal personal income tax rate to hit that max 25%. A better model to help small businesses would be make a certain amount of s-corp income tax free, rather than just imposing a max rate of 25% that most won't ever hit. As things currently stand, this is a nice windfall for the wealthy. I'm all about reducing taxes on the wealthy, but seems like everyone should get the same reduction regardless of whether you're a wealthy w-2 earner or pass-through recipient.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
If we are trying to incentivize people to start businesses, seems like the s-corp structure was already a pretty good incentive: open a business and you won't pay any corporate income tax on your profits - you just pay personal income tax on what you take out of the business, same as everyone else.
I understand why Kansas eliminated taxes on s-corps: it was designed to lure businesses to Kansas. But that's a non-issue when implementing nationwide.
At the end of the day, I'm not begrudging anyone getting a better deal than me. I'm already getting a pretty sweet deal. Just seems odd to me that we'd allow two people earning the same amount to pay significantly different rates based on a legal fiction.
S corps and partnerships are taxed on their earnings. Its the distributions that are tax free.
I did not know this. So how's that different from a c-corp?
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I also think it is a great idea to help small businesses. But I don't think the proposed rate reduction does that, because most truly small business won't pay a high enough marginal personal income tax rate to hit that max 25%. A better model to help small businesses would be make a certain amount of s-corp income tax free, rather than just imposing a max rate of 25% that most won't ever hit. As things currently stand, this is a nice windfall for the wealthy. I'm all about reducing taxes on the wealthy, but seems like everyone should get the same reduction regardless of whether you're a wealthy w-2 earner or pass-through recipient.
let's give a tax cut to the w-2 earner who makes my latte omg that will help the economy :ROFL:
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I also think it is a great idea to help small businesses. But I don't think the proposed rate reduction does that, because most truly small business won't pay a high enough marginal personal income tax rate to hit that max 25%. A better model to help small businesses would be make a certain amount of s-corp income tax free, rather than just imposing a max rate of 25% that most won't ever hit. As things currently stand, this is a nice windfall for the wealthy. I'm all about reducing taxes on the wealthy, but seems like everyone should get the same reduction regardless of whether you're a wealthy w-2 earner or pass-through recipient.
What you are proposing is the treatment that passthroughs get in the Senate version of the bill.
(a) In General.—In the case of a taxpayer other than a corporation, there shall be allowed as a deduction for any taxable year an amount equal to the lesser of—
“(1) the combined qualified business income amount of the taxpayer, or
“(2) an amount equal to 23 percent of the excess (if any) of—
“(A) the taxable income of the taxpayer for the taxable year, over
“(B) any net capital gain (as defined in section 1(h)) of the taxpayer for the taxable year.
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Fewer businesses (ESPECIALLY small businesses) are organized as C corporations. If the bill is cutting the corporate tax rate for the sake of creating jobs it makes no sense not to give similar breaks to LLCs and S Corps.
Um, sure it does? Again, s-corps and other pass-through entities already enjoyed a significant tax benefit over c-corps. The pass through entities aren't being double-taxed. They pay personal income taxes on their distributions, which seems fair to me. C-corps get a corporate tax cut to reduce the double taxation, and then still pay personal income tax on the distributions.
Right? So that's why the corporate income tax should be reduced: to lessen double taxation and bring them onto more equal footing with s-corps.
The question I have is why an owner (partner, shareholder, etc.) of an s-corp should pay less personal income tax than a W-2 wage earner. If the goal is to help "small businesses", the vast majority of those won't be impacted by this at all because their marginal personal income tax rate is already less than 25% (that's the proposed max rate for pass-throughs under the house bill). So the rate reduction would only seem to help folks who receive a big enough distribution from an s-corp that their marginal rate would exceed that 25%.
If we are trying to incentivize people to start businesses, seems like the s-corp structure was already a pretty good incentive: open a business and you won't pay any corporate income tax on your profits - you just pay personal income tax on what you take out of the business, same as everyone else.
I understand why Kansas eliminated taxes on s-corps: it was designed to lure businesses to Kansas. But that's a non-issue when implementing nationwide.
At the end of the day, I'm not begrudging anyone getting a better deal than me. I'm already getting a pretty sweet deal. Just seems odd to me that we'd allow two people earning the same amount to pay significantly different rates based on a legal fiction.
S corps and partnerships are taxed on their earnings. Its the distributions that are tax free.
I did not know this. So how's that different from a c-corp?
C corps are taxed on their earnings at a max rate of 35%, currently. Distributions (dividends) are taxed on the individual return at potentially beneficial rates.
S corps and partnerships are taxed on their earnings on each shareholder or partners individual return, potentially at a 39.6% marginal rate. S corp shareholders who work for their company (active investors) also receive a W-2 and are taxed on their wages.
Choice of entity isTaxes are complicated.
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It looks like they are removing the stupid stuff that targeted grad students that you thought was a good idea.
If by "target" you mean "treat them like everyone else" (or more specifically, require the universities to provide adequate compensation such that they can pay taxes on their scholarships), then it would be a shame for the GOP to back away from this. The higher ed lobby wins again, I guess.
Treating scholarships the same thing as income is a pretty radical idea. But sure, you can pretend like you are a normal person.
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It looks like they are removing the stupid stuff that targeted grad students that you thought was a good idea.
If by "target" you mean "treat them like everyone else" (or more specifically, require the universities to provide adequate compensation such that they can pay taxes on their scholarships), then it would be a shame for the GOP to back away from this. The higher ed lobby wins again, I guess.
Treating scholarships the same thing as income is a pretty radical idea. But sure, you can pretend like you are a normal person.
:lol:
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let's give a tax cut to the w-2 earner who makes my latte omg that will help the economy :ROFL:
You laugh, but I promise you it would help the economy more than cutting the corporate tax rate. That money will go into bigger bonuses for top execs in the form of company shares which enjoy their own tax breaks and may end up in a trust somewhere just accumulating value.
At least if you give the barista a few more bucks in his pocket he is very likely to spend those at some overpriced cupcake shop or something which at least helps that owner stay employed.
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It looks like they are removing the stupid stuff that targeted grad students that you thought was a good idea.
If by "target" you mean "treat them like everyone else" (or more specifically, require the universities to provide adequate compensation such that they can pay taxes on their scholarships), then it would be a shame for the GOP to back away from this. The higher ed lobby wins again, I guess.
Treating scholarships the same thing as income is a pretty radical idea. But sure, you can pretend like you are a normal person.
:lol:
If the "scholarship" is offered as compensation to do a job, its income. Please explain why TA's deserve a special tax break.
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let's give a tax cut to the w-2 earner who makes my latte omg that will help the economy :ROFL:
You laugh, but I promise you it would help the economy more than cutting the corporate tax rate. That money will go into bigger bonuses for top execs in the form of company shares which enjoy their own tax breaks and may end up in a trust somewhere just accumulating value.
At least if you give the barista a few more bucks in his pocket he is very likely to spend those at some overpriced cupcake shop or something which at least helps that owner stay employed.
I think that's what he was getting at but the whole exchange was weird. But yes, that is what will happen
That money will go into bigger bonuses for top execs in the form of company shares which enjoy their own tax breaks and may end up in a trust somewhere just accumulating value.
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I also think it is a great idea to help small businesses. But I don't think the proposed rate reduction does that, because most truly small business won't pay a high enough marginal personal income tax rate to hit that max 25%. A better model to help small businesses would be make a certain amount of s-corp income tax free, rather than just imposing a max rate of 25% that most won't ever hit. As things currently stand, this is a nice windfall for the wealthy. I'm all about reducing taxes on the wealthy, but seems like everyone should get the same reduction regardless of whether you're a wealthy w-2 earner or pass-through recipient.
What you are proposing is the treatment that passthroughs get in the Senate version of the bill.
(a) In General.—In the case of a taxpayer other than a corporation, there shall be allowed as a deduction for any taxable year an amount equal to the lesser of—
“(1) the combined qualified business income amount of the taxpayer, or
“(2) an amount equal to 23 percent of the excess (if any) of—
“(A) the taxable income of the taxpayer for the taxable year, over
“(B) any net capital gain (as defined in section 1(h)) of the taxpayer for the taxable year.
Oh. Well how bout that? I should be a senator. This is a much better plan. Probably better for DD, too!
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KSUW could be the next Roy Moore.
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KSUW could be the next Roy Moore.
Theme parks are becoming the next great youngster hangout spot since malls are dying off.
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DEAL. With the exception of the Super Special TA Tax Break, everything about the House and Senate's compromise bill sounds even better than before! :Woot:
https://mobile.nytimes.com/2017/12/13/us/politics/tax-bill-republicans-deal.html (https://mobile.nytimes.com/2017/12/13/us/politics/tax-bill-republicans-deal.html)
(And they're sticking with the Senate's idea of using a small deduction for pass-throughs, rather than a max rate).
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W is more liberal than me. These are strange times guys
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shareholders of c corps are subject to double taxation. this is mitigated by the ability of c corps to retain earnings (deferring second taxation) and because both dividends from c corps and cap gains are subject to lower rates than ordinary income.
anything can be an s corp. i have a guy at work who tells me almost every day that i should turn myself into an s corp. "shareholders" in an s corp pay tax on profits as ordinary income. the tax break is that they don't have to pay payroll taxes. that's why people turn themselves into s corps, to pay themselves a wage that is less than their profit and only pay payroll taxes on the wage part of their profit.
the pass through tax breaks are pretty much a huge scam that r johnson and his ilk assume people are too dumb to figure out because americans instinctively hate big businesses (c corps) and fellate small businesses (pass throughs). 99.9% of pass throughs aren't comparable to c corps, they're comparable to wage earners.
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Sys, you’re usually pretty good at this, but there are a couple pretty bad takes in the above.
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there's always a chance that i'm wrong, but it's far more likely that you are.
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Sys, you’re usually pretty good at this, but there are a couple pretty bad takes in the above.
So is this a cliffhanger? Do yo think I have time for this crap?
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anything can be an s corp.
According to the IRS:
To qualify for S corporation status, the corporation must meet the following requirements:
Be a domestic corporation
Have only allowable shareholders
May be individuals, certain trusts, and estates and
May not be partnerships, corporations or non-resident alien shareholders
Have no more than 100 shareholders
Have only one class of stock
Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations
i have a guy at work who tells me almost every day that i should turn myself into an s corp. "shareholders" in an s corp pay tax on profits as ordinary income. the tax break is that they don't have to pay payroll taxes. that's why people turn themselves into s corps, to pay themselves a wage that is less than their profit and only pay payroll taxes on the wage part of their profit.
I know this has been discussed before, but I really think you should get a qualified opinion on this. If you are an employee, your employer is almost certainly required to withhold payroll taxes from your income. Does not matter whether you are a flesh and blood person or an s-corp. I mean, if we employ a nanny for more than $2,000/year we are required to withhold payroll taxes.
the pass through tax breaks are pretty much a huge scam that r johnson and his ilk assume people are too dumb to figure out because americans instinctively hate big businesses (c corps) and fellate small businesses (pass throughs).
Yes, practically all small businesses are pass-throughs, but tons of big businesses are too. Publicly traded partnerships are actually becoming a popular business model because it allows businesses to be governed almost entirely by contract. (https://www.irs.gov/individuals/international-taxpayers/publicly-traded-partnerships). And, if you organize in Delaware at least, they can specifically disclaim most fiduciary duties.
Also, if you look at the organizational structure of almost any huge business you will see that they actually operate through LLCs and LPs mostly. The top entity is usually a INC, but the ones actively bringing in the income are not.
99.9% of pass throughs aren't comparable to c corps, they're comparable to wage earners.
I'm not sure exactly how to look this figure up, but...come on.
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Sys' "guy at work" strategy is potentially one that will be used to game the new passthrough deduction.
There is technically nothing in the language of the Senate bill that prevents employees from forming their own partnership and having that partnership contract with their employer, allowing them to take the passthrough deduction proposed in the Senate.
For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
Its a risky strategy, and the IRS would likely litigate and there's a decent change you would lose, but considering the IRS is incredibly poorly funded it will probably take them a while, if ever, to notice. I guarantee people will be doing this if that section goes through as it is currently written.
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What sys said is partially right, and partially wrong. It is true that one tax advantage of s-corps is being able to avoid payroll tax on "profit," but the IRS has some rules about how much of your distribution you can classify as profit versus wage. This tax advantage probably isn't as a big a deal as it seems given that payroll tax already caps out at approx. $115k.
The other advantage is no corporate income tax, which actually seems like a bigger advantage.
Many businesses are far too big to be s-corps, but just about any individual could form an s-corp. You'd just have to jump through the hoops of incorporating, pay your annual registration fees, etc.
But if you're thinking anybody can just switch from being a wage-earning employee to an s-corp independent contractor with your employer, :lol: no it doesn't work that way. The IRS anticipated this and has rules against it. https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee (https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee)
Moreover, even if your employer allowed you to do this, let's say you suddenly reclassified have of what used to be your wage as "profit." You really think that would fly with the IRS? You might not get caught, but that doesn't make it legal.
I agree that heaping on additional tax breaks for pass-through entities, especially under the House way of doing it (setting a max rate that would have been lower than the marginal personal income tax rate for high earners), was basically a huge giveaway to wealthy attorneys, doctors, and other typical pass-through recipients. As I said, I'm all for reducing taxes on the wealthy - I just don't see any meaningful reason to reduce one guy's taxes more than another, both making the same money, just because one is an s-corp recipient versus a wage earner.
It the goal is really to help small businesses, the Senate plan (which appears to be what has made it into the compromise bill) is the better way to do it: offering a deduction that makes more of that lower income tax free.
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For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
You would be hard pressed to find a company able to otherwise pay its employees $200k but be willing to go in on a scheme like this. Why not just make everyone a partner with a limited voting interest since just about every law firm is organized as an LLP anyway?
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Sys' "guy at work" strategy is potentially one that will be used to game the new passthrough deduction.
There is technically nothing in the language of the Senate bill that prevents employees from forming their own partnership and having that partnership contract with their employer, allowing them to take the passthrough deduction proposed in the Senate.
For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
Its a risky strategy, and the IRS would likely litigate and there's a decent change you would lose, but considering the IRS is incredibly poorly funded it will probably take them a while, if ever, to notice. I guarantee people will be doing this if that section goes through as it is currently written.
People will try, and they will lose. Because they won't truly be "independent contractors." As I mentioned above, the IRS already has rules against this. Start with this....
Common Law Rules
Facts that provide evidence of the degree of control and independence fall into three categories:
1) Behavioral: Does the company control or have the right to control what the worker does and how the worker does his or her job?
2) Financial: Are the business aspects of the worker’s job controlled by the payer? (these include things like how worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.)
3) Type of Relationship: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work performed a key aspect of the business?
Businesses must weigh all these factors when determining whether a worker is an employee or independent contractor. Some factors may indicate that the worker is an employee, while other factors indicate that the worker is an independent contractor. There is no “magic” or set number of factors that “makes” the worker an employee or an independent contractor, and no one factor stands alone in making this determination. Also, factors which are relevant in one situation may not be relevant in another.
The keys are to look at the entire relationship, consider the degree or extent of the right to direct and control, and finally, to document each of the factors used in coming up with the determination.
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For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
You would be hard pressed to find a company able to otherwise pay its employees $200k but be willing to go in on a scheme like this. Why not just make everyone a partner with a limited voting interest?
That would also be a solution, and probably a better one, but in my experience most places would rather go in on a scheme like this than have associates be considered partners of any kind, especially when most law firms like my example put a pretty large emphasis on profits per partner.
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Sys' "guy at work" strategy is potentially one that will be used to game the new passthrough deduction.
There is technically nothing in the language of the Senate bill that prevents employees from forming their own partnership and having that partnership contract with their employer, allowing them to take the passthrough deduction proposed in the Senate.
For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
Its a risky strategy, and the IRS would likely litigate and there's a decent change you would lose, but considering the IRS is incredibly poorly funded it will probably take them a while, if ever, to notice. I guarantee people will be doing this if that section goes through as it is currently written.
People will try, and they will lose. Because they won't truly be "independent contractors." As I mentioned above, the IRS already has rules against this.
The FAQ page from IRS.gov you linked is overly simplified. This independent contractor scheme already exists for partnerships currently. People who don't want to pay SE tax on their partnership earnings form an S corp to be a partner in their partnership and pay themselves a wage from the S corp.
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Sys' "guy at work" strategy is potentially one that will be used to game the new passthrough deduction.
There is technically nothing in the language of the Senate bill that prevents employees from forming their own partnership and having that partnership contract with their employer, allowing them to take the passthrough deduction proposed in the Senate.
For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
Its a risky strategy, and the IRS would likely litigate and there's a decent change you would lose, but considering the IRS is incredibly poorly funded it will probably take them a while, if ever, to notice. I guarantee people will be doing this if that section goes through as it is currently written.
cool then they can also set up their own 401 k (and match it themselves) and get their own health insurance. I'd love that
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Sys' "guy at work" strategy is potentially one that will be used to game the new passthrough deduction.
There is technically nothing in the language of the Senate bill that prevents employees from forming their own partnership and having that partnership contract with their employer, allowing them to take the passthrough deduction proposed in the Senate.
For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
Its a risky strategy, and the IRS would likely litigate and there's a decent change you would lose, but considering the IRS is incredibly poorly funded it will probably take them a while, if ever, to notice. I guarantee people will be doing this if that section goes through as it is currently written.
cool then they can also set up their own 401 k (and match it themselves) and get their own health insurance. I'd love that
I don't recommend doing any of this by the way, its overly complicated for the benefit you get. I'm just pointing out that there are ways to game the new rules and because we are all in a tizzy to get things passed by Christmas, no one seems to care or they are making it the problem of an already overburdened IRS.
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My sister in law is in financial tech industry, shes gamed the crap out of this stuff for years as an independent contractor. I think she’s working on a federal project now where they are building databases for the sec or something.
Sent from my iPad using Tapatalk
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Sys' "guy at work" strategy is potentially one that will be used to game the new passthrough deduction.
There is technically nothing in the language of the Senate bill that prevents employees from forming their own partnership and having that partnership contract with their employer, allowing them to take the passthrough deduction proposed in the Senate.
For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
Its a risky strategy, and the IRS would likely litigate and there's a decent change you would lose, but considering the IRS is incredibly poorly funded it will probably take them a while, if ever, to notice. I guarantee people will be doing this if that section goes through as it is currently written.
cool then they can also set up their own 401 k (and match it themselves) and get their own health insurance. I'd love that
I don't recommend doing any of this by the way, its overly complicated for the benefit you get. I'm just pointing out that there are ways to game the new rules and because we are all in a tizzy to get things passed by Christmas, no one seems to care or they are making it the problem of an already overburdened IRS.
No one is actually doing this but it is not a new concept. I think it would be an interesting solution for associates who don't have what it takes to make partner and will stay at w-2 status but would like to get some tax advantages
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For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
You would be hard pressed to find a company able to otherwise pay its employees $200k but be willing to go in on a scheme like this. Why not just make everyone a partner with a limited voting interest?
That would also be a solution, and probably a better one, but in my experience most places would rather go in on a scheme like this than have associates be considered partners of any kind, especially when most law firms like my example put a pretty large emphasis on profits per partner.
Yea, but for the same reason I think they'd prefer to keep the profit sharing to themselves and go mostly with paying a tax-deducible wage to their employees. Honestly, if any employee is valuable enough for a company to be willing to work out that kind of a scheme (I'm not sure what it benefits the company) then they probably would just make them a partner.
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For example, take an associate at a law firm that makes $200,000. They could be a regular employee and take a $200,000 wage, pay payroll taxes, and have it taxed like it has always been. Or, they could form a partnership to contract with their employer, give themselves a profits interest in that partnership (meaning no wages), and enjoy the passthrough deduction - avoiding payroll taxes and getting 23% (or 20% or whatever it ends up being) essentially tax free.
You would be hard pressed to find a company able to otherwise pay its employees $200k but be willing to go in on a scheme like this. Why not just make everyone a partner with a limited voting interest?
That would also be a solution, and probably a better one, but in my experience most places would rather go in on a scheme like this than have associates be considered partners of any kind, especially when most law firms like my example put a pretty large emphasis on profits per partner.
Yea, but for the same reason I think they'd prefer to keep the profit sharing to themselves and go mostly with paying a tax-deducible wage to their employees. Honestly, if any employee is valuable enough for a company to be willing to work out that kind of a scheme (I'm not sure what it benefits the company) then they probably would just make them a partner.
Payments to a contractor (Law Firm Peon, LLC) are still deductible to the employer. The effect is neutral to the employer.
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This is all purely academic anyhow, no one is going to take the time to pay for someone to set all this up. I was attempting to point out that this crap is complicated and rushing it through is idiotic and making it more complicated. I regret getting lost in the weeds here.
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This is all purely academic anyhow, no one is going to take the time to pay for someone to set all this up. I was attempting to point out that this crap is complicated and rushing it through is idiotic and making it more complicated. I regret getting lost in the weeds here.
I think every rational human being agrees with you on that.
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A pretty simple solution to the "wage earner" scheme is to make the same corporate tax deduction applicable to pass-throughs that either (1) generate a certain level of income; or (2) employ a certain number of individuals (subject to minimum wages to avoid any gaming).
Not that I'm really advocating for any of this because business growth is driven by demand, not profits.
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This has been a very informative discussion. Thanks everyone.
Who at goEMAW is in charge of the art department? I'd like to request an emoticon of a mouse pushing a wheelbarrow full of cash. Would be super cute and useful for this thread.
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Sounds good.
https://twitter.com/edatpost/status/941368943457038336
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In fairness, it is REALLY hard giving major tax breaks to corporations and families of super rich dead guys without digging ourselves too deep into the deficit. Gotta make some sacrifices somewhere.
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https://twitter.com/damianpaletta/status/941377913949171712
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Best way to kill this thing is to try to help the poors
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Thanks for the update Chum! Try not to be too bitter, ok? It's the holidays!
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add lil' Marco to the list of butthurt bill killers
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What happens if they don’t get this thing done? :ohno:
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Probably investigate Benghazi.
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What happens if they don’t get this thing done? :ohno:
pwn libs some other way
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pwn the libs by not passing tax reform
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Maybe someone should tell people like Rubio, Collins, and Flake that they have more leverage if they wait to vote until after Doug Jones is seated.
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https://twitter.com/sahilkapur/status/941413685637079040
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Maybe someone should tell people like Rubio, Collins, and Flake that they have more leverage if they wait to vote until after Doug Jones is seated.
It’s fun to live in a fantasy land where more than 1-2 senators have firm principles, but I don’t think this will lead anywhere. And I REALLY don’t think folks like Rubio are actually willing to vote against the bill if they think it will cause the bill to fail.
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Nobody seriously thinks Rubio is actually a no. Except for maybe Chum. This is the last scrum to see what people can wring out before they all fall in line.
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Actually, it's more about Rubio's presidential aspirations.
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KSUW isn't really a "big picture" kind of guy. His entire universe revolves around him, and him alone. So him answering questions outside of him is a lost cause.
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700 club talking really positive about the tax cuts (and very negative about the Mueller investigation).
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Nobody seriously thinks Rubio is actually a no. Except for maybe Chum. This is the last scrum to see what people can wring out before they all fall in line.
Yup, much like the healthcare bill, but Obama had to buy off like six or seven.
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What if John McCain votes no from his death bed
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A final thumbs down would be pretty badass.
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This will not pass in 2017.
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This will not pass in 2017.
Pretty big time owning of libs
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https://mobile.nytimes.com/2017/12/15/us/politics/republican-tax-bill.html (https://mobile.nytimes.com/2017/12/15/us/politics/republican-tax-bill.html)
Rubio just received his expansion of the CTC so folks who already owed no FIT get a bigger chunk "refunded." Bill set to be finalized this afternoon.
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You don't get the CTC if you don't owe federal income tax, K-S-U.
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I like this. I now have more cash to pay my medical insurance premiums cause inept so called Republicans can't govern with a majority.
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I like this. I now have more cash to pay my medical insurance premiums cause inept so called Republicans can't govern with a majority.
You don't need to get insurance now. Just wait until you get sick and then get it.
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I like this. I now have more cash to pay my medical insurance premiums cause inept so called Republicans can't govern with a majority.
You don't need to get insurance now. Just wait until you get sick and then get it.
Just go to the ER
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You don't get the CTC if you don't owe federal income tax, K-S-U.
Please explain.
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good for rubio
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You don't get the CTC if you don't owe federal income tax, K-S-U.
Please explain.
You are only eligible for the credit if the credit is less than the amount of taxes you owe.
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You don't get the CTC if you don't owe federal income tax, K-S-U.
Please explain.
You are only eligible for the credit if the credit is less than the amount of taxes you owe.
I mean, I suppose you are technically correct in that the refundable portion is a different credit with the name "Additional" Child Tax Credit.
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Yeah, I missed that. Sorry, K-S-U.
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It's pretty hard to qualify for, so from a certain perspective you're both right! :cheers: :cheers:
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Yeah, I missed that. Sorry, K-S-U.
No apology necessary. I don't assume I know anything about taxes. I'm just going off what I read.
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Corker flips to Yes. Now that passage is assured, will any red state Dems hop aboard the tax cut train?
http://www.washingtonexaminer.com/bob-corker-flips-will-vote-yes-on-tax-bill/article/2643657 (http://www.washingtonexaminer.com/bob-corker-flips-will-vote-yes-on-tax-bill/article/2643657)
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It helps poor people, so doubtful.
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this thing is DOA
This will not pass in 2017.
Butthurt butthurt butthurt (and tweets by other butthurt libs)
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https://twitter.com/christinawilkie/status/941777821453766656
https://twitter.com/TheStalwart/status/941776328268894208
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"After great thought and consideration, I believe that this once-in-a-generation opportunity to make U.S. businesses domestically more productive and internationally more competitive is one we should not miss," Corker said in a statement about the joint House-Senate version of the bill, which was finalized Friday.
Sounds like a effective middle class tax cut.
:bartender:
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What is the final bills position on pass thrus for our guy dugout ?
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Different rates for single/joint is one of the most absurd things about our tax system
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What is the final bills position on pass thrus for our guy dugout ?
The plan would set a 20 percent business income deduction for the first $315,000 in income earned by pass-through businesses.
But there might be restriction upon which services are eligible for the deduction.
It sounds like on the personal side, this is basically the same as the Senate plan! :cashmoney:
https://www.cnbc.com/2017/12/15/gop-releases-its-final-tax-plan--heres-whats-in-it.html (https://www.cnbc.com/2017/12/15/gop-releases-its-final-tax-plan--heres-whats-in-it.html)
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Hey look! Another butthurt post by Chum quoting an equally butthurt tweet!
Last time I checked, the senate's 7 brackets actually result in a lower marginal rate than the house's 4, at least for most people.
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Hey look! Another butthurt post by Chum quoting an equally butthurt tweet!
Last time I checked, the senate's 7 brackets actually result in a lower marginal rate than the house's 4, at least for most people.
Wasn't the point to simplify? What about the postcard?
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Hey look! Another butthurt post by Chum quoting an equally butthurt tweet!
Last time I checked, the senate's 7 brackets actually result in a lower marginal rate than the house's 4, at least for most people.
Wasn't the point to simplify? What about the postcard?
I'd rather keep more of my money. But maybe that's just me.
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https://twitter.com/ASlavitt/status/941811846071373824
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https://twitter.com/RichardRubinDC/status/941823502893510656
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https://twitter.com/RichardRubinDC/status/941823502893510656
good for POTUS BFF robert kraft
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what makes anyone think that this is going to turn out better than 1981?
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https://twitter.com/ASlavitt/status/941811846071373824
:love: this is better than the Facebook thread!!
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https://twitter.com/davidsirota/status/941859966360567808
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Surprised = nobody
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https://twitter.com/davidsirota/status/941859966360567808
And you won’t BELIEVE what it is!
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I have three of these :love: but I don’t get it and the shitty reporter doesn’t explain it. I pay regular personal income tax on my k-1 income, real estate is already an asset I can depreciate. Are they saying my LLP’s will be taxed at 20 or 23 percent instead of ordinary income?
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https://twitter.com/davidsirota/status/941859966360567808
And you won’t BELIEVE what it is!
:lol: :thumbs:
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Congrats guys. Proud of you all.
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Congrats guys. Proud of you all.
Congrats to you, too! How much more of your money are you going to get to keep?
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Enough to trickle down to some suckas
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I honestly didn't think they would get it done, but apparently the republican desire to consolidate wealth at the top is greater than their desire to let people die in the street if they get sick.
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I honestly didn't think they would get it done, but apparently the republican desire to consolidate wealth at the top is greater than their desire to let people die in the street if they get sick.
Yes, they can't agree on much, but at least the GOP is still uniformly in favor of letting people keep more of their money!
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I honestly didn't think they would get it done, but apparently the republican desire to consolidate wealth at the top is greater than their desire to let people die in the street if they get sick.
Yes, they can't agree on much, but at least the GOP is still uniformly in favor of letting people keep more of their money!
Yep. That and raising the deficit.
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I honestly didn't think they would get it done, but apparently the republican desire to consolidate wealth at the top is greater than their desire to let people die in the street if they get sick.
Yes, they can't agree on much, but at least the GOP is still uniformly in favor of letting people keep more of their money!
It's something everyone should agree upon.
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Does it still take more of winner's money (LLC owners) and give it to losers (W2 employees)?
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Without a doubt the biggest winners are:
1. People who make over $600k in regular wages
2. Top corporate executives
3. Old money
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What about midwesterners with lots of dependent kids and a high enough wage that they never qualified for the CTC before? Those (me) might be bigger winners that just people with super high wages. The higher the wage, the more likely those folks live in a high tax state so their gains in reduced marginal rate will be at least somewhat offset by dramatically reducing SALT deduction.
Man I'm winning so hard right now. But I'm definitely not tired of winning yet.
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https://twitter.com/ASlavitt/status/941811846071373824
$2k a month for a daycare for dogs maybe. If you want your kids survival rate to be above 50% you’re paying a lot more than that.
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You only have to pay for daycare for a few years. Then you get 13 years of free daycare, courtesy of taxpayers with no kids.
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The taxpayers benefit greatly from educated kids entering the workforce
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Childless taxpayers could really help me out by picking up private school tab
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https://twitter.com/AnnCoulter/status/941710865467871232
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I didn't mean to sound like a Scrooge itt. We rely on you 9-5 lunch pailers to get the dirty work done. Ignore my previous comments about W-2'ers
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What about midwesterners with lots of dependent kids and a high enough wage that they never qualified for the CTC before? Those (me) might be bigger winners that just people with super high wages. The higher the wage, the more likely those folks live in a high tax state so their gains in reduced marginal rate will be at least somewhat offset by dramatically reducing SALT deduction.
Man I'm winning so hard right now. But I'm definitely not tired of winning yet.
Neither is David Beaty...which is about what this win amounts to for the administration.
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Without a doubt the biggest winners are:
1. People who make over $600k in regular wages
2. Top corporate executives
3. Old money
4. Everyone who pays income tax
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Daycare is for losers that just refuse to live within their means and pimp the woman they supposedly love off to help scrape up enough bucks to run their campsite. Then they turn their children over to some oxy-fueled trash outfit to nurture them. Awful people with mixed up priorities iyam. :frown:
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Daycare is for losers that just refuse to live within their means and pimp the woman they supposedly love off to help scrape up enough bucks to run their campsite. Then they turn their children over to some oxy-fueled trash outfit to nurture them. Awful people with mixed up priorities iyam. :frown:
Are you suggesting that a family doesn't need two brand new suv's (0 down, 84 month note) to make ends meet? :nono:
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Daycare is for losers that just refuse to live within their means and pimp the woman they supposedly love off to help scrape up enough bucks to run their campsite. Then they turn their children over to some oxy-fueled trash outfit to nurture them. Awful people with mixed up priorities iyam. :frown:
Are you suggesting that a family doesn't need two brand new suv's (0 down, 84 month note) to make ends meet? :nono:
I have those but mrs stone hasn't worked since second little stone came
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The funny thing about the daycare contingent is the family paying $36k per year for daycare with one of the spouses hauling in $46k in pretax salary. They literally lose money on their job.
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No one actually makes that lol
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Daycare is for losers that just refuse to live within their means and pimp the woman they supposedly love off to help scrape up enough bucks to run their campsite. Then they turn their children over to some oxy-fueled trash outfit to nurture them. Awful people with mixed up priorities iyam. :frown:
Are you suggesting that a family doesn't need two brand new suv's (0 down, 84 month note) to make ends meet? :nono:
I have those but mrs stone hasn't worked since second little stone came
Why did she work with one kid but stay home with two kids?
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Daycare is for losers that just refuse to live within their means and pimp the woman they supposedly love off to help scrape up enough bucks to run their campsite. Then they turn their children over to some oxy-fueled trash outfit to nurture them. Awful people with mixed up priorities iyam. :frown:
Are you suggesting that a family doesn't need two brand new suv's (0 down, 84 month note) to make ends meet? :nono:
I have those but mrs stone hasn't worked since second little stone came
Why did she work with one kid but stay home with two kids?
Twins, it's him being clever
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No one actually makes that lol
Lol, kcmo is so broke
Kansas City, Missouri Income and Salaries
The income per capita is $27,282, which includes all adults and children. The median household income is $45,376.
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Daycare is for losers that just refuse to live within their means and pimp the woman they supposedly love off to help scrape up enough bucks to run their campsite. Then they turn their children over to some oxy-fueled trash outfit to nurture them. Awful people with mixed up priorities iyam. :frown:
Are you suggesting that a family doesn't need two brand new suv's (0 down, 84 month note) to make ends meet? :nono:
I have those but mrs stone hasn't worked since second little stone came
Why did she work with one kid but stay home with two kids?
She wanted to
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That’s a tough one, t’s and p’s
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Thx, marrying a successful girl is sometimes hard
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No that’s not it, but it’s probably not appropriate to point out here.
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Weird
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Very weird
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It’s all in what he told us, but I’m gonna drop it
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It’s all in what he told us, but I’m gonna drop it
(https://m.popkey.co/677bb1/jrVeZ.gif)
Yeah you're God damn right you are...
Sent from my SM-G955U using Tapatalk
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It’s all in what he told us, but I’m gonna drop it
(https://m.popkey.co/677bb1/jrVeZ.gif)
Yeah you're God damn right you are...
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It’s just heartbreaking that’s all........
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sorry to be so long in responding.
According to the IRS:
To qualify for S corporation status, the corporation must meet the following requirements:
Be a domestic corporation
Have only allowable shareholders
May be individuals, certain trusts, and estates and
May not be partnerships, corporations or non-resident alien shareholders
Have no more than 100 shareholders
Have only one class of stock
Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
fair enough. i was going more for a ham sandwich can be an s corp rather than hormel can be an s corp, but i was imprecise - you're right most c corps could not be s corps.
I know this has been discussed before, but I really think you should get a qualified opinion on this. If you are an employee, your employer is almost certainly required to withhold payroll taxes from your income. Does not matter whether you are a flesh and blood person or an s-corp. I mean, if we employ a nanny for more than $2,000/year we are required to withhold payroll taxes.
i'm not an employee. neither are any of the people i work with (at least not the ones contracting through the same company that contracts me). we are all independent contractors, the discussion is simply whether to be sole props, partners or s corps.
I'm not sure exactly how to look this figure up, but...come on.
you're looking at stuff that doesn't matter (employees, size) as well as stuff that matters less (capital investment). we're talking about taxes. what matters is the tax structure. personnel expenses occur prior to taxation - they are irrelevant. the key difference is what ksu-w identified: s corps are taxed once, just like an individual. c corps are independent entities - their income does not pass through to the owners, hence profits are (eventually) taxed twice. to give an s corp a tax rate comparable to a c corp would be inherently unfair to the owners of the c corp because the c corp shareholders would be subject to additional taxation before assuming control of that income. to give an s corp a rate lower than an wage-earning individual is inherently unfair to the wage earner because the income of the s corp passes through directly to the owner(s) in exactly the same fashion that wages pass to wage earners.
i'll give you that there is some distinction between the income of a pass through attributable to return on capital invested vs compensation for labor. however, the lower tax rates on income from capital than income from labor seems to me to be the root problem in our tax code, so i'm not particularly sympathetic to that argument.
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this is an interesting article on the subject.
https://www.wsj.com/articles/for-pass-through-businesses-let-the-tax-games-begin-1513161000
for all i think this is a remarkably poor attempt at tax reform, if i understand the reconciled bill correctly, and if my 2018 income is similar to my 2017 income, it's going to give me a lot of money.
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If the "scholarship" is offered as compensation to do a job, its income. Please explain why TA's deserve a special tax break.
if you use a coupon, should you be taxed on the difference from list price?
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I don't recommend doing any of this by the way, its overly complicated for the benefit you get.
the generous limit on how much income you can shelter in a solo 401k is a huge benefit.
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This is all purely academic anyhow, no one is going to take the time to pay for someone to set all this up.
I think every rational human being agrees with you on that.
i think the more likely scenario is that employees will leave employers and begin working with other entities as independent contractors, not that employers will voluntarily reorganize to benefit their former employees. that's what i did earlier this year. the new tax cuts for independent contractors would just make that decision that much more attractive.
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If the "scholarship" is offered as compensation to do a job, its income. Please explain why TA's deserve a special tax break.
if you use a coupon, should you be taxed on the difference from list price?
Am I being given the coupon as compensation to do a job?
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are lottery winners subject to taxation?
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yes
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If the "scholarship" is offered as compensation to do a job, its income. Please explain why TA's deserve a special tax break.
if you use a coupon, should you be taxed on the difference from list price?
Am I being given the coupon as compensation to do a job?
an employee discount would be more analogous
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Employers eat the tax on a lot of benefits they offer to employees.
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This is all purely academic anyhow, no one is going to take the time to pay for someone to set all this up.
I think every rational human being agrees with you on that.
i think the more likely scenario is that employees will leave employers and begin working with other entities as independent contractors, not that employers will voluntarily reorganize to benefit their former employees. that's what i did earlier this year. the new tax cuts for independent contractors would just make that decision that much more attractive.
Do you really, though? I read a study about how employees were told they could get $X more employer contribution to their retirement account (or something along those lines), they just had to sign a form and take it down to HR. Something like 20-30% of employees did it.
You might need to spend some more time with the common man if you think he is going to cease being a regular employee, organize his own business, and shop himself around to employers as an independent contractor.
Also, I believe it has been discussed earlier but the vast majority of wage earners cannot simply do the same work as an independent contractor. At least not in a way that employers are comfortable with.
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it only makes sense for people that are making/would be making pretty good money. if there is a sense that this change is likely to be long-lasting, i do think a noticeable % of that population can and will make a change.
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LLC >>>>> S Corp
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https://twitter.com/MonmouthPoll/status/942786886673817600
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Raise my taxes to own the libs
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https://twitter.com/MonmouthPoll/status/942786886673817600
Which just goes to show how effective the Dem propaganda has been. If you're a liberal, are you happy that people are so misinformed?
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So, like, the propaganda machine from Trumps Twitter is all true? We are not being misinformed?
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I guess Sanders said it best:
https://www.cnbc.com/2017/11/29/white-house-it-doesnt-matter-if-anti-muslim-videos-are-real-the-threat-is-real.html
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So, like, the propaganda machine from Trumps Twitter is all true? We are not being misinformed?
Wait.... did you just compare the claims of a politician to the claims of a supposedly neutral media?
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So, like, the propaganda machine from Trumps Twitter is all true? We are not being misinformed?
Wait.... did you just compare the claims of a politician to the claims of a supposedly neutral media?
The politician is the president of the United States, who isn’t just any politician. Secondly it’s a free press. Just because you don’t like what they say and your feelings are hurt doesn’t make them wrong.
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everyone who believes in supply-side economics has been misinformed
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NYT app thing says I'm saving $5k in taxes next year. :Woot:
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So, like, the propaganda machine from Trumps Twitter is all true? We are not being misinformed?
The poll says half of Americans think their taxes are going up under the plan, which is egregiously inaccurate. That's how misinformed the public is by the media (bc Don sure as crap isn't saying that)
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So, like, the propaganda machine from Trumps Twitter is all true? We are not being misinformed?
The poll says half of Americans think their taxes are going up under the plan, which is egregiously inaccurate. That's how misinformed the public is by the media (bc Don sure as crap isn't saying that)
Exactly where is the cutoff? How many people taxes are going up? I’m sure you have studied the plan and compared and contrasted with the CBO results? What percentage of people are misinformed?
*Data May have changed but I couldn’t find a new picture
(https://uploads.tapatalk-cdn.com/20171219/b9a3a4bb145136fd1daa7fb60633e5e9.jpg)
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I just want to clear this up FSD. Wouldn’t want you spreading misinformation based on a lack of facts or anything.
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That's a great example of how the media is misinforming the public.
I honestly can't believe you went back to that graphic after getting humiliated for referencing it and defending it weeks back itt. The gross misrepresentations were explained to you in great detail at that time. Apparently you learned nothing, which is a recurring theme.
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I would be totally fine with that graphic at first glimpse.
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That's a great example of how the media is misinforming the public.
I honestly can't believe you went back to that graphic after getting humiliated for referencing it and defending it weeks back itt. The gross misrepresentations were explained to you in great detail at that time. Apparently you learned nothing, which is a recurring theme.
Oh? I don’t remember factual statements cementing the 50% mark. Perhaps you have them now and can share? This being the second time I have asked to prove me wrong.
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Do you actually believe half of American's income tax liability will go up as a result of this bill?
Simple arithmetic alone belies that assertion.
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Serious non-partisan question: Those projected 2027 numbers are nonsense, correct? My assumption is each successive majority party will enact a different version of "tax reform" as they get elected and the conditions in our economy and demographics change.
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Serious non-partisan question: Those projected 2027 numbers are nonsense, correct? My assumption is each successive majority party will enact a different version of "tax reform" as they get elected and the conditions in our economy and demographics change.
If they dont, they'll be raising taxes on the poor.
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Serious non-partisan question: Those projected 2027 numbers are nonsense, correct? My assumption is each successive majority party will enact a different version of "tax reform" as they get elected and the conditions in our economy and demographics change.
If they dont, they'll be raising taxes on the poor.
If that graphic is right, no doubt
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Serious non-partisan question: Those projected 2027 numbers are nonsense, correct? My assumption is each successive majority party will enact a different version of "tax reform" as they get elected and the conditions in our economy and demographics change.
i would be very surprised if the democrats don't raise taxes on the rich & pass throughs & corps in 2020 if they are able.
longer term, eventually, an increase in tax revenue is inevitable.
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Serious non-partisan question: Those projected 2027 numbers are nonsense, correct? My assumption is each successive majority party will enact a different version of "tax reform" as they get elected and the conditions in our economy and demographics change.
i would be very surprised if the democrats don't raise taxes on the rich & pass throughs & corps in 2020 if they are able.
longer term, eventually, an increase in tax revenue is inevitable.
Yeah the 2027 projection is dumb for lots of reasons, the only reason it is being done is to game the CBO. Bush tax cuts did the same thing.
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https://twitter.com/MonmouthPoll/status/942786886673817600
Which just goes to show how effective the Dem propaganda has been. If you're a liberal, are you happy that people are so misinformed?
Yes, very difficult for Republicans to get their message out when they control congress and the WH.
The truth is, even if the Democrats are just spinning lies in this case, Republicans have had such a hard time refuting it because they came into this whole thing without any good evidence that it would work. They didn’t even let anyone else look at the thing until they were voting on it. That’s why they’ve been so impotent in their response.
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Corporate welfare
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Can we get some examples of the media misinforming the public ?
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Hillary did it.
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https://twitter.com/byHeatherLong/status/943129504507187202
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Selfish old people don’t want this country to bankrupt itself. SMDH.
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LMAO
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Really going to miss making fun of Dems and their "just numbers" . . . "just money" routine vis-a-vis budgets and deficits.
Dems are so full of zeal and verve on the budget and deficits now!!
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NYT app thing says I'm saving $5k in taxes next year. :Woot:
Haven't tried that app yet. I'm gonna save over $8k in the first year and reduce my effective FIT rate by over 3%!
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That's a great example of how the media is misinforming the public.
I honestly can't believe you went back to that graphic after getting humiliated for referencing it and defending it weeks back itt. The gross misrepresentations were explained to you in great detail at that time. Apparently you learned nothing, which is a recurring theme.
Oh? I don’t remember factual statements cementing the 50% mark. Perhaps you have them now and can share? This being the second time I have asked to prove me wrong.
ZOMG, TBT brought out that idiotic chart again! :lol:
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Really going to miss making fun of Dems and their "just numbers" . . . "just money" routine vis-a-vis budgets and deficits.
Dems are so full of zeal and verve on the budget and deficits now!!
Plenty of opportunity to make fun of all the so called conservative deficit hawks
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$7820 tax cut per the NYT site.
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$7820 tax cut per the NYT site.
Sent from my iPhone using Tapatalk
$15,020 which is complete horseshit
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Nah, doesn’t even wash out how much more Obamacare is costing you
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Premiums have doubled to tripled, deductibles have done the same, and I think you get an extra 3% income tax as a bonus.
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blinded by a little nugget thrown at them while lobbyist and the 1% get the real payday....way to drain the swamp guys!
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If there's one thing we've always known, and that's the fact that the 1% (of which many are huge libs) never figure out ways to avoid paying taxes, they're just forced to sit there and wait on the politicians
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If there's one thing we've always known, and that's the fact that the 1% (of which many are huge libs) never figure out ways to avoid paying taxes, they're just forced to sit there and wait on the politicians
That was supposed to be fixed by the simplification of the tax code that could be done on a postcard and got rid of corporate loopholes. Another promise broke that you guys can't wait to ignore.
But hey you are getting 10 bucks in your take home pay extra...go wild.
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Never ceases to amaze me how butthurt liberals are that nearly everyone is going to be able to keep more of their own money under this bill.
The bill even redistributes more of other people's money to the poor with children (thanks to increasing the amount of the CTC and the amount of its refundability). Still, liberals are furious.
Put aside all the bluster, lies, and class warfare, and the true reason for liberal outrage is this: tax cuts means potentially less money to feed the government beast, less redistribution, and simply put, a teensy bit less socialism.
So go ahead, wallow in your disappointment. I'm going to enjoy my $8,000 "nugget" next year - money that I worked for.
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Kdub certainly has liberals figured out
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Will you be creating new jobs with your new found 8k?
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Extra minivan
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Hopefully it helps him live within his means
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I think removing the individual mandate is going to end up costing us all more than we realize.
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I think removing the individual mandate is going to end up costing us all more than we realize.
Only if we keep stuffing more money into the Obamacare sinkhole to shore it up.
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The petty bourgeoisie are cucks for the truly wealthy so large adult failsons like this gets to pursue their whims with even more money.
https://www.instagram.com/p/BYZH4TsloS6/?taken-by=wyatt.ingraham (https://www.instagram.com/p/BYZH4TsloS6/?taken-by=wyatt.ingraham)
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For what its worth, a whole lotta rich people in blue states may actually pay more in taxes due to significant reduction in itemized deductions. And even most democrats privately acknowledge that the 35% corporate tax rate was absurd (Obama publicly acknowledged it a few years ago). So the class warfare arguments never really held water, but that won't stop the libs from making them.
Just be happy guys! Are any of you paying higher taxes due to this bill? How much more of your money will you get to keep? :cheers:
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For what its worth, a whole lotta rich people in blue states may actually pay more in taxes due to significant reduction in itemized deductions. And even most democrats privately acknowledge that the 35% corporate tax rate was absurd (Obama publicly acknowledged it a few years ago). So the class warfare arguments never really held water, but that won't stop the libs from making them.
Just be happy guys! Are any of you paying higher taxes due to this bill? How much more of your money will you get to keep? :cheers:
(https://www.palmbeachermagazine.com/sites/default/files/profiles/20171107-dsc_6006.jpg)
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I'm very likely to be paying more. We'll see though
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I think I'm going to come out about $1k richer.
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I’ll keep a bit more money most likely, but doubling the standard deduction will do nothing for me.
I fully expect to end up paying the difference in increased insurance premiums now that most healthy people have no real reason to buy health insurance.
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How rich are we going to be for buying a house mid year?
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How rich are we going to be for buying a house mid year?
That probably will not help you at all. The standard deduction is going to be pretty hard to beat now.
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How rich are we going to be for buying a house mid year?
That probably will not help you at all. The standard deduction is going to be pretty hard to beat now.
Well and also these don't apply to 2017
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Posted by a board member
Federal Tax Reform Bill Eliminates Advance Refinancing of Bonds
I want to make you aware of one of the changes approved today in the federal tax reform bill that will impact bond issues. This change primarily impacts school districts and local governments and ultimately your pocketbook!
The federal tax reform bill eliminates the ability for advance refinancing of bonds, which is when an entity refinances bonds in advance of the call date or redemption date on the bond. Historically the IRS has allowed one advanced refinance prior to the call date so school districts or local governments could refinance the bond if there are circumstances that would allow them to capture savings or shorten the terms. This is no longer allowed.
Why Did Congress Include This In The Tax Bill?
One can only guess, but I believe it's an off setting revenue-loss feature. In other words, in order to "pay for" the tax cut this is a small way to have an off-setting impact and here's how it's done: Advanced refinancing increases the number of bonds in the bond market. Currently about half of the bond issues in the country are these type of advanced refinancing bonds and they are tax-exempt.. The buyers of these tax exempt bonds don't pay income tax on these bonds. If you take away this form of refinancing there will be less tax-exempt bonds in the marketplace. So now the bond market will be reduced and investors will now have more limited investment options and will be driven to buy different kinds of securities that now they'll be paying tax on, thus off-setting the revenue loss due to the tax cuts.
Where The Rubber Meets The Road (aka "Why Should I Care!?")
This week, the Olathe School District Board of Education approved the advance refinancing of two bonds. We captured great savings and reduced the term. This single action saved $2.3 million dollars while paying off the bonds five years faster than originally planned.
Here's the real news...the grand total we've saved due to advanced refinancing since 2014 is $25.5 million. Let me say that again, in the past three years due to our strategic planning and the use of advanced refinancing of our bonds the Olathe School District has saved our citizens $25.5 million dollars and shorted the length of indebtedness by five years. This is something to celebrate!
In addition to the large savings and shorter terms, an early and aggressive amortization plan has allowed us to create a plan that will pay off 90% of our total bond indebtedness in just 16 years. For our growing district, this is a very impressive strategy that will save our district mlutiple-millions and this also allows us to have greater flexibility in the future.
Where Do We Go From Here?
The good news for OSD is that we've done all we can do to capture savings now. However, this effects us in the future and limits our ability to save money by advance refinancing future bonds. We likely won't need additional bonds until 2022-ish (based on my unofficial projections) and at that time we will have to be more creative with issuing future bonds that would have unique call features that allow prepayment of bonds earlier than the call date. This handcuffs our flexibility and limits our ability to capture savings in favorable market situations.
I wanted to make you aware of this change and how it will impact us here locally moving forward. If you care to reach out to our federally elected folks and share your thoughts on this please do so.
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This is the kind of bullshit that ksw will be bitching about when his kids schools come knocking
Sent from my iPhone using Tapatalk
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How rich are we going to be for buying a house mid year?
That probably will not help you at all. The standard deduction is going to be pretty hard to beat now.
Well and also these don't apply to 2017
Oh, yeah. Buying that house might actually save Wacky some money this year. Just have to come up with about $12.5k in deductions.
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:frown:
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What month did you buy the house, wacky?
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What month did you buy the house, wacky?
September. Yeah, we'll get nothing. For some reason I thought it was July.
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Was it just impossible to make this tax cut retroactive or did the republicans choose to not do that to keep the cost under $1.5 trillion? Because if they chose not to make it retroactive that is just incredibly stupid. A whole lot of voters who are going to save money under this deal think their taxes are going up and the next election will be before people do their taxes under the new law.
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Was it just impossible to make this tax cut retroactive or did the republicans choose to not do that to keep the cost under $1.5 trillion? Because if they chose not to make it retroactive that is just incredibly stupid. A whole lot of voters who are going to save money under this deal think their taxes are going up and the next election will be before the cut takes effect.
That won't matter because there will be a tidal wave of new jobs entering this country and everyone's employers will give them raises since they will expect to make extra money now.
Seriously though, this will impact no one's voting decision in the near term. Nearly half the country disapproved of the bill as written. If anything they will be happy it does not take effect in 2018.
Also, Republicans are banking on the fact that people will start seeing more money in their paychecks because their employers will withhold less per revised IRS guidelines come February 2018 or so.
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Was it just impossible to make this tax cut retroactive or did the republicans choose to not do that to keep the cost under $1.5 trillion? Because if they chose not to make it retroactive that is just incredibly stupid. A whole lot of voters who are going to save money under this deal think their taxes are going up and the next election will be before the cut takes effect.
That won't matter because there will be a tidal wave of new jobs entering this country and everyone's employers will give them raises since they will expect to make extra money now.
Seriously though, this will impact no one's voting decision in the near term. Nearly half the country disapproved of the bill as written. If anything they will be happy it does not take effect in 2017.
Also, Republicans are banking on the fact that people will start seeing more money in their paychecks because their employers will withhold less per revised IRS guidelines come February 2017 or so.
I think it will make a pretty substantial impact. A very large percentage of voters believe their taxes are going up, when that is only true for a very small portion of the population. Distributing an extra $1,000 plus to most of these people when they do their taxes would really go a long way toward changing minds. The republicans just won't get the same effect with that cut distributed over 12-24 paychecks. People won't notice it. You would think the republicans of all people would understand how much more important beliefs are than facts in an election after 2016.
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I’ll keep a bit more money most likely, but doubling the standard deduction will do nothing for me.
I fully expect to end up paying the difference in increased insurance premiums now that most healthy people have no real reason to buy health insurance.
You should look at buying a policy that doesn't cover a crap ton of stuff you'll never need. Oh wait... that's illegal.
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Was it just impossible to make this tax cut retroactive or did the republicans choose to not do that to keep the cost under $1.5 trillion? Because if they chose not to make it retroactive that is just incredibly stupid. A whole lot of voters who are going to save money under this deal think their taxes are going up and the next election will be before people do their taxes under the new law.
Yes, they didn't make it retroactive to stay under the artificial cap. Yes, the vast majority of people will notice because their withholding is automatically adjusted for new rates, so their paychecks will get larger.
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This is the kind of bullshit that ksw will be bitching about when his kids schools come knocking
If I understand it correctly, and maybe I don't, this refinancing is exactly the bullshit I hate. It allows a district to extend a bond for another 20 years and tell the residents "vote for this and your taxes won't go up at all!" when the truth is that if the bond expired their taxes would go down. This is the sneaky bullshit that public educators pull all the time. So if it will now be harder for them to do that, great.
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How rich are we going to be for buying a house mid year?
That probably will not help you at all. The standard deduction is going to be pretty hard to beat now.
Well and also these don't apply to 2017
Yup, bought a house here too, when I run the math, I maybe get a couple hundred dollars, maybe. My work just gave me more money just to buy a fitness band.
Major victory here guys, like yuge.
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For what its worth, a whole lotta rich people in blue states may actually pay more in taxes due to significant reduction in itemized deductions. And even most democrats privately acknowledge that the 35% corporate tax rate was absurd (Obama publicly acknowledged it a few years ago). So the class warfare arguments never really held water, but that won't stop the libs from making them.
Just be happy guys! Are any of you paying higher taxes due to this bill? How much more of your money will you get to keep? :cheers:
You're an idiot but w/e. It's ok, we'll keep ruining it for the poors.
Corporate rate might be high, but that's all this whole crap was about, giving everyone in the middle and low peanuts to get a bigger bump at the top.
Trickle down never, ever, ever has worked.
Oh well.
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So basically "you're an idiot" is what you're down to, now. Ok. Merry Christmas! Hope you enjoy keeping some more of your money! :cheers:
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Was it just impossible to make this tax cut retroactive or did the republicans choose to not do that to keep the cost under $1.5 trillion? Because if they chose not to make it retroactive that is just incredibly stupid. A whole lot of voters who are going to save money under this deal think their taxes are going up and the next election will be before people do their taxes under the new law.
Yes, they didn't make it retroactive to stay under the artificial cap. Yes, the vast majority of people will notice because their withholding is automatically adjusted for new rates, so their paychecks will get larger.
I just don't think a ~2% increase in the size of somebody's paycheck is going to be all that noticeable. A huge refund check this March would be very noticeable. Has any other big tax cut been polled as unfavorably as this one? It's really weird to me that so many people believe their taxes are actually going up.
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Was it just impossible to make this tax cut retroactive or did the republicans choose to not do that to keep the cost under $1.5 trillion? Because if they chose not to make it retroactive that is just incredibly stupid. A whole lot of voters who are going to save money under this deal think their taxes are going up and the next election will be before people do their taxes under the new law.
Yes, they didn't make it retroactive to stay under the artificial cap. Yes, the vast majority of people will notice because their withholding is automatically adjusted for new rates, so their paychecks will get larger.
I just don't think a ~2% increase in the size of somebody's paycheck is going to be all that noticeable. A huge refund check this March would be very noticeable. Has any other big tax cut been polled as unfavorably as this one? It's really weird to me that so many people believe their taxes are actually going up.
Do you really think it is weird? Google "tax reform" and you'll see one negative headline after another. It's been a steady barrage of negative coverage. One more reason why a partisan media makes a big difference. I agree that a lump sum refund will be much more noticeable. But I still think most people will notice their paycheck increased, even a little. And most people can then multiply that increase by 12, 24, or 26nto realize that Trump just saved them hundreds to thousands of dollars.
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"Partisan media" is one explanation why people believe their taxes will go up. Here are some others:
1. Republicans have been unable to put together a convincing story yet because they were too focused on ramming the bill through congress
2. People realize that, if a Republican controlled congress led by a Republican controlled president chooses to add 1.5 trillion to the deficit instead of doing anything about spending, they are going to be totally mumped down the road
3. Because they are so bad about curbing spending and unwilling to try to gain any bi-partisan support, Republicans had to make tax cuts temporary on individuals
4. Trump is the least believed and least liked of any president in history (that we can measure), and he says the tax cuts are going to be fantastic
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So basically "you're an idiot" is what you're down to, now. Ok. Merry Christmas! Hope you enjoy keeping some more of your money! :cheers:
Reran it, I don't actually. Andyou're an idiot, and I'm not even down to that, I told you a long time ago all the issues with it.
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"Partisan media" is one explanation why people believe their taxes will go up. Here are some others:
1. Republicans have been unable to put together a convincing story yet because they were too focused on ramming the bill through congress
2. People realize that, if a Republican controlled congress led by a Republican controlled president chooses to add 1.5 trillion to the deficit instead of doing anything about spending, they are going to be totally mumped down the road
3. Because they are so bad about curbing spending and unwilling to try to gain any bi-partisan support, Republicans had to make tax cuts temporary on individuals
4. Trump is the least believed and least liked of any president in history (that we can measure), and he says the tax cuts are going to be fantastic
Yeah those are all good and not so good excuses, but I think we both know (if we're being honest) that it's the constantly drumbeat of negativity from the media. Hopefully people are financially aware enough to realize when their paychecks increase.
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The media hasn't outright lied about the tax cuts. At least not that I have seen. They are painting them in a negative light and reporting poll results about a lot of people believing they are getting tax increases in a way that a casual observer might read the article and conclude that a lot of people actually are getting an increase, though. The reporting of this issue has been pretty poor.
I really think this whole thing could have been handled much more effectively by the Republicans and Trump. It shouldn't be that difficult to pass a tax cut that is actually a cut for everyone. The fact that some people get a tax increase is really confusing to the general public, and it makes it easy for opponents to sell to their base that they are the ones getting the increase.
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
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Whole lotta excuses going on here for a misleading media in the tank for one party.... It's hard for liberals to comprehend the bias because they don't have to deal with it.
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because it's not there
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Well this is neat. AT&T, Wells, Fifth Third... I wonder if any other companies will follow suit?
https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html (https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html)
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Well this is neat. AT&T, Wells, Fifth Third... I wonder if any other companies will follow suit?
https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html (https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html)
It's a start. Albeit just three companies and how big of a wage increase is it? I'm more interested in how wages for low level employees and middle management increase compared to CEO's and senior management.
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I bet walmart follows suit tomorrow
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Did the rate cut on pass through llc's make it or did they decide to reward the lazy and punish the job makers?
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I rent out my primary residence and also am tax liable responsible for a vacation rental. This passthrough stuff should boost me from MENHY to MEDoJFi, right?
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I'll be deferring a bunch of income until next year and getting a ridic return for this year
#thankstrump :Woot:
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Guys, remember, the amount your accountant puts on your tax for as owed is the minimum you must pay. You can ignore your lower tax rate and pay more.
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heh, birther dougie chimes in with some hot quips
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Whole lotta excuses going on here for a misleading media in the tank for one party.... It's hard for liberals to comprehend the bias because they don't have to deal with it.
we hear it plenty from you spinning how this is the greatest presidential year ever...and we can look with our own two eyes he's 25% approval and done nothing (except this tax bill now, which he'd have to be a fool not to get with Rep congress tripping over themselves to get their donors a taxbreak)
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heh, birther dougie chimes in with some hot quips
You seemed especially upset at your tax break.
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I don't think anyone has congratulated KSUW yet on this accomplishment. Good thing we have Murphy's Law to explain this.
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Whole lotta excuses going on here for a misleading media in the tank for one party.... It's hard for liberals to comprehend the bias because they don't have to deal with it.
we hear it plenty from you spinning how this is the greatest presidential year ever...and we can look with our own two eyes he's 25% approval and done nothing (except this tax bill now, which he'd have to be a fool not to get with Rep congress tripping over themselves to get their donors a taxbreak)
Gorsuch and other textual judges, slashing regulations, rescinding absurd DOE guidances, cutting taxes, booming economy and investments, ISIS in tatters. All in all a pretty good year for America and the Trumpster! And all you can point to is the Don's approval rating which, if anything, is just further indication of the constant negative drumbeat from the press.
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Guys I have to tell you this 1st year of accomplishments toward American Greatness comes as no surprise to me :driving:
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Whole lotta excuses going on here for a misleading media in the tank for one party.... It's hard for liberals to comprehend the bias because they don't have to deal with it.
we hear it plenty from you spinning how this is the greatest presidential year ever...and we can look with our own two eyes he's 25% approval and done nothing (except this tax bill now, which he'd have to be a fool not to get with Rep congress tripping over themselves to get their donors a taxbreak)
Gorsuch and other textual judges, slashing regulations, rescinding absurd DOE guidances, cutting taxes, booming economy and investments, ISIS in tatters. All in all a pretty good year for America and the Trumpster! And all you can point to is the Don's approval rating which, if anything, is just further indication of the constant negative drumbeat from the press.
:lol:
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Whole lotta excuses going on here for a misleading media in the tank for one party.... It's hard for liberals to comprehend the bias because they don't have to deal with it.
we hear it plenty from you spinning how this is the greatest presidential year ever...and we can look with our own two eyes he's 25% approval and done nothing (except this tax bill now, which he'd have to be a fool not to get with Rep congress tripping over themselves to get their donors a taxbreak)
Gorsuch and other textual judges, slashing regulations, rescinding absurd DOE guidances, cutting taxes, booming economy and investments, ISIS in tatters. All in all a pretty good year for America and the Trumpster! And all you can point to is the Don's approval rating which, if anything, is just further indication of the constant negative drumbeat from the press.
name 3 impactful regulations slashed....you know like the ones he named like Dodd Frank? LOL giving "booming economy" and "ISIS in tatters" to Trump.
Great job proving my point though....appreciate it.
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KSUW only projects what the propaganda machine puts out. It's his only source of information.
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:driving: :curse:
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Happy for you 27
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Thanks bud
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Well this is neat. AT&T, Wells, Fifth Third... I wonder if any other companies will follow suit?
https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html (https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html)
It's a start. Albeit just three companies and how big of a wage increase is it? I'm more interested in how wages for low level employees and middle management increase compared to CEO's and senior management.
These aren't wage increases, just bonuses. They'll evaporate and companies will bump up prices to make up for the difference once it's obvious that the tax plan doesn't add demand like they thought it would.
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This is the kind of bullshit that ksw will be bitching about when his kids schools come knocking
If I understand it correctly, and maybe I don't, this refinancing is exactly the bullshit I hate. It allows a district to extend a bond for another 20 years and tell the residents "vote for this and your taxes won't go up at all!" when the truth is that if the bond expired their taxes would go down. This is the sneaky bullshit that public educators pull all the time. So if it will now be harder for them to do that, great.
eff over my community to own the libs
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isis in tatters omg ksuw
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isis in tatters omg ksuw
Are you suggesting that massive progress hasn't been made against ISIS in the past year? Start here...
https://www.nytimes.com/2017/12/16/opinion/sunday/war-trump-islamic-state.html (https://www.nytimes.com/2017/12/16/opinion/sunday/war-trump-islamic-state.html)
Even the more liberal assessment from PolitiFact, while arguing that Trump can't take full credit (true), begrudgingly acknowledges the acceleration in progress this past year thanks in part to the new administration.
http://www.politifact.com/truth-o-meter/statements/2017/oct/26/donald-trump/trump-takes-full-credit-gains-against-isis/ (http://www.politifact.com/truth-o-meter/statements/2017/oct/26/donald-trump/trump-takes-full-credit-gains-against-isis/)
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I equate this to when I twist real hard on a jar lid for a long time then hand it to someone else and they pop it open with ease....sure they opened the jar.
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First of all, this is the tax thread.
Second, the best short term solution for ISIS is always going to be additional military presence, which Republicans are more likely to push for. Ironically, the best long term solution is probably the opposite, which honestly only a libertarian could really pull off.
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I equate this to when I twist real hard on a jar lid for a long time then hand it to someone else and they pop it open with ease....sure they opened the jar.
:lol: Did you really just bust out the "well I loosened it for you" excuse? That is perfect! I'm envisioning a Facebook meme of Obama in his mom jeans sweating over a jar of ISIS (or the economy, etc.) before handing it to Trump....
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The media hasn't outright lied about the tax cuts. At least not that I have seen. They are painting them in a negative light and reporting poll results about a lot of people believing they are getting tax increases in a way that a casual observer might read the article and conclude that a lot of people actually are getting an increase, though. The reporting of this issue has been pretty poor.
I really think this whole thing could have been handled much more effectively by the Republicans and Trump. It shouldn't be that difficult to pass a tax cut that is actually a cut for everyone. The fact that some people get a tax increase is really confusing to the general public, and it makes it easy for opponents to sell to their base that they are the ones getting the increase.
this silver piece gets it right, i think.
https://fivethirtyeight.com/features/voters-are-skeptical-of-the-gop-tax-bill-overall-not-just-whether-theyll-get-a-cut/
people don't like the bill because they see it as an unsustainable raid on the nation's piggy bank with the gains disproportionately going to people other than themselves. they then transfer that dislike to feel as if they won't get a tax cut because it is cognitively uncomfortable to acknowledge a tangible benefit from something you dislike. it's not likely that many of those people will change their minds about the bill if they see a little more coming home in their monthly paychecks (as noted many times, many people won't even notice a small plus/minus in their pay, i certainly wouldn't have). the fairly substantial slice of the electorate that is undecided may swing to favor the cut, though.
i don't think making the cut retroactive would necessarily have been great politics, it definitely would not have been good policy.
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I equate this to when I twist real hard on a jar lid for a long time then hand it to someone else and they pop it open with ease....sure they opened the jar.
Did you really just bust out the "well I loosened it for you" excuse? That is perfect! I'm envisioning a Facebook meme of Obama in his mom jeans sweating over a jar of ISIS (or the economy, etc.) before handing it to Trump....
The best
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You are both right.
The 2001 Bush tax cuts resulted in people getting cut a physical check for their 2000 returns. It was pretty popular and it is easy to see why. It also is a much better way to stimulate the economy.
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i don't think making the cut retroactive would necessarily have been great politics, it definitely would not have been good policy.
I think it would be great politics and agree it wouldn't have been good policy, but I don't really believe good policy is all that important to the republican party right now.
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
I like the honesty, personally. Both GOP and Dems are absolutely beholden to special interests. Just like the absurd tax break preserved for higher ed.
And keeping an extra $28 a week is a pretty big deal for people who don't make much money. Do you have any idea how condescending you sound when you dismiss that? That amounts to over $1000 more per year and perhaps a 5% or more tax reduction for a poor household. Cant believe you'd smirk at that.
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
I like the honesty, personally. Both GOP and Dems are absolutely beholden to special interests. Just like the absurd tax break preserved for higher ed.
And keeping an extra $28 a week is a pretty big deal for people who don't make much money. Do you have any idea how condescending you sound when you dismiss that? That amounts to over $1000 more per year and perhaps a 5% or more tax reduction for a poor household. Cant believe you'd smirk at that.
Poor households aren't keeping that much per paycheck.
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KSUW cares about poor people as long as it doesn’t cost him anything.
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
I like the honesty, personally. Both GOP and Dems are absolutely beholden to special interests. Just like the absurd tax break preserved for higher ed.
And keeping an extra $28 a week is a pretty big deal for people who don't make much money. Do you have any idea how condescending you sound when you dismiss that? That amounts to over $1000 more per year and perhaps a 5% or more tax reduction for a poor household. Cant believe you'd smirk at that.
Poor households aren't keeping that much per paycheck.
They aren't? Consider 4 scenarios....
Married couple with 2 kids and $30k AGI: -$6,222 (2017), -$7,732 (2018) A $1,510 (5.03%) "savings"
Married couple with 2 kids and $20k AGI: -$7,616 (2017), -$9,616 (2018) A $2,000 (10.00%) "savings"
Married couple with 1 kid and $30k AGI: -$2,911 (2017), -3,826 (2018) A $915 (3.05%) "savings"
Married couple with 1 kid and $20k AGI: -4,400 (2017), -$5,400 (2018) A $1,000 (5.00%) "savings"
I put "savings" in quotations because these folks already owed less than zero Federal Income Tax. They are eligible for these large "refunds" because the CTC and EITC are fully refundable at these income levels, both in 2017 and 2018. (If you're wondering how these refunds could possibly be this high, the Earned Income Tax Credit is a massive subsidy for poor working families. Go here to run the calculations if you don't believe me. http://www.eitcoutreach.org/help/ (http://www.eitcoutreach.org/help/))
So these savings mean they're getting even more of other peoples' money under the new bill. But I digress. Regardless, every one of the families in the above scenarios is reaping $915 to $2,000 extra under the new plan.
You think any of these families isn't going to notice or appreciate an extra 1-2 thousand dollars a year? :dunno: Or will they be too consumed with class envy that the millionaire paying over $100k in taxes is getting more money back? I think it's going to be the former.
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https://twitter.com/NBCNews/status/944242690341916673
The responses are hilarious
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He has to concentrate so deeply just to sign his name lol
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He has to concentrate so deeply just to sign his name lol
(http://assets.nydailynews.com/polopoly_fs/1.2954431.1485279763!/img/httpImage/image.jpg_gen/derivatives/article_750/aptopix-trump.jpg)
I actually think his signature kicks serious ass. I would have to concentrate on that, too.
This is a lot closer to my own style of signature - much lazier.
(https://upload.wikimedia.org/wikipedia/commons/1/11/Barack_Obama_signature.svg)
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Yes, mine is super lazy
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
I like the honesty, personally. Both GOP and Dems are absolutely beholden to special interests. Just like the absurd tax break preserved for higher ed.
And keeping an extra $28 a week is a pretty big deal for people who don't make much money. Do you have any idea how condescending you sound when you dismiss that? That amounts to over $1000 more per year and perhaps a 5% or more tax reduction for a poor household. Cant believe you'd smirk at that.
I'm not dismissing it at all. I'm happy for those that are getting a break that really need it. It is just bullshit that they keep trying to sell this as a "middle income" tax break yet those "middle income" people are getting the smallest piece of it. How about they do 22% for corporations and give lower income people a bit of a bigger break? Nope, those corporations give money to these corrupt fucks and remember, corporations are "people" so, welp, nothing we can do about it!!!!
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You are welcome unmotivated W2 wage earners. keep grinding
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You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
I like the honesty, personally. Both GOP and Dems are absolutely beholden to special interests. Just like the absurd tax break preserved for higher ed.
And keeping an extra $28 a week is a pretty big deal for people who don't make much money. Do you have any idea how condescending you sound when you dismiss that? That amounts to over $1000 more per year and perhaps a 5% or more tax reduction for a poor household. Cant believe you'd smirk at that.
I'm not dismissing it at all. I'm happy for those that are getting a break that really need it. It is just bullshit that they keep trying to sell this as a "middle income" tax break yet those "middle income" people are getting the smallest piece of it. How about they do 22% for corporations and give lower income people a bit of a bigger break? Nope, those corporations give money to these corrupt fucks and remember, corporations are "people" so, welp, nothing we can do about it!!!!
Yes, the primary thrust of the bill was reducing corporate taxes. Believe it or not, there used to be (even recently, and even now - privately) bipartisan agreement that our corporate tax rate is absurdly uncompetitive. The GOP decided to do a bill that cut both personal and business taxes and, ironically, the Dems used this as an opportunity to trot out their tired old class warfare screams.
If your complaint is simply that you don't like politicians pointing to a tax break for the middle class because that's not the primary thrust of the bill - ok - but that's what every politician does, every time, with every bill. Weird thing to be upset about.
I feel like we should all be happy we're evening the global playing field on the business front, while likely getting to keep more of our money and padding our 401k's to boot. There really are very few people getting the shaft with this bill. Yes, debt is a valid concern (just incredibly hypocritical coming from liberals), but debt is much more a function of spending than revenue. And besides, revenue is driven more by economic vitality than tax rate, to an extent.
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If the U.S. really wanted to bring back corporations we should just go full third-world country and abolish environmental regulations and the minimum wage. To their credit, Republicans are being consistent in this regard at least. The big contradiction is trying so hard to keep cheap (non-white) labor sources out of the country.
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The income level to phase out the pass through % is too low.
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When you've signed as many bankruptcy docs as he has, you get an angry signature like that.
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If the U.S. really wanted to bring back corporations we should just go full third-world country and abolish environmental regulations and the minimum wage. To their credit, Republicans are being consistent in this regard at least. The big contradiction is trying so hard to keep cheap (non-white) labor sources out of the country.
First LOl at "abolishing the minimum wage." But regardless, the whole point of taking these steps to make America more competitive globally is to help.... Americans. So I don't think that is contradictory in a goals-based sense. Sure, we might encourage even more businesses to come here by flooding the market with cheaper labor, but that seems a bit counterproductive.
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If we truly want to be competitive stop rewarding the failed w2's and give them better motivation to be owners. just my :th_twocents:
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Just wondering, is it normal to sign legal documents with a Sharpie?
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Just wondering, is it normal to sign legal documents with a Sharpie?
Are you sure that's not a regular pen that just looks bigger in his undersized hand?
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Just wondering, is it normal to sign legal documents with a Sharpie?
Are you sure that's not a regular pen that just looks bigger in his undersized hand?
:Wha:
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If the U.S. really wanted to bring back corporations we should just go full third-world country and abolish environmental regulations and the minimum wage. To their credit, Republicans are being consistent in this regard at least. The big contradiction is trying so hard to keep cheap (non-white) labor sources out of the country.
First LOl at "abolishing the minimum wage." But regardless, the whole point of taking these steps to make America more competitive globally is to help.... Americans. So I don't think that is contradictory in a goals-based sense. Sure, we might encourage even more businesses to come here by flooding the market with cheaper labor, but that seems a bit counterproductive.
Most of the people Trump wants to kick out would be Americans and pay taxes if given the chance, so my point still stands.
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CBS cherry picks a few families....
https://www.realclearpolitics.com/video/2017/12/22/cbs_how_will_tax_cuts_affect_your_family.html (https://www.realclearpolitics.com/video/2017/12/22/cbs_how_will_tax_cuts_affect_your_family.html)
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I ran my numbers based on 2017 income. I should see a $3000 decline in taxes year 1. I'll lose a child tax credit year 2. Then, the other CTC in year 6 just in time for a big old tax hike to 2017 levels.
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:lol: so people think this sucks because its a tax cut, but also want to remind us that it also sucks because the tax cut is going to go away in a few years, good work guys
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If you inferred that from my post, my sympathies for your negative view of life.
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If you inferred that from my post, my sympathies for your negative view of life.
you don't build a strawman out of posts
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:lol: so people think this sucks because its a tax cut, but also want to remind us that it also sucks because the tax cut is going to go away in a few years, good work guys
It's actually richer than that. The people whining about the tax cut, and that the tax cut will expire, are the same people who will refuse to extend it if given the power to do so. The Dems really contorted themselves on this one.
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KSUW predicting Dems will control congress in a few years since Republicans have done such a crappy job so far.
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https://twitter.com/sruhle/status/944917875135049728
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Tax Tip: Pay all your 2017 property tax by year end! I think all Kansas counties bill property taxes semi-annually, and the second half of 2017 taxes isn't typically billed until 2018. A deduction worth hundreds if the 2018 changes to deductions impact you. (While you're at it, see if you can prepay any 2018 property taxes - not sure you can but worth asking).
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You have the option to pay 100% in december, or half now and half in april. Most people escrow and have no clue.
You can also max out contributions to IRA, HSA and any other tax deductible vehicle.
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What if you challenge your property taxes every year?
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If you inferred that from my post, my sympathies for your negative view of life.
I was making a observation, it wasn’t in response to your post.
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https://twitter.com/sruhle/status/944917875135049728
Ha
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You have the option to pay 100% in december, or half now and half in april. Most people escrow and have no clue.
You can also max out contributions to IRA, HSA and any other tax deductible vehicle.
Don't escrow accounts pay at the earliest for full discount? Every loan I've had was that way.
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You have the option to pay 100% in december, or half now and half in april. Most people escrow and have no clue.
You can also max out contributions to IRA, HSA and any other tax deductible vehicle.
Don't escrow accounts pay at the earliest for full discount? Every loan I've had was that way.
I escrow and, evidently not. I checked and only a 50% payment was made in Dec. I'm going to prepay the rest this week.
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You have the option to pay 100% in december, or half now and half in april. Most people escrow and have no clue.
You can also max out contributions to IRA, HSA and any other tax deductible vehicle.
Don't escrow accounts pay at the earliest for full discount? Every loan I've had was that way.
I escrow and, evidently not. I checked and only a 50% payment was made in Dec. I'm going to prepay the rest this week.
Ouch. I'd make that a permanent thing if you get a discount for payment in December.
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What if you challenge your property taxes every year?
If you win you get a refund
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You have the option to pay 100% in december, or half now and half in april. Most people escrow and have no clue.
You can also max out contributions to IRA, HSA and any other tax deductible vehicle.
Don't escrow accounts pay at the earliest for full discount? Every loan I've had was that way.
No, and I think it's governed by RESPA
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I'd flip my crap if I had to pay more every year. Nope.
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https://twitter.com/adamcbest/status/944847126588248064
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Take it to the political tweet thread, the big tuck
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Didn’t AT&T just promise a bonus to its employees?
http://fox4kc.com/2017/12/20/hundreds-of-metro-att-employees-laid-off-just-before-christmas/?utm_campaign=trueAnthem%3A+Trending+Content&utm_content=5a3b5bf304d30135a5a47725&utm_medium=trueAnthem&utm_source=facebook
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Yes, also those bonuses were union negotiated over the summer
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Yes, also those bonuses were union negotiated over the summer
These are new bonuses in addition the previously “negotiated” ones.
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S-canning some W2'ers is a good way to motivate the lazy. Get motivated people.
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Yes, also those bonuses were union negotiated over the summer
These are new bonuses in addition the previously “negotiated” ones.
Are these new cuts or previously negotiated ones?
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You have the option to pay 100% in december, or half now and half in april. Most people escrow and have no clue.
You can also max out contributions to IRA, HSA and any other tax deductible vehicle.
Don't escrow accounts pay at the earliest for full discount? Every loan I've had was that way.
I escrow and, evidently not. I checked and only a 50% payment was made in Dec. I'm going to prepay the rest this week.
Ouch. I'd make that a permanent thing if you get a discount for payment in December.
At least in Sedgwick County, there is no discount for paying lump sum. She made it sound like a state law that the tax is due 100% on November 1, but can be paid 50/50 in December and May without penalty.
Now for the kicker: she thinks I can also prepay my 2018 property tax. So the question is whether the law and regs are sloppy enough to allow me to deduct a prepayment of 2018 property taxes in 2017....
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Isn't the deduction still allowed but capped at $10k? In which case, no way anyone in SG county not named Koch is going over that
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Isn't the deduction still allowed but capped at $10k? In which case, no way anyone in SG county not named Koch is going over that
In 2018, you will be able to deduct up to $10,000 in SALT or property tax (or maybe a combination of both - not sure). But the standard deduction will be doubled to $24,000 for married couples. So once you shrink the SALT deduction and double the standard deduction, there will no longer be any reason for me and a great many people to itemize. Which means that the property tax deduction is only valuable to us in 2017.
Based upon what I'm reading, the law does allow you to deduct, in the 2017 tax year, prepaid 2018 property tax as long as it is paid in 2017. The only downsides are (1) stroking a big check that would otherwise be paid more gradually through your mortgage payments, and (2) if you move in 2018, you've paid the next owner's taxes for whatever portion of the year they own the home.
But those are small downsides to getting a deduction worth hundreds if not thousands of dollars. So if you fall in the above camp and 2017 is the last year the property tax deduction is valuable to you, you ought to look into prepaying 2018 taxes now.
And no, you can't do this for state income tax - that is prohibited by the law.
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Why not prepay '19 too?
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Why not prepay '19 too?
If your county will accept the payment, go nuts. That’s too big a check for me, and I don’t know that we won’t upgrade in house before then.
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Well I have to get my people on the blower to see if I can pre pay for investment property
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I pay $8k a year in property taxes and I don't live in a Koch mansion. NE property tax is like the worst in the country.
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I pay $8k a year in property taxes and I don't live in a Koch mansion. NE property tax is like the worst in the country.
NE a lot of stuff is like the worst in the country. Ts and Ps.
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I pay $8k a year in property taxes and I don't live in a Koch mansion. NE property tax is like the worst in the country.
That’s like half a Bitcoin :sdeek:
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I pay $8k a year in property taxes and I don't live in a Koch mansion. NE property tax is like the worst in the country.
still under the limit tho!
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Texas is bad for property tax, but that’s the cost of no income tax. :woot:
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Texas is bad for property tax, but that’s the cost of no income tax. :woot:
Ours is no tax on groceries :gianthonkoffhandmotion:
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No tax on groceries in Texas either. In 2016 I paid $14k in property taxes.
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How emasculated does SD feel right now...
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No tax on groceries in Texas either. In 2016 I paid $14k in property taxes.
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GTFOOH you no state income tax paying dork. But yeah, TX has very high prop tax
https://taxfoundation.org/how-high-are-property-taxes-your-state/
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No tax on groceries in Texas either. In 2016 I paid $14k in property taxes.
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GTFOOH you no state income tax paying dork. But yeah, TX has very high prop tax
https://taxfoundation.org/how-high-are-property-taxes-your-state/
And every new freeway built in Texas is a toll road. I was paying $160 a month in toll’s before moving to FL.
I guess FL makes all their money off of hotel taxes because property taxes are low.
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No tax on groceries in Texas either. In 2016 I paid $14k in property taxes.
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GTFOOH you no state income tax paying dork. But yeah, TX has very high prop tax
https://taxfoundation.org/how-high-are-property-taxes-your-state/
And every new freeway built in Texas is a toll road. I was paying $160 a month in toll’s before moving to FL.
I guess FL makes all their money off of hotel taxes because property taxes are low.
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Damn, sd can't catch a break
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No tax on groceries in Texas either. In 2016 I paid $14k in property taxes.
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GTFOOH you no state income tax paying dork. But yeah, TX has very high prop tax
https://taxfoundation.org/how-high-are-property-taxes-your-state/
And every new freeway built in Texas is a toll road. I was paying $160 a month in toll’s before moving to FL.
I guess FL makes all their money off of hotel taxes because property taxes are low.
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Damn, sd can't catch a break
That's why told SD the move to Florida would be a quick ROI. Low taxes plus low admission fees.
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Isn't the deduction still allowed but capped at $10k? In which case, no way anyone in SG county not named Koch is going over that
In 2018, you will be able to deduct up to $10,000 in SALT or property tax (or maybe a combination of both - not sure). But the standard deduction will be doubled to $24,000 for married couples. So once you shrink the SALT deduction and double the standard deduction, there will no longer be any reason for me and a great many people to itemize. Which means that the property tax deduction is only valuable to us in 2017.
Based upon what I'm reading, the law does allow you to deduct, in the 2017 tax year, prepaid 2018 property tax as long as it is paid in 2017. The only downsides are (1) stroking a big check that would otherwise be paid more gradually through your mortgage payments, and (2) if you move in 2018, you've paid the next owner's taxes for whatever portion of the year they own the home.
But those are small downsides to getting a deduction worth hundreds if not thousands of dollars. So if you fall in the above camp and 2017 is the last year the property tax deduction is valuable to you, you ought to look into prepaying 2018 taxes now.
And no, you can't do this for state income tax - that is prohibited by the law.
Ruh roh...
https://www.washingtonpost.com/news/wonk/wp/2017/12/27/irs-says-taxpayers-trying-to-use-deduction-that-will-be-scaled-back-can-prepay-2018-property-taxes-only-under-limited-circumstances
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:lol: :lol: :lol: :lol: :lol:
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Thanks for letting us know. Glad I only paid up my 2017 and didn’t prepay 2018 yet.
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people who may not understand property taxes may not be aware that you pay your 2017 taxes in 2018 (march and july). I just paid all of mine as well ksu-dub. so I'll deduct 2016 and 2017 on this coming return.
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Rev. Rul. 82-208 prevents a cash basis taxpayer (i.e. individuals) from deducting state tax payments when, on the date of the payment, you couldn't reasonably determine the amount of the tax - so paying a 2018 state tax estimate would not be allowed since you don't technically know your income for 2018 on which to base that estimate. The same logic could be extended to real estate and property taxes since technically they haven't been assessed yet. Your tax adviser should have warned you about trying to prepay years in advance.
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Weird to celebrate tax law changes then try everything possible to enjoy current tax law.
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Also weird to act like tax cuts are tiny and inconsequential, and then move heaven and earth to get more deductions into high tax 2017.
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Rev. Rul. 82-208 prevents a cash basis taxpayer (i.e. individuals) from deducting state tax payments when, on the date of the payment, you couldn't reasonably determine the amount of the tax - so paying a 2018 state tax estimate would not be allowed since you don't technically know your income for 2018 on which to base that estimate. The same logic could be extended to real estate and property taxes since technically they haven't been assessed yet. Your tax adviser should have warned you about trying to prepay years in advance.
I'm not 100% certain anyone ITT was looking to pay years in advance. I mean, the idea was tossed around but I and I'm assuming KSU-Dub weren't planning to go into what we would owe in 2019.
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eff paying ahead. What if you die? My one and only tax question ever is at what age I can stop paying taxes without worry of negative repercussions.
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eff paying ahead. What if you die? My one and only tax question ever is at what age I can stop paying taxes without worry of negative repercussions.
could be today chum :dunno:
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If you're self-employed without any major assets or loans, the odds of getting busted are extremely low. In fact, an estimated 7 million Americans fail to file their taxes every year, and in 2008 the IRS examined only 158,000 such cases. That comes out to a roughly 2 percent chance of getting caught. Even if the IRS does audit you, the agency probably won't press charges.
http://www.slate.com/articles/news_and_politics/explainer/2009/04/taxes_schmaxes.html
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there you go, it's today!
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If you're self-employed without any major assets or loans, the odds of getting busted are extremely low. In fact, an estimated 7 million Americans fail to file their taxes every year, and in 2008 the IRS examined only 158,000 such cases. That comes out to a roughly 2 percent chance of getting caught. Even if the IRS does audit you, the agency probably won't press charges.
http://www.slate.com/articles/news_and_politics/explainer/2009/04/taxes_schmaxes.html
Hope you don't have kids that you may have to fill out a FAFSA for someday. I have second cousins who are mumped as far as college goes because their dad rarely pays his taxes.
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I got $500 knocked off my property tax bill this year so I can’t reasonably estimate next year’s taxes cause you bet your ass I’m challenging those as well.
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I get no property tax benefits so eff all of you
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But you get to live in SF rusty
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But you get to live in SF rusty
true. it's quite the pickle. for real.
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:lol: https://www.google.com/amp/s/www.vox.com/platform/amp/policy-and-politics/2017/12/28/16818680/state-local-tax-deduction-income-payroll-trump-tax-reform-republican (https://www.google.com/amp/s/www.vox.com/platform/amp/policy-and-politics/2017/12/28/16818680/state-local-tax-deduction-income-payroll-trump-tax-reform-republican)
I would really enjoy watching states like Connecticut repeal their state income tax and heap it all onto employers as a “payroll tax.”
And I would would really like to see the strategy of setting up a state government fund as a “charity.” :lol:
These folks have lost their minds.
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another personally good thing about this bill is I can use my 529s on my kids primary school expenses. just found out about that.
Point: I'm going to save a shitload of coin while they're in K-12 now.
Counterpoint: RIP their college savings 529b accounts, hope they're either athletic or smart.
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Holy crap how much does it cost for kids in grade school now?
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Holy crap how much does it cost for kids in grade school now?
anywhere from basically nothing to a incredible shitload amount.
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Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).
A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.
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Fine with me :thumbs:
Bi-partisan support!
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Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).
A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.
Wasn't private tuition already tax deductible, it now is just pre-tax?
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Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).
A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.
Wasn't private tuition already tax deductible, it now is just pre-tax?
Pre-tax is a lot better because you can still take the standard deduction on top of it.
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Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).
A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.
Wasn't private tuition already tax deductible, it now is just pre-tax?
Pre-tax is a lot better because you can still take the standard deduction on top of it.
Oh no doubt, I just wanted to clarify.
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I would guess the number of cases where the cost of living+private school tuition is less than the cost of living in a better school district is rare.
Private school tuition shouldn't be tax deductible IMO
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he just had to sneak a little bit racist tidbit in there for his fans
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he just had to sneak a little bit racist tidbit in there for his fans
I have no idea what this means, but thank, jerk.
Rusty - could be right. But by the time you factor in higher property values, higher taxes, and higher transportation costs and commute (assuming the move also takes you further from work) it might not be as rare as you think for all that added cost to equal or exceed private tuition. Would depend on number of kids, cost of tuition, etc.
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Private school kids are pillowy soft
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Private school kids are pillowy soft
High on drugs all the time, too.
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I would guess the number of cases where the cost of living+private school tuition is less than the cost of living in a better school district is rare.
Private school tuition shouldn't be tax deductible IMO
eff you rusty
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Private school kids are pillowy soft
that's the point
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Private school kids are pillowy soft
High on drugs all the time, too.
Narcissistic as hell too.
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that's why they are so successful in life
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Because of family $?
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that's why they are so successful in life
I admire you doubling down on this despite all the evidence pointing to the contrary
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link?
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I would guess the number of cases where the cost of living+private school tuition is less than the cost of living in a better school district is rare.
Private school tuition shouldn't be tax deductible IMO
eff you rusty
you don't need it, dickstone
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I want to keep more of my money
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link?
https://m.huffpost.com/us/entry/6715050
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damn, huff po FTW
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Also the overwhelming majority of CEO's of the Fortune 500 companies all went to public schools. its not too late to throw your kids to the unwashed masses to baptize them hard.
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Also the overwhelming majority of CEO's of the Fortune 500 companies all went to public schools. its not too late to throw your kids to the unwashed masses to baptize them hard.
good stat there
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fun fact- my siblings and I all went to private school, they graduated and I transferred to public as a freshman, there was zero difference in quality of education when you took the ap curriculum in the public school, my poor dad pissed away $230,000 at that joint.
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that anecdote is very authoritative! better than huff po? maybe
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Here’s a nice roundup: https://finance.yahoo.com/news/81-companies-announce-wage-hikes-bonuses-afterglow-trump-tax-reform-171148283.html (https://finance.yahoo.com/news/81-companies-announce-wage-hikes-bonuses-afterglow-trump-tax-reform-171148283.html)
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Here’s a nice roundup: https://finance.yahoo.com/news/81-companies-announce-wage-hikes-bonuses-afterglow-trump-tax-reform-171148283.html (https://finance.yahoo.com/news/81-companies-announce-wage-hikes-bonuses-afterglow-trump-tax-reform-171148283.html)
People sure are guillible.
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Average $0.65 / hour raise for Wal-mart employees!*
*not the ones who were working at the 63 Sam's Club locations that are closing
http://www.bbc.com/news/business-42646899
Also, is the minimum wage increase actually related to the tax cuts?
The raise will increase the average hourly pay at Walmart for full-time employees from $13.85 to $14.50.
Hourly workers will be paid between $11 and $24.70 an hour.
Walmart raised its minimum wage to $9 an hour in 2015 and the following year offered a $1 rise to those who completed an internal training scheme.
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Sam's Clubs :frown:
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Average $0.65 / hour raise for Wal-mart employees!*
*not the ones who were working at the 63 Sam's Club locations that are closing
http://www.bbc.com/news/business-42646899
Also, is the minimum wage increase actually related to the tax cuts?
The raise will increase the average hourly pay at Walmart for full-time employees from $13.85 to $14.50.
Hourly workers will be paid between $11 and $24.70 an hour.
Walmart raised its minimum wage to $9 an hour in 2015 and the following year offered a $1 rise to those who completed an internal training scheme.
Yeah, as the labor market continues to tighten, wages were going to go up anyway. It's just what happens with low unemployment.
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Dow 26,000. A thousand point increase in a week. Markets up over 40% in a year under President Business. I guess all that talk about tax reform being baked into the market was... complete bullshit.
http://money.cnn.com/2018/01/16/investing/dow-26000-stocks-wall-street/index.html (http://money.cnn.com/2018/01/16/investing/dow-26000-stocks-wall-street/index.html)
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Just for posterity sake, are you going to blame the Republicans when the market correction comes or not?
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It's not coming, Trump will do everything possible to make sure that his successor gets to deal with that
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If Trump could actually manage that (even if he keeps plunging us deeper into our already ridiculous deficit) he would deserve some credit for sure.
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When are we gonna pay off the deficit now that we are over 26,000?
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When are we gonna pay off the deficit now that we are over 26,000?
Sadly, government revenue is at an all time high, but just can’t keep pace with our absurd spending. So let’s figure out how to cut about $600 billion in spending in a bipartisan way.
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When are we gonna pay off the deficit now that we are over 26,000?
Sadly, government revenue is at an all time high, but just can’t keep pace with our absurd spending. So let’s figure out how to cut about $600 billion in spending in a bipartisan way.
I think the current plan is to build a wall so we need to cut about $650 billion instead.
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Take it from the military, that was really easy.
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When are we gonna pay off the deficit now that we are over 26,000?
Sadly, government revenue is at an all time high, but just can’t keep pace with our absurd spending. So let’s figure out how to cut about $600 billion in spending in a bipartisan way.
I think the current plan is to build a wall so we need to cut about $650 billion instead.
Here’s a fact that’ll blow your mind. We’re running annual deficits of at least $600 billion and maybe more. Those figures about the wall, whether 20 or 50 billion, are over 10 years. So if you want to increase the spending cut to $602 or $605 billion per year, ok. That doesn’t seem like a super meaningful change. So let’s get to it. I’ll go first. If we’re gonna save real money, we’re gonna have to go where we spend the most money. I’ll trade a 10% reduction in Medicaid for a 10% reduction in military spending. Fair trade? Thats gotta be over 100 billion saved right out the gate! And it might not even amount to a 10% reduction in Medicaid if you cut out the middle man and block grant the funds directly to the states! Ok, who’s ready to join me in the spirit of bipartisanship?
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:thumbs:
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Take it from the military, that was really easy.
Shockingly easy
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Cut 50% from defense, give all of that to universal healthcare then just chill
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Bipartisanship is fun
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Take it from the military, that was really easy.
Shockingly easy
Disbanding our military (total spending on the military is about $550 billion, less than our annual deficit) doesn't sound very reasonable. I think I could swing a 10% cut in exchange for a 10% cut in Medicaid. Maybe I could go as high as 15%. Ok? So that gets us to about $150 billion.
Next place to save significant cash would be Social Security and Medicare. I would propose that we simply remove those item from the federal budget entirely. Put them in a completely separate budget, paid for exclusively by FICA. Al Gore's "Lock Box." If Al Gore suggested it, I know I can get some bipartisan support for that, right?
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Can always raise taxes to a reasonable level
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Can always raise taxes to a reasonable level
You actually can’t. At least, probably can’t. Over the last 40 years, revenue as a percentage of GDP has hovered remarkably close to 18-19% no matter what our tax rates were. Look it up. You’ll be amazed how steady the line is. There’s only so much revenue you can squeeze out of the economy.
Ok, so if we’re ready to put the “just raise taxes” argument to rest, let’s get back to serious negotiations on what we actually can do to eliminate the deficit: cut spending.
I suggested above that we should move SS and Medicare spending, and FICA tax receipts that are supposed to pay for those programs, into Al Gore’s Lock Box. Do you realize that would save us about 400 billion a year?! That’s roughly amount our spending on these programs currently exceed the tax receipts to pay for them. Granted, we’ll have to figure out how to balance the Al Gore Lock Box, but one problem at time!
Boys, between the Lock Box and a 10% reduction to Medicaid and military, we’ve nearly balanced the federal budget! And we haven’t even touched the EPA or Dept of Education yet!!
Bipartisanship!
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tax religion
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Just saw my donations to kstate athletics is no longer deductible.
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It's kind of a joke that donations to a university athletic department ever were tax deductible, really.
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I mean this with all sincerity. You could put me and Lib7 in a room and if we had to do so, we could hammer out a balanced budget in under an hour.
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300 billion from military and you can have 300 billion anywhere else you want
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It's kind of a joke that donations to a university athletic department ever were tax deductible, really.
Agreed
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I mean this with all sincerity. You could put me and Lib7 in a room and if we had to do so, we could hammer out a balanced budget in under an hour.
Because you don't have special interest money constraining you
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300 billion from military and you can have 300 billion anywhere else you want
Damn. That's a tempting offer. :ohno: I could fire half the DC Bureaucracy, disband numerous agencies, and cut a little less from SS and Medicare. And all I'd risk is complete annihilation of the United States.
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Would still give us as much as U.K. Russia and China combined so I think you can probably drop the annihilation straw man
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Would still give us as much as U.K. Russia and China combined so I think you can probably drop the annihilation straw man
yeah but those countries don't have a giant target on their back wetwillie
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When are we gonna pay off the deficit now that we are over 26,000?
Sadly, government revenue is at an all time high, but just can’t keep pace with our absurd spending. So let’s figure out how to cut about $600 billion in spending in a bipartisan way.
Why would we need bipartisanship when Republicans just cut taxes and tried to dismantle healthcare under the guise of budget reconciliation already? Oh, that's right, because Republicans suddenly don't give a crap about spending.
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Tax religion
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Tax religion
Sent from my iPhone using Tapatalk
You can only squeeze so much revenue out of an economy Steve
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Maybe just start by taxing fake religions.
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so all of them?
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churches only take in ~100 billion annually. that ain't gonna get you much.
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Just tax all nonprofits and we can get there
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Raise the corporate tax rate
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Just apply the estate tax to everyone.
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churches only take in ~100 billion annually. that ain't gonna get you much.
Let locals/states charge them property tax...reduces need on federal dollars....
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so all of them?
Maybe just the ones which are based on a fiction book....
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https://twitter.com/CNBC/status/953745474565091328
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https://twitter.com/CNBC/status/953745474565091328
Shocking all these lib coastal companies giving money out of the kindness of their lib hearts and making Trump look good....
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:lol:
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Speaking of Apple....
https://www.futureofcapitalism.com/2018/01/apple-38-billion (https://www.futureofcapitalism.com/2018/01/apple-38-billion)
Apple says it will pay $38 billion in U.S. taxes to bring home cash that it had stashed abroad.
It's an astonishing number, even by the vast standards of Washington spending.
To understand just how much money this is, consider that in 2014 the entire bottom 50% of individual income tax filers paid a total of $37,740,000,000 in federal income taxes, according to the Tax Foundation.
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Glad all these evil companies are now in your good graces.
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38 billion holy crap Apple just basically built the wall....
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Speaking of Apple....
https://www.futureofcapitalism.com/2018/01/apple-38-billion (https://www.futureofcapitalism.com/2018/01/apple-38-billion)
Apple says it will pay $38 billion in U.S. taxes to bring home cash that it had stashed abroad.
It's an astonishing number, even by the vast standards of Washington spending.
To understand just how much money this is, consider that in 2014 the entire bottom 50% of individual income tax filers paid a total of $37,740,000,000 in federal income taxes, according to the Tax Foundation.
Do you have a link from something other than futureofcapitalism.com?
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Okkkkk. https://www.reuters.com/article/us-apple-tax/apple-plans-new-u-s-campus-to-pay-38-billion-in-foreign-cash-taxes-idUSKBN1F62FJ (https://www.reuters.com/article/us-apple-tax/apple-plans-new-u-s-campus-to-pay-38-billion-in-foreign-cash-taxes-idUSKBN1F62FJ)
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Okkkkk. https://www.reuters.com/article/us-apple-tax/apple-plans-new-u-s-campus-to-pay-38-billion-in-foreign-cash-taxes-idUSKBN1F62FJ (https://www.reuters.com/article/us-apple-tax/apple-plans-new-u-s-campus-to-pay-38-billion-in-foreign-cash-taxes-idUSKBN1F62FJ)
pffft
The company has been under increasing pressure to make U.S. investments since the 2016 presidential campaign, when Trump targeted the iPhone maker for making products in Asian factories.
While Apple has announced no plans to change that practice
“Let me be clear: There are large parts of this that are a result of the tax reform, and there’s large parts of this we would have done in any situation,” Cook said in the interview.
corporations get huge tax break and tax advantage...news at 11!
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Okkkkk. https://www.reuters.com/article/us-apple-tax/apple-plans-new-u-s-campus-to-pay-38-billion-in-foreign-cash-taxes-idUSKBN1F62FJ (https://www.reuters.com/article/us-apple-tax/apple-plans-new-u-s-campus-to-pay-38-billion-in-foreign-cash-taxes-idUSKBN1F62FJ)
That's pretty great news.
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Tax religion
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And when I say tax I mean tax at like twice the rate of a normal business
http://onemileatatime.boardingarea.com/2018/01/20/kenneth-copeland-gulfstream/
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
this should be a thread
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
Paying taxes to live in the greatest country in the world should be an honor. Imagine how great it would be if we actually took care of the less fortunate. Oh well, at least some people got $1000 bonus before being laid off!
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
Paying taxes to live in the greatest country in the world should be an honor. Imagine how great it would be if we actually took care of the less fortunate. Oh well, at least some people got $1000 bonus before being laid off!
Tell you what, chief. I’ll trade you my effective tax rate for this year for yours. I’d hate for you to miss out on all the extra “honor” I’m getting.
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I'm thirsty thirsty thirsty for those pass throughs :lick:
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
Paying taxes to live in the greatest country in the world should be an honor. Imagine how great it would be if we actually took care of the less fortunate. Oh well, at least some people got $1000 bonus before being laid off!
Tell you what, chief. I’ll trade you my effective tax rate for this year for yours. I’d hate for you to miss out on all the extra “honor” I’m getting.
You are really really hung up on how high your tax rate is
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Third vehicle will have to wait until next year :frown:
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
Paying taxes to live in the greatest country in the world should be an honor. Imagine how great it would be if we actually took care of the less fortunate. Oh well, at least some people got $1000 bonus before being laid off!
Tell you what, chief. I’ll trade you my effective tax rate for this year for yours. I’d hate for you to miss out on all the extra “honor” I’m getting.
You are really really hung up on how high your tax rate is
Yeah it's awesome
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Harley Davidson KC workers loving this new tax plan!
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
Paying taxes to live in the greatest country in the world should be an honor. Imagine how great it would be if we actually took care of the less fortunate. Oh well, at least some people got $1000 bonus before being laid off!
Tell you what, chief. I’ll trade you my effective tax rate for this year for yours. I’d hate for you to miss out on all the extra “honor” I’m getting.
Lol. Maybe we can whip dingers out and compare too!
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For someone who doesn’t consider their high tax rate to be an honor, KSUW sure brings it up a lot.
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I'm just going to ignore all the usual responses from all the usual suspects. (But I gotta give credit to Phil for calling it an "honor" to pay a significantly higher tax rate :lol:).
Finished at about 20% effective FIT this year and the rough ridin' AMT bit me again. Last year for a long while that's gonna happen. Tax reform is going to reduce my 2018 effective FIT by about 4%! Thanks DJT and GOP!
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Why are you paying your taxes 75 days before you are obligated to?
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Why are you paying your taxes 75 days before you are obligated to?
I already paid my taxes for 2017 (so did you and nearly everyone else through wage withholding). I slightly over withheld just to be safe. So I get my refund as quickly as I can.
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Oh yea you are a w2 guy I forgot
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I owe a shitload in taxes :curse:
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I haven't filed before April in I don't know how long.
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I can’t file until I get statements back from the accounts holding the vast amount of wealth I have invested. I think those usually don’t come in until mid to late February.
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I'll do mine tonight. Was too lazy to do it last night
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I can’t file until I get statements back from the accounts holding the vast amount of wealth I have invested. I think those usually don’t come in until mid to late February.
Yeah I'm interested in how kdub is already done. I don't know a brokerage that has finished their tax forms yet.
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i don't even have my w2 yet
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I can’t file until I get statements back from the accounts holding the vast amount of wealth I have invested. I think those usually don’t come in until mid to late February.
Yeah I'm interested in how kdub is already done. I don't know a brokerage that has finished their tax forms yet.
If you read this entire thread you would know he is just scraping by due to the overbearing tax burden placed on him by the US government.
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Democats in Congress still believe the tax law change is the worst thing that has ever happened to America. Are these people off in the head?
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I can’t file until I get statements back from the accounts holding the vast amount of wealth I have invested. I think those usually don’t come in until mid to late February.
Yeah I'm interested in how kdub is already done. I don't know a brokerage that has finished their tax forms yet.
I don't have very complicated investments. Pretty much all mutual funds and a few stocks. I use two different brokerages and both had statements available online in the past few days. Takes longer if you wait for paper.
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Democats in Congress still believe the tax law change is the worst thing that has ever happened to America. Are these people off in the head?
It's rough ridin' awesome for the vast majority of people. Some dems are concerned that this may mean less money for welfare programs. I think they may be surprised. The dems are mostly worried about how popular this is gonna be. Mostly.
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I can’t file until I get statements back from the accounts holding the vast amount of wealth I have invested. I think those usually don’t come in until mid to late February.
Yeah I'm interested in how kdub is already done. I don't know a brokerage that has finished their tax forms yet.
I don't have very complicated investments. Pretty much all mutual funds and a few stocks. I use two different brokerages and both had statements available online in the past few days. Takes longer if you wait for paper.
Yup I've checked everyday..... :Lookingatclock: I'm ready to go myself!
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I can’t file until I get statements back from the accounts holding the vast amount of wealth I have invested. I think those usually don’t come in until mid to late February.
Yeah I'm interested in how kdub is already done. I don't know a brokerage that has finished their tax forms yet.
I don't have very complicated investments. Pretty much all mutual funds and a few stocks. I use two different brokerages and both had statements available online in the past few days. Takes longer if you wait for paper.
Yup I've checked everyday..... :Lookingatclock: I'm ready to go myself!
I've got some old stuff with Edward Jones (don't laugh, I was young and I've already paid the commissions) and now I do my own investing with Fidelity.
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Oh yea you are a w2 guy I forgot
hence the high tax rate. We are done incentivizing laziness!
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HR block has drag and drop for all my forms.
That's pretty sweet.
Took 10 minutes.
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Got my last form today! Done.
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just emailed my stuff to BSCPAC. time to party
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just emailed my stuff to BSCPAC. time to party
Me too! :party:
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just emailed my stuff to BSCPAC. time to party
I’m pretty sure she forgot to carry a denominator or something on mine :angry:
Sent from my iPhone using Tapatalk
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in the new tax law, are tax penalties tax deductible?
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Not a new tax law thing, but I think I saw that if you are audited and hire an attorney, the attorney bills could be tax deducible. Might just be businesses. I dunno, it was a while ago.
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You can deduct tax prep fees so why not?
Sent from my iPhone using Tapatalk
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just emailed my stuff to BSCPAC. time to party
I’m pretty sure she forgot to carry a denominator or something on mine :angry:
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O fuk
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I have embraced the big withholding strategy too, ksuw. good time of the year for me and my family.
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good return on that investment
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Boom, roasted.
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So savage
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good return on that investment
meh.
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filing early this year probably is a good idea, if expecting a refund.
https://www.washingtonpost.com/news/business/wp/2018/01/31/federal-debt-limit-deadline-moved-up-to-mid-march-adding-urgency-to-another-congressional-task/?utm_term=.34dd400d7ab3
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Sitting down to do my taxes for 17. Fuuuuck tax year 2018 can’t get here soon enough. This may be the last year in a long time that I itemize my deductions. :gocho:
Paying taxes to live in the greatest country in the world should be an honor. Imagine how great it would be if we actually took care of the less fortunate. Oh well, at least some people got $1000 bonus before being laid off!
Tell you what, chief. I’ll trade you my effective tax rate for this year for yours. I’d hate for you to miss out on all the extra “honor” I’m getting.
Lol. Maybe we can whip dingers out and compare too!
Cousin was a middle manager at Wal-Mart. They have apparently restructured to cut thousands (3,500 reports suggest) of these positions since the tax break. Also apparently the $1000 bonus went to people that had been there 20 years that were not cut.
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I have to file state income taxes in 4 different states this year. :frown:
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Filed!
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I have to file state income taxes in 4 different states this year. :frown:
Sounds like your honor is multipled 4 fold
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Filed!
Likewise!
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Can't wait to hear about KSUW's effective rate. I think mine was 5.4% this year. Thanks, Obama!
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I have never cared about effective tax rate. Should I?
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good return on that investment
meh.
I was just busting Kazw for being bad with money. jk
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:Woohoo:
https://twitter.com/PRyan/status/959831598412656640
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Gotta hurt she is spending her money at a big lib shop.
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Lol
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I way under withheld last year. :don'tcare:
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Just looked at my first paycheck with the new tax rate...Wow! It’s a lot bigger than under the old system!
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Just looked at my first paycheck with the new tax rate...Wow! It’s a lot bigger than under the old system!
I was told my paycheck won’t be any different until February. :impatient:
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Just looked at my first paycheck with the new tax rate...Wow! It’s a lot bigger than under the old system!
I was told my paycheck won’t be any different until February. :impatient:
Great news it's February
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Just looked at my first paycheck with the new tax rate...Wow! It’s a lot bigger than under the old system!
I was told my paycheck won’t be any different until February. :impatient:
Great news it's February
Don’t get paid until the 28th, though.
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Just looked at my first paycheck with the new tax rate...Wow! It’s a lot bigger than under the old system!
I was told my paycheck won’t be any different until February. :impatient:
Yeah, my withholding has increased so far this year
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I'm holding back the exact same amount for my first quarter. Hopefully I will be surprised!
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:Woohoo:
https://twitter.com/PRyan/status/959831598412656640
Haha, he deleted it
Sent from my iPhone using Tapatalk
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:Woohoo:
https://twitter.com/PRyan/status/959831598412656640
Haha, he deleted it
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https://twitter.com/owillis/status/959857407773028353
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See what happens when you try to be nice to W2’ers? Catch all kinds of shade
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https://twitter.com/NPRinskeep/status/960225701491245062
Fiscal conservatives smdh
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Well apple is going to give us like 40 billion right?
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oh man dax and kaz w are going to "what about Obama" the fvck out of that without actually talking about it.
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oh man dax and kaz w are going to "what about Obama" the fvck out of that without actually talking about it.
Sun rises in the east, water is wet, and the Pope is Catholic
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Well apple is going to give us like 40 billion right?
what's 40 compared to 1000?
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4%
It's not nothing. I actually do not have any issues with tax cuts in principle, I just think they need to be revenue neutral. They needed to either find a way to generate additional revenue in other taxes or cut spending. Unfortunately it appears we no longer have a political party that cares about those things.
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oh man dax and kaz w are going to "what about Obama" the fvck out of that without actually talking about it.
Sun rises in the east, water is wet, and the Pope is Catholic
This is a huge point of contention in my son's middle school.
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oh man dax and kaz w are going to "what about Obama" the fvck out of that without actually talking about it.
Sun rises in the east, water is wet, and the Pope is Catholic
This is a huge point of contention in my son's middle school.
public schools SMH
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i forget, is this the thread where KSU-W needs to criticize Trump for the terrible performance of the stock market?
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Time to buy. Also, stop being so petty.
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Time to buy. Also, stop being so petty.
Pro tip it's always time to buy.
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Time to buy. Also, stop being so petty.
Pro tip it's always time to buy.
Sure. But if you’re buying every month regardless, moving your next buy up to the day after a huge selloff is a good bet.
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I’m confused, wasn’t cutting corporate tax rates and junk supposed to make the stock market never stop going up? If that’s not the case then what could we attribute the records to?
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I’m confused, wasn’t cutting corporate tax rates and junk supposed to make the stock market never stop going up? If that’s not the case then what could we attribute the records to?
Rocket fuel was for a very suborbital flight
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Time to buy. Also, stop being so petty.
Pro tip it's always time to buy.
AWW YEAH TIME TO BUY
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don't forget trump's taxpayer funded bailout of the nuclear bomb industry
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don't forget trump's taxpayer funded bailout of the nuclear bomb industry
I'm double dipping in this area bc I use Oppenheimer funds
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Welp, my Fidelity brokerage completely and utterly failed me this morning. Wasn’t able to make a buy this morning. :angry:
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Karma
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Welp, my Fidelity brokerage completely and utterly failed me this morning. Wasn’t able to make a buy this morning. :angry:
Are you sure it's not Obama's fault?
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always someone else's fault
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taxes done need to change withholding's getting to much back
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Crashing the stock market to own the libs
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FWIW - I’m just as annoyed seeing folks blaming this correction on Trump.
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FWIW - I’m just as annoyed seeing folks blaming this correction on Trump.
yes - those people are just as stupid as the ones who attribute the success of the markets in 2017 to Trump.
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https://www.bloomberg.com/news/articles/2018-02-05/robo-adviser-websites-crashed-cutting-clients-off-from-accounts (https://www.bloomberg.com/news/articles/2018-02-05/robo-adviser-websites-crashed-cutting-clients-off-from-accounts)
Shut out of my account for the rebound. :sad:
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Karma
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https://www.bloomberg.com/news/articles/2018-02-05/robo-adviser-websites-crashed-cutting-clients-off-from-accounts (https://www.bloomberg.com/news/articles/2018-02-05/robo-adviser-websites-crashed-cutting-clients-off-from-accounts)
Shut out of my account for the rebound. :sad:
This is what we do to W2’ers. Get used to it as the 1% takes over the investment access.
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https://twitter.com/crampell/status/961730767679361024
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You are going to make Kaz lose his crap big time
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Great job Obama
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President Barack Hussein Obusiness
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Pretty obvious that pro consumer regulation leads to a kick ass stimulus
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Get that man back in office
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Barry Business
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https://twitter.com/thehill/status/962528904769687552
Enjoy the trickle, peons
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Kaz has abandoned this thread
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The other 87% is going back into the stock market for more records
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The other 87% is going back into the stock market for more records
I think it's mostly priced in
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Well, time to raise taxes I guess.
https://www.reuters.com/article/us-usa-trump-infrastructure/trump-backs-25-cent-a-gallon-gasoline-tax-hike-senator-idUSKCN1FY33T
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As a 40,000 mile a year driver, I support this increase. We need the improvements.
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I support gas tax increases as well but I'm not blind to the fact that it will raise the costs of basic items that will impact the poorer families more.
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good thing those in his base who rely on machines or use fuel are cool with this
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I support gas tax increases as well but I'm not blind to the fact that it will raise the costs of basic items that will impact the poorer families more.
This will please KSUW tremendously.
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good thing those in his base who rely on machines or use fuel are cool with this
The truck drivers I know love Trump.
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good thing those in his base who rely on machines or use fuel are cool with this
The truck drivers I know love Trump.
Do truck drivers pay out of pocket for their fuel expenses?
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good thing those in his base who rely on machines or use fuel are cool with this
The truck drivers I know love Trump.
Do truck drivers pay out of pocket for their fuel expenses?
as opposed to...
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As a 40,000 mile a year driver, I support this increase. We need the improvements.
same.
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the increasing tax on gas is HOPEFULLY AN ISSUE WE CAN GET SOME BIPARTISAN AGREEMENT ON! :Woot:
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needs to be more IMO
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needs to be more IMO
This link says fuel accounts for 3-10% of food costs.....that's my only hesitation to raising it too drastically.
http://wcfcourier.com/business/local/food-inflation-rising-transportation-costs-increase-grocery-bills/article_f8f05f14-84d1-11e1-a885-0019bb2963f4.html
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Farm to table bruh
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I would support the gas tax if we didn’t just cut income taxes.
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good thing those in his base who rely on machines or use fuel are cool with this
The truck drivers I know love Trump.
Do truck drivers pay out of pocket for their fuel expenses?
as opposed to...
the companies they work for paying for it...
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good thing those in his base who rely on machines or use fuel are cool with this
The truck drivers I know love Trump.
Do truck drivers pay out of pocket for their fuel expenses?
as opposed to...
the companies they work for paying for it...
Depends in the type of driver. Owner/operator will pay their own. Company employee will not.
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Sorry, I haven’t been avoiding this thread - I just didn’t realize people would continue lodging indirect complaints about people getting to keep more of their own money.
Anywho, I support a higher gas tax in theory. I prefer the general model of people paying for stuff as they use it. The problem is that the gas tax revenue is not segregated into a highway only fund (an Al Gore “lockbox” so to speak). Create an infrastructure bank funded exclusively by the gas tax and I would support a modest tax increase.
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Big refund coming this guy's way! :Woot:
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I owe an unbelievable assload
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Nice refund because of loss on a rental
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rough ridin' crap
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I didn't WANT to pay a huge assessment with another coming next year on this particular one. But at least it helps knock down my #
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Nice refund because of loss on a rental
You have no idea.
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Nice refund because of loss on a rental
You have no idea.
Oh I bet I do
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https://mobile.nytimes.com/2018/03/09/upshot/jobs-report-economy-sweet-spot.html (https://mobile.nytimes.com/2018/03/09/upshot/jobs-report-economy-sweet-spot.html)
There are 39 pages in the Labor Department’s February report on the employment situation in the United States, but they can be summed up in four words: The economy is humming.
The 313,000 jobs that the nation added in February are far more than are needed to keep up with population growth and continue a surprising burst of job creation to start the year. In the first two months of 2018, the economy has added an average of 276,000 jobs a month, a big step up from 182,000 on average in 2017.
This is not the kind of data you expect in an expansion that is nine years old, or out of a labor market that is already at full employment. It suggests that employers are filling jobs not merely from people they’ve poached from competitors, but also from more people who have entered the work force. And other data in the latest report matches that idea.
The number of adults not in the labor force fell by a whopping 653,000 people, as the participation rate — the proportion of adults who either have a job or are looking for one — rose a healthy 0.3 percent to 63 percent. The proportion of people in their prime working years (25 to 54) who are working is at its highest level since 2008.
Meanwhile, CNN hasn’t updated its “Trump Jobs Tracker” in a while. Odd.
https://www.google.com/amp/amp.dailycaller.com/2018/03/10/cnn-trump-jobs-tracker/ (https://www.google.com/amp/amp.dailycaller.com/2018/03/10/cnn-trump-jobs-tracker/)
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the tax bill was actually quite clever politically, at least in the short run. it serves as a marker. a concrete point in time that delineates the obama economy from the trump economy.
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https://mobile.nytimes.com/2018/03/09/upshot/jobs-report-economy-sweet-spot.html (https://mobile.nytimes.com/2018/03/09/upshot/jobs-report-economy-sweet-spot.html)
There are 39 pages in the Labor Department’s February report on the employment situation in the United States, but they can be summed up in four words: The economy is humming.
The 313,000 jobs that the nation added in February are far more than are needed to keep up with population growth and continue a surprising burst of job creation to start the year. In the first two months of 2018, the economy has added an average of 276,000 jobs a month, a big step up from 182,000 on average in 2017.
This is not the kind of data you expect in an expansion that is nine years old, or out of a labor market that is already at full employment. It suggests that employers are filling jobs not merely from people they’ve poached from competitors, but also from more people who have entered the work force. And other data in the latest report matches that idea.
The number of adults not in the labor force fell by a whopping 653,000 people, as the participation rate — the proportion of adults who either have a job or are looking for one — rose a healthy 0.3 percent to 63 percent. The proportion of people in their prime working years (25 to 54) who are working is at its highest level since 2008.
Meanwhile, CNN hasn’t updated its “Trump Jobs Tracker” in a while. Odd.
https://www.google.com/amp/amp.dailycaller.com/2018/03/10/cnn-trump-jobs-tracker/ (https://www.google.com/amp/amp.dailycaller.com/2018/03/10/cnn-trump-jobs-tracker/)
https://twitter.com/CNNMoney/status/972193823651782656
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http://www.outsidethebeltway.com/wp-content/uploads/2017/09/Obama-Trump-Economy-Chart.png
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(http://www.outsidethebeltway.com/wp-content/uploads/2017/09/Obama-Trump-Economy-Chart.png)
What am I looking at here?
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Thousands of jobs added by month
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Hmm...all I see is a broken picture icon but I’ll take your word for it.
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The site must not allow hotlinks.
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https://twitter.com/ernietedeschi/status/979027651871559682
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https://twitter.com/TomiLahren/status/986264351840526336?s=19
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http://theweek.com/articles/768718/republican-tax-cut-dud
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https://twitter.com/sahilkapur/status/990995451037077505
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what a huge surprise
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I was told the workers would benefit the most from those corporate cuts
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I seriously doubt anyone actually said that
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Increasing wage growth = no evidence workers making more money.
Interesting
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https://twitter.com/sahilkapur/status/990995451037077505
https://www.wsj.com/articles/tax-reform-is-working-sen-rubio-1525634959?redirect=amp#click=https://t.co/pabO1dbkLc
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https://twitter.com/ap/status/1004064258424856576?s=21
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That is the dumbest talking point.
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Yea I think we can all LOL at those programs being insolvent
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But we need that money for defense tho
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https://twitter.com/mattdpearce/status/1016908008306106369
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liked by over a thousand people. Take it to the libs losing their minds thread. :lol:
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https://twitter.com/HeidiPrzybyla/status/1018602064077901824
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https://twitter.com/JMKamensky/status/1019263871398416385
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Got that new mini-van tho :Woot:
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https://twitter.com/business/status/1020645157035704320
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Post the corporate bonus one now.
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good job, cbo.
https://twitter.com/ernietedeschi/status/1022171506359590913
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good job, cbo.
https://twitter.com/ernietedeschi/status/1022171506359590913
The $12B welfare to Farmers should improve this.
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https://twitter.com/TopherSpiro/status/1022574751485767680
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tariffs are taxes. how massive is our profit from the tariffs?
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https://twitter.com/TopherSpiro/status/1022574751485767680
I feel like that era with those tax receipt %'s greater than 4% was the last time America was "great", right?
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tariffs are taxes. how massive is our profit from the tariffs?
when the 200b china tariffs kick in, maybe like 30-40b or so. depends on how much tariff avoiding behavior there is.
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https://twitter.com/krassenstein/status/1024361270336790528
maga
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Turning dems into deficit hawks to own the libs.
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tariffs are taxes. how massive is our profit from the tariffs?
when the 200b china tariffs kick in, maybe like 30-40b or so. depends on how much tariff avoiding behavior there is.
Avoiding import costs is an art form. Shoe companies spray a clear protectant on the bottom of most of their shoes so that it costs less as a ‘slipper’.
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https://twitter.com/krassenstein/status/1024361270336790528
maga
This is why KSU W doesn't hardly post anymore... :frown:
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He’s like a man without a country
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https://twitter.com/krassenstein/status/1024361270336790528
maga
This is why KSU W doesn't hardly post anymore... :frown:
the kochs being anti-MAGA can't help :frown:
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
"yes, we hate people keeping their own money."
A straw man created by complete dipfucks
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
"yes, we hate people keeping their own money."
A straw man created by complete dipfucks
Sorry, should have given you a trigger warning first. Hope you got to keep more of your paycheck, DD. I don't begrudge other people their wealth or success.
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You know what I call someone who makes more money but still manages to put themselves deeper in debt?
Depends on what they’re spending it on really, but either a dumbass or irresponsible.
That’s how I feel about this Republican-controlled congress right now.
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
"yes, we hate people keeping their own money."
A straw man created by complete dipfucks
Sorry, should have given you a trigger warning first. Hope you got to keep more of your paycheck, DD. I don't begrudge other people their wealth or success.
It's called a draw, only scrubs get paychecks.
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
"yes, we hate people keeping their own money."
A straw man created by complete dipfucks
Sorry, should have given you a trigger warning first. Hope you got to keep more of your paycheck, DD. I don't begrudge other people their wealth or success.
It's called a draw, only scrubs get paychecks.
:lol: Ok bud. All the same, I hope you're benefiting. Getting to keep more of the money you earn, this roaring economy, these are good things. Be happy about them!
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smart people do well in all economies. It's a shame only smart people know that
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
Interesting to blame the democrats for spending....given the spending spree by the republicans that's actually happening.
Glad you are taking more home, costs of everything are about to go up with your lovely tariffs that's going to eat away that $8k real quick.
The story on tax cuts on revenues is still to be told..
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You can read tweets, or op-eds, or you can just look at the actual numbers. Here are the Treasury's latest monthly numbers on receipts (revenue) and outlays (spending) going all the way back to the 80s. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm) It's a very easy to read chart. You can even download it as an excel file and play around with it.
These latest numbers end at June 2018. Oddly enough, revenue for the first 6 months of 2018 is slightly higher than the first 6 months of 2017. Unfortunately, federal spending is also higher, and outpacing the revenue.
It's almost like we've got a.... spending problem. And while I agree that Republicans shoulder much of the blame for our current spending glut given that they hold the WH, House, and Senate (albeit not by a big enough margin to get any significant budget cuts past a Democrat filibuster), I think it's a bit disingenuous to blame increasing deficits on the tax cuts given that revenue has not fallen.
Meanwhile, I can report that the KSU-Dub household is having a banner year and these tax cuts could well save me over 8 grand this year alone. But if you want to be bitter and angry over letting people keep more of their money, bitch away.
Interesting to blame the democrats for spending....given the spending spree by the republicans that's actually happening.
Glad you are taking more home, costs of everything are about to go up with your lovely tariffs that's going to eat away that $8k real quick.
The story on tax cuts on revenues is still to be told..
That’s right. We still don’t know the full impact of the tax cuts. All I can say is that for the first half of the calendar year since the cuts went into effect, the cuts have not blown a hole in our receipts. The doom and gloom that was predicted has not come to pass. The economy is turbocharged.
Regarding the tariffs, please. Just give it a rest. I’m a proponent of free trade. But free trade is a two way street. Trump is currently working to balance out the tariff load, and ultimately I expect that tariffs will be reduced on both sides. In the meantime, your hysteria about trade wars, tariffs and price inflation is not coming to pass. Don’t be like this. Call down. Relax.
Finally, you need to acknowledge that liberals are being extremely disingenuous on deficits. First, the growing deficits are not being caused by tax cuts (see point one) but by spending. Second, it’s true that the GOP is currently in control of the WH and Congress and are therefore chiefly politically responsible for the current spending glut. But you and I both know that there’s a difference between political perception and reality. And there is a difference between party and ideology.
What I mean by that is: (1) the GOP is not a monolithic party but a coalition of “moderate” and conservative politicians, and (2) even if the GOP were more conservative, it still wouldn’t be able to get much done from a budget standpoint because of Democrat filibuster power in the Senate.
To suggest that our spending problem will somehow improve with Democrats in charge of the Congress is hysterical nonsense. The only way to actually get spending under control is to elect significantly more fiscal conservatives. So for a liberal to tease me about our spending problem, which I fully acknowledge, is more than a tad disingenuous. It is blatantly, stupidly dishonest.
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The biggest difference is democrats at least try to pay for the spending. Kdub types just want free crap
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The biggest difference is democrats at least try to pay for the spending. Kdub types just want free crap
You can’t tax your way out of our spending problem. That is a fantasy.
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There is no such thing as a fiscal conservative, hope that helps.
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The biggest difference is democrats at least try to pay for the spending. Kdub types just want free crap
You can’t tax your way out of our spending problem. That is a fantasy.
We’re certainly trying to tariff our way out of one
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Regarding the tariffs, please. Just give it a rest. I’m a proponent of free trade. But free trade is a two way street. Trump is currently working to balance out the tariff load, and ultimately I expect that tariffs will be reduced on both sides. In the meantime, your hysteria about trade wars, tariffs and price inflation is not coming to pass. Don’t be like this. Call down. Relax.
I was told the tarrifs were for national security reasons? Or was Canada just owning us with tarrifs?
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Regarding the tariffs, please. Just give it a rest. I’m a proponent of free trade. But free trade is a two way street. Trump is currently working to balance out the tariff load, and ultimately I expect that tariffs will be reduced on both sides. In the meantime, your hysteria about trade wars, tariffs and price inflation is not coming to pass. Don’t be like this. Call down. Relax.
I was told the tarrifs were for national security reasons? Or was Canada just owning us with tarrifs?
Here’s the deal, whatever daddy says you just follow, blindly. There are no good explanations other than daddy knows best. You better get back in line.
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The power to levy imposts was supposed to be vested in the Congress. But Congress abdicated the responsibility in favor of the President during the Great Depression. Thanks a lot, Dems...
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The power to levy imposts was supposed to be vested in the Congress. But Congress abdicated the responsibility in favor of the President during the Great Depression. Thanks a lot, Dems...
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Thanks, Obama FDR :shakesfist:
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The power to levy imposts was supposed to be vested in the Congress. But Congress abdicated the responsibility in favor of the President during the Great Depression. Thanks a lot, Dems...
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Dax remembers
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You can read tweets, or op-eds, or you can just look at the actual numbers...
https://twitter.com/MarcGoldwein/status/1028332962910269441
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Stupid facts
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https://twitter.com/carlquintanilla/status/1035149107751526401
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https://twitter.com/SimonWDC/status/1035270638028681217
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https://twitter.com/mattxred/status/1036643429931999233
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I knew the tax cuts were doing great things, but I honestly had no idea they were THAT effective.
Good job, Trump!
Tough break, libtards. :cry:
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https://twitter.com/SteveKopack/status/1039580655158546432?s=19
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https://twitter.com/axios/status/1039569762731393024?s=19
I'm old enough to remember when everyone was convincing us the tax cut will fix the deficit.
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Increasing the debt by more than $1 trillion per year just doesn't seem very sustainable.
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Increasing the debt by more than $1 trillion per year just doesn't seem very sustainable.
It will own the libs bigtime tho
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holy crap, our president doesnt understand what inflation is :facepalm:
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Inflation is the only way to get rid of our debt combined with Trumps trade policy, the trick is avoiding the rollercoaster ride that is the economy recalibrating to the new value of a dollar.
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https://twitter.com/paulkrugman/status/1045279995554402305
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W9 rubes are just the easiest.
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https://twitter.com/kevcirilli/status/1051914868595613702?s=21
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We just need to make some cuts to Medicare and Social Security and everything will be just fine.
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We just need to make some cuts to Medicare and Social Security and everything will be just fine.
https://twitter.com/paulkrugman/status/1052208652306866177
How predictable
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heh.
https://twitter.com/JuddLegum/status/1072509009150861312
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Welp
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To own the libs
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I’m glad that tax cut is being put to good use helping workers as was explained to me
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This is why Kazz dub left.
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https://www.google.com/amp/s/www.cnbc.com/amp/2018/12/18/mnuchin-wont-comment-on-trumps-promised-middle-class-tax-cut.html
No middle class tax cut this year!
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this is provocative.
https://twitter.com/karlbykarlsmith/status/1081186213929910273
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https://twitter.com/jimtankersley/status/1083081091869827072
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This is why Kaz Dub won't post in this thread
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https://twitter.com/jimtankersley/status/1084098595194916864
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welp
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I owe $5,500 :curse:
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I owe $5,500 :curse:
I usually get back a few hundred and my wife owes like $3k. Extremely frustrating. She supposedly fixed it this year.
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Congrats :kstategrad:
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Withholdings were all jacked. People are going to flip their crap.
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I'm going to feel like I'll need to do my taxes before the deadline this year because I have no idea if I'll owe or not! :curse:
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I owe $5,500 :curse:
Just make up a bunch of deductions to offset it. There’s like a 0 chance of getting audited this year.
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My accountant is very ethical :frown:
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lmao, time to update the W4's.
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I'm such a dumbass. $8,500 return from the feds. amazing.
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I'm such a dumbass. $8,500 return from the feds. amazing.
Congrats!
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I'm such a dumbass. $8,500 return from the feds. amazing.
Congrats!
MAGA
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I'm such a dumbass. $8,500 return from the feds. amazing.
next time I see you I'm kicking the living crap out of you
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How many W-4 exemptions is too many for a single, childless dude?
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quintuplets and the like is now pretty common with everybody using fertility treatments, i hear.
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i wont do mine until the very last second, but i am expecting good things with the rental income. this is passthrough right?
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Holy carp. I thought it seemed fishy, but due to an unusual combination of circumstances, I'm getting a tax return windfall for 2018.
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How many W-4 exemptions is too many for a single, childless dude?
If you go into the 3 digit range you have gone too far
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Congrats to everyone getting an unexpected refund. Sorry to those getting dinged with a bill. Getting tax withholding right is a bitch.
I’m more curious in what tax reform did for your EFT. Total federal income tax / gross income. Take a look. Compare to last year. I’m betting you’ll be pleasantly surprised.
I can’t do my return until February because I don’t have all my 1099-divs yet. I’m surprised some of you guys already had all your docs.
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Congrats to everyone getting an unexpected refund. Sorry to those getting dinged with a bill. Getting tax withholding right is a bitch.
I’m more curious in what tax reform did for your EFT. Total federal income tax / gross income. Take a look. Compare to last year. I’m betting you’ll be pleasantly surprised.
I can’t do my return until February because I don’t have all my 1099-divs yet. I’m surprised some of you guys already had all your docs.
That's a p. good fanning brag K-S-U-w!
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I'm in the same boat as K-S-U. Hopefully there are enough IRS employees willing to work unpaid into February without pay to actually process my return.
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Fidelity takes forever. They're saying maybe tomorrow.
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They have to have it to you by the 31st
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Corporations are super happy. Can't wait till they finally pass it down to the worker bees as we were told would happen.
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Corporations are super happy. Can't wait till they finally pass it down to the worker bees as we were told would happen.
You are so bitter. How'd you do personally?
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I don't actually have all my 1099s KSUW, but they won't make a difference.
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I wish some of you paid quarterly to feel my pain
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I wish some of you paid quarterly to feel my pain
i don't bother doing any calculations, i just send them money randomly whenever i have extra and then calculate up by 4/15 like a w4 slave.
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Got my last docs from Fidelity and finished my tax return this morning. Holy crap - Papa Trump's Tax Reform was a massive windfall to the KSUDub family! Reduced my EFT (Effective Federal Tax Rate: Total FIT / AGI) by damn near 4%, from about 19% to about 15%. :love: Four Percent.
In addition, no more motherfuckn' AMT! :Woot: And guys - I took the standard deduction this year for like the first time in over a decade. You know what that means?! I didn't even bother entering all my charitable deductions. They now mean essentially dick. Doesn't mean I donated less to charity (I actually donated a bit more) - I just didn't bother reporting it to the feds.
Ok who's next? How much did your EFT drop? Come join the party! :Woohoo:
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Really pumped for you W, your family and your hard earned dollars belong together. :cheers:
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Really pumped for you W, your family and your hard earned dollars belong together. :cheers:
:cheers:
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I drive a crap load of miles every year for work. No more mileage deduction. Also, lost half a kid credit (turned 18). So, I got mumped on ETR.
2017: 6.9%
2018: 10.3%
I had adjusted my deductions to compensate as I didn't want a big tax bill. Nice little refund. Should cover my greens card at the local muni.
Also, income outpaced the tax burden considerably. All good in KY.
:emawkid:
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Got my last docs from Fidelity and finished my tax return this morning. Holy crap - Papa Trump's Tax Reform was a massive windfall to the KSUDub family! Reduced my EFT (Effective Federal Tax Rate: Total FIT / AGI) by damn near 4%, from about 19% to about 15%. :love: Four Percent.
In addition, no more motherfuckn' AMT! :Woot: And guys - I took the standard deduction this year for like the first time in over a decade. You know what that means?! I didn't even bother entering all my charitable deductions. They now mean essentially dick. Doesn't mean I donated less to charity (I actually donated a bit more) - I just didn't bother reporting it to the feds.
Ok who's next? How much did your EFT drop? Come join the party! :Woohoo:
Not doing deductions is a bummer for me. Definitely will influence some people donation amounts
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I drive a crap load of miles every year for work. No more mileage deduction.
wait, what? this is an outrage, if true.
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doesn't apply to me, thank god. you scared me there, ipa.
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The SALT deduction cap completely mumped me. NE taxes are abhorrent.
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Very sorry for you and your family, SD.
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doesn't apply to me, thank god. you scared me there, ipa.
Sorry about that. Unreimbursed employment expenses for W2 earners.
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One of the interesting things I learned is that under Kansas law, you can’t take the standard deduction for federal and itemize for Kansas. What that means is that a lot of Kansans are actually gonna pay higher state taxes because they’re better off on net taking the federal standard deduction, but in doing so they’ll lose out on superior itemized deductions in Kansas.
I believe the Kansas legislature knew about this issue last year, but “failed to fix it.” So even though I’m saving way more money overall, I’m actually paying slightly more to Kansas. And if this is the case for me, I’m guessing it’s the case for many, which means Kansas could be reaping something of a tax windfall this year. All I can say is, thank god we’ll finally be able to pay our teachers and I’m sure our academic performance is going to increase as a result.
Yup, here it is: https://www.cjonline.com/news/20190122/kansas-senate-president-susan-wagle-forming-special-tax-committee-to-deal-with-windfall (https://www.cjonline.com/news/20190122/kansas-senate-president-susan-wagle-forming-special-tax-committee-to-deal-with-windfall)
I guess I’d better go ahead and add those charitable donations anyway just in case they fix the law and I can end up claiming them in Kansas.
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Sure enough, my effective Kansas income tax rate went up 0.5% because taking the larger federal standard deduction stripped away my itemized deductions in Kansas. Oh well - still coming out way ahead on net, and hopefully our dumbass Kansas Pubs will fix this issue retroactive for 2018. (Would be funny if Gov. Kelly vetos the fix - I'm not sure she would, but if she did it would be the first tax increase of her tenure. Elections have consequences and all....)
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I also hope KS is able to properly fund their schools this year :cheers:
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Taxes going up by half of a percentage point is a pretty big consequence.
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https://twitter.com/JStein_WaPo/status/1089921014585274375
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Well, I guess that all depends right? A half a percentage point increase is in the neighborhood of four figures for us. That's not a brag, but I consider forking over four figures a pretty big consequence.
Granted, I kinda think if the dumbass pubs in the KS legislature get their act together, Kelly will sign it, anyway. It's tough because these guys only work a few months out of the year and there are so many super-important gun-related bills to deal with every term.
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https://twitter.com/JStein_WaPo/status/1089921014585274375
It's a really interesting question, but impossible to know with any certainty. The CBO has spun out so many crank predictions at this point (see Obamacare) that they've kinda tarnished their credibility. But it's interesting to see the CBO acknowledge that even a third of the tax cuts paid for themselves.
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Cbo sucks unless they say want I want them to say.
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Cut taxes but don’t cut spending proportionally what could go wrong.
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I'll take the standard D. Don't have my w2 yet
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Cut taxes but don’t cut spending proportionally what could go wrong.
The party of fiscal responsibility
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Cut taxes but don’t cut spending proportionally what could go wrong.
The party of fiscal responsibility
Just print more money. What's the big deal?
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Welcome newly aware about government spending LibBot Nation. Hit the showers, and the barber, you've been asleep for a decade.
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Yeah, Reagan, Bush, Bush, and Trump have been unmitigated budgetary disasters
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Can we all agree that our spending levels have been an unmitigated disaster under Pub and Dem administrations, including this one, and get back to talking taxes?
We should all be able to agree (because it’s the truth) that our deficits are driven far more by out of control spending than tax levels. Even the CBO, which is highly allergic to dynamic scoring (accounting for economic impact when scoring the true cost of changes) concedes that tax cuts partially paid for themselves due to increased economic output. Conversely, liberals (and the CBO) would likewise need to concede that raising taxes would adversely impact the economy. You cannot raise taxes enough to even come close balancing our budget. It’s the spending, stupid.
Deficits are VERY important to me, and you’ll see that I’ve complained about Trump’s failure in this regard just as much as under Obama. I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
Ok. So now that that’s been said, let get back on topic please. I want to know how this tax reform impacted you! Hopefully it helped.
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Limits on SALT deductions will cost me a fair amount of money vs last year. Don’t know how much yet, but it will be non-trivial.
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Limits on SALT deductions will cost me a fair amount of money vs last year. Don’t know how much yet, but it will be non-trivial.
Yeah, mine was certainly non-trivial
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I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
"I'll pay off the credit card bill, but only once my wife gets her shopping addiction under control"
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I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
"I'll pay off the credit card bill, but only once my wife gets her shopping addiction under control"
Meanwhile I'll take a job that pays less and still increase spending.
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Can we all agree that our spending levels have been an unmitigated disaster under Pub and Dem administrations, including this one, and get back to talking taxes?
We should all be able to agree (because it’s the truth) that our deficits are driven far more by out of control spending than tax levels. Even the CBO, which is highly allergic to dynamic scoring (accounting for economic impact when scoring the true cost of changes) concedes that tax cuts partially paid for themselves due to increased economic output. Conversely, liberals (and the CBO) would likewise need to concede that raising taxes would adversely impact the economy. You cannot raise taxes enough to even come close balancing our budget. It’s the spending, stupid.
Deficits are VERY important to me, and you’ll see that I’ve complained about Trump’s failure in this regard just as much as under Obama. I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
Ok. So now that that’s been said, let get back on topic please. I want to know how this tax reform impacted you! Hopefully it helped.
spiking the football while claiming you know we down 100 TDs seems kind of dumb.
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I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
"I'll pay off the credit card bill, but only once my wife gets her shopping addiction under control"
Wait. :lol: Did you just analogize a citizen’s responsibility for government spending to.... a spouse’s responsibility for household spending? :lol: Man, that perfect. That like exactly how liberals think! Thank you for this. Priceless.
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Can we all agree that our spending levels have been an unmitigated disaster under Pub and Dem administrations, including this one, and get back to talking taxes?
We should all be able to agree (because it’s the truth) that our deficits are driven far more by out of control spending than tax levels. Even the CBO, which is highly allergic to dynamic scoring (accounting for economic impact when scoring the true cost of changes) concedes that tax cuts partially paid for themselves due to increased economic output. Conversely, liberals (and the CBO) would likewise need to concede that raising taxes would adversely impact the economy. You cannot raise taxes enough to even come close balancing our budget. It’s the spending, stupid.
Deficits are VERY important to me, and you’ll see that I’ve complained about Trump’s failure in this regard just as much as under Obama. I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
Ok. So now that that’s been said, let get back on topic please. I want to know how this tax reform impacted you! Hopefully it helped.
spiking the football while claiming you know we down 100 TDs seems kind of dumb.
Two completely different games, Phil. I’ve done what I can on government spending: I vote for the most fiscally conservative candidate (sometimes I don’t have very good choices). I can’t control the fact that millions of people (including many posters here) keep voting big spenders into office.
And as explained above I’m under no moral or logical requirement to support higher taxes simply because politicians I disagree with can’t get their spending under control. So damn straight up celebrate keeping more of my money.
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Can we all agree that our spending levels have been an unmitigated disaster under Pub and Dem administrations, including this one, and get back to talking taxes?
We should all be able to agree (because it’s the truth) that our deficits are driven far more by out of control spending than tax levels. Even the CBO, which is highly allergic to dynamic scoring (accounting for economic impact when scoring the true cost of changes) concedes that tax cuts partially paid for themselves due to increased economic output. Conversely, liberals (and the CBO) would likewise need to concede that raising taxes would adversely impact the economy. You cannot raise taxes enough to even come close balancing our budget. It’s the spending, stupid.
Deficits are VERY important to me, and you’ll see that I’ve complained about Trump’s failure in this regard just as much as under Obama. I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
Ok. So now that that’s been said, let get back on topic please. I want to know how this tax reform impacted you! Hopefully it helped.
spiking the football while claiming you know we down 100 TDs seems kind of dumb.
Two completely different games, Phil. I’ve done what I can on government spending: I vote for conservatives who want to reduce the size of government (when I get the choice). I can’t control the fact that millions of people (including many posters here) keep voting big spenders into office. You’re damn right I’ll celebrate.
Fair enough. :party:
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Can we all agree that our spending levels have been an unmitigated disaster under Pub and Dem administrations, including this one, and get back to talking taxes?
We should all be able to agree (because it’s the truth) that our deficits are driven far more by out of control spending than tax levels. Even the CBO, which is highly allergic to dynamic scoring (accounting for economic impact when scoring the true cost of changes) concedes that tax cuts partially paid for themselves due to increased economic output. Conversely, liberals (and the CBO) would likewise need to concede that raising taxes would adversely impact the economy. You cannot raise taxes enough to even come close balancing our budget. It’s the spending, stupid.
Deficits are VERY important to me, and you’ll see that I’ve complained about Trump’s failure in this regard just as much as under Obama. I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
Ok. So now that that’s been said, let get back on topic please. I want to know how this tax reform impacted you! Hopefully it helped.
spiking the football while claiming you know we down 100 TDs seems kind of dumb.
Two completely different games, Phil. I’ve done what I can on government spending: I vote for the most fiscally conservative candidate (sometimes I don’t have very good choices). I can’t control the fact that millions of people (including many posters here) keep voting big spenders into office.
And as explained above I’m under no moral or logical requirement to support higher taxes simply because politicians I disagree with can’t get their spending under control. So damn straight up celebrate keeping more of my money.
I don't believe you when you say you voted for Hillary.
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I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
"I'll pay off the credit card bill, but only once my wife gets her shopping addiction under control"
Wait. :lol: Did you just analogize a citizen’s responsibility for government spending to.... a spouse’s responsibility for household spending? :lol: Man, that perfect. That like exactly how liberals think! Thank you for this. Priceless.
Please provide a rational argument as to why it's a false equivalence. Our national debt isn't interest-free, so the same economic principles apply. That money is already spent, and there's nothing we can do about it.
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I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
"I'll pay off the credit card bill, but only once my wife gets her shopping addiction under control"
Wait. :lol: Did you just analogize a citizen’s responsibility for government spending to.... a spouse’s responsibility for household spending? :lol: Man, that perfect. That like exactly how liberals think! Thank you for this. Priceless.
Please provide a rational argument as to why it's a false equivalence. Our national debt isn't interest-free, so the same economic principles apply. That money is already spent, and there's nothing we can do about it.
I really can’t believe I’m having to explain the absurdity of your analogy. But again, as a liberal, you seem color blind to certain strains of rational thought. As I’ve already explained above, I’ve already done everything I can do with respect to our government’s recklessly irresponsible spending. In my own household, there is far more I can do and this far more accountability. It’s really sweet that you’re comparing the federal government to your wife. But then, many liberal women turn to government as a substitute for spousal support, so why shouldn’t you? :lol:
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The tax changes appear to be favorable to me kazzu w.
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Can we all agree that our spending levels have been an unmitigated disaster under Pub and Dem administrations, including this one, and get back to talking taxes?
We should all be able to agree (because it’s the truth) that our deficits are driven far more by out of control spending than tax levels. Even the CBO, which is highly allergic to dynamic scoring (accounting for economic impact when scoring the true cost of changes) concedes that tax cuts partially paid for themselves due to increased economic output. Conversely, liberals (and the CBO) would likewise need to concede that raising taxes would adversely impact the economy. You cannot raise taxes enough to even come close balancing our budget. It’s the spending, stupid.
Deficits are VERY important to me, and you’ll see that I’ve complained about Trump’s failure in this regard just as much as under Obama. I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
Ok. So now that that’s been said, let get back on topic please. I want to know how this tax reform impacted you! Hopefully it helped.
:lol:
it's funny because i think you actually believe this.
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Folks, let's just get around the country's kitchen table and talk about getting our family budget right.
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The tax changes appear to be favorable to me kazzu w.
Booyah! :cheers:
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I would actually support paying slightly higher taxes to help pay down the debt - AFTER the government slashed spending. But it is absurd to claim that we don’t deserve to keep a little more of our money simply because the government refuses to get its spending binge under control.
"I'll pay off the credit card bill, but only once my wife gets her shopping addiction under control"
Wait. :lol: Did you just analogize a citizen’s responsibility for government spending to.... a spouse’s responsibility for household spending? :lol: Man, that perfect. That like exactly how liberals think! Thank you for this. Priceless.
Please provide a rational argument as to why it's a false equivalence. Our national debt isn't interest-free, so the same economic principles apply. That money is already spent, and there's nothing we can do about it.
I really can’t believe I’m having to explain the absurdity of your analogy. But again, as a liberal, you seem color blind to certain strains of rational thought. As I’ve already explained above, I’ve already done everything I can do with respect to our government’s recklessly irresponsible spending. In my own household, there is far more I can do and this far more accountability. It’s really sweet that you’re comparing the federal government to your wife. But then, many liberal women turn to government as a substitute for spousal support, so why shouldn’t you? :lol:
Ooooooohhhhhhh, my bad - you don't actually understand the analogy. Your statement that you'll be willing to pay more in taxes if the country was spending less money is complete bullshit. And the notion that we should only address increasing revenue until after we address decreasing expenditures is also laughable and just bad economics. The fact that you think politicians in this country will be able to eliminate or dramatically slash spending on Medicare/Medicaid/social security while the Boomers are still alive is a total pipe dream. Using your logic, you're looking at 2040 or 2050 before you can address that side of the ledger.
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I don't know how much do we spend on illegals?
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starving the machine is good policy in my estimation, better yet would be appropriating based on available revenue.
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Still waiting on tax documents :frown:
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I thought we all understood (even kdub) that he was just blowing smoke? He doesn't really care about spending, he just wants his money.
Stating he can't do anything until this mythical ambiguous point where the govt has cut enough spending (in his mind) then he would love to pay more taxes. Lol.
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I thought we all understood (even kdub) that he was just blowing smoke? He doesn't really care about spending, he just wants his money.
Stating he can't do anything until this mythical ambiguous point where the govt has cut enough spending (in his mind) then he would love to pay more taxes. Lol.
It's really not even about money. People like that just like to complain and feel victimized.
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I don't know how much do we spend on illegals?
We make money off of them.
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I thought we all understood (even kdub) that he was just blowing smoke? He doesn't really care about spending, he just wants his money.
Stating he can't do anything until this mythical ambiguous point where the govt has cut enough spending (in his mind) then he would love to pay more taxes. Lol.
It's really not even about money. People like that just like to complain and feel victimized.
And typically use more of the public resources those taxes go towards.
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Paying government employees not to work for a month seems like a big waste of taxpayer money.
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I thought we all understood (even kdub) that he was just blowing smoke? He doesn't really care about spending, he just wants his money.
Stating he can't do anything until this mythical ambiguous point where the govt has cut enough spending (in his mind) then he would love to pay more taxes. Lol.
I definitely care about our deficits, the national debt, and most importantly, the size of government associated with the spending that drives our deficits. I was critical of it under Obama, and I'm critical of it now under Trump. You can go back and search the posts. The folks who clearly don't care about our deficits are liberals, who routinely want to spend more, not less, and argue that we can somehow tax our way out of this problem (now there's a myth). So a liberal accusing a fiscal conservative of not caring about deficits is more than a tad ironic.
As for "mythical ambiguous point where the government has cut enough spending," I've been quite unambiguous on that point: balance the budget (which starts with passing a budget). Stop digging the hole deeper, and I would gladly support higher taxes to fill in the hole.
This really isn't that hard to understand. The sniping gets old, fast.
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Stop digging the hole deeper, but please continue to reduce revenue.
Lol
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I thought we all understood (even kdub) that he was just blowing smoke? He doesn't really care about spending, he just wants his money.
Stating he can't do anything until this mythical ambiguous point where the govt has cut enough spending (in his mind) then he would love to pay more taxes. Lol.
I definitely care about our deficits, the national debt, and most importantly, the size of government associated with the spending that drives our deficits. I was critical of it under Obama, and I'm critical of it now under Trump. You can go back and search the posts. The folks who clearly don't care about our deficits are liberals, who routinely want to spend more, not less, and argue that we can somehow tax our way out of this problem (now there's a myth). So a liberal accusing a fiscal conservative of not caring about deficits is more than a tad ironic.
As for "mythical ambiguous point where the government has cut enough spending," I've been quite unambiguous on that point: balance the budget (which starts with passing a budget). Stop digging the hole deeper, and I would gladly support higher taxes to fill in the hole.
This really isn't that hard to understand. The sniping gets old, fast.
If anything you just said is remotely true, then surely there is a liberal president you can point to that has actually spent more than Trump is spending.
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The deficit should increase at a greater rate when the economy is struggling to help it get going. The fact that Trump, formerly having owned congress, blew it up so spectacularly during a strong economy is really something.
The irony of fiscal conservatives helping to elect a caricature of opulence for President would be funnier if he wasn't such a eff up. Similar to the irony of Evangelicals deciding Obama wasn't Christian but the guy who pays off a porn star that he mumped while his third wife was pregnant is.
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It's not just Trump, either. The last several Democratic presidents have been better on spending than the last several Republican presidents. Once again, it's not really about the money.
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sit down yahoo. heh.
(watch the video)
http://digg.com/2019/davos-wealthy-taxes (http://digg.com/2019/davos-wealthy-taxes)
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The deficit should increase at a greater rate when the economy is struggling to help it get going. The fact that Trump, formerly having owned congress, blew it up so spectacularly during a strong economy is really something.
i'm half persuaded by the argument that the trump stimulus was actually very well timed. it's a very intriguing idea, at least.
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https://twitter.com/CNBC/status/1090272075363672065
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https://twitter.com/CNBC/status/1090272075363672065
Good addition to the Taxes thread!
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Yeah, it got bumped. :curse:
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I am kinda interested in knowing to what extent Schultz strays from liberal orthodoxy. I thought he was a pretty doctrinaire liberal. Maybe he figures he simply has no way to get through the Dem primary because he's too white and rich. He's probably right about that.
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yes, if there's one thing the dems have shown it's that they will not nominate a white person
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yes, if there's one thing the dems have shown it's that they will not nominate a white person
Well, they will nominate a white person as long as she has enough foreign laundered cash on hand to buy the party.
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https://www.foreignaffairs.com/articles/2019-01-27/whos-afraid-budget-deficits
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has there been a bigger disaster of a political movement than the "tea party"? goodness.
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This is for your current level of government
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70%
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would have been a great thread, overModded again :facepalm:
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eff the man. I stand with cat27.
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moderators have feelings too I guess
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Man, I really thought we'd get a decent amount back this go around since bonuses/commission is taxed like crazy, but apparently since the wife and I's income went up so much, we might owe or break even. :bang:
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Haha
https://twitter.com/Kevinliptakcnn/status/1090714968251645961
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Why is that funny, Chum?
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Why is that funny, Chum?
Mostly because it's a total bullshit excuse. Also partly because he puts all the blame on Trump. Also partly because it makes them sound like they don't know what the eff they are doing.
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How did the tax reform help you personally, Chum? What’s your effective FIT rate?
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Or let's say true, it would then be funny because Trump, an economic Mastermind, devised a plan that cancels out his own actions.
So many options.
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How did the tax reform help you personally, Chum? What’s your effective FIT rate?
I have no idea when I'll do my taxes. I think I did them in June or July last year.
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Man, I really thought we'd get a decent amount back this go around since bonuses/commission is taxed like crazy, but apparently since the wife and I's income went up so much, we might owe or break even. :bang:
You will benefit from the new tax policy next year when you have a kid.
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Yeah, I was just hoping for some this year to plan for the kid. Oh well. I guess breaking even is kind of the point, right?
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Yeah, I was just hoping for some this year to plan for the kid. Oh well. I guess breaking even is kind of the point, right?
Yup, that's what I strive for. Nice work!
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:thumbs:
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Our income as a couple improved 35% this year and we got nothing back. A large percentage probably went to student loan interest tho. I have no idea how entree level ppl with no help from their parents (like myself) afford college these days afterwards.
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
Yes, I also increase my salary every year to compensate for whatever the eff is happening outside my job and outside my control.
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
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I haven't done my taxes yet but I have no idea what my eff rate was last year. I think it was an odd number but also could have been even.
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I'll make sure to find out for you tho kdub
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I think chum1 is saying he cares about how much the government takes from him as much as you care about how much of your money the government spends.
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That's a high-minded burn, right there. Damn, cat.
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I believe I have an obligation to pay taxes, which I am happy to fulfill, and that the amount I am taxed is reasonable. Crazy stuff, I know.
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You are not enraged about it!?
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I believe I have an obligation to pay taxes, which I am happy to fulfill, and that the amount I am taxed is reasonable. Crazy stuff, I know.
Which amount is reasonable? The amount before or after tax reform?
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I believe I have an obligation to pay taxes, which I am happy to fulfill, and that the amount I am taxed is reasonable. Crazy stuff, I know.
what level of taxation would you feel would be unreasonable for you personally this year?
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I believe I have an obligation to pay taxes, which I am happy to fulfill, and that the amount I am taxed is reasonable. Crazy stuff, I know.
Which amount is reasonable? The amount before or after tax reform?
I'm sure I won't know the difference. It's not something I've ever noticed in the past.
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I believe I have an obligation to pay taxes, which I am happy to fulfill, and that the amount I am taxed is reasonable. Crazy stuff, I know.
what level of taxation would you feel would be unreasonable for you personally this year?
It would have to like double before I'd even notice.
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We have a wealth gap in the US, 'crats bring it up, nobody disagrees. Is this gap made wider by a progressive tax scale, counterintuitive I know but are you sure the man isn't keeping the masses down by
making all the income, paying all the taxes and creating all the wealth.
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For me personally, increasing my salary has always been an excellent way to have more money. Keeping track of my effective FIT, on the other hand, has been far less profitable.
You really don’t care how much the government takes from you as long as you can pay your bills? What a way to live. If you’ve got money left over at the end of the month, do you pay that over to the gov, too?
I believe I have an obligation to pay taxes, which I am happy to fulfill, and that the amount I am taxed is reasonable. Crazy stuff, I know.
what level of taxation would you feel would be unreasonable for you personally this year?
It would have to like double before I'd even notice.
If it doubled, what would your eft be? Your threshold for reasonable is important to me
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NE is in a pickle with their property taxes. I pay an incredible amount in them but they fund our schools so it's cool. The problem is people are enraged about them all over. but you can't just not fund the schools, if anything we need to fund them more. but where do you pick up that bill? we don't tax groceries which is weird but I don't think starting to tax them all of a sudden is a solution because that hurts the most in need the most. they fight about it all the time and always say they are going to solve it but never do.
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but now I'm enraged about them because they capped my SALT deduction :curse:
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We have a wealth gap in the US, 'crats bring it up, nobody disagrees. Is this gap made wider by a progressive tax scale, counterintuitive I know but are you sure the man isn't keeping the masses down by
making all the income, paying all the taxes and creating all the wealth.
My gut tells me workers are not coming out well on this low tax rate for low wage trade off
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NE is in a pickle with their property taxes. I pay an incredible amount in them but they fund our schools so it's cool. The problem is people are enraged about them all over. but you can't just not fund the schools, if anything we need to fund them more. but where do you pick up that bill? we don't tax groceries which is weird but I don't think starting to tax them all of a sudden is a solution because that hurts the most in need the most. they fight about it all the time and always say they are going to solve it but never do.
The problem is that the property taxes you pay (and people in your tax bracket) don't go to the schools that need that money most.
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Solving the problem of wealth inequality is going to have to be way more comprehensive than just "Tax the Rich". That's a good start, but there's other things that can have huge benefits for impoverished communities including efforts to stop red-lining and gerrymandering, eliminating predatory lending practices, criminal and prison reform, increasing the minimum wage, healthcare reform, etc. There needs to a concerted effort made on multiple prongs of this trident before substantial progress will be made.
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but now I'm enraged about them because they capped my SALT deduction :curse:
Trump needed the SALT cap to stick it to the rich-ish people in high-tax lib states like California, New York, Illinois, and ...wait, Nebraska?
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Always shocking to me that the ones who claim they are the most patriotic and America first are also the ones who bitch the most about any taxes. Then bitch about potholes.
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NE is in a pickle with their property taxes. I pay an incredible amount in them but they fund our schools so it's cool. The problem is people are enraged about them all over. but you can't just not fund the schools, if anything we need to fund them more. but where do you pick up that bill?
a birth tax to fund schools seems fair.
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Always shocking to me that the ones who claim they are the most patriotic and America first are also the ones who bitch the most about any taxes. Then bitch about potholes.
Is your insinuation that the foundational American ideals include paying lots of taxes? The position you’ve outlined doesn’t seem incongruous with American patriotism.
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but now I'm enraged about them because they capped my SALT deduction :curse:
Trump needed the SALT cap to stick it to the rich-ish people in high-tax lib states like California, New York, Illinois, and ...wait, Nebraska?
yeah, we are a weird outlier state that has super high prop taxes. like, rich people states, states with no state income tax, and NE for some rough ridin' reason.
https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/
My levy is actually 2.41. and now I can't even deduct any of it.
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nothing noticeably different from last year.
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Always shocking to me that the ones who claim they are the most patriotic and America first are also the ones who bitch the most about any taxes. Then bitch about potholes.
Is your insinuation that the foundational American ideals include paying lots of taxes? The position you’ve outlined doesn’t seem incongruous with American patriotism.
I would say if you want America to be great it would have to be funded?
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We purposely moved into a stellar school district. Tax rate is 2.2 and I am happy to pay it. Writing that check literally puts a smile on my face.
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Always shocking to me that the ones who claim they are the most patriotic and America first are also the ones who bitch the most about any taxes. Then bitch about potholes.
Is your insinuation that the foundational American ideals include paying lots of taxes? The position you’ve outlined doesn’t seem incongruous with American patriotism.
I would say if you want America to be great it would have to be funded?
Depends on what you think makes it great and what you think it should be funded to do.
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Always shocking to me that the ones who claim they are the most patriotic and America first are also the ones who bitch the most about any taxes. Then bitch about potholes.
Is your insinuation that the foundational American ideals include paying lots of taxes? The position you’ve outlined doesn’t seem incongruous with American patriotism.
I would say if you want America to be great it would have to be funded?
Depends on what you think makes it great and what you think it should be funded to do.
I mean sure.
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We purposely moved into a stellar school district. Tax rate is 2.2 and I am happy to pay it. Writing that check literally puts a smile on my face.
Mine did as well WHEN I COULD DEDUCT IT
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Looks like you bought more house than you could afford, sad...really.
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very sad
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but now I'm enraged about them because they capped my SALT deduction :curse:
Trump needed the SALT cap to stick it to the rich-ish people in high-tax lib states like California, New York, Illinois, and ...wait, Nebraska?
yeah, we are a weird outlier state that has super high prop taxes. like, rich people states, states with no state income tax, and NE for some rough ridin' reason.
https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/
My levy is actually 2.41. and now I can't even deduct any of it.
You can deduct up to $10,000 of it.
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We purposely moved into a stellar school district. Tax rate is 2.2 and I am happy to pay it. Writing that check literally puts a smile on my face.
Writing that check? Do you have a mortgage?
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Is it not obvious how wealthy chum1 is? And you think he has a mortgage :lol:
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Don't have a mortgage? ---> Write a property tax check
Have a mortgage but elected not to escrow ---> Write a property tax check
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if i didn't have a mortgage, i'd go out and get one just so i didn't have to try and remember to pay taxes and insurance.
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Is it not obvious how wealthy chum1 is? And you think he has a mortgage :lol:
It's weird Chum cant give us a straight answer on his tax pain threshold, it's just a number, I mean surely he wants to keep some percentage of his income.
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Is it not obvious how wealthy chum1 is? And you think he has a mortgage :lol:
It's weird Chum cant give us a straight answer on his tax pain threshold, it's just a number, I mean surely he wants to keep some percentage of his income.
I have to wait until I get home to have access. I might be to lazy to get on my laptop, though.
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but now I'm enraged about them because they capped my SALT deduction :curse:
Trump needed the SALT cap to stick it to the rich-ish people in high-tax lib states like California, New York, Illinois, and ...wait, Nebraska?
yeah, we are a weird outlier state that has super high prop taxes. like, rich people states, states with no state income tax, and NE for some rough ridin' reason.
https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/
My levy is actually 2.41. and now I can't even deduct any of it.
You can deduct up to $10,000 of it.
I've got some terrible news for you ksu-dub. I pay state income taxes too. VERY SAD AND VERY UNFAIR.
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Is it not obvious how wealthy chum1 is? And you think he has a mortgage :lol:
It's weird Chum cant give us a straight answer on his tax pain threshold, it's just a number, I mean surely he wants to keep some percentage of his income.
I have to wait until I get home to have access. I might be to lazy to get on my laptop, though.
I'm not trying to be an a-hole, btw. This is a topic that legitimately fascinates me. I want as many people as possible to win under this tax reform. The vast majority should.
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I assume you mean winning in the short term micro context? Taxpayers paying s little less each could easily bring more negatives as a whole than we gain individually.
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are you interested in the % at which he would feel he is paying too much, or the % he actually pays right now, that he does not think is too much?
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KSUDub - I texted my CPA this afternoon and they are going to figure my effective tax rate over the last couple years and send it to me this weekend. I did that for this thread alone. Wow!
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Turbo tax did that for me automatically last year!
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My CPA is rough ridin' fired then
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2017: 11.75
2018: TBD
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If someone would have asked me what I thought it was, I would have said between 5 and 15%. Right on the money.
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23.5 wouldn’t even phase you really
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I have the feeling I'm paying a lot less in taxes than I thot
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I assume you mean winning in the short term micro context? Taxpayers paying s little less each could easily bring more negatives as a whole than we gain individually.
My gawd Phil please cheer up.
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phil, just cheer up and know that you win if your EFT is a fraction lower than it was last year.
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did kdub give his #'s? i don't remember
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phil, just cheer up and know that you win if your EFT is a fraction lower than it was last year.
:cheers:
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what numbers go in the numerator and denominator in this calculation?
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did kdub give his #'s? i don't remember
I think he did a BIG DON! post about them being lower but don't think he was comfortable enough to share.
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what numbers go in the numerator and denominator in this calculation?
just do them interchangeably until you get to a number that is reasonable. that is irl how I passed all math classes I've ever taken. 17,950,456 isn't it......0000057 isn't it......0.17 (to self: rough ridin' nailed it probably).
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i mean like on the tax side it it just income tax, income + cap gains + divs, all those + payroll taxes? and then on the other side, include deferred income or no, add back in employer 401k matches, health care and/or employer side payroll taxes? etc.
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Do whatever numbers you want, but I’m talking FIT only. Total FIT / AGI = Effective (aka “Average”) FIT.
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did kdub give his #'s? i don't remember
https://goEMAW.com/forum/index.php?topic=39773.msg1891223#msg1891223 (https://goEMAW.com/forum/index.php?topic=39773.msg1891223#msg1891223)
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Thx :thumbs:
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Great Tapatalk image preview there
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Total FIT / AGI = Effective (aka “Average”) FIT.
12.2% for 2017. i don't really like that formula, though.
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also, i just realized i'm gonna owe a fuckload unless ron johnson raped the crap out of the irs for me this year. i better get a paycheck soon.
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17.7% last year for the cat household. Would like to report back soon for this year but betterment isn't getting my tax docs until mid-February :curse:
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2017: 11.75
2018: TBD
I don't think doubling the 11.75 in 2017 would be unreasonable either chum :cheers:
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A half a percentage point increase is in the neighborhood of four figures for us. That's not a brag
:lol:
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A half a percentage point increase is in the neighborhood of four figures for us. That's not a brag
:lol:
I don't want to brag that I pay less taxes than everyone here because I think you all make a lot more and have fewer kids.
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I don't want to brag that I pay less taxes than everyone here because I think you all make a lot more and have fewer kids.
that's a big part of why i don't like using the agi/fit % that _w suggested. like the money i derive economic benefit from bears only a weak relationship with the agi number.
i do recognize that deferred income is not yet taxed, so it is consistent to not include it. but still. and there's no rationale for not using a number that's pre exemptions/deductions, child bribes or whatever they're called now.
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Everyone has their fetish and effective tax rate is _w’s
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haha.
https://twitter.com/TheStalwart/status/1091368021829058560
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I don't want to brag that I pay less taxes than everyone here because I think you all make a lot more and have fewer kids.
that's a big part of why i don't like using the agi/fit % that _w suggested. like the money i derive economic benefit from bears only a weak relationship with the agi number.
i do recognize that deferred income is not yet taxed, so it is consistent to not include it. but still. and there's no rationale for not using a number that's pre exemptions/deductions, child bribes or whatever they're called now.
And even if you do get a number you like, there's still a weak relationship between it and your fun money. Though there's no criminal penalty for not doing things like having a place to live, a car to drive, electricity, groceries, etc., in what real sense can you choose not to pay bills for these things?
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Still waiting on some tax docs but it’s not looking good you guys.
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Well did my taxes....Got screwed on Federal Taxes but Virginia was surprisingly positive. Paid more into taxes, bought a house, and maxed out my contribution into my 401K. Somehow I get less back...thanks GOP for the damn near trillion dollar deficit annually for me to pay more in! I only hope our betters (Kochs, Bezos, the Waltons...etc) enjoy the hard earned tax break for us to get screwed. They needed another Yacht so we should definitely pay more, give up public benefits, cut infrastructure, cut Social Security and Medicare so they may enjoy it!
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Doesn't appear my tax form is postcard sized. I think Donald Trump may be kind of a liar.
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2016: 13%
2017: 13%
2018: 11%
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I was like 15% this year. Agree AGI is kinda dumb
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16.15% this year with KSU-Dubs formula and I have several dozen kids :curse:
Haven't done last year's formula yet so that may actually be better than last year though :dunno:
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16.15% this year with KSU-Dubs formula and I have several dozen kids :curse:
No you don't.
Haven't done last year's formula yet so that may actually be better than last year though :dunno:
That's the whole point.
Btw - Effective (aka Average) Rate is not "my" formula. It's a very common, simple measurement of income tax burden utilized by many writers, economists, and the US Government. AGI doesn't capture all income but I use it because it's such a common formula. https://www.investopedia.com/terms/e/effectivetaxrate.asp (https://www.investopedia.com/terms/e/effectivetaxrate.asp)
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2016: 13%
2017: 13%
2018: 11%
:Woot: :cheers:
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Well did my taxes....Got screwed on Federal Taxes but Virginia was surprisingly positive. Paid more into taxes, bought a house, and maxed out my contribution into my 401K. Somehow I get less back...thanks GOP for the damn near trillion dollar deficit annually for me to pay more in! I only hope our betters (Kochs, Bezos, the Waltons...etc) enjoy the hard earned tax break for us to get screwed. They needed another Yacht so we should definitely pay more, give up public benefits, cut infrastructure, cut Social Security and Medicare so they may enjoy it!
"Got less back" is a function of your withholding. Not a measure of the taxes you paid. On your new postcard-sized 1040, divide Line 15 ("Total Tax") by Line 7 ("AGI").
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Also this was my third year doing s-2 withholding and each time it's been less than $100 refund. Take that government!
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Limiting the SALT deduction to own the lib states was a poor way to try and pay for this tax cut IMO. Not to mention the timing of it in our economic cycle. kdub we all knew it was lowering people's taxes before they started posting their EFT rates for you, so not sure the point of it?
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Limiting the SALT deduction to own the lib states was a poor way to try and pay for this tax cut IMO. Not to mention the timing of it in our economic cycle. kdub we all knew it was lowering people's taxes before they started posting their EFT rates for you, so not sure the point of it?
The point is to PARTY. :billdance:
And shrinking the SALT deduction applies to ALL states. That reduction is hitting heavily-taxed states harder, which apparently means many lib states (plus Nebraska?! :lol:), but I'd suggest that people who are upset about this might direct their ire at the high SALT they're paying....
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what do you propose those states change their funding to away from SALT? Or is this another one of your mythical "they just need to spend less" theories with no real substance or logic?
You know exactly why SALT deductions were limited, to get at the "costal elite" states that aren't Trump bases. Much like everything else trump tries to implement it wasn't thought through so yes it now impacts a more Trump'y state like NE.
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what do you propose those states change their funding to away from SALT? Or is this another one of your mythical "they just need to spend less" theories with no real substance or logic?
You know exactly why SALT deductions were limited, to get at the "costal elite" states that aren't Trump bases. Much like everything else trump tries to implement it wasn't thought through so yes it now impacts a more Trump'y state like NE.
There you go. And btw, if you go back and read this thread you’ll see that I supported simplifying our tax code by eliminating all kinds of credits and deductions, including ones I benefit from like mortgage interest and SALT, and offsetting these eliminations by reducing the marginal rates. Stop being so bitter. All you want to do is whine about people keeping more of their money. Not everybody won under this tax reform, but most did. How about you?
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16.15% this year with KSU-Dubs formula and I have several dozen kids :curse:
No you don't.
I have only 2. I'm rough ridin' owned.
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Credits for kids don't make sense to me. You should pay more for each kid, not less.
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what do you propose those states change their funding to away from SALT? Or is this another one of your mythical "they just need to spend less" theories with no real substance or logic?
You know exactly why SALT deductions were limited, to get at the "costal elite" states that aren't Trump bases. Much like everything else trump tries to implement it wasn't thought through so yes it now impacts a more Trump'y state like NE.
There you go. And btw, if you go back and read this thread you’ll see that I supported simplifying our tax code by eliminating all kinds of credits and deductions, including ones I benefit from like mortgage interest and SALT, and offsetting these eliminations by reducing the marginal rates. Stop being so bitter. All you want to do is whine about people keeping more of their money. Not everybody won under this tax reform, but most did. How about you?
still waiting on forms but yes my rate went down like we all knew it would. Party!
Not bitter at all, I just don't buy into lets chop down the tax rate and increase our deficit when the economy is chugging along thinking. I'm sure there is spending that could be reduced but not in a material way that isn't going to impact the welfare of the public the government is here to serve.
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My rate didn't go down as much as I thought it might, but it still dropped by about 1 percentage point.
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Credits for kids don't make sense to me. You should pay more for each kid, not less.
Agreed. I'd go hogwild on changing the tax code to influence how the public acts. Deductions for kids is going out the door first. Maybe after like 2 or something.
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Credits for kids don't make sense to me. You should pay more for each kid, not less.
Yes. Totally backwards
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Credits for kids don't make sense to me. You should pay more for each kid, not less.
Yes. Totally backwards
I agree with this. And I have several dozen.
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Credits for kids don't make sense to me. You should pay more for each kid, not less.
Yes. Totally backwards
I agree with this. And I have several dozen.
No you don't you rough ridin' liar. You were just exposed a few posts ago, do you think people don't read?
JFC!
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SD over here thinking we're a bunch of rubes believing his tall tails of breeding football teams.
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It just pissed me off to no end. I have been swallowing my tongue lately not wanting to rock the boat (the board backs SD), but it has to be called out. A man can only take so much.
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crap, thought that was another thread. I only have 2. sorry again.
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Yeah, I knew he was lying right to you rube's gross faces but didn't say anything. He even pm'd me begging me not to blow a huge hole in his story of having 24 kids. I have been keeping this secret for too long, it was a real burden
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It just pissed me off to no end. I have been swallowing my tongue lately not wanting to rock the boat (the board backs SD), but it has to be called out. A man can only take so much.
you've been strong to make it this long in my humble opinion.
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16.15% this year with KSU-Dubs formula and I have several dozen kids :curse:
Haven't done last year's formula yet so that may actually be better than last year though :dunno:
15.88% last year :curse:
And that was BEFORE children 22, 23, and 24 were born.
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t&ps to SD's vegas fund.
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irl it was the massive SALT write offs that helped me so much last year. oh well.
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Just don't pay all that SALT bud.
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irl it was the massive SALT write offs that helped me so much last year. oh well.
also had a chunk from gE to write off last year. that prolly helped a tiny bit as well.
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So last year was 17.1% and this year was 15.3%. I think the difference is pretty much all because of getting paid for breeding.
Side note: we adjusted withholding this year and ended up getting $8k back from Federal but still owed those liberal commie bastards in California $1100
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So last year was 17.1% and this year was 15.3%. I think the difference is pretty much all because of getting paid for breeding.
Side note: we adjusted withholding this year and ended up getting $8k back from Federal but still owed those liberal commie bastards in California $1100
Yup. My 4 kiddos, and the CTC I didn't use to qualify for (and that Marco expanded from $1,200 to $2,000 per kid at the last minute) are a significant part of my tax savings. SD needs to have more kids. Also, I don't like tax credits, but to the extent we give credits for anything, creating future tax payers seems like a good bet.
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If you need a tax credit as an incentive to procreate, you shouldn't be having children
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Yeah, it makes zero sense to support tax incentives to procreate while also discouraging legal immigration.
Assuming that’s why you support the credits. I just view them as a way to provide some monetary relief for parents who gotta feed those little guys.
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Yeah, it makes zero sense to support tax incentives to procreate while also discouraging legal immigration.
Assuming that’s why you support the credits. I just view them as a way to provide some monetary relief for parents who gotta feed those little guys.
Yes, it's this. With that in mind they should phase it out after a minimal income threshold.
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Yeah, it makes zero sense to support tax incentives to procreate while also discouraging legal immigration.
Assuming that’s why you support the credits. I just view them as a way to provide some monetary relief for parents who gotta feed those little guys.
Yes, it's this. With that in mind they should phase it out after a minimal income threshold.
I mean they do, but it's $400k for married couples. Ridiculously high.
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Yeah, it makes zero sense to support tax incentives to procreate while also discouraging legal immigration.
Assuming that’s why you support the credits. I just view them as a way to provide some monetary relief for parents who gotta feed those little guys.
Yes, it's this. With that in mind they should phase it out after a minimal income threshold.
I mean they do, but it's $400k for married couples. Ridiculously high.
yeah, should be like $100k for a married couple.
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Yeah, it makes zero sense to support tax incentives to procreate while also discouraging legal immigration.
Assuming that’s why you support the credits. I just view them as a way to provide some monetary relief for parents who gotta feed those little guys.
Yes, it's this. With that in mind they should phase it out after a minimal income threshold.
I mean they do, but it's $400k for married couples. Ridiculously high.
yeah, should be like $100k for a married couple.
It was $110k in 2017
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It should be that now. And obv SALT deductions are back on the menu.
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It should be that now. And obv SALT deductions are back on the menu.
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eff SALT'ers, JMO
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lol
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Tbh SALT is about the only deduction I agree with
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But renters should be able to deduct property tax too, they are the ones actually paying for it :th_twocents:
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You shouldn't means test supporting children. The tax credit is one of the absolute worst ways to do it though. Should just cut people a check every month and have Social Security run it.
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But renters should be able to deduct property tax too, they are the ones actually paying for it :th_twocents:
we pay the mortgage interest, too!
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Tbh SALT is about the only deduction I agree with
I'll complain about it here for entertainment purposes but tbh I'm fine paying more. like I posted earlier, our prop taxes fund the schools (which are great) so it's cool.
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I see value in all taxes I pay honestly. Even not having kids I get funding our schools is important and for the common good.
I'd prefer we don't spend billions on new roads that don't do much but encourage sprawl but those are funding mainly with gas tax that I pay little of so go crazy folks.
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Yeah, that’s the good thing about gas tax. It funds the thing it uses.
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we should raise TF out of the gas taxes. And this is coming from someone who irl puts 50k miles a year on two vehicles (and has several dozen kids)
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Another NE complaint: garbage corn gas is supplemented by the state to help the garbage corn farmers. I use it in my vehicles but I’m not putting that crap in my lawnmower or snow blower because according to my lawn guy idiot neighbor it’s bad for them. Then you have to drive to like 3 different gas stations to even find gas with no ethanol.
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Another NE complaint: garbage corn gas is supplemented by the state to help the garbage corn farmers. I use it in my vehicles but I’m not putting that crap in my lawnmower or snow blower because according to my lawn guy idiot neighbor it’s bad for them. Then you have to drive to like 3 different gas stations to even find gas with no ethanol.
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You mow your own lawn now? gE really has gone downhill
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My engine is made for corn or something but I don't feed it corn cause eff that
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my car can't handle corn gas
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Another NE complaint: garbage corn gas is supplemented by the state to help the garbage corn farmers. I use it in my vehicles but I’m not putting that crap in my lawnmower or snow blower because according to my lawn guy idiot neighbor it’s bad for them. Then you have to drive to like 3 different gas stations to even find gas with no ethanol.
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You mow your own lawn now? gE really has gone downhill
about 50% of the time. neighbor kid does it the other half. considering contracting with him for the entire summer this year.
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Corn gas is the way it is because of air quality and climate change provisions.
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Another NE complaint: garbage corn gas is supplemented by the state to help the garbage corn farmers. I use it in my vehicles but I’m not putting that crap in my lawnmower or snow blower because according to my lawn guy idiot neighbor it’s bad for them. Then you have to drive to like 3 different gas stations to even find gas with no ethanol.
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You mow your own lawn now? gE really has gone downhill
about 50% of the time. neighbor kid does it the other half. considering contracting with him for the entire summer this year.
Good luck deducting that now under these mad max era tax laws.
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I noticed virtually no change from last year to this year.
I thought one side said trump saved the middle class and the other side said trump would screw the middle class?
Second biggest lie in this thread, just behind SD and his stable of lies.
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we should raise TF out of the gas taxes. And this is coming from someone who irl puts 50k miles a year on two vehicles (and has several dozen kids)
No you don't.
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I noticed virtually no change from last year to this year.
I thought one side said trump saved the middle class and the other side said trump would screw the middle class?
Second biggest lie in this thread, just behind SD and his stable of lies.
How much did you save?
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Once I get to the bottom of SD’s mileage-gate, I’ll look into it
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we should raise TF out of the gas taxes. And this is coming from someone who irl puts 50k miles a year on two vehicles (and has several dozen kids)
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Is this 50k per vehicle, or total? Consider yourself under bbs oath
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I took it as 25k per vehicle FWIW
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I noticed virtually no change from last year to this year.
I thought one side said trump saved the middle class and the other side said trump would screw the middle class?
Second biggest lie in this thread, just behind SD and his stable of lies.
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Judging from the responses here, it clearly benefited the rich.
:gocho:
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we should raise TF out of the gas taxes. And this is coming from someone who irl puts 50k miles a year on two vehicles (and has several dozen kids)
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Is this 50k per vehicle, or total? Consider yourself under bbs oath
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Total. And it’s irl.
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So you’re telling me that Mrs Dave and your brood are sitting in the car for an average 69 miles per day everyday, while you’re in car #2 also cruising an average of 69 miles per day, AND posting 300 times per day on gE?
SHITS NOT ADDING UP
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I believe sd
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He’s already lied twice (TWICE!) in this thread.
It’s time that gE finally puts SD in his place
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I think a major point of contention is the definition of "middle class"
I would put middle class as family of 4 earning 100-200k per year, and that's really only thinking in the KC area because that's where I live.
Thoughts?
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Median household income in the US is like $50k
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Median household income in the US is like $50k
More like $60k
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I think a major point of contention is the definition of "middle class"
I would put middle class as family of 4 earning 100-200k per year, and that's really only thinking in the KC area because that's where I live.
Thoughts?
This is a little old, but no...
(https://upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Distribution_of_Annual_Household_Income_in_the_United_States_2010.png/800px-Distribution_of_Annual_Household_Income_in_the_United_States_2010.png)
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Median household income in the US is like $50k
More like $60k
You're correct
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I would put middle class as family of 4 earning 100-200k per year
you, cire, are out of touch
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So you’re telling me that Mrs Dave and your brood are sitting in the car for an average 69 miles per day everyday, while you’re in car #2 also cruising an average of 69 miles per day, AND posting 300 times per day on gE?
SHITS NOT ADDING UP
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yes, not equally though.
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I think a major point of contention is the definition of "middle class"
I would put middle class as family of 4 earning 100-200k per year, and that's really only thinking in the KC area because that's where I live.
Thoughts?
middle class is a very wide band. and then if you throw in lower-middle and upper-middle you get even wider. iirc upper-middle goes up to like $350k and lower-middle as low as like $30k. and then if you define it by specific area (like what percentile for your city) you can make it a moving target.
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If you use dumb definitions of middle class like that, the term is completely meaningless
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“I’m just an every day normal average middle class family, who happenings to be in the 95th percentile for income”
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The 95th percentile has a closer lifestyle to the 50th than the 99th. That makes the middle class hard to define.
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“I’m just an every day normal average middle class family, who happenings to be in the 95th percentile for income”
I think upper middle class goes to around the 98th percent
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The 95th percentile has a closer lifestyle to the 50th than the 99th. That makes the middle class hard to define.
yes, and the fact that the top 0.1% makes such an extraordinarily greater income than even the 0.5% let alone the 1% makes the ranges look silly. You could break down the top 1% into about 5 different ranges in itself. and then you have to consider that this is measuring income and not wealth.
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Then it’s a completely meaningless classification. I don’t know why people are so loath to admit that they are :kstategrad:
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It’s like a 6’8” guy claiming to be of slightly above average height
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My lifestyle is wildly different from someone who makes $50k in the Bay Area. But I definitely do more cool crap than the 99th percentile. so :dunno:
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It’s like a 6’8” guy claiming to be of slightly above average height
disclaimer: I AGREE WITH YOU
but your analogy would only be applicable if 1% of the population was like 40 feet tall
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https://en.wikipedia.org/wiki/Social_class_in_the_United_States
Middle class (plurality/
majority?; ca. 46%) College-educated workers with considerably higher-than-average incomes and compensation; a man making $57,000 and a woman making $40,000 may be typical.
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
An estate tax where every inheritance is taxed.
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
inheritance/estate tax, capital gains, other pud things. we should probably tax it more than we do. at the same time I get the family farmer (who suckles at the gov teet like none other already) being upset by the idea though.
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
inheritance/estate tax, capital gains, other pud things. we should probably tax it more than we do. at the same time I get the family farmer (who suckles at the gov teet like none other already) being upset by the idea though.
and this is IRL coming from someone who will inherit thousands of acres of crappy kansas land :D (unless I can convince my parents to sell all of it now, which I am trying very hard to do)
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
inheritance/estate tax, capital gains, other pud things. we should probably tax it more than we do. at the same time I get the family farmer (who suckles at the gov teet like none other already) being upset by the idea though.
I mean just make it progressive for farmers like all other taxes. billionaire farmers, errrr, people of wealth farmers can get taxed more.
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
inheritance/estate tax, capital gains, other pud things. we should probably tax it more than we do. at the same time I get the family farmer (who suckles at the gov teet like none other already) being upset by the idea though.
I mean just make it progressive for farmers like all other taxes. billionaire farmers, errrr, people of wealth farmers can get taxed more.
MY FAMILY WORKED THIS SHITTY GROUND FOR FIVE GENERATIONS RUSTY! AND YOU WANT TO CHARGE ME FOR IT!?
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Should we be taxing income or wealth I guess is my question?
I'm not wealthy so pretty much all of my taxes are income based.
do we/how do we tax wealth?
inheritance/estate tax, capital gains, other pud things. we should probably tax it more than we do. at the same time I get the family farmer (who suckles at the gov teet like none other already) being upset by the idea though.
I mean just make it progressive for farmers like all other taxes. billionaire farmers, errrr, people of wealth farmers can get taxed more.
MY FAMILY WORKED THIS SHITTY GROUND FOR FIVE GENERATIONS RUSTY! AND YOU WANT TO CHARGE ME FOR IT!?
it's very unfair, but think it as payback to the government for murdering all the Indians for the generations before
(NOTE: I WILL NOT INHERIT TENS OF THOUSANDS OF ACRES BUT LIKE PROBABLY A COUPLE THOUSAND)
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I actually don't think it's unfair. It should be no different than inheriting anything else. farmers need to figure it out.
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I actually don't think it's unfair. It should be no different than inheriting anything else. farmers need to figure it out.
I know I just wanted to point out that the land was just another gubment handout
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Unless you actually want to move back and farm the land, there really isn't anything to figure out. You would just sell the land and pay the tax. I guess I would sort of feel for someone who really wants to farm his parents' land, but those people are still way ahead of someone who would have to buy the land outright.
Inheritance taxes should be progressive, but they also should start at like $100k. Maybe even $50k.
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When did Big Farm get so much pull.
I get it when like 80% of americans were farmers but now WGAF.
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i'm far from as literate as i'd like to be on the topic, but i think a wealth tax would be more distortive than needs to be the case and the estate tax is also more complicated than it needs be. it would seem to me that you could accomplish most of everything either does by raising long-term cap gains rates, eliminating the step up basis on cap gains and eliminating or reducing the ability to shelter assets in trusts.
you'd probably still need or want an estate tax to get at income producing assets that can be sheltered for generations, but that could start at a very high level like 50 or 100 million or something and impact very few people.
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also, as someone who drives almost as many miles/year as sd, mrs sd and their several dozen children combined. please, america, raise the eff out of the gasoline tax. our roads are complete crap.
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We need to be taxing consumption more IMO. That’s like the only thing with no loopholes that will definitely impact rich people more than poor people.
The only problem is we have already set up the system so that poor people need to be exempt from paying taxes in order to make a living wage. So, like, make them eligible for welfare/social security benefits to offset the extra burden.
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Oh and also would make tax returns a heck of a lot easier.
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poor people need to be exempt from paying taxes in order to make a living wage.
one thing i've become about infinitely more aware of since i started working on a w9 instead of a w4 is that people pay a lot more in payroll taxes than income taxes on their first 128k or so
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Even so, those taxes aren’t going away. I think payroll taxes on earnings make more sense than income taxes.
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We need to be taxing consumption more IMO. That’s like the only thing with no loopholes that will definitely impact rich people more than poor people.
The only problem is we have already set up the system so that poor people need to be exempt from paying taxes in order to make a living wage. So, like, make them eligible for welfare/social security benefits to offset the extra burden.
Consumption taxes impact the poor more than the rich because they spend a much larger portion of their earnings on necessities. It's really only fair if you just tax luxuries and nothing else.
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Consumption taxes impact the poor more than the rich because they spend a much larger portion of their earnings on necessities. It's really only fair if you just tax luxuries and nothing else.
you have to refund back to make it progressive. works better than exempting various classes of purchases.
a lot of smart people like consumption taxes, and i think it could it make sense as part of the mix.
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Refunding consumption tax seems like a huge pita
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easier than income tax stuff. i mean you don't have refund the actual taxes paid. you just send everyone 10k or whatever it is and you increase the tax rate to pay for that so that it zeros out at the income/wealth/consumption level you want to get nothing.
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Oh ok
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https://twitter.com/JohnCassidy/status/1093549372640509952
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So update on Kansas. The state senate just passed SB22, which would decouple state and federal returns for purposes of itemizing deductions. In other words, it would allow people to claim the federal standard deduction while still itemizing on their state returns. Without this fix, people who now take the new, bigger standard deduction on their federal returns will see higher taxes in Kansas because they lose their itemized deductions there.
The vote was 26-14, which is one vote short of the 27 needed to override Kelly's promised veto. The 26 includes 2 Republicans, one of whom is a RINO and a lost cause, the other of whom may very well just be stupid and/or confused. She's saying things like how much will this "cost." If you find wallet on the street, you don't ask how much it will "cost" or whether you can "afford" to return it. It is found money. Money you wouldn't have otherwise had.
Now it heads over to the House, where the Pubs only have 84 and need exactly 84 to overide the veto. That seems pretty ulikely because I know there are still a handful of RINO's lurking in there.
So congrats Governor Kelly on getting a massive, hidden tax increase because the dumbfuck Pubs were too stupid to fix this issue when they still had Brownback/Colier.
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you have an amazing view of the world, -w.
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I appreciate getting to read about it
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My state return was virtually the same
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Taxes filed! Less tax than last year but sad I didn't get to have the fun of "finding" some extra deductions.
Thanks Don!
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Taxes filed! Less tax than last year but sad I didn't get to have the fun of "finding" some extra deductions.
Thanks Don!
Hell yeah, Phil. Hell yeah. :cheers:
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ETR=7.84%
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https://twitter.com/openculture/status/1094752259760476165?s=21
maga
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My tax return was way up due to idiosyncrasies, but isn't this an expected and natural result?
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Withholdings were all jacked. People are going to flip their crap.
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My tax return was way up due to idiosyncrasies, but isn't this an expected and natural result?
Yes
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So, are rubes assuming that getting a lower return = paying more taxes?
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Yes
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And for a tax bill seemingly geared toward trying to appease the middle class (through relatively modest benefits compared to the super rich & corporations) they really should have thought of that aspect of implementation.
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Or I guess they decided it was better for people to see more immediate benefits through increased pay checks.
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Or I guess they decided it was better for people to see more immediate benefits through increased pay checks.
This is my thought. Double-edged sword. Sad!
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So, are rubes assuming that getting a lower return = paying more taxes?
Yes most are. Weird they didn't just do the withholdings properly to avoid the soul freakouts
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2001 Bush tax cuts got it right by passing it and then cutting rebate checks of $300-$600 instead of changes in withholding. It is incredible Republicans haven't figured out that this would be wildly popular AND more likely to stimulate the economy (although studies say it didn't do much in '01). They are so rough ridin' stupid.
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So, are rubes assuming that getting a lower return = paying more taxes?
Yes most are. Weird they didn't just do the withholdings properly to avoid the April freakouts
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Or I guess they decided it was better for people to see more immediate benefits through increased pay checks.
yes. they wanted people to see larger take homes before the midterms, are assuming that any return shocks will be forgotten by 2020.
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I really couldn’t give two effs about the political ramifications of peoples’ ignorant perceptions. It’s sad that so many people are financially illiterate, but that’s not gonna change anytime soon. We pour billions of dollars into public education to teach kids how to read and write, but personal finance is still mostly a one-semester elective at best. That’s so stupid.
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I really couldn’t give two effs about the political ramifications of peoples’ ignorant perceptions. It’s sad that so many people are financially illiterate, but that’s not gonna change anytime soon. We pour billions of dollars into public education to teach kids how to read and write, but personal finance is still mostly a one-semester elective at best. That’s so stupid.
1. come on.
2. I think you are right. if it were taken seriously and done from elementary on up, it would have merit. but requiring 1 semester of anything isn't going to change anything. that said, financial literacy isn't the difference between this generation and the baby boomers graduating debt free and being able to afford a nice home with their first job's salary.
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I really couldn’t give two effs about the political ramifications of peoples’ ignorant perceptions. It’s sad that so many people are financially illiterate, but that’s not gonna change anytime soon. We pour billions of dollars into public education to teach kids how to read and write, but personal finance is still mostly a one-semester elective at best. That’s so stupid.
1. come on.
2. I think you are right. if it were taken seriously and done from elementary on up, it would have merit. but requiring 1 semester of anything isn't going to change anything. that said, financial literacy isn't the difference between this generation and the baby boomers graduating debt free and being able to afford a nice home with their first job's salary.
Here we see two people talking past each other.
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I really couldn’t give two effs about the political ramifications of peoples’ ignorant perceptions. It’s sad that so many people are financially illiterate, but that’s not gonna change anytime soon. We pour billions of dollars into public education to teach kids how to read and write, but personal finance is still mostly a one-semester elective at best. That’s so stupid.
Seems like you should care that they couldn't roll this out and get withholdings right for people in the name of trying to score more political points of "bigger paychecks".
This was an easy one and again fumbling the execution
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unfortunately, this is a little on the nose.
https://twitter.com/JonWalkerDC/status/1095350188233748480
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It's why I think Kamala's tax plan should be very effective on the campaign trail. I wouldn't be surprised at all if other candidates propose something similar.
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I'm sure everyone with a smaller refund will see it that way.
https://twitter.com/arappeport/status/1096095734737354753
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mrs. blast and i owe MO a bunch of money because we didn't check "my spouse works" on our W4's.
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https://twitter.com/MEPFuller/status/1098723239172497411
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I don't understand people not getting pay raises. I get one every year between 3&5%. Change jobs every few years. Get 10-15% increase. Snagged a sweet 20% bump in base plus a 10% increase in bonus pay on the last move.
Maybe people need to better themselves or stopped working for places that don't pay crap.
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That's a pretty short sided world view IPA4Me
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Yeah, could have stopped at "I don't understand"
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I don't understand people not getting pay raises. I get one every year between 3&5%. Change jobs every few years. Get 10-15% increase. Snagged a sweet 20% bump in base plus a 10% increase in bonus pay on the last move.
Maybe people need to better themselves or stopped working for places that don't pay crap.
People get raises as they gain experience and new titles. The base pay for those positions is not going up, though, so overall salaries remain stagnant. If people weren't getting raises, overall salaries would be declining as experienced people with better pay retire.
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Someone get the body bag :sdeek:
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i'll probably never get a pay raise again. i'll consider myself super lucky if i don't get paid less before i'm done.
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i'll probably never get a pay raise again. i'll consider myself super lucky if i don't get paid less before i'm done.
Way OT but there's a lot of research out there (I've read it but am not going to go find it and will probably misrepresent some of it here) about how high salaries are rarely maintained for long durations. I know you're not salaried and have no idea how much money you make and am only posting this because of the comment about probably taking a pay cut at some point. like, once you hit some 0.2% level of earning (made up percentage because I don't remember what it was) it's nearly impossible to maintain that for the long term. I work for a very large global company. I'd say our highest level of executives last about 2 years on average in those roles. Rarely do they leave non-voluntarily. I think the grind and responsibility of the position makes it a short term stint. also there are parachute roles with the company that still pay extraordinarily well without having to maintain that level of responsibility/risk. I think I've got about another 5 years of climb left in me and then will be happy to coast or take a lesser role on for the remainder of my time. otherwise I'll probably die young from stress and the resulting bad habits that accompany the stress.
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yeah, i'm not on salary, so there aren't any col increases or anything like that. and i'm paid way more than is necessary, so very possibly the market will figure that out. at best, it won't figure it out and no one will undercut me, but no way are me and my fellow grifters gonna try to bill more.
also, i think you should parachute early and not risk early killing yourself early.
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IMO, once you're making a salary that you're comfortable with, you should definitely start focusing on how to work less rather than how to make more money.
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IMO, once you're making a salary that you're comfortable with, you should definitely start focusing on how to work less rather than how to make more money.
yeah, I think there is a stigma to that in most corporate cultures though.
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17.7% last year for the cat household. Would like to report back soon for this year but betterment isn't getting my tax docs until mid-February :curse:
2017: 17.69% EFT
2018: 17.71% EFT
KSUW lied to me :frown:
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17.7% last year for the cat household. Would like to report back soon for this year but betterment isn't getting my tax docs until mid-February :curse:
2017: 17.69% EFT
2018: 17.71% EFT
KSUW lied to me :frown:
That was actually a decrease in the increase you would have otherwise had tho.
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I have no idea what that is supposed to mean and I’m now enraged for all of 2019.
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I did my taxes this past weekend and I got more back than I did last year. I also didn’t take as much out each paycheck for about half of last year. :cool:
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Did my taxes and paying more, then again made more last year.
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Did my taxes last week. Paid a less percentage of my adjusted income but paid a higher percentage of net income. Overall, pretty much the same.
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in terms of actual economic impact, even 665 billion far overstates the case.
https://twitter.com/TheStalwart/status/1110922746303787008
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https://twitter.com/morningmoneyben/status/1123245242671493120
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https://www.nbcnews.com/business/consumer/trump-s-washing-machine-tariffs-are-costing-americans-almost-100-n999461
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Rubes saw a tax break though!
https://www.cnbc.com/2019/05/16/trumps-tariffs-are-equivalent-to-one-of-the-largest-tax-increases-in-decades.html
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Mexico pays for the wall. China pays for the tax cuts. :)
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Rubes saw a tax break though!
https://www.cnbc.com/2019/05/16/trumps-tariffs-are-equivalent-to-one-of-the-largest-tax-increases-in-decades.html
an enormous tax increase that we see no tangible benefit from!!!
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https://twitter.com/aaronsojourner/status/1134189458042081286
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https://twitter.com/aaronsojourner/status/1134189458042081286
wages went up. :emawkid:
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It's important that Chuckie and Davie get their $115, 000,000,000 tax cut.
My Gawd how would they live without their $ One Hundred and 15 Billion tax cut?
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Welcome to the pit, '73
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Yep, it's important that Chuckie and Davie Koch get a 115 billion tax cut. :angry:
Thieves, Killers, and ThieveyKillers :flush:Should Never have to pay taxes.
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I think catbacker73 is reno's slower liberal brother.
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I think catbacker73 is reno's slower liberal brother.
:lol:
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Katdaddy
I think catbacker73 is reno's slower liberal brother.
Which, of course, would make me faster than any KKKonservative ever. (whoever the hell reno is.)
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Katdaddy
I think catbacker73 is reno's slower liberal brother.
Which, of course, would make me faster than any KKKonservative ever. (whoever the hell reno is.)
Reno was top 5 worst and most annoying posters in this blogs history. You have reached thin air at maximum velocity.
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I just did my 2018 taxes. I was taxed the same as last year. :jerk:
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https://twitter.com/DLeonhardt/status/1181004566088814594
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That is really cool but also sad
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finally did my 2018 taxes. i paid a lot less (may not have done them correctly, we'll see).
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https://twitter.com/axios/status/1212429529001578496
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I did the irs.gov tax return estimate and I think I did something wrong because it calculated we are getting a $15,000 return. Guess I'll just have to wait and see once the W-2's get in!
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Better than me. I'm estimated to owe $2400. Ugg.
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You guys are no fun. I like finding out on Turbo tax when the little “taxes owed” bar starts dwindling down as I enter deductions.
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Within $100, as usual
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child tax laws are amaze rn
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child tax laws are amaze rn
yes, it is as it should be
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this is painful to hear.
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Empty nest is nice until you pay taxes.
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