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Hardcore troubadour

Tax Plan

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And no mmmbeer, Im not talking about you. This bill isnt for you. Much as you like to think youve got it made this is only for the truly rich out there

Wait... so the tax savings of $10,600 - $12,600 a year isn't for me? :huh:

 

Hey man.. If that's their sneaky way of fooling me into thinking my middle class ass got a pretty good tax break.. well sh!t :shocking: .. color me fooled.

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You see, this just goes to show how little you understand about these things.

 

This bill HAS to kick people off insurance. Then you reduce subsidies paid out which helps the bill qualify for reconciliation. Thats the whole point.

 

So this idea that it doesnt kick anyone off insurance is a massive failure of understanding from the get go.

 

At any rate, the projection of 13 million uninsured is based off people who have or would buy insurance with the individual mandate but now will not. Its true the mandate was pretty toothless in actual application to any single uninsured person, but it still had the psychological effect of encouraging people to get insured generally.

In your focked up world

 

People no longer being forced to buy something = getting kicked off a service.

 

Are you insane?

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Wait... so the tax savings of $10,600 - $12,600 a year isn't for me? :huh:

 

Hey man.. If that's their sneaky way of fooling me into thinking my middle class ass got a pretty good tax break.. well sh!t :shocking: .. color me fooled.

Youll probably lose out in other areas, deductions gone and so forth. In the end youll get little if anything. Thats what all the analysts say anyways.

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In your focked up world

 

People no longer being forced to buy something = getting kicked off a service.

 

Are you insane?

End result = 13 million less people with health insurance.

 

Are you stupid?

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In your focked up world

 

People no longer being forced to buy something = getting kicked off a service.

 

Are you insane?

It's pretty insane when you sit back and look at the garbage these people spew...

 

Alternative realities.

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Youll probably lose out in other areas, deductions gone and so forth. In the end youll get little if anything. Thats what all the analysts say anyways.

Welp.. I was reading.. still keep my

 

-mortgage deduction up to 1,000,000.. CHECK!

 

- property tax up to 10,000 CHECK!

 

- 401k/TSP not focked with.. CHECK!

 

Dude... other than my health insurance deduction, my HSA,life insurance... I can't take any other deductions. Shoot.. I can't even deduct child care anymore.

 

No dude.. I don't see anything so far..

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Now the amended bill goes back to the house and is amended again? When does the final bill actually pass?

 

Also, am I reading correctly that middle class individuals only see a 3% cut for 10 years, but the 15% corporate tax cut never expires? Why exactly do companies making record profits get a 15% break for ever, while the shrinking middle class, who have already seen stagnant wages, in spite of corporations making record profits, only get cuts for 10 years? Im all for tax relief, but it seems like were on the short end here?

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Now the amended bill goes back to the house and is amended again? When does the final bill actually pass?

 

Also, am I reading correctly that middle class individuals only see a 3% cut for 10 years, but the 15% corporate tax cut never expires? Why exactly do companies making record profits get a 15% break for ever, while the shrinking middle class, who have already seen stagnant wages, in spite of corporations making record profits, only get cuts for 10 years? Im all for tax relief, but it seems like were on the short end here?

I think its only 8 years until the middle class tax cuts, meager as they are to begin with, expire

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Welp.. I was reading.. still keep my

 

-mortgage deduction up to 1,000,000.. CHECK!

 

- property tax up to 10,000 CHECK!

 

- 401k/TSP not focked with.. CHECK!

 

Dude... other than my health insurance deduction, my HSA,life insurance... I can't take any other deductions. Shoot.. I can't even deduct child care anymore.

 

No dude.. I don't see anything so far..

The devils in the details pal.

 

For example mortgage interest deduction: still there but nearly eliminated in effect since standard deduction is doubled. Same thing for all other deductions

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The devils in the details pal.

 

For example mortgage interest deduction: still there but nearly eliminated in effect since standard deduction is doubled. Same thing for all other deductions

Meh.. again.. we don't see eye to eye on some stuff. You're not going to convince me.. and I'm not going to dazzle you. :lol:

 

I'm cool with agreeing to disagree. :)

 

I don't want to get into all this with everyone.

 

Regardless the 10 year tax breaks and 529 allowance are good enough for me.

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Wtf are you talking about? My deductions are still way over the new and improved Std dedection so of course it matters. One doesn't effect the other. That doesn't work Worms.

Im not sure how you could know that off the top of your head but okay. So you fall into a narrow band of people where the mortgage interest deduction still has meaning. For the vast majority of middle class folks it will not.

 

The result is they think theyre getting a boon but really they get a pittance which expires in eight years while the mega rich get a huge gift that never goes away. Thats the whole point

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The devils in the details pal.

 

For example mortgage interest deduction: still there but nearly eliminated in effect since standard deduction is doubled. Same thing for all other deductions

Meh.. again.. we don't see eye to eye on some stuff. You're not going to convince me.. and I'm not going to dazzle you. :lol:

 

I'm cool with agreeing to disagree. :)

 

I don't want to get into all this with everyone.

 

Regardless the 10 year tax breaks and 529 allowance are good enough for me.

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Meh.. again.. we don't see eye to eye on some stuff. You're not going to convince me.. and I'm not going to dazzle you. :lol:

 

I'm cool with agreeing to disagree. :)

 

I don't want to get into all this with everyone.

 

Regardless the 10 year tax breaks and 529 allowance are good enough for me.

Yeah thats fine. Just ask yourself if youre really getting much of a deal in the end

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Yeah thats fine. Just ask yourself if youre really getting much of a deal in the end

In 10 years I'll be laying on a beach in Puerto Rico.. what evs..

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In 10 years I'll be laying on a beach in Puerto Rico.. what evs..

 

They still won't have power.

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They still won't have power.

Meh.. Grandma's house had power about a month after. A guy just has to get a nice gennie and storage tanks.

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Doesn't seem to bother the left that millions of illegals have posted up here and don't have insurance and haven't been paying the penalty. But now it's a big problem for citizens. Whose side are they on?

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Mag Bastard would have hated this plan - he said trickle down was a fraud and the rich wrote tax policy in our country.

 

What happened to that guy.

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Mag Bastard would have hated this plan - he said trickle down was a fraud and the rich wrote tax policy in our country.

 

What happened to that guy.

He was as big a fraud as Reality. Probably the same dude, actually

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Mag Bastard would have hated this plan - he said trickle down was a fraud and the rich wrote tax policy in our country.

 

What happened to that guy.

Oh, it's still BS. But I gave up giving a fock about the rich getting over. It's never going to change, got worse under Obama. May as well get something out of it.

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He was as big a fraud as Reality. Probably the same dude, actually

I enjoyed pointing out your stupidity here today. Thank you for always being there for me. And the Magnificent Bastard.

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Does this now mean I'll be able to do my taxes on a postcard and just mail it in?

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Oh, it's still BS. But I gave up giving a fock about the rich getting over. It's never going to change, got worse under Obama. May as well get something out of it.

No longer think Bill Clinton is the best president of your lifetime either? 🤔

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Worms going full retard again today.

 

Good stuff, keep fighting the good fight fella.

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No longer think Bill Clinton is the best president of your lifetime either? 🤔

2nd best

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Looks like they agreed... the mmmmm...beer household will go from a 28% tax bracket to a 24%!

 

Woo hoo! Thats like $8,800 a year face value.. Though I know my cyphering is a little off cause the way the brackets work soo..

 

First, for single filers:

 

10%: $0 to $9,525 of taxable income for an individual

12%: $9,526 to $38,700 individual

22%: $38,701 to $82,500 individual

24%: $82,501 to $157,500 individual

32%: $157,501 to $200,000 individual

35%: $200,001 to $500,000 individual

37%: over $500,000 individual

 

And second, for joint filers:

 

10%: $0 to $19,050 for married joint filers

12%: $19,051 to $77,400 joint

22%: $77,401 to $165,000 joint

24%: $165,001 to $315,000 joint

32%: $315,001 to $400,000 joint

35%: $400,001 to $600,000 joint

37%: Over $600,000 joint

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Yeah the final version is better. Will be a net benefit to most regular folk except some upper middle class people in California, New York and the like.

 

Until the middle class provisions sunset in 8 years. Then its worse. Course you can hope they extend it.

 

But still, the super rich are making out like the bandits they are. Us normal folk get a pittance in comparison but I suppose thats better than nothing. Well until it comes time to pay the piper but as usual well just hope that day never comes

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Yeah the final version is better. Will be a net benefit to most regular folk except some upper middle class people in California, New York and the like.

 

Until the middle class provisions sunset in 8 years. Then its worse. Course you can hope they extend it.

 

But still, the super rich are making out like the bandits they are. Us normal folk get a pittance in comparison but I suppose thats better than nothing. Well until it comes time to pay the piper but as usual well just hope that day never comes

They are??? The way I see it is they are paying 37% while the middle class is paying 24% max

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Stupid question... Will we see this break on our salary, or is this something we would want to adjust withholding for? Right now I file jointly with 1 dependent and pretty much break even. I will be going from 28% to 24%.

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Stupid question... Will we see this break on our salary, or is this something we would want to adjust withholding for? Right now I file jointly with 1 dependent and pretty much break even. I will be going from 28% to 24%.

Great question and I have no clue bro. I'm assuming it's what you'll be taxed with at the end. So.. what you're withholding now will stay the same.. it's just a fatter return check? So best way is to try to zero that sh!t out yourself to give you more ching per cheque.

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Great question and I have no clue bro. I'm assuming it's what you'll be taxed with at the end. So.. what you're withholding now will stay the same.. it's just a fatter return check? So best way is to try to zero that sh!t out yourself to give you more ching per cheque.

Exactly. Id rather put the money to work, and zero out at the end. I dont want to adjust and end up owing though. :)

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I would bump your claim by 2. Remember not only are you being taxed less right now but you will have a larger deduction assuming you didnt itemize anyways. Although in Cali we lose the ability to write off state taxes but now its on us to get on our state to knock the off

 

I normally claimed 5 and would still get a return even though its me my wife and son. I would probably claim 7 all year had I not retired and Im sure it would be fine for break even and maybe still a return

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Exactly. Id rather put the money to work, and zero out at the end. I dont want to adjust and end up owing though. :)

Id err towards owing this next year. Its not so bad to owe. Writing out that big check hurts but you got the benefit of that money all year

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I would bump your claim by 2. Remember not only are you being taxed less right now but you will have a larger deduction assuming you didnt itemize anyways. Although in Cali we lose the ability to write off state taxes but now its on us to get on our state to knock the ###### off

 

You can claim the first $10,000

 

The view of the Left on the tax plan seems to be, I dont want a tax break if the rich gets one too.

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You can claim the first $10,000

 

The view of the Left on the tax plan seems to be, I dont want a tax break if the rich gets one too.

Thats the first 10k in state property taxes. You don't get to write off state income taxes anymore.

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Yeah the final version is better. Will be a net benefit to most regular folk except some upper middle class people in California, New York and the like.

Until the middle class provisions sunset in 8 years. Then its worse. Course you can hope they extend it.

But still, the super rich are making out like the bandits they are. Us normal folk get a pittance in comparison but I suppose thats better than nothing. Well until it comes time to pay the piper but as usual well just hope that day never comes

Why would you expect to get more than a pittance when you only pay a pittance?

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You can claim the first $10,000

 

The view of the Left on the tax plan seems to be, I dont want a tax break if the rich gets one too.

Yes..seems to be a thing. "Hey I get a tax break but LOOK HOW BIG THEIRS IS"

Not how it should be judged. This isn't socialism. Some will do better.

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Yes..seems to be a thing. "Hey I get a tax break but LOOK HOW BIG THEIRS IS"

Not how it should be judged. This isn't socialism. Some will do better.

 

What if the people that were doing worse before are now doing even more worse?

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Im happy i got a temporary tax break, but i disagree with what GOP leadership says this will accomplish. I believe giving corporations giant tax breaks will only further hurt small businesses, 85% of which are getting zero benefit from this plan, as they already pay the lowest rate (which is unchanged). Corporations will ultimately just use the money to buy back their own stock, and pay their executives more. Just like they did in the 80s and 2004.

 

Companies create jobs when demand for their goods or services goes up, and middle class Americans are the people overwhelmingly buying those goods and services. Trickle down economics is, and has always been, a complete and utter myth.

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ACA proponents are fighting a losing battle. It was ill conceived garbage from the get. The middle class small business owners and workers made it work until they ran out of money, then they elected Trump to round file it. And he's doing it. MAGA

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