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Find out if your taxes are going up or down (1 Viewer)

I rarely watch the news anymore. Rarely read any news anymore.

But if all the people in the politics subforum who have been posting the exact opposite of what this calculator has shown most of us could drop in here and explain why they're totally wrong that would be awesome

 
Cowboysfan8 said:
I rarely watch the news anymore. Rarely read any news anymore.

But if all the people in the politics subforum who have been posting the exact opposite of what this calculator has shown most of us could drop in here and explain why they're totally wrong that would be awesome
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everyone knows the ffa is filled with big ballers.   the politics subforum is filled with altruistic folks who are concerned about the little guy and the country as a whole.   

 
Doctor Detroit said:
You're not even remotely good at being a troll.  The stupid just sweats out of your keyboard, congrats.  
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:lmao:

Just looked up the thread.

You are clearly angry, so I assume the sense I'm making will go right over your head.  Tax cuts are popular, it will help Trump in many people's minds if he can deliver them.

eta - The name calling on message boards is awesome though.  I almost spit out my beer.

 
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Cowboysfan8 said:
I rarely watch the news anymore. Rarely read any news anymore.

But if all the people in the politics subforum who have been posting the exact opposite of what this calculator has shown most of us could drop in here and explain why they're totally wrong that would be awesome
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And why is the evening news reporting on one negative aspect and then finishes with "a bill designed to give tax cuts to corporations and the rich"  Are 95% of the people in this thread "rich"?

PS. No one from the political forum will find this thread, their obsession doesn't let them get out much.   

 
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Does this calculator take into account cost of paying health care premiums with take home pay?

Aren't they ending that deduction?

 
tonydead said:
And why is the evening news reporting on one negative aspect and then finishes with "a bill designed to give tax cuts to corporations and the rich"  Are 95% of the people in this thread "rich"?

PS. No one from the political forum will find this thread, their obsession doesn't let them get out much.   
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Agreed

And disagree, they'll see it, just ignore it imo 

 
Intersting.  Plugged various incomes in for my situation.  If I make 0-40k I pay more, 40-100k I pay less, 100k to 120k I pay more, above that I pay less.

Either this plan is ####ed up or the current plan in ####ed up.  Hell, both are.

 
Cowboysfan8 said:
I rarely watch the news anymore. Rarely read any news anymore.

But if all the people in the politics subforum who have been posting the exact opposite of what this calculator has shown most of us could drop in here and explain why they're totally wrong that would be awesome
Click to expand...
The assumption they are making is that the downside (deficit increase, spending cuts, healthcare increases, companies not actually using the break to increase jobs/wages, etc) outweighs the benefits.

They are ignoring the obvious - people seeing their taxes go down will make them happy.  If everyone's paycheck went up a couple thousand dollars tomorrow, not many are asking what the downside is.

If the masses get bigger paychecks tomorrow, Trump will suddenly be a popular guy.

 
matuski said:
The assumption they are making is that the downside (deficit increase, spending cuts, healthcare increases, companies not actually using the break to increase jobs/wages, etc) outweighs the benefits.

They are ignoring the obvious - people seeing their taxes go down will make them happy.  If everyone's paycheck went up a couple thousand dollars tomorrow, not many are asking what the downside is.

If the masses get bigger paychecks tomorrow, Trump will suddenly be a popular guy.
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The majority of people aren't getting that big of a cut.   

 
NutterButter said:
matuski said:
The assumption they are making is that the downside (deficit increase, spending cuts, healthcare increases, companies not actually using the break to increase jobs/wages, etc) outweighs the benefits.

They are ignoring the obvious - people seeing their taxes go down will make them happy.  If everyone's paycheck went up a couple thousand dollars tomorrow, not many are asking what the downside is.

If the masses get bigger paychecks tomorrow, Trump will suddenly be a popular guy.
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The majority of people aren't getting that big of a cut. 
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The analysis from the Joint Committee on Taxation shows that while the plan does provide short-term relief to most tax-filers, in the long-run, as some of the provisions such as family flexibility credit are allowed to expire, some families — especially low- and middle-income families would face an increase in their tax bill.
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Yeah, it does provide relief to the majority, but it ain't nowhere near a couple hundred dollars of relief per paycheck as matsuki mentioned.  Maybe those are semi annual paychecks he was referring to.

 
NutterButter said:
Yeah, it does provide relief to the majority, but it ain't nowhere near a couple hundred dollars of relief per paycheck as matsuki mentioned.  Maybe those are semi annual paychecks he was referring to.
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I redid my calculations because my tax status changed slightly, and under the House bill I'll be up $1k but under the Senate down slightly.  I just don't understand why we are adding $1.7 trillion dollars to the debt though.  We've had a nine year bull market, the economy has improved in the same period, and we are at ideal unemployment.  So what happens when the market tanks (because it will), when we have another bubble burst, and we have no way to pay this cut back?  Where have all those fiscal conservatives from 2008 gone? 
 

Office of Management and Budget Director Mick Mulvaney argued earlier this week on CNN's "State of the Union" that increasing the federal deficit is necessary to unlocked the desired economic growth the Trump administration has targeted.

"If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3% economic growth," Mulvaney told CNN.

That represents a shift in public thinking from Mulvaney, who as a member of Congress was one of the most stringent budget hawks. It also stands in contrast to suggestions from other members of the administration, such as Treasury Secretary Steven Mnuchin.

"Not only will this tax plan pay for itself, but it will pay down debt," Mnuchin said at a conference in Washington on September 28.
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Makes you wonder

 
It says I'd save right at one rack either way.

Not sure if I itemize or not though. Frankly, I don't even know what the means. FIL does my taxes. I don't ask questions. I just pay, and go back to washing dishes.

 
If accurate,

House Plan

You'd save $594

Senate Plan

You'd save $1,767

I could finally save for retirement :clap:

 
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I have to admit, it's kind of amazing to me that under the Senate tax bill my tax rate apparently would be just over 0.1%. in the house at least it's over a full percent. 

My kids and grandchildren will appreciate paying our debt. 

 
Are people also checking to see if taking the standard deduction is better if you calculated a loss by itemizing?

A lot of people saying NY homeowners are screwed but:

Itemizing:

House Save $821,

Senate Save $1602

Standard Deduction:

House Save $6960

Senate: Save $7742

 
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jamny said:
Are people also checking to see if taking the standard deduction is better if you calculated a loss by itemizing?

A lot of people saying NY homeowners are screwed but:

Itemizing:

House Save $258,

Senate Save $3099

Standard Deduction:

House Save $9193

Senate: Save $12034
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Dude, how much do you pay in taxes? 

:moneybag:

 
jamny said:
About 41k

I readjusted my calculations after my wife reminded me about how much non-taxable income we have that lowers our total.
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Congrats on doing well. Although if that's NY City it probably doesn't go as far as other places. If that's upstate you're killing it.

 
-OZ- said:
Congrats on doing well. Although if that's NY City it probably doesn't go as far as other places. If that's upstate you're killing it.
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Thanks! Honestly, a good percentage of that is my wife. We both work in Manhattan but live in Queens so it's a little cheaper to live. Plus, our house has been paid off for about 10 years now. Oh, and no kids. :D

 
jamny said:
Thanks! Honestly, a good percentage of that is my wife. We both work in Manhattan but live in Queens so it's a little cheaper to live. Plus, our house has been paid off for about 10 years now. Oh, and no kids. :D
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Basically we're polar opposites. ;)

 
I would save $3,200 in taxes, but pretty sure I would pay that and more for everything else getting thrown out of whack.

 
Osaurus said:
I would save $3,200 in taxes, but pretty sure I would pay that and more for everything else getting thrown out of whack.
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That's where I'm at. 

Basically all of you who have been annoyed at or complained about how the Baby Boomers have ####ed the country should be up in arms about this cut. We are about to bury our kids and grand kids neck deep in ####.

 
House Plan - Lose $3,900

Senate Plan - Save $8,500.  

Go Senate....Before I put in my actual Itemized Deductions, the gap was even bigger.  I'm so sick of taxes...

Looking at the details, it's the lack of the kid deduction (2 in my case) that kills me in the House plan...well, that and the fact that a bigger chunk of income goes at 35%.  

 
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Jobber said:
That's where I'm at. 

Basically all of you who have been annoyed at or complained about how the Baby Boomers have ####ed the country should be up in arms about this cut. We are about to bury our kids and grand kids neck deep in ####.
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Baby boomers love to #### on millenials, but truth be told history will look on them the most unfavorably. They have done worse for the country and the environment than any generation in history. 

 
Says I'd save about $700 on both plans, but doesn't take into account the $7000 hit I'd take under the House plan for treating the college tuition remission my kid gets through my wife's employer as taxable income. 

 
Lose under both. High property taxes are a #####.  For people gaining money be weary of the increase child credit which goes from $1,000 to $2,000 if you have teenagers this temporary tax savings will likely be short lived. 

 
Godsbrother said:
I could handle paying a little more if we were paying down the deficit or providing healthcare to those that can't afford it.  But it really irks me that I am going to be paying more in taxes so corporations and wealthy pay less while the deficit soars.
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That's a nice thought.  But in reality, if everyone's taxed went up 5% more tomorrow, it wouldn't matter.  Congress would blow the money out their butts giving ridiculous contracts to donors to implement some halfass health care bill that benefits 2% of the population, at best.  At the same time finding a way to increase spending by 6% to further increase the debt.

Dems in charge ends up worse for me.  

Reps in charge ends up worse for me.

More gridlock, please.

 
Harry Manback said:
Baby boomers love to #### on millenials, but truth be told history will look on them the most unfavorably. They have done worse for the country and the environment than any generation in history. 
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Born in 1959.  Got my first job when I was 10 on a paper route, worked during high school at a pizza shop, worked during college as computer operator and paid my own education, graduated in 4 years, got married, and have been working ever since.  Raised 3 kids, paid their college education, and all are working.   I've paid into Social Security my entire working career without taking 1 dollar.    Pretty much the same for my 5 siblings.

Sorry we are such screw ups and have messed up your life.

 
Godsbrother said:
Born in 1959.  Got my first job when I was 10 on a paper route, worked during high school at a pizza shop, worked during college as computer operator and paid my own education, graduated in 4 years, got married, and have been working ever since.  Raised 3 kids, paid their college education, and all are working.   I've paid into Social Security my entire working career without taking 1 dollar.    Pretty much the same for my 5 siblings.

Sorry we are such screw ups and have messed up your life.
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Yes you worked hard and did things right. The problem is, your generation has stripped away many of those opportunities you were afforded back then. So Godsbrother born in 1990 would not be as likeky to be livin' the dream like 1959 you.

 
Jobber said:
Yes you worked hard and did things right. The problem is, your generation has stripped away many of those opportunities you were afforded back then. So Godsbrother born in 1990 would not be as likeky to be livin' the dream like 1959 you.
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Exactly what opportunities are you referring to?   I agree that a person (especially white males ) could get a good job coming out of high school with no skills but that isn't the fault of baby boomers.  

 
Jobber said:
That's where I'm at. 

Basically all of you who have been annoyed at or complained about how the Baby Boomers have ####ed the country should be up in arms about this cut. We are about to bury our kids and grand kids neck deep in ####.
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I love how people are up in arms about this now and didn't care 8 years ago and those that don't care now who were losing their minds 8 years ago. 

Let's face it, the only time people care about saddling the next generation with debt is when the others guys are spending money. When their guy is spending money it's no big deal.

News flash, people. All these guys spend and spend and spend and spend. No matter of party affiliation. Even if they say they are fiscally conservative or are deemed tax and spenders. All of them blow our money like a drunken housewife at a sale at Macy's. 

 
Jobber said:
Yes you worked hard and did things right. The problem is, your generation has stripped away many of those opportunities you were afforded back then. So Godsbrother born in 1990 would not be as likeky to be livin' the dream like 1959 you.
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I'm not a boomer. Just want to drop that here before I say this. I'm hearing a whole lot of whining about opportunities that are no longer there. People need to go make those opportunities. They shouldn't wait for someone else to give them to you. Waiting for them to be given to you is a handout. Working hard and getting stuff done is what real opportunity is. 

More people need to live by this adage. There is no such thing as luck. Luck is hard work. I get told all the time how lucky I am with the side business I have. Yeah, the side business is killing it, but that also means me working essentially 2 and now 3 jobs while raising 4 kids. Alas, there are waaaaayyyyy too many people that lament the boomers ruining their lives which is a load of ####. 

 
TheFanatic said:
I love how people are up in arms about this now and didn't care 8 years ago and those that don't care now who were losing their minds 8 years ago. 

Let's face it, the only time people care about saddling the next generation with debt is when the others guys are spending money. When their guy is spending money it's no big deal.

News flash, people. All these guys spend and spend and spend and spend. No matter of party affiliation. Even if they say they are fiscally conservative or are deemed tax and spenders. All of them blow our money like a drunken housewife at a sale at Macy's. 
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Dead-on...it is the Hatfields and the McCoys...

 
Jobber said:
That's where I'm at. 

Basically all of you who have been annoyed at or complained about how the Baby Boomers have ####ed the country should be up in arms about this cut. We are about to bury our kids and grand kids neck deep in ####.
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Same here.  You can keep the $1k you're giving me and let's not take on another $1.5T in debt. 

 
Jobber said:
Yes you worked hard and did things right. The problem is, your generation has stripped away many of those opportunities you were afforded back then. So Godsbrother born in 1990 would not be as likeky to be livin' the dream like 1959 you.
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Harry Manback said:
Baby boomers love to #### on millenials, but truth be told history will look on them the most unfavorably. They have done worse for the country and the environment than any generation in history. 
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Typical for millennials to whine and cry instead of doing something about it.  As if they are automatically entitled to everything.

 
Godsbrother said:
Born in 1959.  Got my first job when I was 10 on a paper route, worked during high school at a pizza shop, worked during college as computer operator and paid my own education, graduated in 4 years, got married, and have been working ever since.  Raised 3 kids, paid their college education, and all are working.   I've paid into Social Security my entire working career without taking 1 dollar.    Pretty much the same for my 5 siblings.

Sorry we are such screw ups and have messed up your life.
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You should be, you literally are destroying this country and environment. Bully for you that you as an individual haven't contributed, but when YOU people bundle millennials into a subgroup you like to #### on, I don't see exceptions made for the "good ones".

Unsurprisingly, the biggest complainers against the "####ification of America" and "Safe Spaces" are the first to cry foul when they feel victimized and embody those same qualities. 

 
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