Poll

Do you expect your federal taxes to go up or down?

Up
15 (19%)
Down
34 (43%)
Have no idea
30 (38%)

Total Members Voted: 79

Author Topic: Will your federal taxes be going up or down next year?  (Read 91735 times)

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #200 on: December 21, 2017, 11:55:20 AM »
Literally Esau hates Jacob meaning that his children are anti-semites.
Thanks.
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Offline henche

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Re: Will your federal taxes be going up or down next year?
« Reply #201 on: December 21, 2017, 12:05:25 PM »
They have to portray it as middle class tax cut. That is what Trump promised. I personally would like to see a tax cut targeting the middle class. Not a tax cut that relies on trickle down.

http://taxplancalculator.com/

Here's the numbers. Give us a screenshot of what you're complaining about. 

Offline aygart

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Re: Will your federal taxes be going up or down next year?
« Reply #202 on: December 21, 2017, 12:07:12 PM »
http://taxplancalculator.com/

Here's the numbers. Give us a screenshot of what you're complaining about. 
He is upset that in addition to the middle class tax cuts Trump also fulfilled other campaign promises of his.
Feelings don't care about your facts

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #203 on: December 21, 2017, 12:07:33 PM »
Give us a screenshot of what you're complaining about. 
The nonpartisan Tax Policy Center estimates the biggest benefit of the new law will go to households making $308,000 to $733,000. Households making over that should get a tax cut worth 3.4 percent of their after-tax income. For the richest 0.1 percent (making over $3.4 million), the tax cut should be worth 2.7 percent of their after-tax income. For middle-income earners: 1.6 percent, the center estimates.
I just found a new supply of forks!

Offline Dan

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Re: Will your federal taxes be going up or down next year?
« Reply #204 on: December 21, 2017, 12:07:39 PM »
The nonpartisan Tax Policy Center estimates the biggest benefit of the new law will go to households making $308,000 to $733,000. Households making over that should get a tax cut worth 3.4 percent of their after-tax income. For the richest 0.1 percent (making over $3.4 million), the tax cut should be worth 2.7 percent of their after-tax income. For middle-income earners: 1.6 percent, the center estimates.
Maybe in FL/TX.
In CA/NY it's far, far less rosy for the rich.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #205 on: December 21, 2017, 12:08:11 PM »
He is upset that in addition to the middle class tax cuts Trump also fulfilled other campaign promises of his.
Like he will be paying more in taxes?
I just found a new supply of forks!

Offline shaulyaakov

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Re: Will your federal taxes be going up or down next year?
« Reply #206 on: December 21, 2017, 12:08:47 PM »
Current NYC resident. Expecting mine to go down. I rent, so no mortgage interest and no property taxes to worry about. Combination of lower rates + higher standard deduction + higher child credit (1 child) could net me 3-5k depending on how everything shakes out.

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #207 on: December 21, 2017, 12:09:30 PM »
Maybe in FL/TX.
In CA/NY it's far, far less rosy for the rich.
Ture but they are looking at it for all taxpayers.
I just found a new supply of forks!

Offline skyguy918

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Re: Will your federal taxes be going up or down next year?
« Reply #208 on: December 21, 2017, 12:11:24 PM »
Maybe in FL/TX.
In CA/NY it's far, far less rosy for the rich.
I wouldn't be so sure. Remember that the SALT and property deductions were only removed/limited for individual returns.

Offline henche

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Re: Will your federal taxes be going up or down next year?
« Reply #209 on: December 21, 2017, 12:12:11 PM »


Just give us the screenshot that you're complaining about.

Tell us a middle class person, what they make, are they married, do they have kids, a mortgage, etc. And let's run the numbers so you can complain.

Here's my example: Family earns 60k, married, 2 kids, doesn't itemize.  I haven't run the numbers, ready?

Offline aygart

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Re: Will your federal taxes be going up or down next year?
« Reply #210 on: December 21, 2017, 12:12:40 PM »
Like he will be paying more in taxes?
You have yet to find anyone who will pay more taxes due to this bill due to class. Put up or shut up.
Feelings don't care about your facts

Offline henche

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Re: Will your federal taxes be going up or down next year?
« Reply #211 on: December 21, 2017, 12:13:37 PM »
Just give us the screenshot that you're complaining about.

Tell us a middle class person, what they make, are they married, do they have kids, a mortgage, etc. And let's run the numbers so you can complain.

Here's my example: Family earns 60k, married, 2 kids, doesn't itemize.  I haven't run the numbers, ready?

Results are:  Saves $1668, and now pays negative income tax. 

So they're paying negative. How much more of a tax cut do you want than paying zero tax?

Offline henche

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Re: Will your federal taxes be going up or down next year?
« Reply #212 on: December 21, 2017, 12:13:55 PM »
You have yet to find anyone who will pay more taxes due to this bill. Put up or shut up.

FTFY

Offline avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #213 on: December 21, 2017, 12:14:21 PM »
The nonpartisan Tax Policy Center estimates the biggest benefit of the new law will go to households making $308,000 to $733,000. Households making over that should get a tax cut worth 3.4 percent of their after-tax income. For the richest 0.1 percent (making over $3.4 million), the tax cut should be worth 2.7 percent of their after-tax income. For middle-income earners: 1.6 percent, the center estimates.

I already explained why these numbers are meaningless.

To explain why this number is bogus, I'll use an example of a top rate of 90% (not marginal). If someone makes 10k and pays 10% in taxes on it and we cut his rate to 0% his income went up 11.11% and his taxes went down 100%. Whereas someone else who made 1mm and pays 90% in taxes on it, and we cut his rate down to 80%, his after tax income increases 100% but his taxes only decrease by 11.11%. So who got a bigger tax cut
I wonder what people who type "u" instead of "you" do with all their free time.

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #214 on: December 21, 2017, 12:17:17 PM »
You have yet to find anyone who will pay more taxes due to this bill due to class. Put up or shut up.
You made a statement he kept his campaign promises. I asked you a question to see if that was true. As you always do when the answer is not in your favor you avoid it.
I just found a new supply of forks!

Offline henche

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Re: Will your federal taxes be going up or down next year?
« Reply #215 on: December 21, 2017, 12:19:46 PM »
You made a statement he kept his campaign promises. I asked you a question to see if that was true. As you always do when the answer is not in your favor you avoid it.

You have yet to find anyone who will pay more taxes due to this bill due to class. Put up or shut up.

Offline Dan

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Re: Will your federal taxes be going up or down next year?
« Reply #216 on: December 21, 2017, 12:21:22 PM »
I wouldn't be so sure. Remember that the SALT and property deductions were only removed/limited for individual returns.
"Very high-wage earners from high-tax states could see a higher tax bill. A taxpayer earning $3 million in New York City may see a significant tax increase: $44,000 under the Bill, due in part to the loss of significant deductions. A similar taxpayer in Florida would see a tax savings of about $91,000 under the Bill (primarily due to the lower top rate, elongated 35% tax bracket and regaining itemized deductions that are no longer phased-out), according to our preliminary analysis."
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #217 on: December 21, 2017, 12:21:53 PM »

Please stay out of things you know nothing about.
I just found a new supply of forks!

Offline avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #218 on: December 21, 2017, 12:22:19 PM »
You made a statement he kept his campaign promises. I asked you a question to see if that was true. As you always do when the answer is not in your favor you avoid it.
You keep going back to this, why does it bother you if he cut taxes for the rich?

Did he cut taxes for the middle class?? Why does it bother you that someone else gets to keep more of their money??

Is that seriously the campaign promise that's important to you?

I wonder what people who type "u" instead of "you" do with all their free time.

Offline henche

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Re: Will your federal taxes be going up or down next year?
« Reply #219 on: December 21, 2017, 12:23:12 PM »