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 91776 times)

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #80 on: December 19, 2017, 06:26:12 PM »
If you really want to help the middle class then just make the first X (50k, 100k or what ever figure you agree on) non-taxable. The rich get the same exact break. So simple if you really cared about the working middle class.
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Offline cholent

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Re: Will your federal taxes be going up or down next year?
« Reply #81 on: December 19, 2017, 06:26:27 PM »
Its only temporary that they should be able to pass it with 51 votes. If it would be permanent then it would cost more than 1.5 trillion and that would require 60 votes.
Of course, they could have accomplished the same thing by doing it the opposite way, making the tax cuts for the middle class permanent and those for corporations temporary
Don't ask stupid questions and you won't get stupid answers

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #82 on: December 19, 2017, 06:29:57 PM »
Of course, they could have accomplished the same thing by doing it the opposite way, making the tax cuts for the middle class permanent and those for corporations temporary
I am willing to bet the cost of the bill would have been a lot less but all of a sudden the R's don't care about the national debt.
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Offline iAm

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Re: Will your federal taxes be going up or down next year?
« Reply #83 on: December 19, 2017, 06:31:01 PM »
We’ll be going down significantly as will any small business owner who has an S Corp or LLC and has to currently pay for any annual profits at their personal income rate instead of letting any of it stay in the business. Also I can’t believe it’s not all over the forums but the senate version enables you to put money into 529 accounts (like an IRA for college expenses) and use that money for day school. If this part stays in the final bill, being able to pay tuition with pre-tax money will mean a ton for frum families!

The Senate parliamentarian has rejected the provision expanding the use of 529 savings accounts for K-12 expenses; though I do agree that this was an overlooked benefit for the yeshiva paying community
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Offline ExGingi

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Re: Will your federal taxes be going up or down next year?
« Reply #84 on: December 19, 2017, 06:40:19 PM »
Correct, if it passes it seems like you could make 100% of tuition state tax free, assuming you pass the money through the 529 to make it eligible for the deduction.

So much for that

Quote
The Senate parliamentarian has determined that several provisions in the Republican tax bill would run afoul of Senate rules, according to a statement Tuesday from Senator Bernie Sanders, a Vermont independent.

One of the provisions in question would have allowed parents to use tax-advantaged 529 accounts to cover expenses of home-schooling their children, the statement said. Another is related to the schools that would be excluded from a new excise tax on private universities’ endowments above a certain threshold.

“In the mad dash to provide tax breaks for their billionaire campaign contributors, our Republican colleagues forgot to comply with the rules of the Senate,” Sanders said. “It is our intention to raise a point of order to remove these provisions from the conference report and require the House to vote on this bill again.”
I've been waiting over 5 years with bated breath for someone to say that!
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Re: Will your federal taxes be going up or down next year?
« Reply #85 on: December 19, 2017, 06:52:14 PM »
If you really want to help the middle class then just make the first X (50k, 100k or what ever figure you agree on) non-taxable. The rich get the same exact break. So simple if you really cared about the working middle class.
Republican ideology is that everyone should pay at least SOME taxes so that they have some skin in the game.
Feelings don't care about your facts

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Re: Will your federal taxes be going up or down next year?
« Reply #86 on: December 19, 2017, 06:55:56 PM »
A VAT will tax a higher percentage of the income of the lower classes since they spend more of their income unless distinctions are made for types of consumption. It taxes productivity more so than income in a sense since it is the economic activity itself.

Who enacts it has little to do with how it ends up. The current income tax system was enacted at 1%. Once it is enacted with bipartisan support now the spenders can do with it as they please.
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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 #87 on: December 19, 2017, 06:58:02 PM »
Republican ideology is that everyone should pay at least SOME taxes so that they have some skin in the game.
Everyone pays SOME taxes. We are taxed so many different ways they don't have to worry about that.

Who do you think needs the tax cuts more, middle class or upper class. Leave politics out of it.
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Re: Will your federal taxes be going up or down next year?
« Reply #88 on: December 19, 2017, 06:58:33 PM »
My parents taught me the haves should help the have-nots. This bill does the opposite.

You keep claiming the middle class is getting a big tax cut. What is big in your mind then we will figure out how much corporations are getting.
Should they be help through the tax code with every lobbyist taking their cut or in other ways?
Feelings don't care about your facts

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Re: Will your federal taxes be going up or down next year?
« Reply #89 on: December 19, 2017, 07:00:22 PM »
Everyone pays SOME taxes. We are taxed so many different ways they don't have to worry about that.

Who do you think needs the tax cuts more, middle class or upper class. Leave politics out of it.
My comment was very specific to your suggestion that income taxes start at a higher level. That would mean that a high percentage of the country would pay no income tax. That is against R ideology whether you call it politics or not.
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 #90 on: December 19, 2017, 07:01:33 PM »
Should they be help through the tax code with every lobbyist taking their cut or in other ways?
Isn't that what we have now? Give the middle class the crumbs and hope they don't see the rich eating the whole loaf of bread?  :)
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Re: Will your federal taxes be going up or down next year?
« Reply #91 on: December 19, 2017, 07:02:07 PM »
No one is saying it ONLY helps the rich. The rich and corporations benefit the must. If you believe that is the way it should be that is fine. Don't try and sell this tax bill as a low/middle/working class tax bill. That is all I am saying. This is a R's tax bill so we expect for the rich to benefit the most. Just stop with the BS to try and sell it. Just look at the temporary and permanent parts of the tax bill.
During the campaign Trump promised 4 tax cuts. One for the middle class, one for corporations, to eliminate AMT, to eliminate the estate tax. All are in this bill.
Feelings don't care about your facts

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Re: Will your federal taxes be going up or down next year?
« Reply #92 on: December 19, 2017, 07:02:47 PM »
Isn't that what we have now? Give the middle class the crumbs and hope they don't see the rich eating the whole loaf of bread?  :)
Explain how.
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 #93 on: December 19, 2017, 07:03:18 PM »
My comment was very specific to your suggestion that income taxes start at a higher level. That would mean that a high percentage of the country would pay no income tax. That is against R ideology whether you call it politics or not.
I guess I missed that part of the R's ideology. They feel a family of 4 making 30k/yr should pay some income tax?
I just found a new supply of forks!

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Re: Will your federal taxes be going up or down next year?
« Reply #94 on: December 19, 2017, 07:04:04 PM »
Of course, they could have accomplished the same thing by doing it the opposite way, making the tax cuts for the middle class permanent and those for corporations temporary
Tactically this makes more sense since the cuts for middle are more likely to be made permanent at a later date.
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 #95 on: December 19, 2017, 07:05:35 PM »
Tactically this makes more sense since the cuts for middle are more likely to be made permanent at a later date.
That's not why they did it!!!
I just found a new supply of forks!

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Re: Will your federal taxes be going up or down next year?
« Reply #96 on: December 19, 2017, 07:06:00 PM »
I guess I missed that part of the R's ideology. They feel a family of 4 making 30k/yr should pay some income tax?
That is my understanding. Maybe they should get it all back in a different way, but they feel that by having people who pay nothing it makes it easier for people to vote that other's money should be confiscated and go to them.
Feelings don't care about your facts

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Re: Will your federal taxes be going up or down next year?
« Reply #97 on: December 19, 2017, 07:06:23 PM »
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 #98 on: December 19, 2017, 07:07:51 PM »
That is my understanding. Maybe they should get it all back in a different way, but they feel that by having people who pay nothing it makes it easier for people to vote that other's money should be confiscated and go to them.
You are starting to understand this tax bill without even realizing it.
I just found a new supply of forks!

Offline ChaimMoskowitz

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I just found a new supply of forks!