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 91769 times)

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #140 on: December 19, 2017, 09:19:33 PM »
Lets not forget in 2027 low/middle class will be paying more while the rich of the richest will still be paying less. Remember this is to benefit the middle class.  >:( >:( >:(
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Online avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #141 on: December 19, 2017, 09:23:32 PM »
A household earning $1 million or more would get an average cut of $69,660, an income bump of 3.3 percent. Compare that with the a tax cut of $870, or 1.6 percent, for the average household earning $50,000 to $75,000.


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
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Online avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #142 on: December 19, 2017, 09:24:18 PM »
Lets not forget in 2027 low/middle class will be paying more while the rich of the richest will still be paying less. Remember this is to benefit the middle class.  >:( >:( >:(
It won't happen unless the democrats let the tax cuts expire.
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Will your federal taxes be going up or down next year?
« Reply #143 on: December 19, 2017, 09:25:27 PM »
A household earning $1 million or more would get an average cut of $69,660, an income bump of 3.3 percent. Compare that with the a tax cut of $870, or 1.6 percent, for the average household earning $50,000 to $75,000.


Source? The JTC says otherwise.
Feelings don't care about your facts

Offline syp5

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Re: Will your federal taxes be going up or down next year?
« Reply #144 on: December 19, 2017, 09:26:24 PM »
A household earning $1 million or more would get an average cut of $69,660, an income bump of 3.3 percent. Compare that with the a tax cut of $870, or 1.6 percent, for the average household earning $50,000 to $75,000.


Based on what your saying there is a bigger tax cut percentage wise as well for the upper class. @avromie7 seemed to be saying the opposite.. though the chart above does seem to line up closer to what your saying...

Online avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #145 on: December 19, 2017, 09:38:36 PM »


Based on what your saying there is a bigger tax cut percentage wise as well for the upper class. @avromie7 seemed to be saying the opposite.. though the chart above does seem to line up closer to what your saying...

The percentage that he uses is NOT the tax cut, it's the increase in after tax income.
As far as the chart, the numbers are skewed because they consider not taking advantage of the tax credit for buying health insurance to be a net tax increase even though taxes were never increased, rather the individual was given a choice whether or not they want to buy insurance.
I wonder what people who type "u" instead of "you" do with all their free time.

Online avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #146 on: December 19, 2017, 09:40:46 PM »
Lets not forget in 2027 low/middle class will be paying more while the rich of the richest will still be paying less. Remember this is to benefit the middle class.  >:( >:( >:(
If that's the democrats big issue with the tax plan, why don't they vote alongside the republicans to make the income tax cuts permanent instead of leaving the republicans to work around the Senate budget rules.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline syp5

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Re: Will your federal taxes be going up or down next year?
« Reply #147 on: December 19, 2017, 09:56:46 PM »

The percentage that he uses is NOT the tax cut, it's the increase in after tax income.
As far as the chart, the numbers are skewed because they consider not taking advantage of the tax credit for buying health insurance to be a net tax increase even though taxes were never increased, rather the individual was given a choice whether or not they want to buy insurance.
Approximately what percent would the healthcare tax credit amount to in regard to the tax rate?
« Last Edit: December 19, 2017, 10:05:42 PM by syp5 »

Offline Work-for-ur-muny

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Re: Will your federal taxes be going up or down next year?
« Reply #148 on: December 20, 2017, 12:43:30 AM »
This bill sucks!!! Is that clear enough for you?
So does this one!  :P


Offline churnbabychurn

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Re: Will your federal taxes be going up or down next year?
« Reply #149 on: December 20, 2017, 08:53:04 AM »
So does this one! 


I think this bill is awesome!

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #150 on: December 20, 2017, 10:33:08 AM »
This sums up the R's claims about the tax bill.

Savannah Guthrie to Paul Ryan: ‘Are you living in a fantasy world?’
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Online shapsam

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Re: Will your federal taxes be going up or down next year?
« Reply #151 on: December 20, 2017, 10:38:33 AM »
This sums up the R's claims about the tax bill.

Savannah Guthrie to Paul Ryan: ‘Are you living in a fantasy world?’
"Obviously those who prepared notes for @SavannahGuthrie failed to realize that stock buy backs usually drive stock prices up and “shareholders” gaining from it are 50% Americans who are one way or the other invested in the stock market. cc @PRyan"

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Re: Will your federal taxes be going up or down next year?
« Reply #152 on: December 20, 2017, 10:40:22 AM »
This sums up the R's claims about the tax bill.

Savannah Guthrie to Paul Ryan: ‘Are you living in a fantasy world?’

This sums up CM's claims about the tax bill

https://twitter.com/KimStrassel/status/943500610904629248
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Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #153 on: December 20, 2017, 10:47:59 AM »
"Obviously those who prepared notes for @SavannahGuthrie failed to realize that stock buy backs usually drive stock prices up and “shareholders” gaining from it are 50% Americans who are one way or the other invested in the stock market. cc @PRyan"
...and how much of that 50% is low/middle income families?

‘Are you living in a fantasy world?’
« Last Edit: December 20, 2017, 10:53:18 AM by ChaimMoskowitz »
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Online avromie7

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Re: Will your federal taxes be going up or down next year?
« Reply #154 on: December 20, 2017, 11:04:23 AM »
...and how much of that 50% is low/middle income families?
Let's first start with the question of what percentage of Americans are "rich" 1%? 2%? That would mean that 48/50 is low/middle.
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 #155 on: December 20, 2017, 11:05:28 AM »
Here is the math Trump used for the tax bill. What a complete idiot.

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Offline rs242

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Offline skyguy918

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Re: Will your federal taxes be going up or down next year?
« Reply #157 on: December 20, 2017, 04:17:56 PM »
http://www.thelakewoodscoop.com/news/2017/12/how-does-the-new-tax-plan-affect-you-heres-a-breakdown-by-isaac-tawil.html
Tax bill breakdown from a accountant.
There's a clear, heavy partisan slant. Some of the items are straight facts, which you'd want an accountant to parse for you, but others are essentially opinion.

He also left out 529.

Online shapsam

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Re: Will your federal taxes be going up or down next year?
« Reply #158 on: December 20, 2017, 04:24:48 PM »
There's a clear, heavy partisan slant. Some of the items are straight facts, which you'd want an accountant to parse for you, but others are essentially opinion.

He also left out 529.
Which part is opinion?

Offline ChaimMoskowitz

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Re: Will your federal taxes be going up or down next year?
« Reply #159 on: December 20, 2017, 04:29:26 PM »
Which part is opinion?
Listed under benefits.
7. REPEAL OF THE INDIVIDUAL MANDATE – Awesome! You will no longer be penalized for not purchasing health insurance.
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