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Old 02-06-2019, 06:32 AM
 
2,589 posts, read 1,813,460 times
Reputation: 3402

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Quote:
Originally Posted by Spanky25 View Post
Basic economics.
I’m about even overall. More in my paycheck each week, however got a few grand less in return because of SALT. Overall, I’m about even. All goes back to this (posted by another poster here)

“Your 2 counties out of over 3100+ in the country why do you think the federal government singled you out, the world doesn't revolve around LI.”

Again, NOT the Federal Governments fault for outrageous COUNTY taxes.

MOST IMPORTANTLY.....My portfolio is WAY up because of the economy. The few grand in tax returns is peanuts compared to the increase in net the worth within my 401k
If you are "about even overall" how does that reflect a tax cut?! A break-even tax cut?!

Yes, portfolios are doing great over the last 10 years (except for last year). "Thanks, TrumpBama!"
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Old 02-06-2019, 06:32 AM
 
2,771 posts, read 4,510,049 times
Reputation: 2238
Quote:
Originally Posted by long isle View Post
Some posters are clueless. “ I got more in my paycheck but, my return was less. It evened out.” Yea, that’s not a tax cut. Plus your extra in your paycheck ends this year and the tax man is still gonna get you at returns. Tax increase?

Also if you’re 401k was up this quarter, then we know you don’t have one. I was down over 50k this quarter with a strong economy. Can’t wait to see what happens next!!
Your right it’s not a tax cut, SUFFOLK COUNTY, ILL REPEAT SUFFOLK COUNTY has my tax dollars.

If you’re basing your 401k on quarterly performance, you might want to consider a CD. Especially down 50k A little key to investing, two words “Cost Basis”
I’m down too, MUCH MORE. big deal.....so I made 12% instead of 16%, over the last 2 years. goes down again, who cares....so I’ll make 10%.....GOES DOWN AGAIN, I’ll make 8% BASIC ECONOMICS
And if goes lower.....LOAD UP THE TRUCK! Buy low, sell high, the basics of investing.

Last edited by Spanky25; 02-06-2019 at 07:00 AM..
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Old 02-06-2019, 12:42 PM
 
Location: Nassau County
5,285 posts, read 4,729,826 times
Reputation: 3979
Quote:
Originally Posted by long isle View Post
Some posters are clueless. “ I got more in my paycheck but, my return was less. It evened out.” Yea, that’s not a tax cut. Plus your extra in your paycheck ends this year and the tax man is still gonna get you at returns. Tax increase?

Also if you’re 401k was up this quarter, then we know you don’t have one. I was down over 50k this quarter with a strong economy. Can’t wait to see what happens next!!
What are you talking about? the individual tax cut dosent end until 2025.
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Old 02-06-2019, 12:45 PM
 
Location: Nassau County
5,285 posts, read 4,729,826 times
Reputation: 3979
Quote:
Originally Posted by Spanky25 View Post
No tax cut? That’s strange. My entire family got a few bucks more per pay period. A few hundred more per month for my wife & I
Yep I got several hundred more per month.
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Old 02-06-2019, 12:49 PM
 
Location: Nassau County
5,285 posts, read 4,729,826 times
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Quote:
Originally Posted by isles08 View Post
What does that prove? You don't know what your tax burden for the past year is until your do your tax return. What is taken out of your paycheck is an estimate based on the number of allowances you claim in your w4.

Are you one of those adults that really has no idea how your taxes work? You could see less tax taken our of each paycheck meanwhile you owe more tax for the year; likewise you could see more tax taken out of each paycheck but owe less for the year.

When you do your return, you will see how much tax you payed for the year. You will also see what you should have paid. The delta determines if you get a refund or owe even more when you file. To determine how the law affects you, you need to compare your tax owed last year vs this year and see what rate that resolves to.
I did my return monday, I look to maximize my paycheck and be even at return time, this year because of the withholding changes I had to pay a few hundred (can be easily fixed for next year). Overall tax wise I paid several thousand less in taxes than in 2017. So for me at least it was a tax cut.
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Old 02-06-2019, 01:04 PM
 
Location: Brooklyn, New York
5,441 posts, read 5,669,908 times
Reputation: 6033
Quote:
Originally Posted by rocafeller05 View Post
All I know is there are apartment buildings being built all over LI right now. Someone is renting them or they wouldn’t keep throwing them up.
They practically build nothing compared to the amount of housing stock on LI. Those few projects you are talking about are barely offsetting natural depreciation/dilapidation of general housing stock.
Long Island builds less housing per capita than Detroit. Your local taxes will keep going up, since the local taxbase is shrinking, and you keep voting to expand local government.
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Old 02-06-2019, 01:34 PM
 
2,684 posts, read 2,300,574 times
Reputation: 3040
Quote:
Originally Posted by Gantz View Post
They practically build nothing compared to the amount of housing stock on LI. Those few projects you are talking about are barely offsetting natural depreciation/dilapidation of general housing stock.
Long Island builds less housing per capita than Detroit. Your local taxes will keep going up, since the local taxbase is shrinking, and you keep voting to expand local government.
Depends on the towns. The nicer areas, small homes get torn down and 950k-1.6m new homes get built. The nice areas keep getting nicer and the crappy ones get crappier.
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Old 02-06-2019, 03:10 PM
 
2,771 posts, read 4,510,049 times
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Quote:
Originally Posted by peconic117 View Post
Yep I got several hundred more per month.
Exactly! Imagine how much more we’ve have if our property taxes were equivalent to the national average?
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Old 02-06-2019, 05:26 PM
 
983 posts, read 719,288 times
Reputation: 662
Quote:
Originally Posted by Spanky25 View Post
Exactly! Imagine how much more we’ve have if our property taxes were equivalent to the national average?
Nothing in NY is close to the national average. It'll never be.
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Old 02-06-2019, 07:34 PM
 
6,383 posts, read 13,112,839 times
Reputation: 4658
Not going off topic with this, you can start a new thread if you want.

But comparing LI construction to Detroit is comparing apples to oranges. Where do you expect people to build houses out here? We’re on a island that’s already over developed for crying out load.



[quote=Gantz;54361804]They practically build nothing compared to the amount of housing stock on LI. Those few projects you are talking about are barely offsetting natural depreciation/dilapidation of general housing stock.
Long Island builds less housing per capita than Detroit. Your local taxes will keep going up, since the local taxbase is shrinking, and you keep voting to expand local government
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