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Old 11-17-2017, 11:26 AM
 
Location: Living rent free in your head
30,998 posts, read 13,571,153 times
Reputation: 22083

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Quote:
Originally Posted by 1grin_g0 View Post
The bottom line is that your average American household will pay less taxes under the GOP plan. I doubt that 13.8 million will see a tax increase, but even if they do, this plan is still an improvement over the current code.
Please tell us "how" this is an improvement over the current code? I am curious to know which provisions you think will help the middle class - and please include the changes that will occur after the tax cuts expire.

Here, I will help you get started:

"Tax increases for households earning $10,000 to $30,000 would start in 2021 and grow sharply from there, JCT found. By 2027, most Americans earning $75,000 a year or less would be forced to pay more in taxes, while people earning more than $100,000 a year would continue to pay less. The report generated intense debate on Capitol Hill."
https://www.washingtonpost.com/news/...nl_most&wpmm=1

Last edited by 2sleepy; 11-17-2017 at 11:36 AM..
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Old 11-17-2017, 11:27 AM
 
Location: Crooklyn, New York
28,252 posts, read 26,226,229 times
Reputation: 11711
Quote:
Originally Posted by 1grin_g0 View Post
The bottom line is that your average American household will pay less taxes under the GOP plan. I doubt that 13.8 million will see a tax increase, but even if they do, this plan is still an improvement over the current code.
The GOP tax plan will blow a hole in the deficit. How is that an improvement?
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Old 11-17-2017, 12:32 PM
 
1,400 posts, read 588,195 times
Reputation: 805
Quote:
Originally Posted by 2sleepy View Post
Please tell us "how" this is an improvement over the current code? I am curious to know which provisions you think will help the middle class - and please include the changes that will occur after the tax cuts expire.

Here, I will help you get started:

"Tax increases for households earning $10,000 to $30,000 would start in 2021 and grow sharply from there, JCT found. By 2027, most Americans earning $75,000 a year or less would be forced to pay more in taxes, while people earning more than $100,000 a year would continue to pay less. The report generated intense debate on Capitol Hill."
https://www.washingtonpost.com/news/...nl_most&wpmm=1
The child tax credit is supposed to increase from $1,000 to $2,000 per child. At the 12% bracket, a $1,000 credit equates to roughly $8,000 in deductions. A middle class family with 3 kids would get $3,000 more in child tax credits, that equates to roughly $24,000 in deductions at the 12% bracket. That is in addition to the 24k standard deduction.
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Old 11-17-2017, 03:49 PM
 
Location: Salisbury,NC
10,562 posts, read 4,409,775 times
Reputation: 4662
The Senate bill and the deficit it creates sets off automatic cuts in spending. The GOP has not told anyone this as they will then cut SS and Medicare..

Enjoy the tax cut which will cost most people more then they safe. Remember which group is retiring and the fact that, due to the GOP depression of 2007-2009, will have much less then they thought.
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Old 11-17-2017, 03:53 PM
 
23,064 posts, read 12,285,205 times
Reputation: 7303
Upper middle class will probably not see any benefit to this tax bill and probably will spend more.

And I know folks say any money in your pocket is good but let's keep this real. If you are making 59K a year and your net gain from all of this -- is $4/day....your economic status is not going to change.

Health care costs are going to sky rocket with or without Obamacare. You have insurance companies already saying that if Obamacare is repealed they have anticipated they will have to raise their rates in some areas. (I'm so confused by this given that we are told with Obamacare they have to raise rates -- do we see a pattern here?).

That 4/day is going to mean nothing.
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Old 11-17-2017, 04:10 PM
 
7,698 posts, read 4,557,747 times
Reputation: 8386
Quote:
Originally Posted by 1grin_g0 View Post
The child tax credit is supposed to increase from $1,000 to $2,000 per child. At the 12% bracket, a $1,000 credit equates to roughly $8,000 in deductions. A middle class family with 3 kids would get $3,000 more in child tax credits, that equates to roughly $24,000 in deductions at the 12% bracket. That is in addition to the 24k standard deduction.
The 12% tax bracket is families earning under 45,000 a year. A family earning less than 45K, with three children isn’t paying taxes anyway. It is also, by no means, a typical American family. Nice try though.
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Old 11-17-2017, 05:01 PM
 
Location: Houston
1,614 posts, read 563,836 times
Reputation: 1405
Quote:
Originally Posted by shaker281 View Post
https://finance.yahoo.com/news/chair...085221743.html

"Promoted as needed relief for the middle class, the Senate Republican tax overhaul actually would increase taxes for some 13.8 million moderate-income American households, a nonpartisan analysis showed Monday."

" There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have steeper tax bills."

"Barging into the carefully calibrated work that House and Senate Republicans have done, President Donald Trump called for a steeper tax cut for wealthy Americans and pressed GOP leaders to add a contentious health care change to the already complex mix."

Eliminating the personal exemptions and SALT, plus limiting the mortgage interest deduction means that if you presently itemize in excess of $16K (much worse if you have more than two exemptions), you will probably be paying more. And don't expect the elimination of the deduction for property tax and mortgage interest above 10K to help already stagnating housing prices.

Let's say you are married and have two kids and take the standard deduction of $12,600, add your exemptions ($16,200) and you are at $28,800. Your "new" amount will be $24,000 as a standard deduction.

Apparently this "tax cut" is nothing more than a transfer of wealth to the most wealthy taxpayers and corporations.

What I cannot understand is after years of calling for reduced spending and "smaller government" and with complete control of both houses, why is the 2018 GOP Senate budget awash in red ink to the tune of $440 billion. And somehow they imagine that cutting revenues will "fix" this problem!
No MORE child tax credits!!!! Pay for your own kids!!
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