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I will get about 200 more a month with the tax plan. However, with removing of the personal deductions and the SALT cap I will most likely come out a loser in the long haul. Just have to see how the tax bracket reduction and AMT all work out. Fingers crossed even.
I work for myself and report my own taxes. I'll let you know when I file taxes next year whether or not I saved money. My wife, on the other hand, has already seen an increase of about $100 per paycheck. She gets paid every two weeks, so that's a fairly substantial amount. We're tossing it into savings for now until we see the actual tax rates and calculate how much of it we can put into our retirement accounts.
For those that claim $100 every two weeks is nothing but "crumbs," for some people it's the difference between filling the gas tank and riding on fumes.
In a field making over $100k, no pay raises for anyone at my company due to the tax cuts but we are getting an extra paid holiday, and an increase in 2:1 401k matching. That's around $5,000 / year increase, plus whatever the tax cut ends up being. That should add another few thousand.
It's a hell of lot better than Obamas $40 payroll tax cut that liberals swooned over, but now thousands are considered 'crumbs' or even don't exist according to some deluded libs who can't accept reality.
My husband isn't getting a pay raise, bonus, or anything of that nature from his employer because of the tax increase.
He is almost due for his biannual performance review though, which, if favorable will result in a pay increase, but that's all in the union contract and nothing to do with corporate tax breaks.
Our family will apparently owe less in taxes, and get more back at tax time than we do now for a few years until the tax credits expire (and when they do we will be paying more), but as of right now, there's no change.
Most professional Americans get bonuses and pay increases every calendar year, so this Trump fanboy thread (as usual) makes no sense. It isn't like companies wouldn't give bonuses or pay increaes if anyone else were President. I've received a bonus every year since graduating from college 20 years ago, under four different Presidents.
The tax cuts are temporary and exploding the deficit. They're incredibly stupid and will saddle our children with massive debt and a poorer country.
Quote:
Originally Posted by Mark59
Everyone is getting a tax cut from the top to the bottom.
Record business passing out bonus checks because of Trump.
American is back baby thanks to the election of Donald Trump.
If you do not want your Trump tax cut then donate your money to pay down the 11 trillion dollars of Obama debt.
I'll let you know IF I get a tax cut. IF it's $1.50 a week like Paul Ryan was crowing about - they can keep it.
I don't know anyone like that. Pay increases and bonuses were much better under Obama.
And you're in NJ, so you're gonna pay much more in taxes. The new tax plan brutally punishes prosperous states like NJ. Your income taxes and property taxes are going up, so that foreign corporations, billioanires and moochers in Alabama and Mississippi get your money.
How can someone in NJ support this tax plan, of all places? You like being poorer? Every Republican Rep. from NJ voted against this tax plan, because it targets their constituents.
the same way they support a new governor who promised to raise taxes, create a sanctuary state and give free stuff away.
the same way they vote in governors and legislators who maintain Nj's economic crisis.
Same NJ voters who elected Obama after he said energy prices would skyrocket under his energy plan.
Same voters who each realized a 2,500$ savings Obama promised them
The same nj voters who contacted the whitehouse to tell Obama how much 40$ a paycheck meant to them
"Obama will point people to a new section of the White House website where they can “share what a $40 paycheck means to them.” In addition, he’ll urge them to make use of a new Twitter hashtag, #40dollars."
NJ voters tolerate their state being in last places on lists of best states and first on lists of the worst states.
NJ voters need to wake up and realize the tax plan is working for most of the country. They should be asking why isn't a plan that works for everyone else not working for us. they need to ask their voting choice to explain the problem and provide a solution.
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