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Their daycare is 3k. Mine is 30K. Taking that off the top of my salary starts to even that playing field. I don't get why COL is not a factor. All I'm asking for is their 3K max, not mine. Maybe in the future we will come out way ahead, but who knows what will happen.
It's your choice to live in a high COL locality/state. No one is forcing you to do so. COL has never been considered in either local, state, or federal tax code, so I have no idea why you would expect anything otherwise.
Case in point... if housing is expensive and incomes are high in a specific area, WHY do the local/state taxing bodies add insult to injury by levying high taxes on top of inflated housing prices and incomes? Why not lower the tax rates so that the high housing value doesn't punitively impact residents' real estate tax bills, and the high incomes needed to match the high COL doesn't punitively impact the state income tax bill of those earning inflated incomes?
You are missing the point. Again.
It's not about ME or YOU for this matter.
It's a question of HOW MANY people were affected by these new tax laws in a negative way.
Because this particular factor might change people's voting preferences.
Getting a lower tax refund but having less in taxes withheld throughout the year is what's going on. Sadly, most people are too ignorant to realize the net effect of that is that their total effective federal income tax rate is lower. All they see is that their tax refund is lower which is completely meaningless in the case of a lower effective federal income tax rate.
Anyone can compute their effective federal income tax rate by dividing their total tax by their AGI. On the 2017 US 1040, that's the amount on line 63 divided by the amount on line 37. On the 2018 US 1040, that's the amount on line 15 divided by the amount on line 7.
Don't worry cause people still believe trickle down economics work after all these years showing it doesn't.
The majority of the middle class has much more in common with the poor than the extreme rich yet the middle class attacks the poor - true to form cause this is exactly what the extreme rich want.
at the end of the day the middle class will never learn.
They will never learn. It is astounding the percentage of working poor - not even middle class - I've met who hate "the poor" while being too ignorant to realize two things: 1) They are poor! 2) All of us are "poor" from the perspective of those who run the nation, and we're all one long job loss away from poverty.
Reminds me of the right-wing idiot I know who, aside from demanding theocracy and similar drivel, hates "all them poor people on government handouts" while at the same time admitting that he grew up on "government cheese" and the EXACT SAME "HANDOUTS" because - guess what? - he was (and still is) poor?! Hypocritical morons... They honestly think that they and their family are "noble working poor," but those people up the roads - all of them, and especially any who are different in skin color, faith, etc - are "bums." Ignorance knows no boundaries with them, sadly.
Getting a lower tax refund but having less in taxes withheld throughout the year is what's going on. Sadly, most people are too ignorant to realize the net effect of that is that their total effective federal income tax rate is lower. All they see is that their tax refund is lower which is completely meaningless in the case of a lower effective federal income tax rate.
Anyone can compute their effective federal income tax rate by dividing their total tax by their AGI. On the 2017 US 1040, that's the amount on line 63 divided by the amount on line 37. On the 2018 US 1040, that's the amount on line 15 divided by the amount on line 7.
Agreed. As I said when it was passed into law, Trump's "tax break" is basically a glorified pay-day loan scam. "Get YOUR money now!" long-term consequences be danged. The only people who benefit substantially are the rich and corporations who get large, permanent tax breaks; the ones meant to buy votes from the gullible will expire soon enough. Sadly. Trumpers don't care; they won't accept the facts that they were hoodwinked by a professional con-artist, and they will no doubt blame "Obama" or somehow the Democratic House for what happened... hopeless... utterly hopeless.
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