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You're just blabbering. You said raising the standard deduction hurts religious people who "tithe" (donate a part of their salary to the church). It doesn't. It's not like they will pay more taxes as a result. Your post makes no sense, now you're changing goal posts and blabbering hoping I'll lose the plot. I won't old timer.
I made more money, paid more in taxes and am getting back 1/3 the amount I got last year!
SOOOOOO HAAAPPPPY your rich 1% buddies got a tax break, they REEEAAAALLY need it.
Congrats however, now I know I'm voting for ANYONE but Trump.
Op, your post is funny. Think of it this way.... when people complained about Obamacare because their insurance premiums skyrocketed did you care when they complained? When people's taxes went up because of Obamas tax increase did you care? So why is it that you think they care about you?
You're just blabbering. You said raising the standard deduction hurts religious people who "tithe" (donate a part of their salary to the church). It doesn't.
You did it again. No one said that. You put words into people's mouths and then argue against them. Its called a straw man argument, - a fallacy. The point (which flies a mile over your head) is that it will hurt the recipients of charitable contributions.
You did it again. No one said that. You put words into people's mouths and then argue against them. Its called a straw man argument, - a fallacy. The point (which flies a mile over your head) is that it will hurt the recipients of charitable contributions.
Excuse me, but you really did say "charitable donations are not deductible" and he really did say "this hurts religious people who tithe." No words in anyone's mouth. I'm not your mother. I owe nothing to you. So when you say wrong crap, I call it. And I won't do it nicely if I don't like you, which quite frankly, is everyone in PC section.
I wish it was that simple, because then the consumers might have benefited from the corporate tax cuts, but they didn't. Prices didn't change, sales tax didn't change.
Do you have a 401k? Money in stocks? That went up. Investments went up. Wages went up. Unemployment went down. So how does a corporate tax cut not help?
You are the one that is not making sense. I created an example below.
In future years, many donors will reduce their giving because in my 2019 example, they can donate zero to charity and still receive the exact same $25,000 standard deduction. Over the long term, charitable contributions are going to substantially decrease. I know the retort is going to be that people should be donating without needing a tax deduction, but we are living in the real world and we know it will happen.
To address your claim that donors will not be hurt by raising the standard deduction. You are totally wrong, if someone continues to donate at the same level but they get the same standard deduction as if they did not donate, they are being hurt. The amount of the hurt would be their marginal tax rate x donation amount. So a tither or other donor would see total out of pocket costs increase unless they reduced their donations to compensate.
Thanks for taking the time. It's obviously that millions will have similar situations...I know I do myself, that is I am using the standard deduct so whether or not the math works one way or the other (often impossible to suss out...too many variables), the perception is that I don't get a "deal" on money I give away and volunteer work I do (car mileage, etc.).
I happen to have retired from most day-to-day business ventures and have the time to share so it doesn't change my actual working volunteer hours (the lack of mileage, etc.).
BUT, it does and did change my actual financial giving. That's just the way it is....next thing Nomad will tell us that 7500 EV credits don't help sell Electric cars!
What the hell are you blabbering about? If you give to charity in 2017, there is no way you will pay more in taxes in 2018 due to a standard deduction increase. Got that Einstein? Do you need to that spelled out for you?
If in 2017, someone itemized their deductions totaling 8,000 due to charity donations and possible other things, in 2018 they'd take a standard deduction of 12,000 which is 4,000 more than what they got in 2017.
They're not penalized for giving to charity. Why would some religious person be "hurt"? What you're saying is if the religious person realizes their itemized deductions are not above 12,000, they have no incentive to give to charity, first of all that kind of defeats their purpose of being a religious person, but second of all this does not hurt them!
If anything they have more money now to give to charity. Why would some idiot who gives $1,000 to charity change his behavior due to this? Is he too stupid to realize that even if he itemizes this deduction, he would probably only get between 15-20% of it back?
In 2017 the standard deduction was $6350 and the personal exemption was $4050 for a total of $10,400 for a single filer. The $4050 could be added to the deductible items on an itemized return, so $8,000 would end up being $12050, subtract the old standard deduction from that and $5,700 would be deductible. Now only deductible expenses over $12,000 can be deducted. One of the groups most impacted by that are large families, especially those with kids over 16 because they lost that $4050 for every family member which for a family of 5 would be $20,250. Many seniors are impacted too, particularly those with large medical expenses but it's ok because we are making America great again for our corporate masters so what else matters?
Do you have a 401k? Money in stocks? That went up. Investments went up. Wages went up. Unemployment went down. So how does a corporate tax cut not help?
The market ended in the red for 2018, so most 401K investors saw very little gains. Worst year in a long time. Unemployment saw practically no change (0.2%). So, no it didn't really help.
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