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Old 12-31-2019, 03:44 PM
 
7,424 posts, read 6,991,617 times
Reputation: 3466

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Quote:
Originally Posted by john620 View Post
A lot of companies raised the minimum wage they pay their employees when the tax cuts were passed. Bank of America at the time promised to raise their minimum wage to $20 by 2020, which they did, even in areas that are low cost of living. So many people benefited from the run up in the market through their retirement accounts. Tax cuts are always a good thing because it means more people keeping more of their own money and spending it how they see fit.
Retail banks also cutting a lot of jobs due to the self help kiosks. That started a while ago. Most of those jobs are probably the very low end on the pay scale like tellers.

Quote:
Originally Posted by Jim1921 View Post
You need to look at averages or comparables. Minimum wage in Manhattan is $15/hr. You can go on Craigslist and find places under $1000 (which are small places similar to your latest link). As said before, a fast food worker should not expect to live on their own in most major cities around the world.
That price can only be found in what be considered a less desirable area, and or is under rent regulation. RE under rent regulations are hard to come by because anyone in there will try hard to not leave, and have first rights to stay.
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Old 01-03-2020, 08:45 AM
 
4,903 posts, read 12,232,669 times
Reputation: 3662
The Trump tax cuts lowered my total federal income tax by a good $2k. Thanks Donald!
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Old 01-04-2020, 11:06 PM
 
27,062 posts, read 29,538,120 times
Reputation: 26472
I agree. They haven't. Unfortunately, people like Elizabeth Warren and Bernie are a different kind of nightmare. They want to increase taxes more. And spend a whole lot more.

Nobody seems to care that we need to raise taxes and/or cut spending because we can't afford the level of government that we already have. Nobody will say that, even though that's the truth.

This is why our economy s*cks. Everyone wants the cure, but nobody wants to take the bitter medicine that will lead to the cure. And neither political party is willing to tell the truth that bitter medicine is needed.
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Old 01-04-2020, 11:19 PM
 
6,126 posts, read 2,717,864 times
Reputation: 18628
Quote:
Originally Posted by CharleyMcGarley View Post
I really wish the crazies would take a moment and actually look at how their favorite "socialist democracies" actually work their tax systems.

I wonder if they realized corporate taxes are much lower than ours (generally 9-13%) and those wonderful programs are funded by the citizens (and EVERYONE pays in).

And don't get me started on how much Europe absolutely LOVES corporate conglomerates..... somehow foreign based mega-companies who don't pay any US corporate tax is the new "ideal".

The fact that cutting the corporate tax has made US-based companies more competitive in the world economy should be of great joy. Right Bernie-bots???

The crazies don't realize that the corporate tax cut went from the high 30% range down to a little below Sweden's.
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Old 01-09-2020, 09:00 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
31,278 posts, read 56,922,179 times
Reputation: 33573
Quote:
Originally Posted by TimtheGuy View Post
The Trump tax cuts lowered my total federal income tax by a good $2k. Thanks Donald!
We, like most middle class people in high cost areas actually pay more federal tax since the "cuts" due to the new standard deduction being less than our previously schedule A deductions (such as our high mortgage interest and property tax amounts). Last year we paid out about $600 in April, the year before we got a refund of $1,800. Not a real significant hit, more of a "first world" problem, but since then I changed my W-4 to come out closer to even.
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Old 01-09-2020, 09:28 AM
 
Location: Living rent free in your head
33,001 posts, read 14,953,372 times
Reputation: 23770
Quote:
Originally Posted by Hemlock140 View Post
We, like most middle class people in high cost areas actually pay more federal tax since the "cuts" due to the new standard deduction being less than our previously schedule A deductions (such as our high mortgage interest and property tax amounts). Last year we paid out about $600 in April, the year before we got a refund of $1,800. Not a real significant hit, more of a "first world" problem, but since then I changed my W-4 to come out closer to even.
We're retired, the tax law cost us around $2,000. Not a big deal but we ended up cancelling a planned vacation to offset it
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Old Today, 03:07 PM
 
4,903 posts, read 12,232,669 times
Reputation: 3662
Quote:
Originally Posted by mysticaltyger View Post
I agree. They haven't. Unfortunately, people like Elizabeth Warren and Bernie are a different kind of nightmare. They want to increase taxes more. And spend a whole lot more.

Nobody seems to care that we need to raise taxes and/or cut spending because we can't afford the level of government that we already have. Nobody will say that, even though that's the truth.

This is why our economy s*cks. Everyone wants the cure, but nobody wants to take the bitter medicine that will lead to the cure. And neither political party is willing to tell the truth that bitter medicine is needed.
Really, the U.S. economy sucks? What planet are you on?
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Old Today, 03:13 PM
 
4,903 posts, read 12,232,669 times
Reputation: 3662
Quote:
Originally Posted by Hemlock140 View Post
We, like most middle class people in high cost areas actually pay more federal tax since the "cuts" due to the new standard deduction being less than our previously schedule A deductions (such as our high mortgage interest and property tax amounts). Last year we paid out about $600 in April, the year before we got a refund of $1,800. Not a real significant hit, more of a "first world" problem, but since then I changed my W-4 to come out closer to even.
You do realize you need to compare how much you PAID in tax and NOT compare what you paid or what your refund was, correct? You know the line that says “This is your total tax”.
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