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Have you thought about why you “don’t think his policies are overal good for the vast majority of the country?”
If it is because of what you hear or read from the news, then you should at least be aware that the news you are getting your information from is biased. Surely, you have to know that most of the mainstream media (as well as Hollywood and many other areas of society, like colleges and universities) are liberal, right?
Of course they are NEVER going to show anything that is positive for a republican, especially one that the Left hates so much, like Trump.
All this baloney about the taxes cuts are for the rich are just that, baloney. That’s the media (and the Left) usual tactic is to say it is for the rich and hurt the poor.
Fact is, the poor never pays income taxes and they will continue to not pay taxes with this plan. The difference is that this plan will reduce taxes for just about everyone else as well, which obviously includes the middle class, the wealthy, corporations, etc. The idea is that the reduction in taxes will result in people and companies re-investing (or spending) the money they saved back into the economy.
What the federal government loses in all the tax cuts they will make back in overall higher tax revenue due to higher incomes for everyone due to the stronger economy.
That’s the whole idea but the liberal media will never tell you that.
It is clear to anyone you neither understand economics, history, nor what the tax plan does.
Have you thought about why you “don’t think his policies are overal good for the vast majority of the country?”
If it is because of what you hear or read from the news, then you should at least be aware that the news you are getting your information from is biased. Surely, you have to know that most of the mainstream media (as well as Hollywood and many other areas of society, like colleges and universities) are liberal, right?
Of course they are NEVER going to show anything that is positive for a republican, especially one that the Left hates so much, like Trump.
All this baloney about the taxes cuts are for the rich are just that, baloney. That’s the media (and the Left) usual tactic is to say it is for the rich and hurt the poor.
Fact is, the poor never pays income taxes and they will continue to not pay taxes with this plan. The difference is that this plan will reduce taxes for just about everyone else as well, which obviously includes the middle class, the wealthy, corporations, etc. The idea is that the reduction in taxes will result in people and companies re-investing (or spending) the money they saved back into the economy.
What the federal government loses in all the tax cuts they will make back in overall higher tax revenue due to higher incomes for everyone due to the stronger economy.
That’s the whole idea but the liberal media will never tell you that.
You lose your credibility with your constant use of the words "left" and "liberal". Step outside of your party box, man.
This tax proposal does not ease the tax burdens of middle classed Americans. Lowering my tax bracket by 1 or 2% and raising the standard deduction will do jack and **** for my household. Not when you are torching the household deductions and most of the Schedule A deductions. My husband and I pay plenty of payroll taxes and the only reason why we break even each year is because of Schedule A write offs.
This trickle down, rosy glasses view you have regarding corporate America...well I hope that works out for you. Because raises at both my firm and my husband's F500 company have been static, healthcare continues to rise (each year our premiums spiral ever upwards), our property taxes keep rising....every single thing is going up, but it's not our salaries. Don't misread, I'm happy with my job, it feeds my family and pays for our lifestyle. But all of that you're talking...it's just hopeful thinking.
If I still lived in NY, I'd be especially pissed. You'd pay the onerous state and local taxes and no longer be able to write them off..or the sales tax which is now a whopping 8.875% .. and Westchester folks what about those high property taxes. We in Texas are in your same boat, so I guess we should be thankful we'd be able to write off $10k of those taxes, right? Of course, though, this would only affect the regular non-wealthy, non-HENRY New Yorkers.
No, not quite there, but I think the current trajectory would probably put me there within a decade if nothing serious happens to us.
I didn't vote for these policies, so I don't think I'm culpable for their ramifications. I think overall for the vast majority of the country, these policies look pretty **** poor, but again, if they voted for this, then they're going to get it. I'd have gladly taken a raised tax rate en masse for higher income brackets and net worth if this were some guarantor of better infrastructure, a streamlined national healthcare system with overall and per capita costs that were reasonable like other developed countries, and higher education tuition costs that were in line with the rest of the developed world, but that's not what's happening so we have to work within the context of what's coming and simply be aware in our financial planning.
Certainly I'd be doing things differently if I were firmly in the 1% now though as instead of having kids now, the best thing to do is to bunker down on work because the ladder rungs to go up are going to get harder to reach if I don't do it quickly within this environment.
So you are or are not a fortune teller? Its not clear.
The poor won't pay and still won't in tax, that's not what's changing for them. It's mostly healthcare costs and tuition that's going to get them, but those are going to take a while as it will be for the middle class who frankly are statistically not really that middle in terms of how much income they make.
Reduce government benefits will impact anyone who is poor. I wouldn't be surprise if the official retirement age for millennials reaches 70+ years old.
Reduce government benefits will impact anyone who is poor. I wouldn't be surprise if the official retirement age for millennials reaches 70+ years old.
Right, which is why I said that it's probably fine if you're in the 5% bracket and own.
Dude, I can go on and on but I won't.... the middle east is as turbulent as ever, North Korea comes to mind...regardless of party affiliation, it boggles my mind how people can actually believe in Trump. It's almost unreal...
Then maybe the media needs to get back on track and cover these stories because these days they are not the focal point. Everything is Trump this, Trump that. There is no more current events to tune into. Markets are boring, no more government coops, cops stopped shooting black people, its just Trump and Hollywood sexual assults.
So you are or are not a fortune teller? Its not clear.
Look, guy, you need to plan ahead, that's it and final. There is no set future in store, but you work off of what's probable and you get that by actually reading through primary news and legislation not by guessing what media pundit is most trustworthy for you to distill it. The hell else are you going to do? Plan ahead accordingly. I think you said before you're a homeowner a while ago and NYC's property taxes aren't that crazy high compared to its suburbs--that's going to be a benefit to you.
Since you've been paying off the mortgage for a while and if you don't own a super expensive home, then a mortgage interest deduction limit won't affect you and the potential limit on property tax deductions won't affect you much. Even if other costs escalate and you don't earn as much as you need to, you're going to have a pretty doable exit.
I should add a caveat though--it's not the tax reform on its own that rolls this ball. A lot of people will pay less in taxes--it's basically this in conjunction with some of the deregulation of industry and the almost certainly necessary adjustment in federal spending that'll have to come with the hole this will make in the budget. These rises in cost of living are going to be for a lot of fixed cost things which are going to be paltry compared to the tax savings when you get to a certain income level and/or level of wealth.
Last edited by OyCrumbler; 12-07-2017 at 11:44 AM..
Look, guy, you need to plan ahead, that's it and final. There is no set future in store, but you work off of what's probable and you get that by actually reading through primary news and legislation not by guessing what media pundit is most trustworthy for you to distill it. The hell else are you going to do? Plan ahead accordingly. I think you said before you're a homeowner and NYC's property taxes aren't that crazy high compared to its suburbs--that's going to be a benefit to you. Even if other costs escalate and you don't earn as much as you need to, you're going to have a pretty doable exit.
Right, which is why I said that it's probably fine if you're in the 5% bracket and own.
Greater inequality will continue to manifest itself, but I am not sure we will see through the end of the tax plan. The next congress elections will create more gridlock until the next presidential election, if democrats manage to get a majority you can see taxes increase. The urgency of the deal is they have a 2-3 year window to make a lot of money for the donor class after that it is debatable what might happen.
Even within the 5% bracket, I can't really afford to live in a compound surrounded by security and have my kids attend elite private school, so I can't say I am thrilled if the country becomes more like Brazil. When poor people riot they never go to the rich person house to burn it down, likelihood is they will try to burn my house down instead.
Lock up all the Wall St criminals first. Sorry that would be a some people I went to college with
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