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So Paul Ryan made and passed that law all by himself?
What a silly question...
Quote:
The conservative Koch political network, which rivals either of the two major political parties in size and funding, spent tens of millions of dollars pressuring lawmakers to pass the tax cuts in 2017. “That’s not a bad return on investment: what’s $20 million when you’re looking at a billion or more in tax breaks?” the ATF report asks.
Last year, donors in the Koch network threatened to withhold their contributions if lawmakers failed to repeal the Affordable Care Act and pass tax cuts.
Less than two weeks after the U.S. House passed its version of the bill, Charles Koch and his wife Elizabeth donated nearly $500,000 to the joint fundraising committee of Speaker Paul Ryan, who successfully shepharded the bill through his chamber, as International Business Times first reported. That same day, Charles and Elizabeth Koch each donated the maximum possible amount of $237,000 total to the National Republican Congressional Committee’s main, legal and building accounts.
Now the Koch network is spending millions of dollars more to promote the unpopular tax bill. The network plans to spend between $300 million and $400 million on the 2018 elections, some of which it has already spent attacking vulnerable Senate Democrats. https://www.ibtimes.com/political-ca...x-bill-2644857
Quote:
On 16 November 2017, under the leadership of House Speaker Paul Ryan, the United States House of Representatives passed their version of what would later become the sweeping GOP tax reform bill of 2017. Thirteen days later, Charles and Elizabeth Koch donated $247,000 apiece to Paul Ryan’s fundraising campaign, “Team Ryan,” according to filings published by investigative journalism outfit ProPublica. https://www.snopes.com/fact-check/ko...yan-after-tax/
What a silly comment, money has been buying both sides of the aisle forever, harping on an instance makes it sound like its isolated and one sided.
But then again, that was your intention.
We were talking about the Trump tax bill right? I mentioned the donations Ryan and other Republicans got in order to make sure the bill passed because that is relevant to this discussion. I don't recall any Democratic majority legislatures pushing for a tax bill in which most of the benefits go to the rich and to corporations, but if you do...please share the information.
We were talking about the Trump tax bill right? I mentioned the donations Ryan and other Republicans got in order to make sure the bill passed because that is relevant to this discussion. I don't recall any Democratic majority legislatures pushing for a tax bill in which most of the benefits go to the rich and to corporations, but if you do...please share the information.
Quote:
Originally Posted by 2sleepy
Yes indeed..the best government money can buy
Doesn’t sound like a limited comment to me, but that’s just my opinion.
It could be that you don't have any adjustments to gross, but many other people do hence, you use AGI to calculate effective tax rate.
Adjusted gross income (AGI) is your gross income — which includes wages, dividends, alimony, capital gains, business income, retirement distributions and other income — minus certain payments you’ve made during the year, such as student loan interest or contributions to a traditional individual retirement account or a health savings account.
$2,000 does not turn out to be $200 a paycheck unless they only work 10 months a year But let's just stick with the $200 a month that they allow IRS to keep for them until they file their tax return. If they were to put that in a bank @ 2.3% interest they would have earned $30.11 in interest - BFD.
What you may not understand is that people who are on a really tight budget find plenty of legitimate reasons to use that $200 for things that they really need, and I'm not talking just trivial junk. I was in that situation for a few years when I was young and was raising two kids and if I had $50 left after paying my bills and mortgage there were at least 4 or 5 things that I could have justified spending that on, you know things like new shoes for the kids, a replacement faucet for the one that leaks, a tune-up for the car. Instead I allowed IRS to save that money for me and as result I was able to pack the kids in the car once a year and take them camping.
No, in my example 26 paychecks a year. 26 *$100 = $2600. My point was, some people would rather get back $2000 than have $2600 throughout the year. Dumb financial move any way you slice it.
No it's not. You should use gross income to calculate your effective tax rate. Google it.
Yep.
I know lots of people who had their effective tax rate go up. Upper middle class in high cost of living states. The $10K limit on state & local taxes is crushing when you are paying $25K+ in property taxes and you're in the 6.5% state income tax bracket for much of your income. Pretty much everyone I know in the NYC tri-state has that same tax math. The people who didn't sit down and figure it all out a year ago to fix their W-4 payroll deductions are facing gigantic Federal income tax bills.
I know lots of people who had their effective tax rate go up. Upper middle class in high cost of living states. The $10K limit on state & local taxes is crushing when you are paying $25K+ in property taxes and you're in the 6.5% state income tax bracket for much of your income. Pretty much everyone I know in the NYC tri-state has that same tax math. The people who didn't sit down and figure it all out a year ago to fix their W-4 payroll deductions are facing gigantic Federal income tax bills.
we rent and are retired so we did pretty well in nyc ...what amazed me is all we paid in state and nyc taxes was 495.00 on 6 figures of income ..
almost all our income in retirement is exempt from state and local taxes
Location: Formerly NYC by week; ATL by weekend...now Rio bi annually and ATL bi annually
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Anyone thinking that an extra $30 - 50 is in any way a bigger pay check is nuts. And let it be clear that not all individuals saw those increases each pay period. It could be that it was $30 - 50 a month increase.
After I changed my exceptions from 2 to 5, I got an extra $135 a month and refund went down from $2089 to $382 in 2018. Taxes paid in 2018 was less than 2017 even though AGI went up $7245. Tax cuts benefited me all around.
I wouldn't begrudge anyone's paycheck increase, whatever the amount was.
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But let's just stick with the $200 a month that they allow IRS to keep for them until they file their tax return. If they were to put that in a bank @ 2.3% interest they would have earned $30.11 in interest - BFD. 
