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Vox is an American advocacy news website run by Vox Media, co-founded by liberal columnists Ezra Klein, Melissa Bell, and Matt Yglesias and launched in April 2014. Vox presents with left wing bias in reporting and story choices. Vox is nearly extreme left. You don't want the media to educate you because have an agenda and it isn't having your back.
In 2016, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income above the threshold, your available child tax credit is reduced by $50.
also, please address the topic rather than resort to ad hominem attacks.
Oh I'm sorry, I thought you referred to VOX when you were trying to make your case, I didn't know either of us referred to Britbart who by the way I don't read.
I've been addressing the topic with facts. If you want to address the topic how about reading the thread and you'll learn many different points of view instead of only a left wing point of view. I doubt you're interested though, you'd rather read left wing rags and call it facts. Don't let the media educate you or you'll be mislead.
Oh I'm sorry, I thought you referred to VOX when you were trying to make your case, I didn't know either of us referred to Britbart who by the way I don't read.
wasn't me referring to Vox, but it sure is amazing how nobody here ever admits to reading Brietbart while aping the same talking points...lots and lots of parallel thinking involved....
wasn't me referring to Vox, but it sure is amazing how nobody here ever admits to reading Brietbart while aping the same talking points...lots and lots of parallel thinking involved....
Call me nerdy but from very young I understood that the tax code effects my take home pay so I became very interested in learning what I can do to become tax efficient so I could keep more of my money. I'm getting my information from what I've learned through the years of reading, applying and asking my CPA questions. As life went on I'll keep learning as different situations pertained to my situation.
I wonder why you think "everyone" gets their tax code education from the media, could it be you're allowing yourself to be educated by the media instead of really being educated on such an important subject?
They haven't even released the levels for each bracket, so that's hard to say. What we do know.
1. Those who currently itemize will have a higher taxable income, higher costs states are most likely to be impacted, but not the only ones.
2. Those who have the standard deduction currently will see their taxable income decrease by $1,600 if single and $3,200 if married, but only if they have zero dependents. Those with dependents who currently take the standard deduction will see their taxable income increase.
3. Those at the very top of the income scale will see their taxes drop regardless where the new brackets are set since the top rate will be lowered.
You are correct. This is what we can concretely say given the limited details in the proposal. And we also know that corporate taxes will decrease--a lot.
While the Republicans are going to use some fuzzy math on the question, we also know that the budget reconciliation process will require this plan to add ~1.5 trillion, at most, to the deficit over 10 years. Early returns suggest the framework is already well over 2 trillion over that time period. How do the Republicans in Congress choose to make up that 500-750 billion? The pie is fixed. They've got to hurt somebody.
Do they hurt the donors (with provisions aimed at corporations, the estate tax, pass throughs)? Or do they hurt the people (with bracket adjustments, further deduction adjustments, and tax credit modifications)?
They are already proposing to raise taxes on a lot of voters--including a lot of Republican voters. How many more can they add before this project gets too toxic for the House? And if they are not going to get big benefits for the donors, then why embark on this project that's already going to **** off a lot of voters?
Quote:
Originally Posted by Finn_Jarber
Many middle class families earn 150K with both partners working, so this is a tax hike for a LOT of people.
And there is more to come. They need support from Democrats if they want a bigger tax cut. But that will mean focusing more cuts on working people and stripping out provisions that only benefit the wealthy and multinational corporations. I bet they could cut income taxes for working people by $2T over 10 years and get enough support to get past 60 votes if they focused on the first 3 or 4 tax brackets & the standard deduction without eliminating SALT & the personal exemptions.
They are not interested in cutting peoples' taxes, however--they are looking for a donor giveaway: a giveaway that will draw a lot of campaign funding.
Many middle class families earn 150K with both partners working, so this is a tax hike for a LOT of people.
Exactly. 60% of those earning 150k-300k/year will get a tax increase. 60%! That's the majority.
These consist of regular everyday middle class and upper middle class workers where both spouse works.
Maybe one spouse earns $95k and the other spouse earns 75k. One could be a cop and the other could be a teacher or nurse. They could have 2 kids and a house with mortgage and be your typical suburban family. 60% of these will be getting their federal income taxes increased.
The NYT is guessing that the 15% rate is mapped to the 12% rate, but they don't know that, and they disclose they don't know it (it says on the chart, "The plan does not specify income thresholds"). Until the actual details are released by the White House or the tax law is introduced, we don't know where the 12% bracket will end and the 25% starts. That income number will be critical in determining how people with modest incomes will be helped or hurt by this plan.
For now, since the White House outline did not propose changing the income thresholds, I have to assume they will remain unchanged. I have no data to support any other conclusion.
but you didn't assume they remained unchanged. you assumed the current 15% tax bracket starting point would fall into the 25% tax bracket.
Call me nerdy but from very young I understood that the tax code effects my take home pay so I became very interested in learning what I can do to become tax efficient so I could keep more of my money. I'm getting my information from what I've learned through the years of reading, applying and asking my CPA questions. As life went on I'll keep learning as different situations pertained to my situation.
I wonder why you think "everyone" gets their tax code education from the media, could it be you're allowing yourself to be educated by the media instead of really being educated on such an important subject?
Pls point where I said at anytime "everyone gets tax code education from the media?"
Call me nerdy but from very young I understood that the tax code effects my take home pay so I became very interested in learning what I can do to become tax efficient so I could keep more of my money. I'm getting my information from what I've learned through the years of reading, applying and asking my CPA questions. As life went on I'll keep learning as different situations pertained to my situation.
I wonder why you think "everyone" gets their tax code education from the media, could it be you're allowing yourself to be educated by the media instead of really being educated on such an important subject?
That's good you know the tax code so well, child/dependent credit phaseouts, etc. Yet, curiously enough, I think you were the person who said that the previous administration "took away your exemptions". You of all people would know that the phaseout of the personal exemption was in the code. It was temporarily removed under the 2003 (unpaid for) tax cuts. So it came back after that, but at much higher income levels. So who took away what from you again?
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