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This is a massive redistribution of wealth. I calculated my taxes under the new bill with my normal annual gross income of $85K in years 2014 and 2015. I would save about $600 under the new tax code. However last year I had some unexpected expenses and took out $35K from my IRA,raising my gross income to $120K. Comparing my 2016 tax with the new plan I would save $5K in taxes. So this does little for people under $100K in annual salary, but pays off big time with 25% less tax on the earnings over $100K.
My question is if the government needs revenue to operate, and we currently operate on a deficit, how will the overall reduction in tax revenue be made up? You can't make up a deficit by reducing income. All those persons and corporations that make over $100,000K to a billion or more will pay substantially less. How does this help the middle class?
Defense spending won't go down, so will federal funding for programs that actually help the middle class will be reduced? As the defecit increases will the value of the dollar shrink in international markets, making all those Chinese and Asian imported goods cost more? The theory of trickle down economics has worked out as well as the war against drugs. They are both phantasies that only exist in rhetoric. I have no personal skin in the game. My $600 federal tax decrease will not go very far.
And when they say economic growth will climb, who are they talking about? The stock market goes up and they say economic growth has increased. But I don't own any stocks, so it doesn't do anything for me. Like the tax plan, that growth is for the well to do. It doesn't raise wages or cut prices. It just funnels more wealth to those that are already well off.
The reduction in taxes adds to the deficit, not reduces it. That's my point in this whole bill. Everything it does is bad -- unless you are a millionaire or billionaire.
Independent analysts reports that the economic promises of this bill are exaggerated.
Only 20% of American households earn over $100K, so they will see a benefit, but no one else will.
Quote:
Originally Posted by MTAtech
The reduction in taxes adds to the deficit, not reduces it. That's my point in this whole bill. Everything it does is bad -- unless you are a millionaire or billionaire.
Independent analysts reports that the economic promises of this bill are exaggerated.
Only 20% of American households earn over $100K, so they will see a benefit, but no one else will.
It's even worse than that. The real benefits go to the really, really rich, who get huge decreases. Of those that get cuts they are small. The GOP has been saying that the "average" cut is several thousand dollars. That's because a few get millions and the many get a few bucks or cuts -- the average is several thousand in cuts. It's like when Bill Gates walks into a bar with 50 truck drivers. The average patron is a billionaire.
Nobody should be subsidizing your choice to pursue higher education.
I'm not sure what you mean by that. Is it the idea that revenue generated from full-paying undergrads at private schools (for example) should not be used to pay for TAs who lead discussion sections for introductory courses? I don't see that as a subsidy, but rather as using undergrad tuition money for instructional purposes. TAs cost less to employ than professors, so undergrads actually get a deal this way. Otherwise, tuition could be thousands of dollars more.
Parents who are university faculty get tuition remission for their kids. Is that taxable income too? It's not just tuition. What about scholarships, grants, etc.? This is not workable.
Nobody should be subsidizing your choice to pursue higher education.
This attitude is wrong, because it’s a global economy and other countries are subsidizing it. It puts us at a disadvantage if we don’t. However, we should only be subsidizing fields that we really need — medicine, scientific research, nanotechnology, that kind of stuff.
"My tuition waiver allows me to pursue my passion for inclusivity in gaming as a first generation grad of student"
I wonder if President Trump is going to shelve those "big, fat, beautiful" tax cuts he is promising just because some indoctrinated liberal university students who have been in college for way to long and have listened to way to many leftist lecturers are holding up signs.
Hilarious how those California liberals really think that President Trump and GOP are going to those "big, fat, beautiful" tax cuts that they advertising over a college walkout with signs and speakers.
I'm not sure if the poor grammar in the quoted sign was a typo by the OP or an intentional flaw to make the student appear less intelligent but the sign did not contain the grammatical error here.
In any case, why is it a problem that someone is going to grad school to learn how to create and program video games? It's a growth field, with a need for expertise. Shouldn't a rightie be in favor of someone trying to prepare themself for what could be a lucrative career?
Most of us are hopeful our country will manage to survive Trump and have a need for a well educated work force once we get past the current debacle we are living in.
I'm not sure what you mean by that. Is it the idea that revenue generated from full-paying undergrads at private schools (for example) should not be used to pay for TAs who lead discussion sections for introductory courses? I don't see that as a subsidy, but rather as using undergrad tuition money for instructional purposes. TAs cost less to employ than professors, so undergrads actually get a deal this way. Otherwise, tuition could be thousands of dollars more.
But perhaps that isn't what you meant.
True but at a private school the TAs hourly rate comes to $25/hr.
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