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For example, this article tells you the money you see right now, may be taken at tax time due to the changes.
I've already run loose numbers for our household on what the loss of itemizations and the of personal exemptions will do to our bottom line.
The numbers looked great up front, the numbers looked ok with the loss of itemization, it became a pittance once I realized no personal exemptions anymore.
90% getting a tax cut up front does not equal a net tax cut after you file this years taxes.
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For example, this article tells you the money you see right now, may be taken at tax time due to the changes.
I've already run loose numbers for our household on what the loss of itemizations and the of personal exemptions will do to our bottom line.
The numbers looked great up front, the numbers looked ok with the loss of itemization, it became a pittance once I realized no personal exemptions anymore.
90% getting a tax cut up front does not equal a net tax cut after you file this years taxes.
Only 30% of tax filers itemize. What happens to you doesn't mean it's going to happen for everyone.
Our government has learned that they can just raise the debt ceiling and keep on spending.
And they use fear to do that.
Sadly we don't have liberals/conservatives who are closer to the center in our government.
What we have are two extremely polarized parties who refuse to work together or compromise.
And we put them in there and keep sending them back.
Like you said "we have two extremely polarized parties who refuse to work together or compromise."
And I actually had to look at my post history to see if you were the same person I was posting with in this thread. We have been arguing with each other in this thread and personally I'll call it fighting. But at this moment (we) are not fighting, rather we are upset about similar things and talking to each other like human beings. And if this can happen to us it must be at least possible for it to happen in Washington.
Even though I strongly oppose certain republican policies, I honestly believe Washington's biggest problem is not republican policies (its republicans and democrats not working together and meeting in the middle.)
Only 30% of tax filers itemize. What happens to you doesn't mean it's going to happen for everyone.
Well of course. My point is that even if someone sees $50 in their paycheck, that not be the net amount they end up with, and while that may be common sense, I don't think that is really getting through to a lot of people.
For all the hype of helping the "working man" with a tax cut, was mainly just talk. It's like they gave the rich a buffet, and the working man is under the table and can help himself to whatever falls on the floor.
It's hypocrisy that bugs me.
Here is a tax estimator for anyone who wants to play with it:
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My posts as a Mod will always be in red.
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And check this out: FAQ
Moderator: Relationships Forum / Hawaii Forum / Dogs / Pets / Current Events
Well of course. My point is that even if someone sees $50 in their paycheck, that not be the net amount they end up with, and while that may be common sense, I don't think that is really getting through to a lot of people.
For all the hype of helping the "working man" with a tax cut, was mainly just talk. It's like they gave the rich a buffet, and the working man is under the table and can help himself to whatever falls on the floor.
It's hypocrisy that bugs me.
Here is a tax estimator for anyone who wants to play with it:
Well I'd rather get $50 in my paycheck right now. That's money you have today and not the government holding it.
And when you do file credits/deductions are not $1 for $1.
I've always tried to set myself up to owing the government between $200-$300 dollars.
Why give them an interest free loan of your money for 18 months ?
Well I'd rather get $50 in my paycheck right now. That's money you have today and not the government holding it.
And when you do file credits/deductions are not $1 for $1.
I've always tried to set myself up to owing the government between $200-$300 dollars.
Why give them an interest free loan of your money for 18 months ?
That's good financial management.
Still doesn't mean that you got $50 MORE, just you got $50 to use right now. It is NOT a $50 dollar increase though (in a lot of cases).
YOU understand the difference, a lot of people don't.
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My posts as a Mod will always be in red.
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Moderator: Relationships Forum / Hawaii Forum / Dogs / Pets / Current Events
Well of course. My point is that even if someone sees $50 in their paycheck, that not be the net amount they end up with, and while that may be common sense, I don't think that is really getting through to a lot of people.
For all the hype of helping the "working man" with a tax cut, was mainly just talk. It's like they gave the rich a buffet, and the working man is under the table and can help himself to whatever falls on the floor.
It's hypocrisy that bugs me.
Here is a tax estimator for anyone who wants to play with it:
That calculator is not based on the final signed bill.
It states so at the bottom:
"This calculator is based on the bill negotiated by the conference committee that is working to reconcile the House and Senate versions of the plan."
Didn't catch that! Was looking for something that showed average money by salary range, found a lot from that time period, but nothing on the final. I am curious, I know how our finances change, but was interested in the lower incomes.
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My posts as a Mod will always be in red.
Be sure to review Terms of Service: TOS
And check this out: FAQ
Moderator: Relationships Forum / Hawaii Forum / Dogs / Pets / Current Events
Didn't catch that! Was looking for something that showed average money by salary range, found a lot from that time period, but nothing on the final. I am curious, I know how our finances change, but was interested in the lower incomes.
Here's one that states it's using the final bill as of 12/21 and updates it's versions.
Problem is too many media outlets put out calculators before the final bill was signed and haven't updated them to the signed law.
The tax cuts are for PARENTS, just like the Bush Tax Cuts.
Vast sums will be redistributed from childless taxpayers (10% bracket, no kids = $15/mo tax cut) to PARENTS, thanks to EITC plus expanded child tax credit REFUNDABLE to $1,400.
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