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Old 01-13-2018, 10:20 AM
 
Location: Middle of the valley
48,426 posts, read 34,609,506 times
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Quote:
Originally Posted by skycaller23 View Post
And your source for that ?

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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Old 01-13-2018, 10:23 AM
 
2,212 posts, read 1,070,125 times
Reputation: 1381
Quote:
Originally Posted by Mikala43 View Post
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.
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Old 01-13-2018, 10:33 AM
 
Location: New Orleans, La. USA
6,354 posts, read 3,644,424 times
Reputation: 2522
Quote:
Originally Posted by skycaller23 View Post
And neither do the Democrats my friend.

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.)
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Old 01-13-2018, 10:34 AM
 
Location: Middle of the valley
48,426 posts, read 34,609,506 times
Reputation: 73534
Quote:
Originally Posted by skycaller23 View Post
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:

https://www.nytimes.com/interactive/...alculator.html
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Old 01-13-2018, 10:40 AM
 
2,212 posts, read 1,070,125 times
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Quote:
Originally Posted by Mikala43 View Post
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:

https://www.nytimes.com/interactive/...alculator.html
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 ?
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Old 01-13-2018, 10:44 AM
 
Location: Middle of the valley
48,426 posts, read 34,609,506 times
Reputation: 73534
Quote:
Originally Posted by skycaller23 View Post
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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Old 01-13-2018, 10:50 AM
 
2,212 posts, read 1,070,125 times
Reputation: 1381
Quote:
Originally Posted by Mikala43 View Post
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:

https://www.nytimes.com/interactive/...alculator.html
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."
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Old 01-13-2018, 10:53 AM
 
Location: Middle of the valley
48,426 posts, read 34,609,506 times
Reputation: 73534
Quote:
Originally Posted by skycaller23 View Post
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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Old 01-13-2018, 10:59 AM
 
2,212 posts, read 1,070,125 times
Reputation: 1381
Quote:
Originally Posted by Mikala43 View Post
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.


https://www.money-zine.com/calculato...an-calculator/
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Old 01-13-2018, 11:05 AM
 
33,016 posts, read 27,380,365 times
Reputation: 9074
Quote:
Originally Posted by jackwinkelman View Post
According to CNN Money and CBS Boston

90% Of Workers Likely To See More Money In Paycheck Next Month « CBS Boston

I thought the tax cuts were only for the rich?

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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