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One of the reasons you may not see much of an increase is the $300 per person family tax credit for those that don't qualify for the child tax credit was removed when the House & Senate negotiated the final bill. It was in the House plan along with a $1,600 child tax credit. The Senate plan did not have the family tax credit, yet increased the child tax credit to $2,000. Those without children get hosed again.
It's not a raise. It is a reduction in federal income tax burden.
Thank you.
Not sure why people cannot understand this simple point. A reduction in the individual and corporate tax rates means the people/entities EARNING THEIR MONEY are keeping more of what THEY EARN, and the government is stealing less.
How that works out for every individual citizen will indeed be a mixed bag, given the S-corp payroll hit, the SALT cap, etc, but in general, overall, the rates are such that less of every dollar earned by the citizen goes to government. Just on the face of it, that is a good thing. Hell, if they had left the individual tax rates the same and just done the same reduction to the corporate tax, I'd have been happy as a lark. If they had reduced the tax rates for everyone except me, and actually named me as the only person whose rates would be the same, I'd still be happy because on net, the government is taking less of what we all earn that they do not.
It isn't their money. It does not belong to the collective. Taxes are theft made "legal" only by virtue of the government's monopoly on force, violence and coercion. A reduction in what the thief takes is a good thing.
Not sure why people cannot understand this simple point. A reduction in the individual and corporate tax rates means the people/entities EARNING THEIR MONEY are keeping more of what THEY EARN, and the government is stealing less.
How that works out for every individual citizen will indeed be a mixed bag, given the S-corp payroll hit, the SALT cap, etc, but in general, overall, the rates are such that less of every dollar earned by the citizen goes to government. Just on the face of it, that is a good thing. Hell, if they had left the individual tax rates the same and just done the same reduction to the corporate tax, I'd have been happy as a lark. If they had reduced the tax rates for everyone except me, and actually named me as the only person whose rates would be the same, I'd still be happy because on net, the government is taking less of what we all earn that they do not.
It isn't their money. It does not belong to the collective. Taxes are theft made "legal" only by virtue of the government's monopoly on force, violence and coercion. A reduction in what the thief takes is a good thing.
I will look forward to next January to see how it all works out.
Having gone through the same stuff in NC, I expect to pay more in taxes.
I will look forward to next January to see how it all works out.
Having gone through the same stuff in NC, I expect to pay more in taxes.
Sure. I am already adjusting my W-4 and my wife's, just because I don't want t get caught up in "yay, free candy" mode and then be sucking on a lemon come next April. My personal caution aside, the basic idea of lower tax rates is still a good thing, especially the corporate tax, which is simply a pass through individual tax anyway.
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