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Living in a high tax blue state, my taxes did go up because we lost SALT deductions. And for those of you who thinks we deserve this because of where we live, just wait til the shoe is on the other foot. The only thing I learned from Trump is to have no compassion for Americans who don't think like me.
Right - but he did put some MASSIVE breaks in there if your business is real estate...or if you had a giant C Corporation.
So all is not lost. If you are one of the .1% he put a lot in there for you and I.
Who is "we"? Was it Trump and the Congressional majority and the mass of states that had GOP legislators?
This is the thing with "we need to cut spending". Fine. Do it. Do it BEFORE you give money back to people out of our children's debt. Do it before you give money to billionaires and corporations that we can't pay back.
"Cutting spending", until then, is just code for ME ME ME. It's an excuse as to why people can balance the fact that they are getting pennies back and piling debt on their children.
If these are the "boom times and economic miracle" we've heard about many times then we should be able to balance the budget. In fact, I think we were 1/2 way there. But then many decided they preferred more debt and a little break now.
Putting it in Republican terms...if you ran a household budget would you go to the ATM and take money against an overdraft account....money that you didn't need, but was just for extra ice cream and a bigger engine in that new car you've been eying? I wouldn't.
We are seeing exactly the predicted results. More debt and deficit and a vast portion of the country unable to make it. My head is spinning because the GOP claimed they NOW cared about the forgotten man and woman....yet those very people are not better off. Yank their health care for your tax cut. No job training....unless they put themselves in student debt they likely can't pay off.
I don't need to cut my spending. So "we" is a mystery to me. I've always been willing to pay my tax bills and never cried or wrote a letter asking for a tax break.
Time to prove the point... Dems are in charge of the House now, which controls the purse strings. We'll see if they rein in spending to match or fall below tax revenue, or not.
Whether pro Trump or anti Trump, with these new tax laws, it feels like we are all screwed, brother.
Well, assuming that it is somewhat revenue neutral (and who knows..this is the Trump admin we are talking about), basic economics and math says we are not ALL screwed. But for those hundreds of billions that the Koch Brothers or Buffet reported getting....back....there are a LOT of regular folks who will have to pay the way. Regular folks PLUS our children.
This whole thread is somewhat pointless, and possibly made-up, without some sense of numbers. Why did your taxes increase? Did your deductions decrease? Did you get hit with the AMT? Did some of the deductions/credits you get last year phase out due to your increased income? Comparing your returns should quickly and very clearly show what changed.
Deserve to be poor? Some people use withholding so that they can save for a big purchase without being tempted to spend the money on things they don't need as badly. It's part of being poor, something which I am sure none of the millionaires who post on CD know anything about
well first, let me tell how I do it, based upon advice I received long ago - "pay yourself first":
2x a month (the average pay period), money is automatically transferred from my checking account into a savings account. Effectively, I never "see" that money. It's how I have accumulated about 1 year's total living expenses in a savings account.
However, even using your example, let's ask the question - what type of NEEDED "big purchase" are they saving for? Here's an article based on a survey:
so yes, if they're using it to pay off debt (NOT a big purchase) that's wise. What would be even wiser? Use the method I mention above, and save some interest expense. Have your account auto-drafted to pay down credit card debt, for example.
well first, let me tell how I do it, based upon advice I received long ago - "pay yourself first":
2x a month (the average pay period), money is automatically transferred from my checking account into a savings account. Effectively, I never "see" that money. It's how I have accumulated about 1 year's total living expenses in a savings account.
However, even using your example, let's ask the question - what type of NEEDED "big purchase" are they saving for? Here's an article based on a survey:
so yes, if they're using it to pay off debt (NOT a big purchase) that's wise. What would be even wiser? Use the method I mention above, and save some interest expense. Have your account auto-drafted to pay down credit card debt, for example.
the new tax law lowered taxes for 90% of the people
Trumps proposal was better, but this is what the congress gave us
be thankful for the little things
What’s “New Yakistan” ? New York?
I thought it was referred to as “Jew York” after the amount of businesses, wealth and real estate Jewish people hold in the financial district and all across Manhattan.
Right - but he did put some MASSIVE breaks in there if your business is real estate...or if you had a giant C Corporation.
So all is not lost. If you are one of the .1% he put a lot in there for you and I.
Don't forget the estate tax, they doubled the exemption to around $11M, I don't know how those families survived with an exemption of just $5M. The new law impacted around 5000 estates and this was their priority.
Time to prove the point... Dems are in charge of the House now, which controls the purse strings. We'll see if they rein in spending to match or fall below tax revenue, or not.
Ahem -- they are trying-- knocking 5 billion plus down to one billion plus for the wall.
That's a good start wouldn't you say?
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