Did You Get A Tax Cut ?

decades | Dec 5, 2017 | 124 posts since 2010

I am a rust belt deplorable and will be paying 2k less in federal taxes next year should the Trump tax proposal passed by house and senate get signed into law . Pretty much the same for all the guys I work with. They can hardly grasp the concept of the government not screwing them .

https://www.marketwatch.com/story/the-new-trump-tax-calculator-what-do-you-owe-2017-10-26

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Answers

Saver5 | Dec 5, 2017 | 27 posts since 2015

Enjoy your tax cut, decades, because it is borrowed money. You'll pay it back later with diminished Social Security and Medicare benefits. The extra $1 trillion the government will borrow over 10 years will raise the deficit even more than it already is, and this increased deficit will be the justification for cuts in federal benefits.
I would have preferred to not get a tax cut, because I think the tax cut weakens the country's finances. It's funny how people will wave a flag, but when it comes time to truly sacrifice a little for their country they are not interested.

lou | Dec 6, 2017 | 1,004 posts since 2010

Are you suggesting Democrats care about deficits? They don't mind spending our country into oblivion, but are outraged if the people get to keep more of their money. You can argue whatever way you want if you think this tax plan is a good idea or not, but please don't play the "deficit" card.

decades | Dec 5, 2017 | 124 posts since 2010

a more updated calculator
http://taxplancalculator.com/calc

Kaight | Dec 6, 2017 | 1,192 posts since 2011

Thank you, decades, for posting that link. I just ran my situation for the halibut. Frankly I was not expecting anything; hoped I would come out even.

WRONG!!

OMG I'm gonna save over two grand with this tax reform! That is great and I never saw it coming!

Thank you, President Trump. MAGA!!

(now I have a better idea how the people of Utah felt when they got their land back yesterday :-) )

Ally6770 | Dec 6, 2017 | 4,293 posts since 2010

The bill has not been put together yet let alone passed. How can you know you will save? The calculators that have been on the websites are on bills that are not even law yet.

Kaight | Dec 6, 2017 | 1,192 posts since 2011

Did you actually use the calculator? If you did, you would know the link posted by decades ends up offering you TWO estimates, one for the Senate bill and one for the House bill. I agree these very similar bills remain nevertheless to be reconciled. But for me, at least, BOTH estimates were very favorable and, frankly, there was scant little difference between the two.

Democrats are out there screaming this tax reform benefits ONLY the rich. I realize now, thanks to decades calculator, those Democrat protests are simply more lies.

Ally6770 | Dec 6, 2017 | 4,293 posts since 2010

This bill isn't about lowering taxes for me or for you. It is about taking in less money to pay the bills. In a couple of years they will be cutting even more essential programs. This congress has not even funded children's health insurance which ran out of money the end of September. The government could shut down Friday. There are 2,000 top people in the state department that have lost their jobs and look at the mess we are in. Plus this will put us from 500 billion to nearly 2 billion more in debt. Bruce Bartlett who helped write the Regan tax cuts expecting GDP to pick up to cover the tax cuts even said this would not work.

Ally6770 | Dec 7, 2017 | 4,293 posts since 2010

OOPS Should have been 500 billion to 2 TRILLION more in debt and they can say that only because the "tax cuts" for people stop after 10 years or it would be more, but not for the tax cuts for corporations, pass throughs and for the estate taxes. HMMMM. We shall see what happens with reconciliation.

me1004 | Dec 8, 2017 | 1,379 posts since 2010

The Democrats are not complaining the bills benefit ONLY the rich, as you misquote them. They are complaining it is OVERWHELMINGLY going to the rich. Of that trillion dollars tax cut, about $900+ billion is going to the rich.

And you will be seeing plenty of extra costs to you to make up for it. Did that calculator tell you where your costs will go up from this? You are unlikely to really see any of that $2,000, but the filthy rich will keep all but maybe $2,000 of their cut.

Bozo | Dec 9, 2017 | 1,375 posts since 2011

I'm reserving judgment until a final bill emerges from conference and the President indicates a willingness to sign it. Still too many moving parts, in my opinion.

Kaight | Dec 6, 2017 | 1,192 posts since 2011

You and your co-workers are obviously full of prunes. Democrats have been screaming this tax cut is ONLY for the rich. And Democrats are never wrong. LMAO

Seriously, excepting those in high state tax blue states, the majority of Americans are gonna benefit from this tax cut. You are not targeted. But some folks living in NY, CA, IL, NJ, MA, CT, and a few other states will have to start paying their fair share. Course they also did not vote for President Trump, which is their problem, not ours. Maybe next time they will get with the program.

And even the unfortunates living a high state tax life will get relief from the ACA. That alone might leave them voting for Trump next time. The ACA is a horror show of truly historic proportions.

Ricochet | Dec 6, 2017 | 522 posts since 2010

All was nice and cordial but you Just got to go there don't you?

Kaight | Dec 6, 2017 | 1,192 posts since 2011

There are more important considerations than cordiality. For me that means getting my country back to where it was before Obama destroyed it.

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