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Here's how the tax bill will affect the middle class in every US state
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2017 Dec 21, 4:35pm 7,951 views 24 comments
Comments 1 - 24 of 24 Search these comments
1
MisdemeanorRebel
2017 Dec 21, 4:43pm
MisdemeanorRebel
2017 Dec 21, 4:43pm
I just saved a bunch of money on my taxes by switching to Trump & Co.
2
anonymous
2017 Dec 21, 6:08pm
So some people with lower end incomes will get a tax hike. OK. What about the rich? I notice you singularly fail to mention what will happen to their tax. How about the super rich? You know, the ones who really need a tax cut. Are they going to be better or worse off?
3
MisdemeanorRebel
2017 Dec 21, 6:44pm
MisdemeanorRebel
2017 Dec 21, 6:44pm
anon_6ae12 says
I bet poor Bette Midler is broke and living in an economy apartment with a hot plate.
What about the rich?
I bet poor Bette Midler is broke and living in an economy apartment with a hot plate.
4
anonymous
2017 Dec 21, 6:58pm
a. She is completely right about that embarrassing little trip down ego massage lane. It was truly hilarious.
b. As I asked, what has happened to the taxes of the rich/super rich? The percentages were given for lower incomes. What are they for higher ones?
b. As I asked, what has happened to the taxes of the rich/super rich? The percentages were given for lower incomes. What are they for higher ones?
5
WatermelonUniversity
2017 Dec 21, 7:27pm
WatermelonUniversity
2017 Dec 21, 7:27pm
Tax scam. Trump is big pile of turd and republicans are the flies spreading the stench everywhere.
6
anonymous
2017 Dec 21, 10:00pm
And where did I say 100% of the population would get a tax break?
So you think the best way to deal with a ballooning debt is to give the vast majority of the richest in society a tax break. I see.
That percentage graph doesn’t show the kind of money some of these people will be saving. Millions for some. I’m sure they need it. Just think of the benefit to their real estate holdings/stock portfolio. It gladdens my heart to know they’re so much better off. It’s just what we need... a widening of the gulf in income disparity and rising debt levels for future generations to deal with. But hey, don’t worry, there’s always the trickle down effect that worked so well in enriching the working and middle classes since Ronnie. Oh, my mistake.
Just look at that AT&T handout... that they’ve been negotiating with their union for a year. How about they announce a solid wage increase, one that matches the tax savings for example? The tax savings are ongoing, aren’t they? Is a one off payment? All I’ve seen are a couple of banks saying they’re going to increase their minimum salary to $15. Why do I get a strange feeling they were already intending to do that? More to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.
So you think the best way to deal with a ballooning debt is to give the vast majority of the richest in society a tax break. I see.
That percentage graph doesn’t show the kind of money some of these people will be saving. Millions for some. I’m sure they need it. Just think of the benefit to their real estate holdings/stock portfolio. It gladdens my heart to know they’re so much better off. It’s just what we need... a widening of the gulf in income disparity and rising debt levels for future generations to deal with. But hey, don’t worry, there’s always the trickle down effect that worked so well in enriching the working and middle classes since Ronnie. Oh, my mistake.
Just look at that AT&T handout... that they’ve been negotiating with their union for a year. How about they announce a solid wage increase, one that matches the tax savings for example? The tax savings are ongoing, aren’t they? Is a one off payment? All I’ve seen are a couple of banks saying they’re going to increase their minimum salary to $15. Why do I get a strange feeling they were already intending to do that? More to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.
8
Strategist
2017 Dec 22, 7:30am
Strategist
2017 Dec 22, 7:30am
anon_6ae12 says
If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
When you go shopping for Cheerios, would you pay $12.00 for a box that is only worth $3.00? You wont. Neither would any employer.
More to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.
If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
When you go shopping for Cheerios, would you pay $12.00 for a box that is only worth $3.00? You wont. Neither would any employer.
9
anonymous
2017 Dec 22, 8:55am
Strategist says
Thats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.
anon_6ae12 saysMore to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.
If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
When you go shopping for Cheerios, would you pay $12.00 for a box that is only worth $3.00? You wont. Neither would any employer.
Thats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.
10
anonymous
2017 Dec 22, 10:51am
anon_6ae12 says
That's because everyone's situation is DIFFERENT, depending on the source of their income, deductions, kids, homeownership, etc.
The bottom line, MOST people will see a tax savings from the plan.
That percentage graph doesn’t show the kind of money some of these people will be saving.
That's because everyone's situation is DIFFERENT, depending on the source of their income, deductions, kids, homeownership, etc.
The bottom line, MOST people will see a tax savings from the plan.
11
CBOEtrader
2017 Dec 22, 11:06am
CBOEtrader
2017 Dec 22, 11:06am
anon_6ae12 says
My accountant says it will be a wash for my income bracket. I have a lower rate, but less loopholes and deductions as well.
All things considered, this tax plan seems like a great move.
What are they for higher ones?
My accountant says it will be a wash for my income bracket. I have a lower rate, but less loopholes and deductions as well.
All things considered, this tax plan seems like a great move.
12
CBOEtrader
2017 Dec 22, 11:09am
CBOEtrader
2017 Dec 22, 11:09am
Hutch says
If someone is worth $3/hour, they shouldnt expect to make $12. Sorry.
If someone is worth $12/hour but the current market is paying $3/hour, an entrepreneur would clean up offering higher wages to these people. Free market capitalism has historically proven to be the best method to raise worker compensation.
anon_bdbf3 saysThats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.
Good point.
If someone is worth $3/hour, they shouldnt expect to make $12. Sorry.
If someone is worth $12/hour but the current market is paying $3/hour, an entrepreneur would clean up offering higher wages to these people. Free market capitalism has historically proven to be the best method to raise worker compensation.
13
MisdemeanorRebel
2017 Dec 22, 11:14am
MisdemeanorRebel
2017 Dec 22, 11:14am
Liberal Left: HOLY SHIT, we gotta pay $12/month for Birth Control! Oh the Humanity! Do you know what a hardship this is to Womyn?
Liberal Left: Holy shit!, $18/month! Whoopie doo, like that means anything to people.
Speaking of which, where is that $2500/yr in health care savings?
Liberal Left: Holy shit!, $18/month! Whoopie doo, like that means anything to people.
Speaking of which, where is that $2500/yr in health care savings?
14
FuckTheMainstreamMedia
2017 Dec 22, 12:09pm
FuckTheMainstreamMedia
2017 Dec 22, 12:09pm
CBOEtrader says
Exactly. Oh, and they actually DO have to pay people more when there is fewer workers OR a booming economy with de facto zero unemployment. This is why lowly unarmed security jobs in Orange County in 2000 were paying $15 an hour to start......there was no one to hire so wages went up.
I remain at a loss as to why lefties would oppose booting illegals, reducing corporate income tax, opening up millions of jobs for Americans. Why does the left hate for Americans to have their choice of good paying jobs?
Hutch saysanon_bdbf3 saysThats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.
Good point.
If someone is worth $3/hour, they shouldnt expect to make $12. Sorry.
If someone is worth $12/hour but the current market is paying $3/hour, an entrepreneur would clean up offering higher wages to these people. Free market capitalism has historically proven to be the best method to raise worker compensation.
Exactly. Oh, and they actually DO have to pay people more when there is fewer workers OR a booming economy with de facto zero unemployment. This is why lowly unarmed security jobs in Orange County in 2000 were paying $15 an hour to start......there was no one to hire so wages went up.
I remain at a loss as to why lefties would oppose booting illegals, reducing corporate income tax, opening up millions of jobs for Americans. Why does the left hate for Americans to have their choice of good paying jobs?
15
Shaman
2017 Dec 22, 12:25pm
Shaman
2017 Dec 22, 12:25pm
Strategist says
Let’s take this concept and apply it to the job of babysitting. Now, not every girl out there wants to babysit someone’s brats while they cavort on the town, and in fact the number that do is limited. How much do they get paid? Well, considering that parents who wish a break from their bundles of joy often need a break more than once, and need someone reliable and trustworthy, the price goes up for those factors. Then add competition for babysitters from other parents (pro tip: NEVER refer your babysitter to another couple!), and the price goes up. Because you don’t want your babysitter stolen by someone else for that concert night!
So now we are looking at an easy $15/hour for a teenager to feed a couple kids and put them to bed, then Netflix and chill for three hours.
In some markets and situations, it can be higher. I’ve seen $25/hour babysitters, and some of these will even do a few dishes before parking their asses in front of One Tree Hill.
What’s the pay-increasing factor? Well, there are two. 1)Need for the workers and 2)Competition for the workers.
This is why both parties have been so pro-immigration for so long, to keep competition for labor to an absolute minimum! That’s why we elected Trump, because he said he’d shut down uncontrolled immigration and wages would rise!
If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
Let’s take this concept and apply it to the job of babysitting. Now, not every girl out there wants to babysit someone’s brats while they cavort on the town, and in fact the number that do is limited. How much do they get paid? Well, considering that parents who wish a break from their bundles of joy often need a break more than once, and need someone reliable and trustworthy, the price goes up for those factors. Then add competition for babysitters from other parents (pro tip: NEVER refer your babysitter to another couple!), and the price goes up. Because you don’t want your babysitter stolen by someone else for that concert night!
So now we are looking at an easy $15/hour for a teenager to feed a couple kids and put them to bed, then Netflix and chill for three hours.
In some markets and situations, it can be higher. I’ve seen $25/hour babysitters, and some of these will even do a few dishes before parking their asses in front of One Tree Hill.
What’s the pay-increasing factor? Well, there are two. 1)Need for the workers and 2)Competition for the workers.
This is why both parties have been so pro-immigration for so long, to keep competition for labor to an absolute minimum! That’s why we elected Trump, because he said he’d shut down uncontrolled immigration and wages would rise!
16
Strategist
2017 Dec 22, 6:14pm
Strategist
2017 Dec 22, 6:14pm
Quigley says
If we need a babysitter for our precious messy little brats, we want to make damn sure she is totally trusted and reliable. If you know one, she will be a virtual monopoly and command a monopolistic pricing power. If you are the only brat loving couple she knows, you will command a "monopsony" pricing power, and be able to reduce the price.
Either way, no one will pay more than they have to.
Strategist saysIf no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
Let’s take this concept and apply it to the job of babysitting. Now, not every girl out there wants to babysit someone’s brats while they cavort on the town, and in fact the number that do is limited. How much do they get paid? Well, considering that parents who wish a break from their bundles of joy often need a break more than once, and need someone reliable and trustworthy, the price goes up for those factors. Then add competition for babysitters from other parents (pro tip: NEVER refer your babysitter to another couple!), and the price goes up. Because you don’t want your babysitter stolen by someone else for that concert night!
So now we are looking at an easy $15/hour for a teenager to feed a couple kids and put them to bed, then Netflix a...
If we need a babysitter for our precious messy little brats, we want to make damn sure she is totally trusted and reliable. If you know one, she will be a virtual monopoly and command a monopolistic pricing power. If you are the only brat loving couple she knows, you will command a "monopsony" pricing power, and be able to reduce the price.
Either way, no one will pay more than they have to.
17
MisdemeanorRebel
2017 Dec 22, 6:32pm
MisdemeanorRebel
2017 Dec 22, 6:32pm
Hutch says
That's so August.
Tax Cut: Done. Conservative SCOTUS Judge: Done Travel Ban: Done. Repeal of numerous Obama Executive Orders: Done. Individual Mandate Repeal: Done Jerusalem Embassy: Done Vibrant Economy: Done. Trash TPP: Done NAFTA: Being Renegotiated
Now it's like "Well, he did all those things - but he hasn't done the Wall yet, eh? eh?" Not bad for year one. Get ready for the next 7.
By the Way, that Corporate Tax Cut, speaking of 4D Chess, just took a Yuge Canadian Advantage down a Winnepeg or two. What concessions will Canada have to make to the NAFTA renegotiations to gain a leg up?
Trump says a lot of stuff unfortunately I don't believe him. I guess im not that gullible.
That's so August.
Tax Cut: Done. Conservative SCOTUS Judge: Done Travel Ban: Done. Repeal of numerous Obama Executive Orders: Done. Individual Mandate Repeal: Done Jerusalem Embassy: Done Vibrant Economy: Done. Trash TPP: Done NAFTA: Being Renegotiated
Now it's like "Well, he did all those things - but he hasn't done the Wall yet, eh? eh?" Not bad for year one. Get ready for the next 7.
By the Way, that Corporate Tax Cut, speaking of 4D Chess, just took a Yuge Canadian Advantage down a Winnepeg or two. What concessions will Canada have to make to the NAFTA renegotiations to gain a leg up?
18
Shaman
2017 Dec 22, 6:39pm
Shaman
2017 Dec 22, 6:39pm
Hutch says
If the past year has shown us anything, it’s that Leftists never fail to accuse the opposition of the very crimes and misdemeanors of which they themselves are guilty!
felchers
If the past year has shown us anything, it’s that Leftists never fail to accuse the opposition of the very crimes and misdemeanors of which they themselves are guilty!
19
Strategist
2017 Dec 22, 6:42pm
Strategist
2017 Dec 22, 6:42pm
TwoScoopsPlissken says
Trump has kept more promises in his first year than any other President has kept in their full term. I'm really impressed.
It also tells me career politicians are just useless bureaucrats who can't get anything done.
Hutch saysTrump says a lot of stuff unfortunately I don't believe him. I guess im not that gullible.
That's so August.
Tax Cut: Done. Conservative SCOTUS Judge: Done Travel Ban: Done. Repeal of numerous Obama Executive Orders: Done. Individual Mandate Repeal: Done Jerusalem Embassy: Done Vibrant Economy: Done. Trash TPP: Done NAFTA: Being Renegotiated
Now it's like "Well, he did all those things - but he hasn't done the Wall yet, eh? eh?" Not bad for year one. Get ready for the next 7.
Trump has kept more promises in his first year than any other President has kept in their full term. I'm really impressed.
It also tells me career politicians are just useless bureaucrats who can't get anything done.
20
Strategist
2017 Dec 22, 6:44pm
Strategist
2017 Dec 22, 6:44pm
Trump may be an asshole, but keep in mind it's only the asshole that can get rid of all the shit.
21
MrMagic
2017 Dec 22, 7:34pm
MrMagic
2017 Dec 22, 7:34pm
CBOEtrader says
Having employees actually WORKING and being productive instead of goofing off has always been a good method to raise compensation. I know, that's a strange concept to today's workforce that spends most of the day texting, updating Facebook status and posting on Patnet.
Free market capitalism has historically proven to be the best method to raise worker compensation.
Having employees actually WORKING and being productive instead of goofing off has always been a good method to raise compensation. I know, that's a strange concept to today's workforce that spends most of the day texting, updating Facebook status and posting on Patnet.
22
anonymous
2019 Jan 28, 6:29pm
Now who could have ever foreseen this result huh ?
$1.5 trillion U.S. tax cut has no major impact on business capex plans: survey
The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more than 30 years.
The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.
The White House had predicted that the massive fiscal stimulus package, marked by the reduction in the corporate tax rate to 21 percent from 35 percent, would boost business spending and job growth. The tax cuts came into effect in January 2018.
“A large majority of respondents, 84 percent, indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,” said NABE President Kevin Swift.
https://www.reuters.com/article/us-usa-economy-investment/1-5-trillion-u-s-tax-cut-has-no-major-impact-on-business-capex-plans-survey-idUSKCN1PM0B0
Don't that just beat all ? When does the winning start ?
$1.5 trillion U.S. tax cut has no major impact on business capex plans: survey
The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more than 30 years.
The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.
The White House had predicted that the massive fiscal stimulus package, marked by the reduction in the corporate tax rate to 21 percent from 35 percent, would boost business spending and job growth. The tax cuts came into effect in January 2018.
“A large majority of respondents, 84 percent, indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,” said NABE President Kevin Swift.
https://www.reuters.com/article/us-usa-economy-investment/1-5-trillion-u-s-tax-cut-has-no-major-impact-on-business-capex-plans-survey-idUSKCN1PM0B0
Don't that just beat all ? When does the winning start ?
23
Tenpoundbass
2019 Jan 28, 6:38pm
Tenpoundbass
2019 Jan 28, 6:38pm
I get about $120 more every biweekly pay check. But I got $1K less the end of the year.
24
anonymous
2019 Jan 29, 4:47am
Tenpoundbass says
Any understanding of what capex is ?
Any understanding now that the business boom that was supposed to come as a result of the tax package was grossly overstated by the GOP - if not an out and out lie ?
Any understanding that the article had nothing to do with personal income tax rates ?
I get about $120 more every biweekly pay check. But I got $1K less the end of the year.
Any understanding of what capex is ?
Any understanding now that the business boom that was supposed to come as a result of the tax package was grossly overstated by the GOP - if not an out and out lie ?
Any understanding that the article had nothing to do with personal income tax rates ?
Because the income required to be considered "middle class" varies from state to state — and from individual to individual, depending on your definition of the term — we've highlighted the share of returns among the second, third and fourth 20 percent of earners that will get a tax cut and tax hike in each state.
Some notable states:
California
Annual income of $27,830 to $48,110
Share with tax cut: 88 percent
Share with tax hike: 5 percent
Annual income of $48,110 to $76,530
Share with tax cut: 89 percent
Share with tax hike: 8 percent
Annual income of $76,530 to $130,820
Share with tax cut: 83 percent
Share with tax hike: 16 percent
Florida
Annual income of $21,440 to $35,500
Share with tax cut: 86 percent
Share with tax hike: 5 percent
Annual income of $35,500 to $56,970
Share with tax cut: 90 percent
Share with tax hike: 5 percent
Annual income of $56,970 to $97,370
Share with tax cut: 92 percent
Share with tax hike: 6 percent
Kansas
Annual income of $26,250 to $45,170
Share with tax cut: 90 percent
Share with tax hike: 4 percent
Annual income of $45,170 to $70,960
Share with tax cut: 94 percent
Share with tax hike: 4 percent
Annual income of $70,960 to $113,640
Share with tax cut: 97 percent
Share with tax hike: 2 percent
New Jersey
Annual income of $26,830 to $50,100
Share with tax cut: 83 percent
Share with tax hike: 7 percent
Annual income of $50,100 to $79,890
Share with tax cut: 88 percent
Share with tax hike: 10 percent
Annual income of $79,890 to $142,290
Share with tax cut: 82 percent
Share with tax hike: 17 percent
More states at the link.
https://www.cnbc.com/2017/12/21/how-the-tax-bill-will-affect-the-middle-class.html
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