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I said SAVINGS, as in DOLLARS in my pocket, but some of the people here in this thread can't seem to understand that point, and are just trying to apply a "tax rate" to some hypothetical income amount. Of course, just applying a rate to an income, won't help certain people comprehend that point, and they can bang their calculators until there's nothing left.
I said SAVINGS, as in DOLLARS in my pocket, but some of the people here in this thread can't seem to understand that point, and are just trying to apply a "tax rate" to some hypothetical income amount. Of course, just applying a rate to an income, won't help certain people comprehend that point, and they can bang their calculators until there's nothing left.
Since I live in a blue state and will get hit with SALT limitations, I went ahead and increased my withholding to make up for the amount my withholding was decreased. If necessary, I will adjust that after tax season next year. It seems to be the only prudent thing to do, unless you potentially like paying interest and penalties on top of your income taxes.
I think most here would say I'm a reasonable commenter at Patnet.
I'm lost at this point.
Based on quick math, I'll also be saving around $8K - $10K next year too.
Lolz. Dude drop it.
So basic math skills here, $24K deduction - $15K ACTUALLY spent = $9K out of pocket savings (money that I didn't spend on the Schedule A).
Do you know the difference between paying $10K in taxes versus saving $10K out of pocket??
, really small, tax cut.
He either makes more than $200k, again awesome, or he's making up savings amounts. I personally don't have a problem with the tax plan myself. I've run my numbers here in IL (similar SALT burdens to CA though flipped with property & income taxes) comparing 2017 and 2018 and with around $200k family income, I will pay slightly more in taxes due to the salt cap of $10k. It is what it is. I also understand the strategy by the Republicans. States like IL are already fighting to keep their citizen cash flow going: http://www.chicagobusiness.com/article/20180411/BLOGS02/180419968/state-lawmakers-look-for-a-trump-tax-cap-workaround
Honestly, I'm done. I gave it a chance. Hasta La Vista, Baby. Not sure why I wasted so much time on this topic given the complete and utter lack of knowledge on the topic. Ignore #2 in the books.
Trying to talk tax with people that don't know what they are talking about is true torcher.
I Still would like to know the software used to compute tax year 2018 someone here said it's available.
People in New Jersey better hope that the new democrat Governer doesn't start reaming them good with new taxes.
This - http://taxplancalculator.com/ - gives a rough comparison. I live in a red state, and tax cut for me is about 5K (income of ca. 200K).
Yes I made over 200k last year Wookie. Because I'm filing MFJ our family gets a nice tax cut.
$34k in income tax and property tax is more common then you would think in IL
So I'm similar to the table I posted earlier with the $24k standard deduction, reducing my taxable income $24k and therefore savings is about $5k as well.
By my estimation this tax "cut" will take about $2k out of my pocket, not a savings (this is admittedly my own tax situation).
But that's CA fault, we as people allow government to raise taxes on us and squeeze us more every year, of course CA will have disadvantages. Liberal governments always lead to failure
In CA that’s barely middle class these days sadly due to Democrat liberal policies of inflation.True dat. I make well into the 300s as the sole provider for a family of 4, and I feel middle class. I have no idea how these people afford these cars, houses and vacations, and yet still save for retirement and kids' college. Fuck CA.
PrivilegedtobeWhite saysWookieMan saysNot sure if this is sarcasm.I have a high income. Well above $250K.
WookieMan says$9k extra from the standard deduction is not literally a $9k savings as we've heard here
That's because you don't understand the Schedule A, as been pointed out above.
bob2356 saysWe will be waiting, and waiting, and waiting.
You guys all know the post was about raises, not tax cuts right? So you are all taking a tax cut which is borrowing money against the future to put into your pockets now and calling it savings. Perfect.
It's a genius move to pressure flip from Federal Taxation to State Taxation.
People are now Saying "Jesus, my state income tax is all fucked up. In fact, the way everything is handled in my Deep Blue, Hard Left State is fucked up. All this money and there are potholes everywhere, double dip pensions, etc. etc."
Reading Comprehension?
IL is simply horrible., Take this beautiful house which just sold for 375k-beautiful . Why is it so low-who will buy with a 22k a year tax burden? No way to predict how high they will still go.
https://www.realtor.com/realestateandhomes-detail/2321-Steeple-Chase-Cir-W_Libertyville_IL_60048_M80808-72622
This tax cut will hit the upper middle income and lower rich. Richie rich will not care. But that is where it will hurt most-they may finally wake up and demand accountability.
I'm quite familiar with that area and that house is ridiculously overtaxed if that is real. A $400K house in Libertyville is typically $10K property taxes.
Agreed. They are going to wonder why their taxes went up to support multi millionaires and billionaires. And they're going to place the blame on Republicans, where it belongs.
A $400K house in Libertyville is typically $10K property taxes.
Agreed. They are going to wonder why their taxes went up to support multi millionaires and billionaires. And they're going to place the blame on Republicans, where it belongs.
HI joey/tatupu. 10k is way too high -why do you think 10k is reasonable-when in most areas in this country-equivalent would be much less. In CA of all places, you would pay about 4k for a 400k house and it is fixed-not keep going up for ever.
To the upper middle class, they will realize how much they have been paying to the greedy democrats and public unions.
taxes to support teachers
But in practice, the majority in IL is Dem
I agree $10K is too high. Just pointing out that $22K is not indicative of what 99+% of the people pay on a $375K house in I
I consider myself upper middle class and I would MUCH, MUCH, MUCH rather pay my taxes to support teachers than pay my taxes to support multi billionaires.
If you want cuts to property taxes, you need to vote for different people at the local level. The State doesn't set property taxes. Place your blame where it belongs.
LeonDurham saystaxes to support teachers
Mostly, to support police being able to retire at 50. Teachers are often just a smokescreen, and even in their case, highest salaries/pensions go to useless bureaucrats.
Show me the stats then. Like wookieman says it is closer to 14-15k
We have been through this carousel how many times? The state does not let local areas to get rid of pensions,. The state voted into the constitution that any pension obligations can never be changed. DEmocrats are the one still holding on to that potion and unwilling to change.
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https://www.usatoday.com/story/opinion/2018/04/10/donald-trump-gop-tax-cuts-wont-deliver-big-raise-column/471188002/
In selling you their trickle-down tax plan, President Trump and congressional Republicans promised you a $4,000 pay raise.
"This change, along with a lower business tax rate, would likely give the typical American household around a $4,000 pay raise," Trump said in October.
“At least $4,000,” House Speaker Paul Ryan emphasized in a post on his official website.
So now that rich people like me have gotten our billions of dollars in tax cuts, you might be wondering where your $4,000 raise is.
Spoiler alert: You’re not getting one.