Better or Worse?

[eyexer]

Is there a difference with this calculator?

https://graphics.wsj.com/marketwatch/2017/trump-tax-calculator/?embed=1

this one uses adjusted the other one doesn't. but if you plug in your W2 earnings in both it comes out identical. At least for me it did. It's a hell of a savings. Buying a new truck lol

 

[Reprobait]

I have seen calculators that show me saving $18 per year and some showing me saving 1200. Single, no kids, average income. The final bill has only been available for a few days so we really don't know.

 

[johnr]

Maybe we should raise taxes

 

[Captain Ahab]

I have seen calculators that show me saving $18 per year and some showing me saving 1200. Single, no kids, average income. The final bill has only been available for a few days so we really don't know.

The calculator link I posted updates daily with the proposed bill.

 

[Sluggo]

Better for me by roughly $2k. I'll take it.

 

[eyexer]

I have seen calculators that show me saving $18 per year and some showing me saving 1200. Single, no kids, average income. The final bill has only been available for a few days so we really don't know.

Do you itemize or take standard deductions?

 

[johnr]

Is the a jacked up oilfield truck deduction?

 

[Marbleyes]

Disclaimer: I’m no tax or economic expert and don’t claim to be. This is my opinion and if you are a huge fan of this bill, don’t read this post because it will probably piss you off.

I have no clue if I will be better off or not in the short term but I would imagine being that I’m younger, in the long run I will be worse off as I would imagine every other younger person would be too. Someone has to pay back this already insane existing deficit and this is projected to add over another trillion to it. Where do you guys think this money is going to come from? The poor? The rich (yeah right)? Nope, it will be the biggest tax pool, which is the middle class. With baby boomers retiring in record numbers soon our gov’t will need more revenue, not less. Don’t forget that right at the start of this tax reform process the republicans were looking at going after 401k’s to possibly help keep this bill under 1.5 trillion in added deficit. I have no reason to think our government won’t come after whatever money they can get their hands on to pay for dumb shit.

Sorry but I don’t buy that this is going to somehow create a huge growth in our economy. Hell, even ceo’s aren’t trying to hide the fact that most of them aren’t going to be investing in hiring new workers or wage increases for current workers. They are flat out saying (and have already started) that they will do stock buy backs and stash the money. I don’t think they are lying. The timing also doesn’t make sense with unemployment just over 4% and record profits already being made with the existing tax code, it just doesn’t make sense to me but then again I’m wired to think more about long term consequences than short term gains. Maybe that’s why I have no debt and I expect my government to operate the same way I operate my household, don’t spend more than you bring in and they should plan farther out than their next election cycle.

You know it’s a good bill when you’ve got the head guy writing it (Kevin Brady) saying there will need to be other bills passed to fix this bill. The bill hasn’t even passed yet and he already said that. WTF is wrong with our congress and where the F did all the fiscal conservatives go? Also, anyone want to bet your taxes won’t be done on a “postcard sized” form?

I’m not sure if some of you are aware that Kansas tried something similar to this bill as far as lowering taxes on businesses and individuals and claimed that their state economy would boom because of it. Well, it didn’t go well and ended up being repealed by an over 2/3 majority (mostly republicans that passed the thing in the first place) so they could override the governors veto. Let that sink in for a minute, the very republicans who agreed with their republican governor that it would make their states economy boom, voted to get rid of it with enough of a majority to override their own governor because it did not work and they created a huge hole to dig out of.
This is my opinion and I just had to rant. I guess we will find out one way or another and I hope to hell I’m wrong but I just don’t trust our government (R’s or D’s) because honestly they have given me no reason to.

 

[Reprobait]

Well said Marbleyes

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Do you itemize or take standard deductions?

Standard.

 

[Sluggo]

Interesting thoughts, Marble. Here's the way I look at it. Our federal government spending is out of control, there will be deficit spending regardless of what they are collecting from us poor saps so the more I can keep the better. It won't change a thing by me paying in more. Spending needs to be cut.

It is an unfortunate truth but not everyone is helpable and too many programs promote free-loading in an effort to help another small fraction of people. Plus the administration of welfare programs is expensive. Millions is spent trying to decide if someone should get $200 or $210 in assistance. I think if Trump-like people continue to be in control, the spending will get cut back over time and that is our only chance at lowering the deficit. The government is involved in WAY too many aspects of our lives.

I also think there is a chance that 2,3,4 years from now, there are going to be a lot of happy people because, even though I don't like Trump as a person, I think his policies will benefit way more people than they hurt. If that happens, the Ds will have to jump on board or go down swinging. I know that is quite a dream but I am hoping to see a functioning government some day again. Having all Ds and all Rs voting the same is just stupid. It needs to change.

 

[3Roosters]

My view. Track GDP. It was terrible during Obama years, like 1.8%!!. IF..and a BIG IF.. GDP can average closer to 3 and 4%, then this growth can solve lots of problems. Pretty hard to argue with the growth of the markets and the economy since the Trumpster took office, like him or not. But yeah..both Dems and Repub are now so toxic with each other, things will never come to compromise on anything.

 

[Allen]

Marbleyes has been paying attention to the world around him.

My take on congress and our federal government representation in general is that...they ALL suck donkey dick.

I got screwed by ACA as I was one of the people they thought needed to help pay for everyone else's health insurance.

And now I'm getting screwed again as I'm in the category of people who is going to see their federal tax burden blossom even more.


Here's an idea, we've had a friggin AMT (Alternative Minimum Tax) for years already. How about we implement it's beautiful cousin, the AMaxT (Alternative Maximum Tax). The premise here is that nobody, and I mean NOBODY, should have to pay a higher percentage of their income into the federal treasury than the lowest of the President, Speaker of the House, and Senate Majority Leader.

I'm getting tired of earning less than those a-holes and paying in a greater percentage because of the way the rules are written.

 

[Sluggo]

And now I'm getting screwed again as I'm in the category of people who is going to see their federal tax burden blossom even more.

Are you losing a big deduction? Just wondering which part of the bill is causing your tax liability to increase.

 

[Migrator Man]

Disclaimer: I’m no tax or economic expert and don’t claim to be. This is my opinion and if you are a huge fan of this bill, don’t read this post because it will probably piss you off.

I have no clue if I will be better off or not in the short term but I would imagine being that I’m younger, in the long run I will be worse off as I would imagine every other younger person would be too. Someone has to pay back this already insane existing deficit and this is projected to add over another trillion to it. Where do you guys think this money is going to come from? The poor? The rich (yeah right)? Nope, it will be the biggest tax pool, which is the middle class. With baby boomers retiring in record numbers soon our gov’t will need more revenue, not less. Don’t forget that right at the start of this tax reform process the republicans were looking at going after 401k’s to possibly help keep this bill under 1.5 trillion in added deficit. I have no reason to think our government won’t come after whatever money they can get their hands on to pay for dumb shit.

Sorry but I don’t buy that this is going to somehow create a huge growth in our economy. Hell, even ceo’s aren’t trying to hide the fact that most of them aren’t going to be investing in hiring new workers or wage increases for current workers. They are flat out saying (and have already started) that they will do stock buy backs and stash the money. I don’t think they are lying. The timing also doesn’t make sense with unemployment just over 4% and record profits already being made with the existing tax code, it just doesn’t make sense to me but then again I’m wired to think more about long term consequences than short term gains. Maybe that’s why I have no debt and I expect my government to operate the same way I operate my household, don’t spend more than you bring in and they should plan farther out than their next election cycle.

You know it’s a good bill when you’ve got the head guy writing it (Kevin Brady) saying there will need to be other bills passed to fix this bill. The bill hasn’t even passed yet and he already said that. WTF is wrong with our congress and where the F did all the fiscal conservatives go? Also, anyone want to bet your taxes won’t be done on a “postcard sized” form?

I’m not sure if some of you are aware that Kansas tried something similar to this bill as far as lowering taxes on businesses and individuals and claimed that their state economy would boom because of it. Well, it didn’t go well and ended up being repealed by an over 2/3 majority (mostly republicans that passed the thing in the first place) so they could override the governors veto. Let that sink in for a minute, the very republicans who agreed with their republican governor that it would make their states economy boom, voted to get rid of it with enough of a majority to override their own governor because it did not work and they created a huge hole to dig out of.
This is my opinion and I just had to rant. I guess we will find out one way or another and I hope to hell I’m wrong but I just don’t trust our government (R’s or D’s) because honestly they have given me no reason to.

The optimism from this tax plan is driving the growth in the stock market. This growth will continue to increase and will benefit everyone that has stocks or retirement funds. Extra money in the hands of business means more money for most of us. Record profits are happening because of trump pushing this bill, and without it the stock market would not be climbing as fast.

I wouldn't worry about increasing the debt. Obama raised the debt a trillion a year over his 8 years. 1.5 trillion over ten years doesn't sound that bad considering what Obama did. This is a tax bill. The conservatives will push to cut spending when they pass the budget. Between economy growth and spending cuts I can see the debt not increasing as high as they projected.

 

[Captain Ahab]

Marbleyes has been paying attention to the world around him.

My take on congress and our federal government representation in general is that...they ALL suck donkey dick.

I got screwed by ACA as I was one of the people they thought needed to help pay for everyone else's health insurance.

And now I'm getting screwed again as I'm in the category of people who is going to see their federal tax burden blossom even more.


Here's an idea, we've had a friggin AMT (Alternative Minimum Tax) for years already. How about we implement it's beautiful cousin, the AMaxT (Alternative Maximum Tax). The premise here is that nobody, and I mean NOBODY, should have to pay a higher percentage of their income into the federal treasury than the lowest of the President, Speaker of the House, and Senate Majority Leader.

I'm getting tired of earning less than those a-holes and paying in a greater percentage because of the way the rules are written.

I agree that AMT makes no damn sense. I wish it would have been eliminated.

 

[Migrator Man]

Another point is why should we have a higher corporate tax rate than other more progressive countries? We are competing against them and we are losing. Some of you have been drinking too much CNN koolaid.

 

[Allen]

Are you losing a big deduction? Just wondering which part of the bill is causing your tax liability to increase.

While I'd prefer to not discuss my personal finances in much detail on a public forum, let's just say that there is a reason the bill is nearly 500 pages long.

 

[lunkerslayer]

So with this tax plan, I am wondering what does this tax plan do for jobs futures especially in the municipal areas of state and local infrastructure.

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Ps with everyone tax big checks back what are you going to do with all that money

 

[Account Deleted]

I think you’re wrong marble. We’ve been chasing countries offshore for a long time. The corporate tax rate is now just average with the world. As a start: https://www.google.com/amp/amp.timeinc.net/time/5074911/tax-reform-bill-company-investments-bonuses

 

[Wild and Free]