2017 "Tax Reform": They'll Screw This Up Too, Right? - Page 100 - Politics and Economics

One billionaire gets $1000000, a thousand proles get $10 each. Average person gets $1000!

Rara, did you ever acknowledge that the average Walmart employee 2017 USA#1! TAX CUT BONUS was ~identical to their 2016 socialist dictator bonus?

01-31-2018 , 03:32 PM

#2478

eyebooger

Join Date: May 2010 Posts: 58,712

My 2018 paychecks are $4.70 lower than my end of 2017 paychecks.

01-31-2018 , 03:44 PM

#2479

bobman0330

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Join Date: Aug 2004 Posts: 24,234

Quote:

Originally Posted by raradevils

Nope, I gave that up so I could have free weekends and days off.

So you just barely missed out on the new QBI deduction? Ouch. That's where the real money is. My taxes are down maybe $500 a paycheck too, but that's peanuts compared to the people who are really benefiting from this bill.

01-31-2018 , 03:48 PM

#2480

goofyballer

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Quote:

Originally Posted by raradevils

What does that have to do with tax reform?

Well, your paychecks are likely not yet higher than they were in December.

btw, that SALT deduction cap has to hurt a lot in highest-property-tax-in-the-country New Jersey, amirite? How much of that luxury car are you losing when the refund you used to get at filing time goes away? (as a renter, I'm much more insulated against that

)

01-31-2018 , 04:21 PM

#2481

VanceAce

grinder

Join Date: Oct 2011 Posts: 464

My paycheck was about $10 lower -- sweet!

01-31-2018 , 04:38 PM

#2482

TiltedDonkey

veteran

Join Date: Sep 2013 Posts: 2,975

Quote:

Originally Posted by raradevils

What does that have to do with tax reform?

Quote:

Originally Posted by goofyballer

)

This.

If you make over the Social Security cap (which I'm assuming you do since you've claimed to have >$2 million and also because of the amount you claim to be saving from the tax reform) then it's pretty unlikely your paychecks would actually be higher now.

I stand to save money from tax reform but my paychecks are still noticeably lower than end 2017 checks b/c Social Security tax kicked back in.

01-31-2018 , 04:38 PM

#2483

Huehuecoyotl

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Quote:

Originally Posted by raradevils

It was nice to see the trust fund baby rolled out for the dem response to the sotus. Another one of those that knows what it's like for every common man.

You should have probably listened to what he said. It was pretty good.

01-31-2018 , 05:14 PM

#2484

bobman0330

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Quote:

Originally Posted by TiltedDonkey

This is not exactly right. The IRS didn't update withholding tables until late January, so your first paycheck (assuming bimonthly pay) is with SS withholding + 2017 tax tables. Some (most? all?) employers have updated their payroll to the 2018 tax tables, so a lot of people can see a difference in federal income tax withholding from their last paycheck to their current one, which is attributable to the new bill.

01-31-2018 , 05:18 PM

#2485

Paul D

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Quote:

Originally Posted by raradevils

It was nice to see the trust fund baby rolled out for the dem response to the sotus. Another one of those that knows what it's like for every common man.

Dude, this is really dumb.

The Kennedys had their faults for sure. Womanizing and Chappaquiddick. But they didn't seem to ever have a problems stepping down from their castles to be around common people.

01-31-2018 , 05:27 PM

#2486

otatop

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They also resist the urge to put gigantic gold "KENNEDY"s on their homes.

01-31-2018 , 06:25 PM

#2487

Loki

binary duo

Join Date: Nov 2015 Posts: 12,772

Quote:

Originally Posted by VanceAce

My paycheck was about $10 lower -- sweet!

My taxes were about $60 lower, but due to some weird accounting magic I only get $8 of that because... reasons.

01-31-2018 , 07:46 PM

#2488

Jbrochu

banned

Join Date: Jan 2005 Posts: 16,054

Quote:

Originally Posted by raradevils

$20? Mine each month is large enough to make a luxury car payment.

If the dems take over the house and senate with veto proof majorities the tax cuts could expire next year.

Be careful, some of that "extra" money might be an illusion. As I mentioned recently in the thread many people need to reduce their allowances (i.e. - withhold more) or they are going to owe come tax time.

01-31-2018 , 09:28 PM

#2489

raradevils

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Quote:

Originally Posted by goofyballer

Well, your paychecks are likely not yet higher than they were in December.

But it will be more this Dec than it was this past Dec.

Quote:

Originally Posted by goofyballer

[B]btw, that SALT deduction cap has to hurt a lot in highest-property-tax-in-the-country New Jersey, amirite? How much of that luxury car are you losing when the refund you used to get at filing time goes away? (as a renter, I'm much more insulated against that

)

I doesn't hurt a lot and will have very little impact. I'm sorry to hear that you rent and don't own. The amount of money we will be cashing out on our house will be a nice addition to the nest egg or our estate (great for the kids and grand children).

I will no doubt not be a resident of the state of NJ in a few more years anyhow, warmer weather and cheaper taxes in so many other states.

Quote:

Originally Posted by Jbrochu

I don't know about you but I prefer to owe a little in April. There is no reason to give the gov't an interest free loan.

01-31-2018 , 09:33 PM

#2490

raradevils

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Quote:

Originally Posted by Huehuecoyotl

You should have probably listened to what he said. It was pretty good.

Maybe it was. My day starts before 5 am so I didn't even stay up long enough to be able to watch it.

01-31-2018 , 11:13 PM

#2491

goofyballer

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Quote:

Originally Posted by raradevils

I'm sorry to hear that you rent and don't own.

Why? I could afford to but choose not to. Instead of paying hundreds of thousands to a bank to loan money for 30 years or whatever I have my cash growing in investments. Calculators like this one confirm that buying a home would be a terrible financial decision (my rent is controlled and under $2000; even at double that I'm better off now than if I bought a home for $1m).

Quote:

Originally Posted by raradevils

I doesn't hurt a lot and will have very little impact.

I'm sorry to hear that; if the SALT deduction doesn't hit you hard then your house must not be worth that much and/or you must not make as much as you're letting on.

01-31-2018 , 11:33 PM

#2492

batair

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Quote:

Originally Posted by raradevils

The average is going to be less than that. The median income in the country is only around 45k. If they were getting 5k it would be huge. That's why it was insulting when Pelosi said it would be crumbs for the average to get 1k. When 1k is a descent bump in pay, no thanks to a single dem.

Guy I work with making about that with two kids said what’s $20 a week going to do for me. I told him at least by him voting for trump more will trickle down to him. He was not buying it.

02-01-2018 , 12:17 AM

#2493

Money2Burn

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Quote:

Originally Posted by raradevils

It was nice to see the trust fund baby rolled out for the dem response to the sotus. Another one of those that knows what it's like for every common man.

You voted for Donald Trump.

02-01-2018 , 12:18 AM

#2494

MrWookie

Don't Call Me Meredith

Join Date: Feb 2005 Posts: 94,159

Quote:

Originally Posted by Money2Burn

You voted for Donald Trump.

I mean, he says he didn't vote for Trump, but he goes to bat for Trump on the internet, which is a greater expenditure of time, and which I would argue is even more shameful at this point.

02-01-2018 , 01:47 AM

#2495

Sideline

journeyman

Join Date: May 2014 Posts: 224

As a self employed person netting around 60k last year and expecting the same this year, who takes the standard deduction, I should pay around 3k less in 2018 than I did in 2017 according to my accountant.

02-01-2018 , 02:12 AM

#2496

MrWookie

Don't Call Me Meredith

Join Date: Feb 2005 Posts: 94,159

That sounds like it's in the right ballpark for people like you. Congratulations. Aren't you glad that bigger businesses got bigger bonuses than you did? Are you looking forward to paying more tax in 7 years?

02-01-2018 , 02:44 AM

#2497

Sideline

journeyman

Join Date: May 2014 Posts: 224

Quote:

Originally Posted by MrWookie

I definitely did not mean that to mean "This tax plan is great" or anything of the like. I was just posting my situation and how it was affected.

02-01-2018 , 06:25 AM

#2498

Money2Burn

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Quote:

Originally Posted by MrWookie

I mean, he says he didn't vote for Trump, but he goes to bat for Trump on the internet, which is a greater expenditure of time, and which I would argue is even more shameful at this point.

Yeah, I don’t believe him. Regardless, someone who constantly goes to bat for Donald Trump doesn’t get to talk down to others about how out of touch with the common man they are.

02-01-2018 , 07:46 AM

#2499

raradevils

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Quote:

Originally Posted by bobman0330

When we move out of NJ I will be self employed again and make use of that tax advantage. Currently I never plan on fully retiring I just don't need to continue to take on the work load I have now. I could easily scale back and just work on one or two multi million dollar projects instead of doing three or four as I do now.