by "mkbruin, Atlas VP" (mkbruin)
Published 12/20/2017 at 08:03
by "mkbruin, Atlas VP" (mkbruin)
Published 12/20/2017 at 08:03
No Tags
STARS: 2
Enjoy your extra $2,140 next year! Tax stuff ahead.
!!! UNKNOWN CONTENT TYPE !!!
"Arrivederci" (arrividerci)
12/20/2017 at 08:11, STARS: 1
Yay?
"dsigned001 - O.R.C. hunter" (dsigned001)
12/20/2017 at 08:14, STARS: 0
Guess I’m the 4.8%...
"Flavien Vidal" (flyingfrenchy)
12/20/2017 at 08:16, STARS: 7
hahaha. You do realize this tax plan goes over 10 years right?? So yes, you will pay less in 2018 and maybe 2019. Now, would you mind comparing 2017 to the upcomming 2020, 2021, 2022, 2023, 2024, 2025, 2026 and 2027 tax plans?? :)
"Funktheduck" (funktheduck)
12/20/2017 at 08:16, STARS: 1
I’m expecting to owe more. I’m single, no kids, and back to renting. Most of the tax cuts going to middle to low income people revolve around being married with kids and owning your own home.
"Jayhawk Jake" (jayhawkjake)
12/20/2017 at 08:19, STARS: 3
Maybe they can afford healthcare with the extra money
"CB" (jrcb)
12/20/2017 at 08:28, STARS: 5
Isn’t the country in massive debt? How is a tax cut a good idea? And what services will have to be cut because of this?
"SVTyler" (svtyler)
12/20/2017 at 08:30, STARS: 5
He doesn’t care, just like everyone else on his ‘team’ that are purposefully missing the forest to focus on the one particular tree that agrees with them. In 2021 when the economy is in freefall because of
this insane bill
, they’ll be blaming it all on the Democrats who get elected in the previous year. They did it with Bush and Obama, they’ll do it with Trump and the next guy, just you watch.
"Chuckles" (chucklesw37)
12/20/2017 at 08:39, STARS: 8
As a member of that 80.4%, all I can say is that I’m incredibly disappointed in my elected officials.
"Ash78, voting early and often" (ash78)
12/20/2017 at 08:47, STARS: 4
And when the cuts expire in 10 years or so, President Kardashian will get blamed for hurting the middle class and SHE MUST ACT NOW TO AVOID CRISIS!
"duurtlang" (duurtlang)
12/20/2017 at 08:49, STARS: 3
80.4% of Americans would see a tax cut in 2018. The average decrease would be $2,140.
What’s the median decrease?
"Tekamul" (tekamulburner)
12/20/2017 at 08:57, STARS: 7
Oh yay! The top 0.1% will save an average of $176k! That’s the same as 82 ‘average’ people, and 2900 people in the lowest fifth! That seems fair!
"Flavien Vidal" (flyingfrenchy)
12/20/2017 at 08:58, STARS: 1
And the worst is that they get away with it time and time again... 8 years to get things back on track, 8 years to use all the benefits of that work and waste everything, then 8 more years to fix everything and so on and so on... Dumb. Just dumb.
"Yowen - not necessarily not spaghetti and meatballs" (yowen)
12/20/2017 at 09:06, STARS: 6
From what I hear there are increases in costs of education and increases for those that will no longer be able to deduct state taxes.
It’s also disgusting that most of this reform is going to the wealthiest Americans, that simply don’t need it. It’s also disgusting that this is disguised as a “growth plan” while really it’s just giving wealthy people and wealthy corporations MORE money. We are already in a bull-market, the economy is fine, it didn’t need further encouraging. It likely won’t accelerate a whole lot more than it already has.
The extent of just how poorly our elected official represent the will of the people is astonishing. Why do we even have elections? Net neutrality is another prime example, the will of the people is abundantly clear. But law makers reflect the will of corporations.
"jimz" (jimz)
12/20/2017 at 09:25, STARS: 1
“Left leaning.”
"fintail" (fintail)
12/20/2017 at 09:27, STARS: 5
Politically, this is genius - it will keep the Obama-era recovery going (remember lagging indicators) for at least another year or two. We’re long overdue for a correction already, and a little stimulus to the consumer will keep the dream alive, even if it is built on debt and false pretenses. But don’t forget, the bigger they are, the harder they fall. After 25+ years of failing to learn “it’s the economy, stupid”, some Rs might have come to their senses. This will also help to distract from the unpleasantness, incompetence and corruption of the regime overall. But let’s be honest, a huge amount of the country is going to get maybe $20 a week at most.
Realistically, it is just more debt and gifts to a top few masquerading as benefits for the common man (note how it is very top heavy), but that sums up the past 35-40 years no matter who is in power (and really, it is the same people no matter who is in office). Kicking the can down the road. It’s really Reaganomics Part Deux, and that plan also helped his cronies stay the course for some time.
The twitter twit is amusing, man that guy appears to spend a lot of time tweeting, and no doubt after tens of hours of digging, finally found a non-rightie source that supports a tenuous argument. He’s really running with it. I suspect another “I don’t want taxes or help” type who works for his dad, or maybe for a defense contractor.
"Future next gen S2000 owner" (future-next-gen-s2000-owner)
12/20/2017 at 09:44, STARS: 4
If someone could explain to me why we are cutting taxes and borrowing money to fund the government that’d be great. Direct links and scientific evidence, no talking points about trickle down economics - that is pure snake oil.
"Dru" (therealkennyd)
12/20/2017 at 09:46, STARS: 6
First I admire your balls in maintaining a right leaning ideology in a largely left leaning space, in which I still consider myself part of the latter.
Second, of this is such a great plan, why do the individual cuts expire in 2026?
"Sampsonite24-Earth's Least Likeliest Hero" (sampsonite24)
12/20/2017 at 09:59, STARS: 2
That is until the bill matures in 2025 which will see most of those people paying more. And with changes to head of household rules single parents may end up paying more as well
"MonkeePuzzle" (monkeypuzzle)
12/20/2017 at 10:17, STARS: 1
Americans
what about all us poor non-americans who pay american taxes?
"Bman76 (hates WS6 hoods, is on his phone and has 4 burners now)" (bman76-4)
12/20/2017 at 10:36, STARS: 8
If I save $1,000,000 and you save $1 we save $500k on average.
The chart you posted shows that the middle quintile only saves $1090, and the lowest quintile (which appears to be 27% of Americans) save only $130.
Meanwhile your top quintile is netting an $8k benefit...
"davesaddiction @ opposite-lock.com" (davesaddiction)
12/20/2017 at 10:38, STARS: 2
CNN says my after-tax income will go up 6.7% in 2018.
"Wrong Wheel Drive (41%)" (rduncan5678)
12/20/2017 at 10:40, STARS: 1
Why is the economy a political decision? That’s what I don’t get at all. I’m not going to debate the merits or demerits of one side or the other. I’m not an economist so I’m not knowledgeable of the big picture, just my own little corner of it. This should be something that people specifically educated in economics pick the best solution and then we run with it, independent of politics bullshit. I don’t want a vote in the economy, then I’ll pick what helps me or maybe what I think helps others. But what I want is what actually serves everyone, it’s not an opinion. Money is a science, there’s a right way and a wrong way. I don’t know which is which but I’m sure it’s possible to figure that out if you take politics and completely remove it from the equation.
To be fair, I am a left leaning liberal hippy on the majority of issues, but I have no issues with conservative economics if those are economically sound. So far both sides have proven to have issues so it’s clear that nobody has it quite right.
"BeaterGT" (beatergt)
12/20/2017 at 11:01, STARS: 0
I just read an article where the EPA chief is spending close to a million on security detail. Good use of our tax money, clearly.
"Straightsix9904" (Straightsix9904)
12/20/2017 at 11:01, STARS: 0
I guess I’ll consider myself lucky that my tax bill goes up by $3k then.
"Thomas Donohue" (tomonomics)
12/20/2017 at 11:37, STARS: 0
Foreign investors are getting a better tax break than most Americans...
https://www.cbsnews.com/news/gop-tax-plan-winner-foreign-investors/
"Mercedes Streeter" (smart)
12/20/2017 at 12:07, STARS: 0
There are actually quite a lot of right leaning Oppos but most of them got banned for attacking people (I’ve been more than once a target of them). The rest (like mkbruin) are respectful to the other humans on this site. :)
"MasterMario - Keeper of the V8s" (mastermario)
12/20/2017 at 12:13, STARS: 2
Still a bit misleading...I hate when people use averages. More often than not medium or in this case “middle quintile” are much more informative since outliers can really skew averages. So most people will see around a $1000 decrease or less next year in reality.
Also, though I’m good with the tax cuts, I absolutely cannot stand that they made the corporate cuts permanent and the personal cuts temporary.
"Eric @ opposite-lock.com" (theyrerolling)
12/20/2017 at 12:50, STARS: 0
Oddly, what I want to know is why we don’t have a sunset clause on all legislation. Every single bill should have a defined lifespan that doesn’t exceed 20 years and that lifespan should be set based on the percentage of votes in support above the minimum required to pass. For example, something that passes by a couple votes might get the minimum 2 year sunset (think any highly-controversial bills) and something with near-universal support (say, above 85%) could get a 20-year sunset, then anything that survives 3 sunsets with over 95% support would no longer sunset. 6 months before a sunset, any bill that was in effect for at least 10 years would automatically come up for a renewal vote and below that it would require manual reintroduction.
Tax bills would be short term until someone comes up with a legitimately neutral bill that appeals to everyone...
"Eric @ opposite-lock.com" (theyrerolling)
12/20/2017 at 14:01, STARS: 1
The calculators claim my taxes will decrease and my family will get ~5% more in take-home pay. That’s actually pretty substantial, well over a car payment on an average car every month.
"Eric @ opposite-lock.com" (theyrerolling)
12/20/2017 at 16:33, STARS: 0
I am not wealthy. I spend most of what I make. It does decrease quite a bit for people that are way above me (and probably could afford it), but it is mostly pretty well targeted (most people making enough to see a larger percentage are in their prime working years trying to raise families).
The problem is that it doesn’t put a virtual cap on income like they had in the past. We should have an exceptionally high income tax rate (say, 99%) on income more than 3-4x the median with the ability to extend the next-highest tax bracket up to 6-8x the median IF everything above the 3-4x is spent on services.
This would result in a supercharged version of the 1950s-1960s, where income inequality would decrease considerably while the incomes of anyone willing to work would go up. Those that make too much and don’t employ enough people would simply send the money to the government (which could be used to support those that cannot support themselves for some reason). Imagine a world where your dentist only makes 2x as much as your janitor - this would make that happen.
"nermal" (nermal)
12/20/2017 at 16:47, STARS: 1
WOO-HOO!
"Yowen - not necessarily not spaghetti and meatballs" (yowen)
12/20/2017 at 17:00, STARS: 0
I think that may be a bit extreme, because you would still want to motivate people to want to make more money. If you tax at 99%, what’s the point? While I do support higher tax rates on higher incomes, I wouldn’t be able to support 99, I don’t think I’d want to see much over 50%. Because we do need to incentive entrepreneurship and by extension innovation.
I’m okay with a dentist making more than 2x a janitor, but I do want said janitor to be able to have a livable income.
"ranwhenparked" (ranwhenparked)
12/20/2017 at 23:15, STARS: 1
I think I’m only getting $850 in savings, but, still, its something.
Plus, I just got word today that I’m getting a 2% raise in January on top of the 1.5% I got in the middle of this year, and I just saved $1,000 a year switching car insurance companies, so it all adds up.