Saturday, December 23, 2017

How the tax bill will affect your paycheck

Generally speaking, most filers benefit from the bill, with exceptions across the income spectrum. As a guide to the bill, it is fair to say that the higher your income the more you're likely to benefit. Filers in the $250,000 to $750,000 range generally see the greatest increase in after-tax income. Those at the very bottom of the income spectrum will benefit less. At the same time, the bill is most likely to raise taxes on some high-income filers in states with high state and local taxes.

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Says my after tax income will increase by 4.7%

Comments

I for one cannot wait to get my $2 a week. I am so excited !

I just can't decide what to do with all that money.

Gonna party like it was 1999! (When America was great).

#2 | Posted by donnerboy at 2017-12-23 10:54 AM

I for one cannot wait to get my $2 a week. I am so excited ! - #2 | Posted by donnerboy at 2017-12-23 10:54 AM |
Oh, you got 5% after tax too?

#3 | Posted by Avigdore at 2017-12-23 11:13 AM

"Oh, you got 5% after tax too?"

No, those folks are getting $1000 a day...so you were closer than usual.

Isn't the new tax code fun?

#4 | Posted by Danforth at 2017-12-23 11:16 AM

I'm not making $1k a day. The calculator puts my savings at 4.7% after taxes.

#5 | Posted by Avigdore at 2017-12-23 11:33 AM

"The calculator puts my savings at 4.7% after taxes."

What's your taxable income?

#6 | Posted by Danforth at 2017-12-23 11:34 AM

"I'm not making $1k a day. "

The folks at the top are...and you & I are paying for it.

Good deal, or not?

#7 | Posted by Danforth at 2017-12-23 11:35 AM

It's too bad that Americans can't see how short-sided it is to receive tax cuts that, if added up and spent in areas of real need, would benefit all Americans for decades to come.

- Bush Tax Cuts = $6.6 trillion [2001, 2003]
- Obama's Stimulus = #1 trillion [2009]
- Trump/GOP Tax Cuts = $1.5 trillion [2017]

Add to the above, the tax money spent on Medicare Part D's $1 trillion [2003], the Iraq War's $7 trillion [2003-2009], and the Wall Street Bailout's $12.8 trillion [2008] ... as a country, since 2001, we've have spent ~ $30 trillion effing dollars on things that benefit the very few (mostly at the top of the economic food chain) but the working and middle-class Americans whose taxes were used to finance them got shafted.

At least Obama's Stimulus of 2009, used to goose the economy, was justified due to the total crapola economic situation he inherited from George W. Dummy.

People who cheer these unjustified tax cuts are clueless.

I would be more than happy to pay back my 1500 bucks from the Bush Tax Cuts so long as everyone else had to pay back their free money. Same with these Trump Tax Cuts ... keep the damn money and plow it back into infrastructure, education, and healthcare.

#8 | Posted by PinchALoaf at 2017-12-23 11:39 AM

"I would be more than happy to pay back my 1500 bucks from the Bush Tax Cuts"

LOL

#9 | Posted by eberly at 2017-12-23 12:29 PM

Says my after tax income will increase by 4.7%

Another $1 trillion in government debt will be piled on your grandchildren so you could have an extra 5 cents on each dollar.

#10 | Posted by rcade at 2017-12-23 01:40 PM

"The calculator"

The "calculator" purposely skips bad news.

It moonlights as a cherry-picker.

#11 | Posted by Danforth at 2017-12-23 01:46 PM

"Another $1 trillion in government debt "

Pfft.

$2 Trillion, at a minimum. Little Donnie's alma mater predicted up to $2.1 Trillion.
www.cnbc.com

#12 | Posted by Danforth at 2017-12-23 01:48 PM

Sweet. I'm going to save a starbuck's coffee a day! Thanks for all this winning, Trump!

#13 | Posted by jpw at 2017-12-23 04:24 PM

LOL

#9 | POSTED BY EBERLY

You know doubt claim yourself to be an informed, intelligent citizen ...

Yet you'll complain about the potholes you hit with your car and being stuck in traffic ... complain about your children's schools and teachers ... complain about rising healthcare costs ...

All the while happily taking the few measly crumbs tossed your way by the billionaires (to buy your complicit silence) as these same billionaires continue stealing trillions that could've been used to fix the roads and bridges ... build more schools and hospitals ... hire more teachers, doctors and nurses.

I get it, you're short-sighted and easily duped.

The jokes on you, lemming.

#14 | Posted by PinchALoaf at 2017-12-23 04:58 PM

how much does rent go up each year? mine just went up $140. ...after 8 years with significant increases each year, they could have AT LEAST split this with me and by 2 yrs i'll likely be current street price. of course a new tenant will get new everything, including a garbage desposal... i get nothing. and it wasn't fresh when i came in, so it's old.
AND everything outside was just destroyed! lights and privacy. ...and butchered banyans.

--------

#15 | Posted by ichiro at 2017-12-23 09:58 PM

christmas sale...teaser rates. big kaboom later. which is when the oligarchs, if they don't already have it all, buy more...cheap. tease...collect...sabotage...KABOOM... buy it up cheap, rinse (culture wars, death to the poor) and repeat.

#16 | Posted by ichiro at 2017-12-23 10:04 PM

bread and circuses.

#17 | Posted by ichiro at 2017-12-23 10:05 PM

#8 | POSTED BY PINCHALOAF AT 2017-12-23 11:39 AM | FLAG: Some Info just for you Pinch:

The Bureau of the Fiscal Service may accept gifts donated to the United States Government to reduce debt held by the public. Acting for the Secretary of the Treasury, Fiscal Service may accept a gift of: Money, made only on the condition that it be used to reduce debt held by the public.
Government - Gift Contributions to Reduce Debt Held by the Public
www.treasurydirect.gov

#18 | Posted by MSgt at 2017-12-24 04:14 PM

Some Info just for you Pinch:

The Bureau of the Fiscal Service may accept gifts donated to the United States Government to reduce debt held by the public. Acting for the Secretary of the Treasury, Fiscal Service may accept a gift of: Money, made only on the condition that it be used to reduce debt held by the public.
Government - Gift Contributions to Reduce Debt Held by the Public

www.treasurydirect.gov

#18 | POSTED BY MSGT

I'll only return my tax cuts so long as those at the top return their hundreds of billions.

That's what I call a fair American deal.

#19 | Posted by PinchALoaf at 2017-12-24 06:00 PM

#19,

Well, since you are wanting to be fair, how about a flat percentage for ALL filers, as, you know, all Americans are equal before the law..

#20 | Posted by boaz at 2017-12-24 08:25 PM

Well, since you are wanting to be fair, how about a flat percentage for ALL filers, as, you know, all Americans are equal before the law..

Posted by boaz at 2017-12-24 08:25 PM | Reply

A flat tax is a regressive tax on the poor and it hurts them the most.

#21 | Posted by LauraMohr at 2017-12-24 08:30 PM

I'll only return my tax cuts so long as those at the top return their hundreds of billions.
That's what I call a fair American deal.

#19 | POSTED BY PINCHALOAF AT 2017-12-24 06:00 PM | FLAG: How does one 'return' something that is theirs in the first place?

#22 | Posted by MSgt at 2017-12-25 05:19 PM

"Well, since you are wanting to be fair, how about a flat percentage for ALL filer"

The Republican party will have none of that. Just look at carried interest in the tax code. Or the rate dividend-openers pay, compared to workers.

#23 | Posted by Danforth at 2017-12-25 05:29 PM

#23 | POSTED BY DANFORTH AT 2017-12-25 05:29 PM | FLAG: Pennsylvania has had a flat tax for decades and I believe that is great [was originally my home state]. Unfortunately many of the Right and Left do not like a flat tax and would rather have a Progressive tax aimed at the high income earners.

#24 | Posted by MSgt at 2017-12-25 06:53 PM

"Pennsylvania has had a flat tax for decades"

What bearing does that fact have on the fact the federal code treats dividend income different than sweat-of-the-brow income?

"many of the Right and Left do not like a flat tax and would rather have a Progressive tax aimed at the high income earners."

And why not? The wealthy get more out of, say, a secure and reliable banking system. In addition, almost all other taxes are regressive. Some, like SS, are super-regressive. Income taxes are the only progressive taxes we have.

One last note: PA is one of a handful of states with localities which charge an income tax. Philadelphia charges 3.9% for residents, or 3.5% for non-residents.
www.tax-rates.org

#25 | Posted by Danforth at 2017-12-25 08:37 PM

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