"Tax Cut and Jobs Act" Tax Bill

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ubercow
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"Tax Cut and Jobs Act" Tax Bill

#1 Post by ubercow » Fri Dec 01, 2017 9:01 am

If you want to see how the new tax bill will probably affect how much more/less you'll pay, check out the pdf released by the non-partisan office who's job it is to break down proposals.

https://www.jct.gov/publications.html?f ... wn&id=5044

Find how much u make in the first column, then look at the last two columns on the right. Present law is current, and Proposal is what you will pay if the bill passes. Make sure you 'page down' to see the how the numbers change over the years because everyone pays less that first year.

Just FYI, this is a very general overview so like any law, if there are lines that hit you directly, you'll pay more, and if there are lines that you can benefit from, you'll pay less.

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Re: "Tax Cut and Jobs Act" Tax Bill

#2 Post by ubercow » Mon Dec 04, 2017 8:45 am

well, it passed senate over the weekend.

here's the new document put out by the same committee over the weekend. It breaks down how the bill will add 1.41 trillion to the deficit over the current bill, unless they somehow reduce spending by the same 1.41 trillion (lol)
https://www.jct.gov/publications.html?f ... wn&id=5046

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Re: "Tax Cut and Jobs Act" Tax Bill

#3 Post by Mr.EDGE808 » Thu Dec 07, 2017 4:09 am

ubercow wrote:
Mon Dec 04, 2017 8:45 am
well, it passed senate over the weekend.....It breaks down how the bill will add 1.41 trillion to the deficit over the current bill, unless they somehow reduce spending by the same 1.41 trillion (lol)
:roll: I guess the whole issue of fighting for the middle class is pointless.... :-?
Because in my mind,it's always clear...evil thoughts that twist my mind into despair- Iron Maiden

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Re: "Tax Cut and Jobs Act" Tax Bill

#4 Post by Irse » Sun Dec 10, 2017 9:23 am

Mr.EDGE808 wrote:
Thu Dec 07, 2017 4:09 am
ubercow wrote:
Mon Dec 04, 2017 8:45 am
well, it passed senate over the weekend.....It breaks down how the bill will add 1.41 trillion to the deficit over the current bill, unless they somehow reduce spending by the same 1.41 trillion (lol)
:roll: I guess the whole issue of fighting for the middle class is pointless.... :-?
Nobody cares about the middle class. Only the rich and poor.
Image

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Re: "Tax Cut and Jobs Act" Tax Bill

#5 Post by ubercow » Sun Dec 10, 2017 10:36 pm

Irse wrote:
Sun Dec 10, 2017 9:23 am
Mr.EDGE808 wrote:
Thu Dec 07, 2017 4:09 am
:roll: I guess the whole issue of fighting for the middle class is pointless.... :-?
Nobody cares about the middle class. Only the rich and poor.
if the person that you're putting into office isn't doing things in the best interest of you, your class, and your country, then vote them out and put someone else in until this changes. it's a bit simplistic, but obvious.

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Re: "Tax Cut and Jobs Act" Tax Bill

#6 Post by shrek2 » Mon Dec 11, 2017 11:55 am

I don't know where people get the idea that the GOP bill is going to cut taxes for the poor but its not doing anything for the poor. The end result of the deficit will mean a cutback on social programs which include Medicaid and Food Stamps. It will also cut buying capability for the grandmas and grandpas and moms and dads who are retired because Medicare costs are going up with the deficit. The only people who will benefit are the rich with the eventual elimination of the estate tax. This year the estate tax non-taxed amount will rise from $5.5M to $11M and will disappear by 2027. This was intended for those people who passed on farms to their heirs and the fact that agriculture supports a big part of the US economy. Unfortunately, those people who pass on billion dollar high rises in San Francisco and New York will continue to be billionaires and not have to pay taxes on the transfer.
Last edited by shrek2 on Fri Dec 22, 2017 2:16 pm, edited 1 time in total.

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Re: "Tax Cut and Jobs Act" Tax Bill

#7 Post by ubercow » Tue Dec 19, 2017 8:47 am

breakdown of their latest bill broken down by income:
https://www.jct.gov/publications.html?f ... wn&id=5054

also predicted additional deficit went up to 1.46 trillion in the latest calculation

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Re: "Tax Cut and Jobs Act" Tax Bill

#8 Post by ubercow » Wed Dec 20, 2017 3:03 pm

man, I just heard the white house deputy press secretary put out a statement today saying this bill "gives cuts to the middle class" and that "because no democrats voted for it, they're going to pay for it next year"..

now math is a cold f'ing science, there's no we have our math and you have your math, you can't massage 1+1= 5. if someone is adamant in telling you that it's 5, their either stupid, or lying to your face. these numbers are straight from the non-partisan government document I posted a link to yesterday, broken down in simplest terms on how it will affect you.

Code: Select all

      Average Tax Rate: Calendar Year 2019
      Income < $10,000  will pay 0.5% less
    $10,000 to $20,000  will pay 0.5% less
    $20,000 to $30,000  will pay 0.5% less
    $30,000 to $40,000  will pay 0.5% MORE
    $40,000 to $50,000  will pay 0.9% less
    $50,000 to $75,000  will pay 1.0% less
   $75,000 to $100,000  will pay 1.4% less
  $100,000 to $200,000  will pay 1.5% less
  $200,000 to $500,000  will pay 2.5% less
$500,000 to $1,000,000  will pay 3.1% less
   Income > $1,000,000  will pay 2.3% less
these numbers shift over time until..

Code: Select all

      Average Tax Rate: Calendar Year 2027
      Income < $10,000  will pay 1.0% MORE
    $10,000 to $20,000  will pay 1.5% MORE
    $20,000 to $30,000  will pay 1.0% MORE
    $30,000 to $40,000  will pay 0.7% MORE
    $40,000 to $50,000  will pay 0.5% MORE
    $50,000 to $75,000  will pay 0.1% MORE
   $75,000 to $100,000  will pay the same
  $100,000 to $200,000  will pay 0.1% less
  $200,000 to $500,000  will pay 0.2% less
$500,000 to $1,000,000  will pay 0.3% less
   Income > $1,000,000  will pay 0.4% less
the bill is very much not a middle class cut, it's a front loaded cut for everyone weighted more heavily toward higher income earners, (which is why it raises the deficit so much) that shifts into a tax increase for the lower and middle class in the long run. I can't stand when people lie about easily refutable things.

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Re: "Tax Cut and Jobs Act" Tax Bill

#9 Post by stranger808 » Thu Dec 28, 2017 4:29 pm

ubercow wrote:
Tue Dec 19, 2017 8:47 am
breakdown of their latest bill broken down by income:
https://www.jct.gov/publications.html?f ... wn&id=5054

also predicted additional deficit went up to 1.46 trillion in the latest calculation
no one cared about the deficit when Obama doubled it all by himself. I believe the 1.46t is projected over a 10 year period, no?

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Re: "Tax Cut and Jobs Act" Tax Bill

#10 Post by ubercow » Fri Dec 29, 2017 1:26 pm

stranger808 wrote:
Thu Dec 28, 2017 4:29 pm
no one cared about the deficit when Obama doubled it all by himself. I believe the 1.46t is projected over a 10 year period, no?
i've personally cared that the deficit has gone up like a straight line since the 80s. it's not a partisan thing, both sides are garbage for continuing to outspend their income for the last few decades.

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Re: "Tax Cut and Jobs Act" Tax Bill

#11 Post by stranger808 » Sat Jan 13, 2018 2:23 pm

Most of the middle class (90%) will get a tax cut. All this sky is falling garbage is just that, garbage. I wonder what excuse will be used when the end of February comes and the great majority of the middle class see an increase in their paychecks, what excuse will be used next?

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Re: "Tax Cut and Jobs Act" Tax Bill

#12 Post by ubercow » Thu Jan 18, 2018 10:34 pm

the sky isn't falling and I've already posted the numbers: everyone gets a cut at the beginning but in 8 years, the middle class and poor will just have to pay more, period. this is just 100% informational about what the new law is because both sides of the aisle are playing up the dramatics. look at the numbers, and make an informed decision _for yourself_ with 'information' instead of just believing a politician or commentary made by a biased news source.

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