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Old 02-22-2018, 01:16 PM   #1
Whimbrel
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Trump tax plan

I am not starting this thread to discuss my personal ideologucal views concerning the Trump tax plan, but I acknowledge that taxes are a political issue and anybody can discuss whatever they want (obviously, except for fucking morons). Clearly I have no say in what anybody else has to say on any subject, and if you actually feel threatened or controlled by me expressing my intentions for what I was going to talk about, you need some kind of personal help. Seriously. (quick edit for the three stooges (apparently not clear enough, we're dealing with a massive level of cognitive impairment here)- this means I am not writing it to oppose or support the plan based on my partisan alignment. Rather, I just want to check on how the math is going to work out in terms of withholding, total taxes owed, and potential refund changes which could catch people by surprise.)

A poster in another thread indicated that his first paycheck to reflect the new changes in taxes had gained him $300.

This made me curious, so I just analyzed tax rates, pay stubs, etc. I did the math as carefully as I can, and this is what I came up with.

Federal withholding for current income has dropped by 20%.

My taxes for 2018 will go down 24.1%.

I may get a modest refund, but it is unlikely to be a whopper.

I'm only posting this in order to perhaps motivate other people to try to do these same calculations and perhaps help me if my math is way off, or, adjust their withholding now so that they don't get hit with a huge and unexpected tax bill first quarter next year in case the adjustments to withholding cut things too close for those who aren't withholding enough or for those who normally expect huge refund checks.

If it helps, we can assume a fictional family filing jointly with two child dependents (2k deduction each up to 400 k total income) taking the new standard deduction of 24,000 on AGI of 175k. If previous levels of withholding paid the exact owed (we can assume 2017 standard deduction for previous tax amount) what ends up happening?

I know of at least one guy who counted on his refund check each year for a specific payment on something, and although he will actually have more money overall, it won't come in the form of a refund each year for him, or many others if my math is in the ballpark. So, this might help some people avoid a big shock if we can figure it out up front.

I used this site for reference help for the comparisons.-

https://www.thebalance.com/trump-s-t...ts-you-4113968

Last edited by Whimbrel; 02-24-2018 at 09:27 AM..
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Old 02-22-2018, 01:49 PM   #2
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I've seen a whopping $22 increase in my checks thanks to the new tax plan, which will result in an extra $572 over the course of a calendar year.

It's not an insignificant amount to me in the long run and I'd much rather see that money in my pocket...but, it's also not quite as glorious as many have claimed it would be.
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Old 02-22-2018, 02:22 PM   #3
JazGalaxy
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It’s also important to view the tax cut in terms of the space in which it exists rather than in a vacuum.

The tax plan currently exists and Trumps proposed gas tax does it yet exist, so this is apples and oranges, but if he does indeed add a 25 cent per gallon tax to gas, that almost wipes out ant savings for many here in Texas.

(People in a Texas drive absurdly big trucks and it’s not unheard of to spend 100 at the pump to fill up a tank.)
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Old 02-22-2018, 02:41 PM   #4
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I think it depends on how much you earn, along with other factors like withholdings and such. Also, I only get paid once per month.
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Old 02-22-2018, 02:48 PM   #5
Terran
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This is not a partisan thread.
It's tax policy, which by its very nature is political and therefore partisan. You don't get to say what people can or cannot talk about or what perspectives are allowed. Progressives desperately want to control what people can say or think but they have not yet succeeded in doing so. So screw you.

80% of Americans are receiving a tax cut, 10% are seeing no change, and 10% (the wealthiest) are seeing an increase. Blue state Democrats, naturally, are trying to shield their wealthiest taxpayers from paying more in federal taxes by coming up with all kinds of idiotic ideas (that will most definitely not survive court challenges if they even survive legislatively) like declaring state taxes as charitable contributions (to the state, lol. ). Nice job protecting the rich, Dems, while voting against average Americans keeping more of their own money!

I am receiving more money in my paychecks as a result of the tax law changes. Letting me keep more of my own money is an excellent idea that government should be trying to figure out how to expand. It is also an excellent example of a fundamental difference between Republicans and Democrats: One wants you to keep more of your own money, the other voted unanimously to let the government keep it instead.

Vote accordingly.
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Old 02-22-2018, 04:53 PM   #6
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It's tax policy, which by its very nature is political and therefore partisan. You don't get to say what people can or cannot talk about or what perspectives are allowed. Progressives desperately want to control what people can say or think but they have not yet succeeded in doing so. So screw you.
As per usual, you're just being a jerk, his original post clearly said that he just wanted to talk about calculating your tax savings or lack of and posting your results. Information shouldn't be partisan. Thusly you're just screaming at someone trying to objectively talk about facts by saying that's beyond your ability. Way to go?
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Old 02-22-2018, 05:35 PM   #7
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It’s also important to view the tax cut in terms of the space in which it exists rather than in a vacuum.

The tax plan currently exists and Trumps proposed gas tax does it yet exist, so this is apples and oranges, but if he does indeed add a 25 cent per gallon tax to gas, that almost wipes out ant savings for many here in Texas.

(People in a Texas drive absurdly big trucks and it’s not unheard of to spend 100 at the pump to fill up a tank.)
Boohoo little Texan baby. It must hurt so bad living in a state with such low taxes already and no income tax. Come up here to liberal Connecticut if you want to know what real taxes is all about. Not only is our darling Democratic state government raising taxes across the board year after year (we have the highest in the nation), but they are also putting tolls back up. Meanwhile people are leaving my state in record numbers for your Republican one. Nothing Trump does or says will help or hurt Connecticut at all. It's like lighting a match and throwing it into a burning fire.

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Old 02-22-2018, 06:09 PM   #8
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Come up here to liberal Connecticut if you want to know what real taxes is all about. Not only is our darling Democratic state government raising taxes across the board year after year (we have the highest in the nation), but they are also putting tolls back up.
Aren't salaries higher in CT relative to TX? I think his point was that tax benefits only have an actual impact relative to a wider economic context, which was a different question than I was addressing, but still very relevant. I think Trump just said California had the highest taxes, not CT, but I don't know if you guys are talking about total taxes, property, income, sales, gas, cigs, or something else entirely. What specific taxes are highest in CT?
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Old 02-22-2018, 06:34 PM   #9
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Educate yourself if you want to know the details because it's happening right now. In short we have the highest salaries but also largest chunk of that is taken back through increasing income taxes. Currently 12.6%, .1% behind New York. We have the third highest gas tax at over 39 cents per gallon. Since our brilliant state government believes (or is trying to convince us) that fewer people are driving gas powered cars the gas tax isn't collecting enough so they are raising it again and putting back up tolls. In reality they aren't collecting enough revenue because we are the fourth fastest shrinking state, losing tens of thousands of tax paying residents per year. Almost all of them are going to North Carolina, Texas, and Florida. Connecticut is small enough as it is. Drive through here some time and you will see deserted neighborhoods, abandoned stores, shopping centers, whole towns emptying out. Every other house is for sale. Businesses are leaving, schools are closing. I've never seen anything like it in my life.
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Old 02-22-2018, 07:01 PM   #10
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Educate yourself if you want to know the details because it's happening right now.
You might not believe it, but I asked because I wanted to hear what you had to say about it. Thanks for the reply.

I have driven through CT, many times in my youth, on my way from various places in NY up to ME, and from ME down to FL. I once saw somebody getting carried into a hearse in a bright pink fur lined coffin in Hartford. That was probably 25 years ago. Back then it seemed like Yale was located next to a slum. Every state probably has a few shoddy areas, but I believe you that CT has more than its fair share. I don't envy you living there. Those taxes seem awfully high, and I agree, nothing about the Trump plan would be significant enough to offset that for most working folks. Good luck!
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Old 02-22-2018, 07:08 PM   #11
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As per usual, you're just being a jerk, his original post clearly said that he just wanted to talk about calculating your tax savings or lack of and posting your results. Information shouldn't be partisan.
I saw what he wrote because you quoted him. Holy shit, you have to be pretty far gone to feel that threatened by somebody trying not to argue about something or to feel that somebody is trying to control what he thinks because I ask for information. I once mentioned that I was concerned that lack of voter participation was decreasing the effectiveness of the democratic process and he said I was a fascist. Yep. Trying to preserve the maximum effectiveness of democracy is the very definition of fascism. I think he is just so desperate to fight about anything that he has no idea what words he is using as long as they seem contentious. But, I have no desire to fight with him or to silence him, I just put him on the ignore list and he can say or do whatever ridiculous stuff gets him off. I do feel sorry for him though. What kind of life devolves to needing to act like that?
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Old 02-22-2018, 08:10 PM   #12
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Whaaa whaaaa, progressive crybaby wants his thread the way he wants it. You tried to pull the same shit in the other thread. Not playing your progressive censorship game. Bite me.

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As per usual
Racist say what now?

Republican tax reform equals more money in your pocket. VOTE ACCORDINGLY.
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Old 02-22-2018, 11:56 PM   #13
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I have been gainfully unemployed (I call it taking a sabbatical) since November so couldn't tell ya, however just before I left California they bumped the Gas tax by $0.12 so that on top of any new tax, in addition to whatever Trump comes up with, would eat away anything gained.

On the bright side since there is no mandatory individual mandate for 2018 health insurance I get to save myself several hundred dollars a month that I'd otherwise have to fork out. Tough to do when you aren't getting a paycheck so fortunately I won't be penalized on my 2018 taxes for being out of work and not being able to afford health insurance. Affordable Care Act my ass; the few grand I'll save between Jan 1st and when I start working again is enough to make a tremendous difference in my life right now.
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Old 02-23-2018, 04:41 AM   #14
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Anyone else live in a state that's retroactively charging you a sales tax on anything purchased from Newegg in the last several years? Because mine just did! A $160 bill for things I bought in 2014.
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Old 02-23-2018, 04:43 AM   #15
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I live in CT and while it's not quite the dumpster fire that Mad Max paints, at least not everywhere, it's certainly not good either. People are leaving in droves. The roads in many places have been falling apart for years. Yes, Yale is still located next to a slum. The state is out of cash and I think it's only a matter of time before they can't even pay the retirements they've promised to our cops, firemen, teachers, etc. When that happens, CT is going to crash even harder.
The funny thing is that I live in a relatively low tax town in the middle of some very high tax towns. People and businesses are moving into my town because of its lower taxes and, consequently it's doing quite well in most ways. It's sort of a model of "low taxes attracting businesses and families and raising revenues." But our moron state government is doubling down on making the overall state an unfriendly place to live. They have this idea that our cities aren't attractive enough to people so we need to build them back up. And of course, to do this, they want to raise more taxes which is a big part of why people left Bridgeport, Waterbury, and Hartford in the first place. These were thriving cities but the high taxes and, subsequent crime, pushed the businesses and then the families out. It's still possible to find a nice section in a couple of these cities but the property taxes there are insane. If I moved a down to NC, my property taxes would be 10 times lower. If I had my same house in one of these cities I mentioned, it would be closer to 20 times. And that's not counting all of the other taxes. I make sure I fill up my tank when I drive to MA because the gas is significantly cheaper up there. Yes the gas is cheaper in a place that's nicknamed Taxachusetts. It's a shame because CT has such potential. It really is a nice place in terms of the land and its proximity to some good culture, entertainment, etc. And yes, salaries are higher here since we have to compete with NY, but they're not nearly so high as to justify all of the drawbacks. I'd be gone if I didn't have such extensive family ties here.
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Old 02-23-2018, 05:36 AM   #16
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I'm guessing you live in Meriden? I've been looking there for a new house the past few months mainly because the property tax is a fraction of where I am now. It has some great spots away from the city and closer to Wallingford is access to cheaper electric rates and the crime isn't fucking out of control like New Haven. It doesn't change the fact we're paying the highest electric rates in the continental US. Depending on my severance and future employment I'll probably move their sometime this summer/fall or leave the state next year.
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Old 02-23-2018, 05:49 AM   #17
Chief Smash
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I'm guessing you live in Meriden? I've been looking there for a new house the past few months mainly because the property tax is a fraction of where I am now. It has some great spots away from the city and closer to Wallingford is access to cheaper electric rates and the crime isn't fucking out of control like New Haven. It doesn't change the fact we're paying the highest electric rates in the continental US. Depending on my severance and future employment I'll probably move their sometime this summer/fall or leave the state next year.
I'm in Shelton actually. My family moved nearby about 40 years ago and Shelton was nothing but trees and some houses. Now it's a pretty nice family friendly town and, though it's still technically Fairfield County, it's nowhere near as expensive as some of the surrounding towns. It's not far from New Haven either so if you need to be close NH for work, Shelton isn't a bad option. I've got family living one town over, a few hundred yards from the border. If they moved into Shelton, their property taxes would drop nearly in half.

But you are right. There's no good excuse for CT to be as expensive as it is and yet to be so poorly run. We pay an awfully big price just to be close to Pepe's Pizza.
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Old 02-23-2018, 06:51 AM   #18
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I lived in CT for five years, and I do not miss it at all. New England is only good for a weekend visit in the fall for the foliage and a summer vacation to a lake I visit annually with the family. Otherwise, screw that noise.
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Old 02-23-2018, 07:14 AM   #19
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New England is only good for a weekend visit in the fall for the foliage and a summer vacation to a lake I visit annually with the family. Otherwise, screw that noise.
Friggin' leaf peepers.
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Old 02-23-2018, 08:10 AM   #20
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Friggin' leaf peepers.
LOL. That may stick (would it sting? Nah!) with others, but I lived in NE for five years, worked there for eight, vacationed there (still do) for weeks each summer for my entire life, and spent 18 more years nearby in New York (not part of New England, folks...don't care what anyone says to the contrary), so...

yeah, that's all the place means to me now, lol.
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