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Started By
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Does Trumps tax plan help middle class?
Posted on 10/23/17 at 10:32 am
Posted on 10/23/17 at 10:32 am
If so, in what ways? Trump supporter here just trying to get a summary. Lots of different views online.
Do the personal exemptions with less itemized exemptions help more or hurt?
Do the personal exemptions with less itemized exemptions help more or hurt?
This post was edited on 10/23/17 at 10:37 am
24
Posted on 10/23/17 at 10:41 am to pcolatiger28
Yes. It saves them money. MAGA!!!!!!!
Posted on 10/23/17 at 10:42 am to pcolatiger28
quote:Job and wage growth
If so, in what ways?
Posted on 10/23/17 at 10:42 am to pcolatiger28
Increase in child tax credit alone would seem to be a big help, no?
That's not counting the targeted tax reform aimed to increase economic growth.
That's not counting the targeted tax reform aimed to increase economic growth.
This post was edited on 10/23/17 at 10:44 am
Posted on 10/23/17 at 10:47 am to pcolatiger28
From what I’ve seen that may or not come to fruition, the standard deduction is almost doubled which gives relief to the middle class as well as the poor of course.
Posted on 10/23/17 at 10:47 am to pcolatiger28
if you live in a democratic shite hole then you might pay more (at first) since you can no longer deduct the HUGE local taxes they make you pay.
what will happen in the long run though is, they have to start cutting these onerous taxes down to "reasonable" levels or face mass exodus of tax payers to states that have "sane" taxes. its a win win in the long run for everyone except for the big tax and spend liberal politicians who get their free money train nipped in the bud
what will happen in the long run though is, they have to start cutting these onerous taxes down to "reasonable" levels or face mass exodus of tax payers to states that have "sane" taxes. its a win win in the long run for everyone except for the big tax and spend liberal politicians who get their free money train nipped in the bud
Posted on 10/23/17 at 10:47 am to pcolatiger28
I actually heard some leftist panelist on CNN say yesterday "yeah, the middle class gets their tax cuts but what about the 1% not getting theirs? They will be upset by that".
I cried from
so much at the irony in that statement by him.
I cried from
so much at the irony in that statement by him.
Posted on 10/23/17 at 10:49 am to pcolatiger28
It could help in lots of ways. I'm not sure I'll see much tax savings in my situation, but my company structures bonus payouts directly on profits, so a large reduction in taxes will put more money into the bonus pool. So wage growth will be a factor. Growth will too. Despite what people say, more money for small businesses means more production, more sales, more employees, etc.
Many will see lower taxes, but again that depends on many variables regarding income, deductions, etc.
Many will see lower taxes, but again that depends on many variables regarding income, deductions, etc.
Posted on 10/23/17 at 10:52 am to pcolatiger28
quote:
Does Trumps tax plan help middle class?
Let's get you added to the list
Posted on 10/23/17 at 10:54 am to pcolatiger28
I'm not happy with it for the same reason Rand isn't - we are continuing to grow the deficit.
However, to the individual general middle class taxpayer, the doubled standard reduction would seem to help.
However, to the individual general middle class taxpayer, the doubled standard reduction would seem to help.
Posted on 10/23/17 at 11:02 am to pcolatiger28
The best I can tell it would mostly be a wash for my wife and I, maybe slight savings.
Regardless of how it affects us, it needs to be done. It's so funny how people think it's either a wonderful or awful plan strictly because of how it affects them. Obviously everybody wants more money in their pocket today, but you have to look at the bigger picture. There is no solution that is going to benefit everyone. The goal is to create a simpler, fairer tax system that will ultimately stimulate economic growth, and therefore wages.
Regardless of how it affects us, it needs to be done. It's so funny how people think it's either a wonderful or awful plan strictly because of how it affects them. Obviously everybody wants more money in their pocket today, but you have to look at the bigger picture. There is no solution that is going to benefit everyone. The goal is to create a simpler, fairer tax system that will ultimately stimulate economic growth, and therefore wages.
Posted on 10/23/17 at 11:10 am to GRTiger
quote:
Many will see lower taxes,
Yeah but some leftie woman on FOX this morning said this - "but the tax rate for the lowest taxpayers will go up 2% but that will be offset by increased child credits and such."
So what the hell is her argument. For one, 2%?
Give me a break. That's not going to put anyone into the poor house. Then she castrates her own argument about child credits offsetting a tax increase. Appears to me she was bitching just to be bitching because of nothing but Trump.
Posted on 10/23/17 at 11:12 am to pcolatiger28
quote:It depends on what state the taxpayer lives in.
Does Trumps tax plan help middle class?
Most middle class taxpayers who live in New York and California, it will probably be a slight tax increase.
Most other states will see a slight tax cut for middle class taxpayers.
Posted on 10/23/17 at 11:12 am to truthbetold
The projected deficit increase is based on zero economic growth, and merely the new tax rates on the status quo. You lower the corporate income tax to 15-20% and the economy sure as hell is going to grow. More growth = more tax revenue.
Posted on 10/23/17 at 11:14 am to pcolatiger28
Doubling the child credit will make a difference for me.
As well with doubling standard deductions.
Anyone that says that won’t directly put more money in your pocket is just full of shite.
As well with doubling standard deductions.
Anyone that says that won’t directly put more money in your pocket is just full of shite.
Posted on 10/23/17 at 11:17 am to pcolatiger28
Only a little bit. It's not enough help to justify the massive cuts to Medicare and Medicaid that have been proposed in the budget to help fund the tax cuts, IMO. I'd rather have my Medicare when I retire than an extra $1k right now.
Posted on 10/23/17 at 11:31 am to The Spleen
quote:
I'd rather have my Medicare when I retire than an extra $1k right now
Why not take the $1k right now, invest it, let compounding take over, then use that money for insurance when you get older?
Posted on 10/23/17 at 11:33 am to pcolatiger28
Hurts me if I can't itemize state tax and mortgage interest
Posted on 10/23/17 at 11:36 am to pcolatiger28
quote:
Does Trumps tax plan help middle class?
Does it not include a part that will limit IRA contributions to something like $3,000?
Posted on 10/23/17 at 11:40 am to pcolatiger28
Some will win. Some will lose. Some are born to sing the blues.
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