It was all a scam calling it a middle class tax reduction as they were basing that on consumers being suckers. Give em a nickel and they will be happy while the rich get mega breaks.
Yes, but they were in a committed relationship. Ok, with joint numbers: Old 28%: $153-$233 Old 25%: $76-$153 New 12%: $19-$77 So there is about $1,500 of income that was taxed at 25% and is now taxed at 12%, because the new 12% overlaps slightly with the old 25%. So that saves you about $195.00 barfo
\ hahaha, you know I don't know why R's and D's always argue about who should get credit for the economy. It's impossible to tell in my view. How about we just enjoy the ride and try to avoid a situation where the bottom falls out. Edit: Oh I guess in response to OP, I personally have found it very difficult to fill positions. I think unemployment is way down. It may take a little while for all people to experience the economic boom.
I think it depends on just where one draws the line For middle class. They are doubling exemptions and many who don’t have huge write offs should come out ok. The middle class that deduct everything under the sun and some the increased deduction may not work in their favor. It’s a form of progressive taxing when high income middle class? And wealthy share more of the net burden. The wealthy bracket went down some however small business owners should be better off too.
Without reading the article, is there anything in it that discusses the impact (both on income tax revenue and buying power) in having a million or so more people in the workforce than in 2016? (Disclosure, my take-home has gone up slightly and I'm estimated--per the calculators, so I'll believe it when I see it--to save about $5k in taxes over last year.)
...lol..I know...we've just had a few occasions where I replied to someone on your "ignore" list that caused a bit of confusion/miscommunication. ...but in retaliation for your elbow poking I'm returning the favor with one of these;
Good grief, I love the stooges. My wife and I have spent hours rolling on the floor with laughter. I remember one time when she was working swing shift and I was working a split shift. We would come home about the same time and put on the TV and watchthe Stooges late night.
They are not doubling exemptions. They got rid of them. They increased the standard deduction, which screws those of us that itemized because we no longer get exemptions. You are correct that the middle class is different. Bob the middle class dude in Iowa where cost of living is low is gonna be fine. The middle class that gets fucked are people in Oregon, California, Washington where cost of living and housing is substantially higher and 100k/year isnt that much. Btw, I didnt know deducting mortgage interest, property taxes and state and local income taxes was "everything under the sun."
Exactly. God forbid they get to deduct a little medical expenses or charitable contributions. Assholes.