Tax Cut and we run a surplus! https://www.cnsnews.com/news/articl...d-taxes-first-month-under-tax-cut-run-surplus
Good. Then we can give it to states that suffer from deficit crunches like Illinois or help matching funds for human services programs. I'm sure you're all for that.
Common for January. Impact of tax cuts won't be seen by employees in their paychecks until February. Let's hold off on the celebration just yet.
This. One month's revenue means nothing. The recent dip in the stock market may have driven people to flee, taking profits, and they'll be taxed NEXT year. Not accounted for in anyone's models.
Didn't say it was bad, just said that the surplus aspect of it shouldn't be overstated. In theory, with inflation and population growth, record revenues should be expected. It's the net effect that is of greater import. If surpluses continue for several months, then we have a reason to celebrate.
I hope this holds. I’d rather be wrong and prosperous than right and broke. But we need to revisit this in 6, 12, 24 ... months. We need to understand how it affects people in several years or even decades. But on face value, great to hear. Although I’d rather have seen the cuts much more weighted towards low and middle class Americans.
Didn't the doubling of the child tax credit help the low class Americans a great deal? They really don't pay income taxes and now get twice as much from the treasury. Uh, I think you meant low income people.
No because he got rid of personal exemptions and the earned incomed credit so no it didn't do anything to help....low income famlies will get less. Middle class is going to get fucked too.
Ah baloney! Doubling the standard deduction and doubling the Child credit more than made up for the personal deductions for low income people. For those that pay no tax, deductions are not worth a thing. The doubled Child credit sure does.
B.S. its not going going to make up for the loss of personal and dependent exemptions and the EIC....it will almost even out...but low income famlies especially with multiple dependents will be screwed.
Well, like barf says, I am old and obsolete. So I need help, but you claim much and explain little. Now if they bang the standard deduction up there so that a low income person owes no tax but yet they increase the child credit so that is 2000 per child instead of 1000, how can that not be better?
