Why cut taxes?

[Flystripper]

its all about the child tax credit for me.

[Applejack]

Congrats. You must make a lot of money. I do OK and mine is only going up about $3,000. Small price for me to pay in return for booming economy.

Thanks Obama!

[creekster]

Congrats. You must make a lot of money. I do OK and mine is only going up about $3,000. Small price for me to pay in return for booming economy.

Im about in that same range. 3-5k

[byu71]

Congrats. You must make a lot of money. I do OK and mine is only going up about $3,000. Small price for me to pay in return for booming economy.

[Moliere]

tbh, I think people that don't have any kids should pay more in taxes anyway

[Maximus]

$8K tax increase for me based on last year's taxes. :swear:

I dont get how... Missing deductions you had previously?

[beefytee]

The child tax credit makes the difference for me too. Without it, my taxes go up about $1000 because of the cap on state and local taxes. With the ctc, they go down about $5000. As you can guess we have 3 kids.

[Moliere]

$8K tax increase for me based on last year's taxes. :swear:

You need to have a couple more kids. My child tax credit phased out under the current tax plan. Under Trump's tax plan, I think I'll get hte full amount as a credit. That swings me from paying $3k more to saving $7k in taxes. Of course, I have 3 more years before I start losing my walking tax credits.

[Jeff Lebowski]

https://www.marketwatch.com/graphics...ax-calculator/

This is probably the best calculator I've seen.

$8K tax increase for me based on last year's taxes. :swear:

[Uncle Ted]

Folks are rioting in the streets over the tax bill...

[Moliere]

Link to the calculator?

https://www.marketwatch.com/graphics...ax-calculator/

This is probably the best calculator I've seen.



On a different note, I find stuff like this hilariously dumb: http://www.cnn.com/2017/12/19/politi...ows/index.html

Two-thirds see the bill as doing more to benefit the wealthy than the middle class (66%, vs. 27% who say it'll do more to benefit the middle class) and almost four in 10 (37%) say that if the bill becomes law, their own family will be worse off. That's grown five points since early November. Just 21% say they'll be better off if the bill becomes law.

Now, I know I'm being an accounting nerd, but I can guarantee you that half of Americans really have no idea how this tax bill will affect. I'd wager that 25% think they know, but really don't and the remaining 25% are educated enough to know how it will impact them. I'm not saying the bill won't benefit the rich more than the middle class, it definitely will if you are counting dollars. However, the rich already pay a disproportionate share of the taxes (top 20% earners pay 85% of total federal income taxes) so any tax cut at all is always going to benefit them more unless people want the rich to pay an even more disproportionate share of the taxes.

[BigFatMeanie]

Link to the calculator?

https://www.nytimes.com/interactive/...alculator.html

Shows that I would save $5720

[Donuthole]

Link to the calculator?

[Moliere]

One tax calculator I used showed I’d save over $7k in taxes under the new plan. Trump 2020!!!


Sent from my iPhone using Tapatalk

[Mormon Red Death]

https://twitter.com/EasterbrookG/sta...41754217947138