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Workers Are About to Take Home Their Biggest Paycheck in Years: Study

AliHajiSheik said:
28 million less itemizers is not a small number. Raising the standard deduction alone only impacts those whose itemization would be less than the new deduction. Anyone with itemized amounts over the deduction whether the old number or new number were never helped, but clearly the number helped are helped. This is the part glossed over by those only focused on the changes helping "the wealthy".

https://www.cnbc.com/2018/04/23/tax-bill-will-slash-the-number-of-homeowners-claiming-the-mortgage-deduction.html
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IMHO, there should be no itemizers at all because there should only be a truly standard deduction. The idea that two identical incomes could (should?) be taxed differently based on how or upon who that income was later spent is ridiculous. It is equally ridiculous to tax income differently based on the source of that income (wages, gifts, interest, dividends, lotto winnings or sales of assets) with the exception of insurance payments which are (in theory) simply compensation for losses.
 
AliHajiSheik said:
"Single mother with two kids likely to end up paying more in taxes."

What an odd factoid. What is the source for that statement? Seems like either it would be or not be, not likely.
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The specifics of an invidual's taxes make it something you cannot categorically say yes or no to. A single mother making 7 figures is doing fine here.
 
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Deuce said:
The specifics of an invidual's taxes make it something you cannot categorically say yes or no to. A single mother making 7 figures is doing fine here.
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You didn't reference a specific individual, you made a broad statement about being "likely to end up paying more in taxes". If you had referenced a single mother making 7 figures, I would probably agree with you. Are you against single mothers with 2 kids pulling down 7 figures paying more in taxes as a result of the tax changes?
 
LowDown said:
New York Post:
A positive business climate, lower regulations, and lower taxes makes all the difference.
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Any second now

Prosperity for Main street is just around the corner.

Just one more Friedman unit till the average American sees the benefits

Let's hold our breath and wait on our $4000 bonuses
 
Has anybody noticed the word "professionals".

Everybody isn't considered a "professional" right?
 
Logician Man said:
I wonder how many people are aware that under Trump's new tax laws, personal exemptions were stripped ( about 4500 dollars per person per household ) off-setting any money they will get on their 2018 pay checks.They will pay the reaper in 2019 when they file their taxes.
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But wasnt the standard deduction doubled?
 
Logician Man said:
I saw yesterday where someone making $20.60 an hour in 2018 is the same as someone making $ 4.63 an hour in 1972.
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Take a look at how much housing costs have increased in that time.
 
ttwtt78640 said:
Getting $20.60/hr now one is making MW x 2.84 and in 1972 one getting $4.63/hr was making MW x 2.89 so that seems about right.
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I'm sure that's how wages are calculated.

Look at what it paid in 1975.

Adjust for inflation.

That's what the job pays.

Repeat forever.
 
Isn't is ridiculous how right wingers continue to push this bull**** with a straight face when every bit of fact shows the only people benefiting from the tax cuts are the already right and that wages are pathetic in this country compared to all the profits being made
 
What if...? said:
I'm sure that's how wages are calculated.

Look at what it paid in 1975.

Adjust for inflation.

That's what the job pays.

Repeat forever.
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Wage/benefit offers are calculated based on what is required to attract and retain qualified labor. So long as workers are not quitting and replacement workers are still applying then there is no benefit in raising compensation levels.
 
AliHajiSheik said:
You didn't reference a specific individual, you made a broad statement about being "likely to end up paying more in taxes". If you had referenced a single mother making 7 figures, I would probably agree with you. Are you against single mothers with 2 kids pulling down 7 figures paying more in taxes as a result of the tax changes?
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You're confused.

I said "likely" because it's not universally true. Not all single mothers with two kids will pay more in taxes. That 7 figure single mother will pay less in taxes, not more.
 
Sampson Simpson said:
Isn't is ridiculous how right wingers continue to push this bull**** with a straight face when every bit of fact shows the only people benefiting from the tax cuts are the already right and that wages are pathetic in this country compared to all the profits being made
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Why should there be any linkage between profits and wages? Would you also advocate cutting wages if (when?) profits slump?
 
AliHajiSheik said:
I wonder if you are aware of the doubling of the standard deduction which will likely mean you won't have to itemize your tax returns.
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They tend to leave out facts that they don't like.

that doesn't include the child tax credits.

The Child Tax Credit under 2018 tax reform is worth up to $2,000 per qualifying child. The age cut-off remains at 17 (the child must be under 17 at the end of the year for taxpayers to claim the credit).
The refundable portion of the credit is limited to $1,400. This amount will be adjusted for inflation after 2018.
The earned income threshold for the refundable credit is lowered to $2,500.
The beginning credit phaseout for the CTC increases to $200,000 ($400,000 for joint filers). The phaseout also applies to the new family tax credit.
The child must have a valid SSN to claim the nonrefundable and refundable credit.

It also doesn't include that they have changed the tax brackets as well.
 
Sampson Simpson said:
Isn't is ridiculous how right wingers continue to push this bull**** with a straight face when every bit of fact shows the only people benefiting from the tax cuts are the already right and that wages are pathetic in this country compared to all the profits being made
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The median family income in this country is about 59k dollars.

https://www.givingwhatwecan.org/get-involved/how-rich-am-i/

if you are a 4 person median income family you are in the top 6.6% richest in the world.
your income is 15x the global average.

but don't let facts get in your way.
 
ludin said:
Hmmm a real source vs a liberal hack site who to believe?
the real source.
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Even the alleged "real source" agrees with what he posted. 2.7% increase is more than offset by inflation's 2.9%.

Your "real source" just forgot to account for inflation, I guess.
 
LowDown said:
New York Post:



A positive business climate, lower regulations, and lower taxes makes all the difference.
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But, of course, adjusted for inflation — and factoring the vast expansion in the ranks of low-paid workers nationwide — it’s not a picnic for everyone.

Today’s average US wage has about the same purchasing power as it did 40 years ago, according to Drew DeSilver, an expert at the Pew Research Center. Most gains have flowed to the top tier of workers, like bankers and dealmakers on Wall Street.
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So outside of Wallstreet, wages (adjusted for inflation) are as flat as they've been the past 4 decades. Woot.
 
Deuce said:
Well then we should definitely tax the 1% in America more because they're the .05% on the planet.
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as usual you have nothing to post.
 
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