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Thread: I don't believe the Tax plan will save you what you think it will.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Tax Policy Center has a more thorough analysis.

    Their estimated average is $1600 per household. Most people will get very little. It's the top 5% that will make out like bandits. And that's based on percentage, not absolute numbers.

    Note that with the current bill, many tax changes expire in 2025 -- but not all. Many of the breaks for the rich will continue after that date. Hence the multiple years in the chart. Surprise!

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Lutherf View Post
    If your concern is for the sick and poor then feel free to help them. Nothing in this tax bill precludes you from donating to a food bank, taking a homeless person into your house, or providing comfort to the sick.
    So, in reality the RW Christians aren't really Christians. Yes, I know.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Rich123 View Post
    I didn't say you itemized. You use the standard deductions. And again the point I was working up to is people do seem to be under the impression that they would be getting 2k to 3k . I also feel this was unrealistic and that is why I ventured into this subject. But you can not blame people for believing this since this is what I have heard certain republican politician say. They can say this and be correct because it's over a ten year period. But those politicians wont say it's over a ten year period, they don't say that and let the listener believe it's an annual benefit. The truth is, all the assumptions so far about this bill are just that, assumptions. But it would not be folly to assume that our president and his family would benefit highly from this bill. Again,trickle down doesn't really trickle so well.
    I just ran some numbers for a married couple, no itemizing, with 2 kids under the age of 17 making $60k. Under 2016 rules they would pay roughly $1750 tax. Under 2018 rules they would owe $3940 BUT they would also get a child tax credit of $4k thus reducing their tax to zero (possibly a small refund). That's a HUGE change to the good for them and fits in pretty squarely with the statements we've heard from proponents of the bill.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Lutherf View Post
    I just ran some numbers for a married couple, no itemizing, with 2 kids under the age of 17 making $60k. Under 2016 rules they would pay roughly $1750 tax. Under 2018 rules they would owe $3940 BUT they would also get a child tax credit of $4k thus reducing their tax to zero (possibly a small refund). That's a HUGE change to the good for them and fits in pretty squarely with the statements we've heard from proponents of the bill.
    Thank you for your input Lutherf. I' will run the numbers later this evening or tomorrow. But it seems to me that to say that American's will save Two thousand dollars as the republican authors did claim, without qualifying that statement with how long it will take to accomplish that savings is technically true but it is not the whole truth, is it? It's missleading in order to sell the package. I'll get back to you about the above referenced scenario.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Lutherf View Post
    I just ran some numbers for a married couple, no itemizing, with 2 kids under the age of 17 making $60k. Under 2016 rules they would pay roughly $1750 tax. Under 2018 rules they would owe $3940 BUT they would also get a child tax credit of $4k thus reducing their tax to zero (possibly a small refund). That's a HUGE change to the good for them and fits in pretty squarely with the statements we've heard from proponents of the bill.
    Wow, you've just described the entire nation's situation!

    Oh, wait, you haven't. Millions of Americans are single; millions don't have dependents; millions make more or less than $60k; millions usually itemize their taxes. This is why you need to look at broader analyses, like the TPC one I mentioned above.

    Meanwhile, is $2000 huuuuuge for a family of four, making $60k? Not so much. It's better than $0, but it is not going to get them a lot of breathing room.

    Let's say that both parents work, and are paid on a bi-weekly basis. If all of those savings are realized via withholding, then their paychecks will go up by about... $10 per check. Woah that's huuuuuge!

    Or, not. It's around $166/month for the whole family. It's their cable and Internet bill. I suspect most Americans will barely notice it.
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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Visbek View Post
    Wow, you've just described the entire nation's situation!

    Oh, wait, you haven't. Millions of Americans are single; millions don't have dependents; millions make more or less than $60k; millions usually itemize their taxes. This is why you need to look at broader analyses, like the TPC one I mentioned above.

    Meanwhile, is $2000 huuuuuge for a family of four, making $60k? Not so much. It's better than $0, but it is not going to get them a lot of breathing room.

    Let's say that both parents work, and are paid on a bi-weekly basis. If all of those savings are realized via withholding, then their paychecks will go up by about... $10 per check. Woah that's huuuuuge!

    Or, not. It's around $166/month for the whole family. It's their cable and Internet bill. I suspect most Americans will barely notice it.
    Like I've said before, for some people nothing the Republicans or Trump does to help them will be enough. In the scenario I posted the family would get a 100% reduction in federal income tax but, still, there is room for you to complain.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Rich123 View Post
    Absolute Lutherf, But since we are a Christian natioin, shouldn't we as a nation do as Jesus would have us do?
    We are a Christian nation? Maybe slightly from a religious standpoint, but from a political standpoint, absolutely not.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by jimbo View Post
    We are a Christian nation? Maybe slightly from a religious standpoint, but from a political standpoint, absolutely not.
    Well that is the chorus you always hear from the right. The truth is we may have many Christians in this country but we are a very diverse country as well. I happen to think that the Christian ethic of caring for the least of thee is a beautiful thing. So my point is, since many on the right want to pretend to be Christian and yet advocate for killing programs which aid the poor and the less fortunate , I challenge them to walk the walk.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by Rich123 View Post
    Well that is the chorus you always hear from the right. The truth is we may have many Christians in this country but we are a very diverse country as well. I happen to think that the Christian ethic of caring for the least of thee is a beautiful thing. So my point is, since many on the right want to pretend to be Christian and yet advocate for killing programs which aid the poor and the less fortunate , I challenge them to walk the walk.
    "But since we are a Christian natioin, shouldn't we as a nation do as Jesus would have us do?"

    You're going to have to do way better than that to walk back this post.

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    Re: I don't believe the Tax plan will save you what you think it will.

    Quote Originally Posted by jimbo View Post
    "But since we are a Christian natioin, shouldn't we as a nation do as Jesus would have us do?"

    You're going to have to do way better than that to walk back this post.
    I'm not sure what you think I should walk back.

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