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How the GOP tax plan hurts many

Rich123 said:
Well I see we don't agree. JMR I remember when my Dad's salary supported the family of five bought and paid for a home (NO MORTGAGE) and saved for the future. You could buy a gallon of Gasoline for .27 cents and a loaf of bread for a .25 cents. A good salary was $200.00 per week. Today a good salary is at least $1,000.00 and homes cost in the vicinity of $200,000.00 where homes then cost $8,000.00. Were is the equity? Salaries have gone up by 10 but homes have gone up by over twenty. Gasoline gone up at least 16 ,bread same thing. Our standard of living hasn't gotten better, it's far worse.
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By every material measure, this is incorrect. Our houses are larger, nicer, and have systems they didn't before (air conditioning, central heating, wifi). Our vehicles are safer, more fuel-efficient, and come with a host of amenities, upgrades, and features. Heck, computers are now not only mass-accessible, adults have multiple computers apiece, all of which can get on the internet....
 
Rich123 said:
Well I see we don't agree. JMR I remember when my Dad's salary supported the family of five bought and paid for a home (NO MORTGAGE) and saved for the future. You could buy a gallon of Gasoline for .27 cents and a loaf of bread for a .25 cents. A good salary was $200.00 per week. Today a good salary is at least $1,000.00 and homes cost in the vicinity of $200,000.00 where homes then cost $8,000.00. Were is the equity? Salaries have gone up by 10 but homes have gone up by over twenty. Gasoline gone up at least 16 ,bread same thing. Our standard of living hasn't gotten better, it's far worse.
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I hear you, but don't really think that your focus on the changing allocation of resources, related price shifts for specific goods and inflation is a sensible way to measure how well the population is doing economically. A car bound mobile telefon would have cost you as much as that house you mention back then.

I think that it is a different world and that we cannot go home anymore. But that is not so much to do with the great spread in earned income. It is more that we have made others wealthy or allowed them to become so. They are now competing for jibs that would have been in the USA in the old days and they are buying goods that we want too and not a hndful of rice a day.
 
Rich123 said:
To my knowledge, The 17 years of age pertains to the CHILD TAX CREDIT and the answer is no. It's still 17 years of age
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So then, in your example, whether the tax reform was passed or not, the taxes for the example family would go up?
 
While focusing on this small area in this law, the big picture is lost. The new tax law gives most of the cuts, in both dollar and percentage terms, to the top 1% and top 0.1%. It cynically gives nearly everyone a tax cut in 2018 — hoping that voters are too stupid to notice that the middle class ends up paying for the tax cut in later years; through reductions in Social Security; Medicare; higher taxes later and higher insurance premiums.

The elimination of estate taxes and lower taxes on people who earn money via investments instead of wages, means that people like Trump, who claimed this law would cost him, ends up saving up to a billion dollars and his children end up inheriting everything tax free.
 
Rich123 said:
Suppose you earned $60,000.00 and didn't do with holdings through the fiscal year and you have two children, one 17 and one month years old and the other is 18 years old. Your are also married and filing jointly.

Under the GOP tax plan you could claim the $24,000.00 standard deduction.

But you can not claim the personal exemptions as the GOP plan eliminates that.

How ever the GOP plan has increased the child tax credit from $1,000.00 to $2000.00. However the provision to use the child tax credit requires your child to be under the age of 17 years old. So that doesn't apply here.

After everything is computed this filer will owe $4447.50.

Now take that same filer and if he could file only by the 2018 guidelines he would,

Get the standard deduction of !3,000.00

He could use the personal exemption of $4150 for each of the people he can claim which would result in an addition deduction of $16,600.00

After doing the math this filer owes $3607.50

The significant difference in this case is the GOP's elimination of the PERSONAL EXEMPTION. In both cases neither filer can claim the child tax credit but the personal exemption applies to all people who live in your home and you support. In this case the GOP tax plan has cost this filer an additional $840.00
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Ummmmmmmmmmm. There is more than just one person filing taxes.
 
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