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GreaTOne_65
Senior Contributor

So! This is your big tax reform!

What a joke!! The teacher gets a buck and a half and the Koch brothers got $26 billion!! Smart, real smart!!

 

https://www.msn.com/en-us/news/politics/paul-ryan-deletes-tweet-connecting-woman’s-tiny-raise-to-tax...

16 Replies
r3020
Senior Advisor

Re: So! This is your big tax reform!

We're gona need more tax dollars to pay for this.

 

snip-

When Capt. Tia Morris turned 50, after about three decades in the Los Angeles Police Department, she became eligible to retire with nearly 90% of her salary.

But like many cops and firefighters in her position, the decision to keep working was a financial no-brainer, thanks to a program that allowed her to nearly double her pay by keeping her salary while also collecting her pension.

A month after Morris entered the program, her husband, a detective, joined too. Their combined income for four years in the Deferred Retirement Option Plan was just shy of $2 million, city payroll records show.

 

http://www.latimes.com/local/california/la-me-drop-20180203-htmlstory.html

rsbs
Senior Advisor

CA CPA weighs in

1) people will continue to "vote with their feet" and leave high taxed states

 

2) the people that do leave will be mostly the highly taxed job creators

 

3) high taxed states with unsustainable public pensions (CA estimated at $1 trillion dollars unfunded) and high levels of welfare will not be able to stay solvent

 

https://townhall.com/columnists/brucebialosky/2018/02/04/will-tax-bill-cause-a-flood-of-wealthy-to-r...

 

No small wonder that the liberal politicians in those states are scrambling and screaming.

Katzenjammer12
Senior Contributor

Re: So! This is your big tax reform!

The tax plan is a great idea and I don't know why the Dems aren't pushing it.

It brings money and jobs back to the U.S. because corporations are now taxed favorably in the U.S. as opposed to overseas.

That provides more jobs in the U.S.

Apple brought a bunch of money back right away, as did many other corporations.  There were quite a few raises given to workers.

The teacher can always go out and get a better job, you know, now that better jobs are more available.  Unemployment is down so good jobs should be available to those with skills.

Now, if your teacher wife is forced to stay with you on the farm and can't leave for the better job, she has a problem, I guess, but it's not the fault of the tax system.  🙂

 

rodgersfarms56
Senior Contributor

Re: So! This is your big tax reform!

The new withholding tables cannot take into account the doubling of the standard deduction. This is by far the majority of the tax cut for lower earners. People can realize the increase now if they want. But it will require them filling out a new w4 to claim more exemptions or arbitrarily have less withheld. This is different than last tax cuts that were all in the rate. Few will do this and choose to or inadvertently wait and receive the benefit in the form of a larger refund. But you, lesser one can’t see the whole picture. Especially if it intereferes with your thoughtless claims. PS I don’t like the tax reform bill for various reasons. But I hate loudmouths more
r3020
Senior Advisor

Re: So! This is your big tax reform!

They don't claim more exemptions, they get more for the exemptions they claim.

rodgersfarms56
Senior Contributor

Re: So! This is your big tax reform!

Exemptions were not raised. Only the standard deduction was raised. Also, withholding exemptions on w4 is different from the exemptions you take on your tax form. You can claim as many exemptions as you want as long as you don’t owe at the end of the year. At one point during the debate they considered taking away the personal exemption while doubling the standard deduction. I don’t know if it made it on or not but I am certain exemptions (1040 not w4 exemptions) were not raised at all.
rodgersfarms56
Senior Contributor

Re: So! This is your big tax reform!

Rather than saying raise the exemptions I should have said raise the exemption amount to be more clear
rodgersfarms56
Senior Contributor

Re: So! This is your big tax reform!

For them to reflect the doubling of the standard deduction in the withholding tables the employer uses they would have to know the filing status (married filing jointly for example). The w4‘s don’t have that info because the employer would have to use a different table for every status for each employee. Rates and exemptions (withholding not filing exemptions) can be incorporated into a single table
GreaTOne_65
Senior Contributor

Re: So! This is your big tax reform!

But the bottom line is, the "conservative" GOP just added $1.4 Trillion dollars to the debt! Who, gets to pay this? The Democrats?? That's the way it's always been, you know, the Republicans run up the debt, blame the Democrats. It has worked well until now. It's going to be a long fall for the GOP.