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Author: Subject: GOP Tax Plan
denverpunk
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posted on 1-15-2018 at 04:43 PM Edit Post Reply With Quote
My rates definitely went up with Obamacare, but that was to be expected, and it's not like the price wasn't already skyrocketing before that. Obama created the legislation because insurance was already becoming unaffordable to much of the population. Most people aren't covered by their employers unless if they work for the government
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OOMike
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posted on 1-16-2018 at 01:39 PM Edit Post Reply With Quote
quote:
Originally posted by Paddlefoot
Just as a matter of interest what are you guys usually paying on average for your yearly health insurance? Did Obamacare cause you to have an increase in price or a decrease? I'm guessing that whatever tax decrease you now see gets wiped out by your health care costs for anyone who doesn't have employer-provided coverage.


The bi-weekly deduction out of my paycheck has gone up, every year, although it has gone up less after ACA went into effect. If you include the fact that I get a lot of my preventative care now covered 100% it reduces that increase even more, might even negate it on some years.

However, since the mandatory enrollment has been eliminated, the estimates I have seen of a 10% increase in premiums will basically wipe out my estimated tax cut in my paycheck. Of course I have the rest of the year to enjoy that extra pocket change.





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OOMike
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posted on 2-1-2018 at 02:13 PM Edit Post Reply With Quote
Bump

Tomorrow is my first check with the new withholding, the result is that my bi weekly paycheck has increased by $34

ETA withholding, not deductible

[Edited on 2-1-2018 by OOMike]





2017 where Nazis are defended and being against Fascism is a bad thing.

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Thom
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posted on 2-1-2018 at 02:39 PM Edit Post Reply With Quote
Just got my first with the new withholding, and my bi-weekly take-home went up $89.





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williamssl
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posted on 2-3-2018 at 02:39 AM Edit Post Reply With Quote
+$172 in my net bi-weekly takehome from a lower federal income tax deduction.

Crumbs. Measly crumbs.





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BBMN
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posted on 2-5-2018 at 03:46 PM Edit Post Reply With Quote
Mine has gone up around 3%.

Good thing we will just borrow another trillion to cover this plan.

I thought conservatives were against this type of thing...

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CCharger
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posted on 2-13-2018 at 04:42 PM Edit Post Reply With Quote
And so it begins...

Trump announced his 2019 budget and to no one's surprise, it is a #MAGA wet dream:

*$18 billion for a wall on the Mexican border

* $200 billion for an infrastructure project that is based on money from state and local sources, not federal

* Massive cuts to the State Department, Dept. of the Interior, and the Environmental Protection Agency

* Elimination of publicly funded programs such as the National Endowment for the Arts, Corporation for Public Broadcasting, and the Community Development Block Grants

* Massive increases in military spending including the nuclear weapons program

* It INCREASES government spending by 10%

Meanwhile, Paul Ryan was on Fox News saying due to the tax cut, we now need to cut Medicare, Medicaid, Social Security, and other "mandatory spending entitlements", and Trump wants to replace food stamps with "food boxes" to save money.

Remember, Republicans care more about appeasing their super-rich donors than they do about the poor, the sick, the elderly, or children.





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bopol
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posted on 2-13-2018 at 04:54 PM Edit Post Reply With Quote
Don't know why anyone who could be reasonably surprised to see this. Republicans are not fiscally responsible.





I only signed up so I can read the forum.

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OOMike
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posted on 2-13-2018 at 06:57 PM Edit Post Reply With Quote
a lot of it is the same from his proposal last year, most of which was ignored by congress, so I didn't even bother to read it since it was worth a big pile of poop.

Now when the GOP in congress submit their budget, then it matters.





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OOMike
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posted on 1-28-2019 at 01:27 PM Edit Post Reply With Quote
quote:
Originally posted by OOMike
Bump

Tomorrow is my first check with the new withholding, the result is that my bi weekly paycheck has increased by $34

ETA withholding, not deductible

[Edited on 2-1-2018 by OOMike]


Bumping this again, because I started my taxes last night....

That extra $34=$816 for the year, my refund went down $2,000.

Increasing the standard deduction to $24,000 ended up lowering my deductions because of the removal of personal exemptions.

All in all, my household income went up around $3,000 and my tax bill went up around $1,000.





2017 where Nazis are defended and being against Fascism is a bad thing.

Prejudices are rarely overcome by argument; not being founded in reason they cannot be destroyed by logic – Tryon Edwards

Never let the facts interfere with a good rant.

The only OO columnist that has never written a column.

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anglefan85
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posted on 1-28-2019 at 04:51 PM Edit Post Reply With Quote
A lot of people are gonna be for a real surprise when they file their taxes this year





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CVD39
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posted on 1-29-2019 at 10:50 AM Edit Post Reply With Quote
Just remember......the tax deductions for the rich don’t go away, the rest will.

[Edited on 1-29-2019 by CVD39]

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anglefan85
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posted on 1-30-2019 at 02:07 AM Edit Post Reply With Quote
Yep. And I'm sure that a lot of people that saw that increase in their pay decided to use that money to buy things or go on vacations, not taking into consideration the fact that it would mean that they'd be getting a lower tax refund as a result, so anyone that's gonna be relying on those refunds has basically shot themselves in the foot.

They withheld less of what we owed, to create the illusion that we were benefitting. In reality, we just owed it to them later.

[Edited on 2-3-2019 by anglefan85]





The WWE: Where no one wins, unless you like Cena, in which case you are a sad little fanboy who will never get laid, but we are happy to take your money away-Moosehead Jack

"She is an estrogen molotov cocktail. It'd be in your best interest not to piss her off."- My thoughts on Firewoman

"Kurt Angle is like a living vortex of the surreal. On the off chance he's not doing, saying or thinking crazy things, people connected to him act crazy by association, caught in the gravitational pull of his insanity."- Ringout from FAN Forums

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anglefan85
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posted on 2-11-2019 at 02:25 AM Edit Post Reply With Quote
And as expected, quite a number of people are already on social media pissed off about the tax cuts.

Many people seem to have no idea that their paychecks went up because they were getting less withheld in their checks, and that as a result, their tax refunds would be lower.

People are actually paying more with these so-called tax cuts because the deductions were eliminated. It also raised state taxes because those rates are based on the income post-deductions. They eliminated/reduced deductions for student loan interest, state/local tax, home mortgage interest, health care expenses, and employment expenses.





The WWE: Where no one wins, unless you like Cena, in which case you are a sad little fanboy who will never get laid, but we are happy to take your money away-Moosehead Jack

"She is an estrogen molotov cocktail. It'd be in your best interest not to piss her off."- My thoughts on Firewoman

"Kurt Angle is like a living vortex of the surreal. On the off chance he's not doing, saying or thinking crazy things, people connected to him act crazy by association, caught in the gravitational pull of his insanity."- Ringout from FAN Forums

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CVD39
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posted on 2-11-2019 at 08:08 AM Edit Post Reply With Quote
We were lied to. Shocking.
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OOMike
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posted on 2-15-2019 at 01:41 PM Edit Post Reply With Quote
I went back and looked at the tax papers TurboTax generates with the tax forms and one of them is a comparison to past years, since I used TurboTax over several years, and even though my tax bracket went from 15% to 12%, my effective tax rate went from 5.6% to 7%.

So regardless of what you think of the refund/paid in taxes, I did pay more in taxes after a tax cut.





2017 where Nazis are defended and being against Fascism is a bad thing.

Prejudices are rarely overcome by argument; not being founded in reason they cannot be destroyed by logic – Tryon Edwards

Never let the facts interfere with a good rant.

The only OO columnist that has never written a column.

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