Tax Reform catastrophy

[oldno7]

When will all this insanity end?

https://townhall.com/tipsheet/guybenson/2018/01/09/tax-refrom-olive-garden-darden-n2431606/print


Trump's fault.....

[rockgremlin]

Crazy.

Every time I point to something like this article to almost everyone all I get are sneers and a sassy comment something to the effect that "Trump is only benefiting his bloated, fat-cat corporate constituencies, while the middle/lower class folks get shafted."

[Brian in SLC]

Crazy.

Every time I point to something like this article to almost everyone all I get are sneers and a sassy comment something to the effect that "Trump is only benefiting his bloated, fat-cat corporate constituencies, while the middle/lower class folks get shafted."

It is crazy, and, very politicized.

I'm try to have an open mind to it. Really. My bet is that my taxes, at least in the short term, will be reduced. But, I worry about this (from the CBO):

Effects on the Federal BudgetCBO and JCT estimate that enacting the legislation would reduce revenues by about $1,649 billion and decrease outlays by $194 billion over the 2018-2027 period. As a result, the bill is estimated to increase the deficit by $1,455 billion over the next 10 years, excluding effects from macroeconomic feedback. A portion of the changes in revenues would be from Social Security payroll taxes, which are off-budget. Excluding the estimated $27 billion increase in off-budget revenues over the next 10 years, the legislation would increase on-budget deficits by about $1,482 billion over the period from 2018 to 2027. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues.



My hope is that we can get the deficit under control before the ill effects of it impact other areas.

Given that I'm closer to further from SS and Medicare, I'd prefer that we not raid those NON-entitlements as well.

We'll see how she goes...

[oldno7]

It is crazy, and, very politicized.

I'm try to have an open mind to it. Really. My bet is that my taxes, at least in the short term, will be reduced. But, I worry about this (from the CBO):

Effects on the Federal Budget

CBO and JCT estimate that enacting the legislation would reduce revenues by about $1,649 billion and decrease outlays by $194 billion over the 2018-2027 period. As a result, the bill is estimated to increase the deficit by $1,455 billion over the next 10 years, excluding effects from macroeconomic feedback. A portion of the changes in revenues would be from Social Security payroll taxes, which are off-budget. Excluding the estimated $27 billion increase in off-budget revenues over the next 10 years, the legislation would increase on-budget deficits by about $1,482 billion over the period from 2018 to 2027. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues.



My hope is that we can get the deficit under control before the ill effects of it impact other areas.

Given that I'm closer to further from SS and Medicare, I'd prefer that we not raid those NON-entitlements as well.

We'll see how she goes...

just curious----were you worried about the national debt in 2008?

Enjoy your extra money....

[Brian in SLC]

just curious----were you worried about the national debt in 2008?

Enjoy your extra money....

Absolutely, especially after Clinton got it under control following Reagan/Bush 1.0.

Barry inherited a heck of a mess, didn't he, following Bush 2.0? Look how long it took to get that starting to turn around...

I'll enjoy it while I can...but, I worry about the horizon...

Was interesting how much this tax change played over my holidaze. Folks rushing to pre-pay property tax and the like. Prompted an "interesting" discussion over who is in the middle class.

Do I not meet the definition? Wow.

[Iceaxe]

More insanity....

Wal-Mart employees just got a huge surprise.

https://www.cnbc.com/2018/01/11/walmart-to-boost-starting-wage-give-employees-bonus-after-tax-bill.html

[rockgremlin]

More insanity....

Wal-Mart employees just got a huge surprise.

https://www.cnbc.com/2018/01/11/walmart-to-boost-starting-wage-give-employees-bonus-after-tax-bill.html


Yeah I saw that. That's yuge. $11 bucks an hour is a big pay raise for many folks on Wal-mart's payroll.

[Sombeech]

More insanity....

Wal-Mart employees just got a huge surprise.

https://www.cnbc.com/2018/01/11/walmart-to-boost-starting-wage-give-employees-bonus-after-tax-bill.html

You KNOW there are people that will complain about this.

[Iceaxe]

...https://uploads.tapatalk-cdn.com/20180111/130bd34a0d0c87b8e81d5fd1bb4aba1c.jpg

[tallsteve]

More: https://finance.yahoo.com/news/81-companies-announce-wage-hikes-bonuses-afterglow-trump-tax-reform-171148283.html

[Sombeech]

...https://uploads.tapatalk-cdn.com/20180111/130bd34a0d0c87b8e81d5fd1bb4aba1c.jpg

Just how old is Sean Spicer?

[Iceaxe]

Just how old is Sean Spicer?

Funny, but in my head I read it in a Red Foreman voice.

[Iceaxe]

More insanity courtesy of Donald Trump...

Fiat Chrysler to invest $1 billion in new Michigan plant and pay workers a $2000 bonus.

http://www.chicagotribune.com/business/ct-biz-fiat-chrysler-michigan-plant-20180112-story.html

[oldno7]

More insanity courtesy of Donald Trump...

Fiat Chrysler to invest $1 billion in new Michigan plant and pay workers a $2000 bonus.

http://www.chicagotribune.com/business/ct-biz-fiat-chrysler-michigan-plant-20180112-story.html

Dang--That sucks, now a bunch of folks will start buying houses and spending money===f in trump.

[Iceaxe]

Trump led US forced to accept the creation of 20,000 new jobs by Apple. But the news gets even worse! Apple is about to dump $38 billion dollars into the US economy and build a second campus in the states.

These 20,000 jobs are the exact same jobs that the beloved Obama said were never coming back.

https://www.usatoday.com/story/tech/2018/01/17/apple-pays-38-billion-trump-tax-bill-open-second-hq/1041261001/

[rockgremlin]

Trump led US forced to accept the creation of 20,000 new jobs by Apple. But the news gets even worse! Apple is about to dump $38 billion dollars into the US economy and build a second campus in the states.

These 20,000 jobs are the exact same jobs that the beloved Obama said were never coming back.

https://www.usatoday.com/story/tech/2018/01/17/apple-pays-38-billion-trump-tax-bill-open-second-hq/1041261001/


Oh SNAP!!!

BTW, your link re-directs to a shopping site...:roll:

[Iceaxe]

And the sky just keeps falling....

Starbucks to boost pay and benefits after tax cuts. The enhanced compensation is worth $250 million.

https://www.cnbc.com/2018/01/24/starbucks-to-boost-pay-and-benefits-after-us-lowers-corporate-taxes.html

Waiting for Brian in SLC and DirkHammergate to explain to us how this is a bad thing.

[oldno7]

Yea, this catastrophe is getting much worse--now Disney is involved...

https://www.cnbc.com/video/2018/01/23/disney-giving-125000-employees-1000-cash-bonuses.html?__source=cnbcembedplayer

[oldno7]

wasserman--big deal--$1000 doesn't go very far....

http://thehill.com/policy/finance/370719-gop-mocks-wasserman-schultz-for-saying-1000-doesnt-go-very-far

[oldno7]

,.,.

[kiwi_outdoors]

Trump led US forced to accept the creation of 20,000 new jobs by Apple. But the news gets even worse! Apple is about to dump $38 billion dollars into the US economy and build a second campus in the states.

These 20,000 jobs are the exact same jobs that the beloved Obama said were never coming back.

https://www.usatoday.com/story/tech/2018/01/17/apple-pays-38-billion-trump-tax-bill-open-second-hq/1041261001/

Don't hold your breath. The Apple business model is a one-trick pony, and there are other horses in the race.

[twotimer]

wasserman--big deal--$1000 doesn't go very far....

http://thehill.com/policy/finance/370719-gop-mocks-wasserman-schultz-for-saying-1000-doesnt-go-very-farThese assholes think it's their money first.

[Iceaxe]

More insanity... Exxon to invest $50 billion in US as a direct result of Trumps new tax law.

https://www.epmag.com/exxonmobil-plans-major-us-investments-due-tax-reform-ceo-says-1680951

[Iceaxe]

Boom!!!

This time the insanity smashes directly into those living it Utah.

Dominion Energy announces $17M in tax cuts for customers
http://www.ksl.com/index.php?sid=46253748&nid=1070

[rockgremlin]

Boom!!!

This time the insanity smashes directly into those living it Utah.

Dominion Energy announces $17M in tax cuts for customers
http://www.ksl.com/index.php?sid=46253748&nid=1070


“Ever since federal tax reform legislation was passed, our Division of Public Utilities has been working closely with the Public Service Commission and utilities to determine the best method to pass on tax savings to Utah customers," Parker said. "Consumers should begin seeing lower gas bills soon, and our division will continue to ensure other tax cuts reach customer bills as quickly as possible.”

[oldno7]

“Ever since federal tax reform legislation was passed, our Division of Public Utilities has been working closely with the Public Service Commission and utilities to determine the best method to pass on tax savings to Utah customers," Parker said. "Consumers should begin seeing lower gas bills soon, and our division will continue to ensure other tax cuts reach customer bills as quickly as possible.”


Just crumbs:crazycobasa:

[Sombeech]

Boom!!!

This time the insanity smashes directly into those living it Utah.

Dominion Energy announces $17M in tax cuts for customers
http://www.ksl.com/index.php?sid=46253748&nid=1070


This is what Russia wants, it's obvious Putin wants the American economy to soar.

[oldno7]

This is what Russia wants, it's obvious Putin wants the American economy to soar.

,,,

[oldno7]

,,..,

[Brian in SLC]

Well...today is payday...

And, guess what?

I saw a little bump. Yes I did.

Makes me think I need to bump up my 401k contribution...which I did last week. But, even so... I got a little bump.

Come on market...settle down!

[Iceaxe]

Our first payday under the new tax laws will be February 16th. I have employees under the full pay spectrum. I plan to look at them all to see what it does for the average American.

[rockgremlin]

My paycheck got a $censored dollar bump. Works out to be approximately $censored bucks a year extra.

Crumbs my ass!

Thanks Trump!! :2thumbs:

[Brian in SLC]

Uhhhm. You might want to refer to your bump either in generalities or percentages...

[mrfritz44]

Uhhhm. You might want to refer to your bump either in generalities or percentages...

3% for me Brian. The Dems are FOS on this one and should choose their battles...

[Iceaxe]

Just when you think it can't get any worse....

Republican representative unveils the "crumbs act", which would make all bonuses received in 2018 tax free. I can't wait to hear Pelosi bitch about this.

http://www.foxnews.com/politics/2018/02/13/gop-rep-unveils-crumbs-act-to-make-bonuses-tax-free-in-swipe-at-pelosi.html

[Iceaxe]

Alright... just finished payroll for February 1 thru 15 and the crumbs averaged out to 2.5% for my employees across the board. Everyone fell somewhere within the 2.45% to 2.55% range.

To help a little with the math:

Someone making $36,000 a year gets a $900 pay increase ($75 a month).

Someone making $50,000 a year gets a $1,250 pay increase ($104 a month).

Someone making $75,000 a year gets a $1,875 pay increase ($156 a month).

Someone making $100,000 a year gets a $2,500 pay increase ($208 a month).

I'm going to guess most people in Utah will be pretty happy with that, considering the alternative was getting nothing. My thought is a piece of the pie is better then no pie at all.

[Scott P]

I still don't know if the law with help or hurt me (this isn't a complaint; I really have no clue yet).

Since we almost always itemize deductions (namely medical care, charity, mortgage interest, property taxes, and state taxes), I am still not clear about how the new rules change this. The two biggest deductions would be medical care expenses and charitable contributions.

HR Block says that medical deductions will still be deductible for more than 10% of your income. Forbes says the exact opposite and that the medical deduction is disappearing. I'm inclined to trust H & R Block since tax is their specialty, but it still does seem like a lot of confusion is going around.

Even if the medical deduction stays, it will hurt us a little since this year the deduction starts at 7.5%, but this should be offset and then some more with the new tax rates.

Simply put, if the medical deduction goes away, this will hurt us a lot and if it stays, we should come out ahead. As mentioned, I'm still not sure.

[devo_stevo]

I met with my accountant on Thursday and she showed us what the new tax laws would do to our taxes next year if my income and deductions are the same. There are some credits and deductions that I would loose and some I'd gain. In the end, the tax bill would be about $3,000 less than this year. Sounds good to me.

As for the medical, I am pretty sure that stays. I didn't ask specifically about that, but she alluded to if we have enough medical bills this year (we might), we could gain some from that. I'll ask her for sure and get back to you on that.

[Iceaxe]

I'm still trying to figure out how the Democrats are going to try and sell their anti tax cut agenda to the public for the 2018 mid terms?

From what I can tell the natives are restless.....

http://insider.foxnews.com/2018/02/20/pelosi-heckled-town-hall-about-trump-tax-law-how-much-you-worth

[oldno7]

I saw where the dems want to repeal the Trump tax cuts, that would be a great platform to run on...

[oldno7]

"It may have to be a 'replace and repeal' — replace them and repeal the bill," said House Minority Leader Nancy Pelosi,

https://www.investors.com/politics/editorials/dems-vow-to-repeal-parts-of-gop-tax-cuts-but-which-ones/