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Thread: Tax Reform catastrophy

  1. #21
    Quote Originally Posted by Iceaxe View Post
    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/...hq/1041261001/
    Don't hold your breath. The Apple business model is a one-trick pony, and there are other horses in the race.

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  3. #22
    Quote Originally Posted by oldno7 View Post
    wasserman--big deal--$1000 doesn't go very far....

    http://thehill.com/policy/finance/37...nt-go-very-far
    These assholes think it's their money first.
    Suddenly my feet are feet of mud
    It all goes slo-mo
    I don't know why I am crying
    Am I suspended in Gaffa?

  4. #23
    More insanity... Exxon to invest $50 billion in US as a direct result of Trumps new tax law.

    https://www.epmag.com/exxonmobil-pla...o-says-1680951

  5. #24
    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

  6. #25
    Quote Originally Posted by Iceaxe View Post
    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.”
    It's only "science" if it supports the narrative.

  7. #26
    Bogley BigShot oldno7's Avatar
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    Quote Originally Posted by rockgremlin View Post
    “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
    I'm not Spartacus


    It'll come back.


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  8. #27
    Quote Originally Posted by Iceaxe View Post
    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.

  9. #28
    Bogley BigShot oldno7's Avatar
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    Quote Originally Posted by Sombeech View Post
    This is what Russia wants, it's obvious Putin wants the American economy to soar.
    ,,,
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    I'm not Spartacus


    It'll come back.


    Professional Mangler of Grammar

    Guns don't kill people--Static Ropes Do!!

    Who Is John Galt?

  10. #29
    Bogley BigShot oldno7's Avatar
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    ,,..,
    Attached Images Attached Images  
    I'm not Spartacus


    It'll come back.


    Professional Mangler of Grammar

    Guns don't kill people--Static Ropes Do!!

    Who Is John Galt?

  11. Likes rockgremlin liked this post
  12. #30
    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!

  13. #31
    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.

  14. #32
    My paycheck got a $censored dollar bump. Works out to be approximately $censored bucks a year extra.

    Crumbs my ass!

    Thanks Trump!!
    It's only "science" if it supports the narrative.

  15. #33
    Uhhhm. You might want to refer to your bump either in generalities or percentages...

  16. #34
    Quote Originally Posted by Brian in SLC View Post
    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...

  17. Likes rockgremlin liked this post
  18. #35
    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...at-pelosi.html

  19. #36
    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.

  20. #37
    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.
    Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.

  21. #38
    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.

  22. #39
    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/2018/02/2...much-you-worth

  23. #40
    Bogley BigShot oldno7's Avatar
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    I saw where the dems want to repeal the Trump tax cuts, that would be a great platform to run on...
    I'm not Spartacus


    It'll come back.


    Professional Mangler of Grammar

    Guns don't kill people--Static Ropes Do!!

    Who Is John Galt?

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