Finally we're getting somewhere with tax reform

[dennishoddy]

I wish they would hurry up. My wife is losing her job of 44 years next Wednesday and taking early retirement.
Her exit compensation package with the new tax plan would put many thousands in our back pocket.
Her package won’t be paid until 2018.

 

[tRidiot]

Well, I say until they get rid of ALL of these POS politicians and elects a whole bunch of someones who actually believe the .gov needs to be scaled back, no significant cuts will happen. What we need is tightening of the belt across the board in all .gov programs, cutting the .gov payroll by 50% or more and turning those people back into the workforce to fill the jobs that will be created by economic growth from everyone in this country being allowed to keep, spend and invest their own money.

And we all there is exactly zero chance in absolute hell of any of that happening.

 

[Dave70968]

Well, I say until they get rid of ALL of these POS politicians and elects a whole bunch of someones who actually believe the .gov needs to be scaled back, no significant cuts will happen. What we need is tightening of the belt across the board in all .gov programs, cutting the .gov payroll by 50% or more and turning those people back into the workforce to fill the jobs that will be created by economic growth from everyone in this country being allowed to keep, spend and invest their own money.

And we all there is exactly zero chance in absolute hell of any of that happening.

I remember Obama saying something about not making cuts with a machete, but a scalpel. He was half-right: a machete is the wrong tool.

A chainsaw would be a good start. Maybe detcord.

 

[Frederick]

I remember Obama saying something about not making cuts with a machete, but a scalpel. He was half-right: a machete is the wrong tool.

A chainsaw would be a good start. Maybe detcord.

Only if you're willing to use those same tools against the social spending first.

 

[tRidiot]

Only if you're willing to use those same tools against the social spending first.

ALL spending.

 

[Frederick]

ALL spending.

Even military?

It's the social spending that's been ****ing us over, though.

 

[tRidiot]

Even military?

It's the social spending that's been ****ing us over, though.

Even military, yes.

There is NO pet program that can be coddled, every single program in the United States needs to be brought into the black, we need a balanced budget amendment, a flat tax, term limits, massive reduction in government salaries for legislators and pension reforms AND we need borrowing limits for true emergencies only, as well as stipulations that those borrowings must be paid in full before more borrowing can occur.

Those are just my thoughts... again, I realize nothing even remotely resembling a single one of those points will ever come to pass. Our country is in a downward spiral, and the United States will go the way of the dodo - one day or another, mostly due to all these problems - in my opinion.

 

[Hoov]

No program should be left unscathed. But, this talk of a balanced budget amendment is pretty 'tard.

 

[dennishoddy]

Whats dragging this tax cut into not so much of a tax cut for some is the blue states that can't control their socialized spending budgets and massive tax rates on their population to support those social programs.
As it was first written, that would have actually make the original tax cuts into a tax burden on them.
Its been amended now from three tax rates to 5 or 6 now. It's changing so fast that who knows what is going to come oozing from the anus of congress for a final bill.

 

[Hobbes]

The final tax bill is out there.
CNN Money, NYT and WP have had it posted since yesterday.

Mine is easy to figure since I am single with the same income as the last 2 years and I never am able to itemize so I always use the standard deduction.

I'm in the 12% marginal tax bracket so it's a straight forward calculation.

The difference in the current tax system
$6350 standard deduction plus $4050 personal exemption = $10,400

Versus the new tax bill
$12,000 standard deduction

So my taxable AGI will be $1,600 lower and at the 12% tax rate will save me
$192 a year, or $16 per month.

Some people will do better and some will be worse.

Keep in mind though, they are switching to chained CPI with this bill and over time the brackets will rise slightly slower.
Which means if you will be working for 10 years or more, your wage increases will push into the next higher bracket sooner than with the current CPI calculation method.
If you are retired or nearing retirement it probably doesn't matter since you have already reached your peak earning potential and you'll never creep into that next bracket anyway.