Political Crossfire Forums

I feel like employers will be alright if they just assure everybody their take home will be the same and that this is just a tax adjustment resulting from bad decisions by the GOP.

Property tax side of things: can be addressed by either utilizing charitable donations or just...let it be. It's capped at 10k - how many filers go above that? Just picture the optics on this though...Dems pull through for their constituencies under attack by GOP by tinkering with state tax collections.

Amazing.

For this year you can prepay property taxes to use the deduction on 2017 taxes. My father already did that (even though he's been singing the praises of this tax reform)

As for the other stuff, I already have withholding for state taxes and whatnot. If my paycheck is still the same I don't care because my mortgage + property + state taxes < 12k

Well...so how did those tax cuts go over?

Conor Lamb won a PA district after this bill passed - the GOP ran the ads and found they didn't have enough traction to keep a 20 point advantage in a district that's 93% white. M&A activity is up and stock buybacks are through the roof.

https://www.cnbc.com/2018/02/15/compani ... eback.html
https://www.reuters.com/article/us-gold ... SKBN1FO0EE

Wage growth was pretty good immediately after but has since moderated.

https://www.politico.com/story/2018/03/ ... 018-448785

Moreover, wage growth itself is more a function of the lower unemployment figures - supply/demand in the labor market.

So now Phase 2 begins....

https://www.nytimes.com/2018/03/14/us/p ... -cuts.html

http://www.businessinsider.com/trump-ta ... od-cooks-1



Average annual salary: $20,570

New paycheck after taxes: $697.67

Increase per paycheck: $7.78



Average annual salary: $21,680

New paycheck after taxes: $732.71

Increase per paycheck: $9.79



Average annual salary: $24,410

New paycheck after taxes: $817.07

Increase per paycheck: $12.94



Average annual salary: $25,580

New paycheck after taxes: $853.23

Increase per paycheck: $14.29



Average annual salary: $26,790

New paycheck after taxes: $890.63

Increase per paycheck: $15.69



Average annual salary: $29,900

New paycheck after taxes: $986.74

Increase per paycheck: $19.28



Average annual salary: $31,740

New paycheck after taxes: $1,043.60

Increase per paycheck: $21.40



Average annual salary: $34,580

New paycheck after taxes: $1,131.37

Increase per paycheck: $24.68



Average annual salary: $36,560

New paycheck after taxes: $1,192.56

Increase per paycheck: $26.96



Average annual salary: $37,890

New paycheck after taxes: $1,233.66

Increase per paycheck: $28.50

Hard to give tax cuts to those not paying a whole lot in the first place.

Which belies the intent of the cut in the first place.

True, but we (general populace) all really knew that from the get go. Let me "save" $1,000 bucks a year and I don't really care if you give away the farm.

not sure if my company did it right but even after increasing my health care premiums this year i look to be making about 2k more than last year with no other changes other than the tax cuts

i mean, i'll see how it shakes out in the end, i won't know that until like, February, but for now seems good

It's interesting to me that everybody is harping about the yield on on 10 year UST when the two and five year UST mirror and IMO more accurately reflect the underlying issue - the tax cut bill has brought forward inflation expectations which has net the Federal Reserve increasing the federal funds rate faster than it might've. Cost of borrowing will go up - and a recession will occur.

But hey...tax breaks amirite?

Obama's recovery was slow but it was stable - kinda reminded me of Australia. But I guess Trump really wants a recession.