Trump supporters do you like this tax bill?

That's easy, go for the S's (Salon, Slate and of course (Rolling) Stone).

 

More propaganda. The ink is hardly dry on this legislation, and the effects will be delayed and long term. Deaths are not the main worry--those being the effects on income inequality, poverty, and the national debt. But those could eventually have a body count. An immediate casualty may be Obamacare, thanks to the termination of the individual mandate.According to the CBO, which does the official scoring for these things, that will result in 13 million fewer people having medical insurance coverage over the next decade. Will that result in loss of lives. I think it's likely, but nobody could give you a body count. The increase in the debt will limit money available for infrastructure, including crumbling roads and bridges. Any deaths resulting from that? Probably, but who could quote a reliable figure. The debt will provide a pretext for Paul Ryan's assault on Social Security, Medicare and Medicaid. That would affect money that folks need to live on. But we don't know the details yet, so no body count. Environmental programs would also be a casualty, and if that affects the quality of our air and water, there could be a human life toll. Look at Flint, MI. But nothing definite. Then of course there's the opioid crisis that plagues segments of the population who are impoverished with no hope. Their future will depend on whether trickle down economics works for them or not. I'm skeptical, but would love the supply siders to prove me wrong. The implication underlying the Trumpster comments is that unless there's an immediate body count, nothing to complain about. Is that the same line they took with Obamacare? How many died from Hillary's email server?

 

I consider myself a Republican but not a rabid Trump supporter. I'm still piecing together what's in the new tax bill, so how it all pans out remains to be seen.

But from what I've read so far:

- My standard deduction (married) will double to $24,000.
- My child tax credits will double to $4,000 for 2 children. I haven't been able to claim those credits for the last six years because they get phased out at my income level. Under the new plan, that limit was increased so I'll actually be able to claim them now. That means I'm automatically paying $4,000 less in taxes.
- My federal tax rate will drop from 28% to 24%
- One of the complaints (and a valid one) is losing the SALT deduction on federal taxes, but from what I'm reading we'll still be able to deduct the first $10,000 in state taxes. I live in a high tax state but will still get the deduction. Even if I don't, I'm still way ahead of the game.

My tax situation is a fairly simple one. I support a family of four on a single income and don't own a house. I pay $17,000 year for family medical (with monthly premiums and deductible). I also had to shell out $3,200 for my son's braces last year. We don't have any extra money.

My taxes are going down.

 

Jesus. $17,000 for medical.

It sounds like you're financially stable enouth to where $17,000 doesnt hurt you but that would absolutely devastate a family in a lower income bracket

Nevermind just saw where you said you don't have extra money...so that does hurt you then

 

All of you folks supporting entire families, I commend you. I don't have any children and I've been married--though in 2019 when I file 2018's takes, I will be. From what I hear, the tax benefits for being married are crazy good.

Point is, my tax situation--my financial situation in general--has been ridiculously simple my whole life. Those of you raising children, shelling out 17 grand for insurance, supporting spouses and multiple children--You all have my respect.

Reading some of the stuff in this thread made me realize I've got it pretty easy. I just got to take care of myself--but, in all fairness, that in and of itself is a full-time job.

 

That $17,000 is killing me. I’m still making monthly payments to Children’s Hospital from 2016. I was only paying $8,000 six years ago...the increases since then have been astronomical. I chase all the OT I can get, but that puts me over the limit for child tax credits.

I’m actually supporting a family of five because my sister moved in with us this year. Long story, but involves a divorce, student loans, an asshole ex-husband, and the rent on her little apartment jumping up to $2,100/month. She can only kick in $300/month which doesn’t cover the added expenses, but I don’t care. It’s my sister. She’ll always have a place in my home.

What I make was a small fortune when I lived in NH. NH has no sales tax, no state income tax, and a low cost of living. That same amount in CA sucks. High taxes, high cost of living, and an out of control state legislature make this a tough place to raise a family. And it’s only going to get worse. It costs more to rent an apartment in ghetto areas like Compton than my mortgage cost in NH.

I’m sure not everybody will benefit from the new tax plan, but from what I’ve been reading I will, In a big way. I’ll get an extra $4,000 right off the bat. Politics has gotten so bitter and partisan that I don’t think many people have tried to look at it objectively. We’re getting bombarded with either “Sunshine and roses” or Pelosi’s “Doomsday Armageddon” nonsense. I suspect the truth is somewhere in the middle.

 

Lucky you. You're coming out ahead personally. I probably will, too, since I don't live in a high tax state and usually file for the standard deduction. But in evaluating the overall impact and merits of the legislation, we need to think beyond ourselves and also consider the likely future impact. "I'm all right ,Jack, too bad about you" is an unattractive attitude, and short-sighted, to boot. Are you so preoccupied with your current situation that you aren't thinking down the road to retirement? I'm concerned about the impact of this legislation and the increased debt it will bring on inflation, Medicare, Social Security, and spending on public education and the environment. I see it as the first move in the Republican two-step, where they next argue that the deficit they just caused is so high that we must cut back on such programs. In fact, they already are saying that!

 

A consequence of ObamaCare perhaps?

 

My 92 year old mom gets a raise in her social security payments. She pays no taxes before this plan nor none after it.

 

There are lots of people living on less than $17000 per year, and the Republicans don't want them to have government help to get out of the rut they are in, because of Reaganomics.

 

Good for her. Hope it lasts. Glad to see the Republicans haven't stooped so low as to raise taxes on somebody in such marginal straits for the benefit of billionaires. Be thankful for Social Security--not a Republican favorite!

 

My 90 yo mother's raise is $2 per month. The Republican controlled government will not let her have senior housing, or heat help, or food stamps, or meals on wheels, or indigent medical care. My mother had a stroke and must live with me now, otherwise she would die alone because she cannot walk anymore. She also cannot cook for herself. The local Republicans don't care about the old people. The Republicans would throw them out to die on the sidewalks.

 

For retirees, don’t start the Social Security benefits celebration just yet

I didnt name the link lol, it just did that when I pasted it

 

We're getting a 25 dollar raise! Fantastic--now I can take that trip to Tahiti I always wanted!

 

That "raise" is a 2% Cost of Living Adjustment due to inflation, based on the CPI, due largely to higher gasoline costs following the hurricanes, and it's built into the program. This is historically low. Social Security COLAs have averaged roughly 3.8% since the current method was implemented in 1975. And for new retirees, as mentioned, this year's increase could be consumed by rising Medicare Part B premiums.

 

Congratulations

“Too bad about you” isn’t my attitude. I’m just saying it’s not all doom and gloom. Feeding my family is kind of a big deal to me, so don’t expect me to feel bad because I get to keep a little more of MY money so I can raise my family. My daughter works as an extra in Hollywood. She’s homeschooled so she can do it year-round. The money is supposed to pay for her college, but when she has to kick in money so we can make car payments something is definitely wrong. The left wants to talk about a “living wage” then gets mad because we get to keep more of our own money. You can’t have it both ways.

As for retirement, have you been paying attention to the stock market? My 401k is going through the roof.

If I didn’t live in this screwed up state it wouldn’t be such a big deal. But I’m stuck in CA which means I’m fighting a state legislature that wants to keep its population in perpetual poverty.

Are you familiar with Compton? It’s ghetto. Average rent in Compton per apartmentguide.com

Studio - $2,2291/month
1 Bedroom - $2,548/month
2 Bedroom - $3,128/month
3 Bedroom - $3,956/month

I don’t live in Compton. I couldn’t afford it. Can you?

You want me to feel bad because my 16 year old daughter won’t have to make my car payments? Good grief.

 

rising costs in the rental market has been a problem for a while and is largely related to lower homeownership rates stemming at least in part to the housing bubble bust, which in turn resulted from deregulation of the mortgage industry by the Bush administration

Thats the whole crux of the issue for me, nothing exists in a bubble. Stocks are soaring now due to deregulation, or optimism regarding the hint of future deregulation I should say. But as we should have learned from the housing bust and the recession in 2007 - 2008, deregulation often has an ugly side.

 

The part B Medicare premium went up from $105 per month to $139 per month. So, the Trump line of BS is just...typical.

 

I was thinking about another jar of peanut butter!