Tax Cut Has Arrived
 

Checked my military retired payment for February and was pleased to see an increase of $149!

Hmm, haven't seen it in my entitlement, oh I mean Social Security check yet.

it is more like a "disbursement".

They probably paid in for years, and are now getting some of it back in small installments.

Thank you for your service. This once again great Country thanks you!

Tax Cuts
 

My understanding is the tax cuts don't go into effect until next year.
Perhaps you got a bonus!

Anyone getting a check that has withholding of federal income tax now has a very significant raise! Pay checks, pension checks. It's a great time for America.

Tax cuts are retroactive to 1/1/18. This pay period was the 1st period the new tables were used.

Just "crumbs". Eh?

$149x12=$1788 annual net for the OP. ....and that is just on his military pension.

Crumbs...lol


A bread factory

they must have made a mistake. Did you pay in to Social Security.

I know I can get it cheaper but if I pay $4.00 per loaf I can get 447 loaves of bread for that amount. Google tells me I can get a cup of bread crumbs for every three slices of bread. Without trying to do any more math I suspect that is well over a million more crumbs a year.

And how much will these bonuses increase the national debt? Economists estimate anywhere from $10 to $24 trillion. Sad.

Inflation will be heating up soon. Take those extra few bucks and plant them well.



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Calculate Your Tax
 

I just received a larger pension check but after calculating what I will need to pay in taxes for 2018, it certainly appears I will be paying more. Even though the standard deduction will go up to $12000 but with the elimination of the personal exemption of over $4000 and elimination of other deductions my taxes will increase and I fear I will not pay enough in and be penalized in the end. Be careful before you spend this and determine if your taxes will really go down. Mine will not. I think many people will be surprised when they file next year.

Nearly impossible for a Florida resident. If you are a high income person from a high tax state, paying alimony or adopting a child .... maybe.


Every person who has said that to me so far has either been uninformed or purposely making a false statement.

AARP estimates that 1 in 5 seniors will either see no change in their taxes or will see a tax increase. Good luck to you. At least we can sleep at night knowing that by 2027, 83 percent of the tax benefits will go to the richest 1 percent in the country (according to the nonpartisan Tax Policy Center).

Good for him. Thank you for your service.

Only if nothing else changes.

And probably a pretty good chance of that happening, given the divisions in congress.

There is no division in Congress when it comes to spending more money than we bring in. Both parties are in full agreement about that.

Amazing!
 

It is absolutely amazing how many people complain and complain about not ever getting a break; then when they do, they complain because they or someone else did. In contrast, it sounds to me like the OP is happy about his.

As for SS, that all came out at the end of last year. We got raises, but so did the Medicare deduction. Some have seen a slight increase in their net; others, have stayed the same. What we get in our SS checks is not part of the tax cuts the OP was talking about.

Sorry if this is slightly off topic but just to piggy back on some of the above posts about things being circular...or...you get one thing, they take from another, etc...I find it interesting that, as has been reported a lot today, the stock market does worse when the jobs market does better. BC of (fears of) inflation.

So the tax cuts lead to more employment, but the market does worse ultimately. Which taken at face value eventually leads to less employment. (But the market doing better.)
And around and around it goes....

It is interesting how good news starts that circle.

My fear is a complete sabotage of the financial markets or worse, by those that don't like the political direction. Based on today's news, anything is possible.

Limits on State tax deductions
 

We have not received our pension checks yet. However, once again Snowbirds from high tax States (N.Y., California, Illinois, etc.) have to keep in mind the deduction limits on State Taxes of ($10,000) that is in the tax bill and could be sending a big check to “Uncle” in April 2019. Best meet with your tax adviser shortly after all this is sorted out or you could be in for a big surprise. Just saying.....

The article says only 3.8% of seniors will see an increase. 80% will see a decrease and 16.2% no change. Please be accurate. Furthermore that AARP misinformation piece was written before the deduction of medical expenses was kept as a deduction. So their numbers are way, way off. Obvious misdirection they are hoping people will repeat.

The medical exemption was actually increased.

Seniors benefit greatly!

Hooray


The media company that owns totv will surely want to delete this post as well.

The truth is not political.

Sounds to me like those high taxed states need to cut taxes or there will be nobody left

I just checked and my pension check from one of those nasty corporations I worked for most of my life went up about 142 dollars ! I live in FL, not one of those high taxed states up north so that is quite a raise for me !

We all love the raise. The problem is, its coming at the expense of the national debt.

The national debt has nothing to do with the tax rates. Congress will spend whatever taxes they collect and more. The national debt will keep going up regardless of the tax rates. When did Congress ever base their spending on the amount of taxes collected?

Wrong, more people hired because of lower corporate rate, higher wages due to competition for help, more jobs because companies are repatriating their money from overseas all translate into more tax revenue for the government, not less.

I agree that the tax cuts may generate more tax revenue, but that will have no affect on the national debt. Congress will just spend more money. The country needs to reduce spending, but I don't think it will ever happen.

Just consider it a few million crumbs.

Congratulations

Wrong - experts are giving that a huge question mark - Tax cuts in 1981 and the early 2000s widened deficits. With the new cuts the Treasury will be burning through cash reserves faster than usual. A shortfall of $136 billion is expected due to the tax cuts this year alone. Conservative estimates are that the federal deficit will increase by $2 trillion in the first 10 years. Very few economists are saying the revenue loss would be fully offset with revenue growth. The people spouting this magical thinking are politicians.

Coming up soon on the block.....cuts to Social Security & Medicare......that should balance the budget.

To me, this post seems more political than based in sound economic principles. U.S.Corporations paying less taxes puts them on equal footing with other world businesses in competition with them, allows them to make more money and disperse more money and hire more workers. A rising tide lifts all ships.

National debt
 

The National Debt is only an issue in the heat of a National election. Afterwards, it is no longer an issue. :pepper2:

Lol

Sound economic principles are based are arithmetic, not feel good platitudes. Most economists are saying the dollars and cents do not add up - for every dollar in cuts, economy activity would have to produce $5 to pay for itself, and that is highly unlikely to occur. The Committee for a Responsible Federal Budget supports tax reform but has observed that tax cuts in 1981 and the early 2000s increased deficits. History does not support this latest attempt.

Lol

The bill should have come with assurances that the tax savings of corporations would truly go toward expansion/wage hikes...as was promised and predicted.

So far, only a small percentage have given bonuses or raised wages with the vast majority of companies saying that they are looking at increasing cash reserves and/or stock buy-backs.

Which certainly helps those of us who have substantial stock holdings, either individually or through 401K's/Roth's/Etc., but has a fatal flaw...as 50% of Americans do not own any stocks.

Simple common sense dictates that the only reason for a company to hire more workers or pay higher wages, is if unfilled demand is present (which if that were the case, they would do it regardless of whether there are additional incentives)...or that they can't hire the quality of workers they need.

Neither situation actually exists to justify that the vast majority of the tax cut benefits are going to those people/companies...who need it the least.


Only a small slice of corporate America has shared tax savings with workers so far - Jan. 2, 2018

Yep, and my problem has been that most of, if not all, of the deductions for corporations remain intact....while individuals lose so many....example.....nurses, etc used to be able to deduct cost of scrubs they need to work, along with many deductions for teachers. They go away, so please wait until you file 2018 taxes need April to make judgements on this.