Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, Non Villages Discussion (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/)
-   -   Tax Cut Has Arrived (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/tax-cut-has-arrived-254630/)

rjn5656 02-02-2018 06:31 AM
Good for him. Thank you for your service.

Dr Winston O Boogie jr 02-02-2018 07:09 AM
Quote:
Originally Posted by 8notes (Post 1511296)
And how much will these bonuses increase the national debt? Economists estimate anywhere from $10 to $24 trillion. Sad.
Only if nothing else changes.

8notes 02-02-2018 08:15 AM
Quote:
Originally Posted by Dr Winston O Boogie jr (Post 1511376)
Only if nothing else changes.
And probably a pretty good chance of that happening, given the divisions in congress.

retiredguy123 02-02-2018 08:22 AM
Quote:
Originally Posted by 8notes (Post 1511391)
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.

dillywho 02-02-2018 12:04 PM
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.

My Post 02-02-2018 12:09 PM
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....

Allegiance 02-02-2018 12:15 PM
Quote:
Originally Posted by My Post (Post 1511483)
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.

justjim 02-02-2018 12:31 PM
Limits on State tax deductions
 
Quote:
Originally Posted by llovelace (Post 1511359)
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.
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.....

Allegiance 02-02-2018 02:26 PM
Quote:
Originally Posted by 8notes (Post 1511368)
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).
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.

pauld315 02-02-2018 06:28 PM
Quote:
Originally Posted by justjim (Post 1511491)
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.....
Sounds to me like those high taxed states need to cut taxes or there will be nobody left

pauld315 02-02-2018 06:31 PM
Quote:
Originally Posted by xkeowner (Post 1511216)
Checked my military retired payment for February and was pleased to see an increase of $149!
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 !

8notes 02-02-2018 07:11 PM
We all love the raise. The problem is, its coming at the expense of the national debt.

retiredguy123 02-02-2018 07:33 PM
Quote:
Originally Posted by 8notes (Post 1511625)
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?

pauld315 02-02-2018 09:47 PM
Quote:
Originally Posted by 8notes (Post 1511625)
We all love the raise. The problem is, its coming at the expense of the national debt.
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.

retiredguy123 02-02-2018 09:57 PM
Quote:
Originally Posted by pauld315 (Post 1511674)
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.


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