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Here's how the tax bill will affect the middle class in every US state

By MrMagic follow MrMagic   2017 Dec 21, 4:35pm 4,829 views   26 comments   watch   nsfw   quote   share    


As for how it will affect individuals, in general, the more you earn, the more you'll save on taxes. The Institute on Taxation and Economic Policy ran the data to estimate how much individual households may fare under the new rules.

Because the income required to be considered "middle class" varies from state to state — and from individual to individual, depending on your definition of the term — we've highlighted the share of returns among the second, third and fourth 20 percent of earners that will get a tax cut and tax hike in each state.

Some notable states:

California
Annual income of $27,830 to $48,110

Share with tax cut: 88 percent
Share with tax hike: 5 percent

Annual income of $48,110 to $76,530

Share with tax cut: 89 percent
Share with tax hike: 8 percent

Annual income of $76,530 to $130,820

Share with tax cut: 83 percent
Share with tax hike: 16 percent

Florida

Annual income of $21,440 to $35,500

Share with tax cut: 86 percent
Share with tax hike: 5 percent

Annual income of $35,500 to $56,970

Share with tax cut: 90 percent
Share with tax hike: 5 percent

Annual income of $56,970 to $97,370

Share with tax cut: 92 percent
Share with tax hike: 6 percent

Kansas

Annual income of $26,250 to $45,170

Share with tax cut: 90 percent
Share with tax hike: 4 percent

Annual income of $45,170 to $70,960

Share with tax cut: 94 percent
Share with tax hike: 4 percent

Annual income of $70,960 to $113,640

Share with tax cut: 97 percent
Share with tax hike: 2 percent

New Jersey

Annual income of $26,830 to $50,100

Share with tax cut: 83 percent
Share with tax hike: 7 percent

Annual income of $50,100 to $79,890

Share with tax cut: 88 percent
Share with tax hike: 10 percent

Annual income of $79,890 to $142,290

Share with tax cut: 82 percent
Share with tax hike: 17 percent

More states at the link.



https://www.cnbc.com/2017/12/21/how-the-tax-bill-will-affect-the-middle-class.html
#politics
1   NoCoupForYou   ignore (3)   2017 Dec 21, 4:43pm     ↓ dislike (0)   quote   flag        

I just saved a bunch of money on my taxes by switching to Trump & Co.
2   anonymous   ignore (null)   2017 Dec 21, 6:08pm     ↓ dislike (0)   quote   flag        

So some people with lower end incomes will get a tax hike. OK. What about the rich? I notice you singularly fail to mention what will happen to their tax. How about the super rich? You know, the ones who really need a tax cut. Are they going to be better or worse off?
3   NoCoupForYou   ignore (3)   2017 Dec 21, 6:44pm     ↓ dislike (0)   quote   flag        

anon_6ae12 says
What about the rich?




I bet poor Bette Midler is broke and living in an economy apartment with a hot plate.
4   anonymous   ignore (null)   2017 Dec 21, 6:58pm     ↓ dislike (0)   quote   flag        

a. She is completely right about that embarrassing little trip down ego massage lane. It was truly hilarious.
b. As I asked, what has happened to the taxes of the rich/super rich? The percentages were given for lower incomes. What are they for higher ones?
5   WatermelonUniversity   ignore (6)   2017 Dec 21, 7:27pm     ↓ dislike (2)   quote   flag        

Tax scam. Trump is big pile of turd and republicans are the flies spreading the stench everywhere.
6   anonymous   ignore (null)   2017 Dec 21, 10:00pm     ↓ dislike (0)   quote   flag        

And where did I say 100% of the population would get a tax break?
So you think the best way to deal with a ballooning debt is to give the vast majority of the richest in society a tax break. I see.
That percentage graph doesn’t show the kind of money some of these people will be saving. Millions for some. I’m sure they need it. Just think of the benefit to their real estate holdings/stock portfolio. It gladdens my heart to know they’re so much better off. It’s just what we need... a widening of the gulf in income disparity and rising debt levels for future generations to deal with. But hey, don’t worry, there’s always the trickle down effect that worked so well in enriching the working and middle classes since Ronnie. Oh, my mistake.
Just look at that AT&T handout... that they’ve been negotiating with their union for a year. How about they announce a solid wage increase, one that matches the tax savings for example? The tax savings are ongoing, aren’t they? Is a one off payment? All I’ve seen are a couple of banks saying they’re going to increase their minimum salary to $15. Why do I get a strange feeling they were already intending to do that? More to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.
8   Strategist   ignore (2)   2017 Dec 22, 7:30am     ↓ dislike (0)   quote   flag        

anon_6ae12 says
More to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.


If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
When you go shopping for Cheerios, would you pay $12.00 for a box that is only worth $3.00? You wont. Neither would any employer.
9   anonymous   ignore (null)   2017 Dec 22, 8:55am     ↓ dislike (0)   quote   flag        

Strategist says
anon_6ae12 says
More to the point, is it only me that finds it somewhat surprising that so many bank workers don’t even make $15 an hour.


If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.
When you go shopping for Cheerios, would you pay $12.00 for a box that is only worth $3.00? You wont. Neither would any employer.


Thats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.
10   anonymous   ignore (null)   2017 Dec 22, 10:51am     ↓ dislike (0)   quote   flag        

anon_6ae12 says
That percentage graph doesn’t show the kind of money some of these people will be saving.


That's because everyone's situation is DIFFERENT, depending on the source of their income, deductions, kids, homeownership, etc.

The bottom line, MOST people will see a tax savings from the plan.
11   CBOEtrader   ignore (6)   2017 Dec 22, 11:06am     ↓ dislike (0)   quote   flag        

anon_6ae12 says
What are they for higher ones?


My accountant says it will be a wash for my income bracket. I have a lower rate, but less loopholes and deductions as well.

All things considered, this tax plan seems like a great move.
12   CBOEtrader   ignore (6)   2017 Dec 22, 11:09am     ↓ dislike (0)   quote   flag        

Hutch says
anon_bdbf3 says
Thats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.


Good point.


If someone is worth $3/hour, they shouldnt expect to make $12. Sorry.

If someone is worth $12/hour but the current market is paying $3/hour, an entrepreneur would clean up offering higher wages to these people. Free market capitalism has historically proven to be the best method to raise worker compensation.
13   NoCoupForYou   ignore (3)   2017 Dec 22, 11:14am     ↓ dislike (0)   quote   flag        

Liberal Left: HOLY SHIT, we gotta pay $12/month for Birth Control! Oh the Humanity! Do you know what a hardship this is to Womyn?

Liberal Left: Holy shit!, $18/month! Whoopie doo, like that means anything to people.

Speaking of which, where is that $2500/yr in health care savings?
14   HEYYOU   ignore (47)   2017 Dec 22, 11:59am     ↓ dislike (0)   quote   flag        

Will the Trumpcare mandate be eliminated 1/1/18?

There is no Free Market Capitalism if Republicans don't remove all their Big Govt. regulations & taxes
on great American Republican Entrepreneurs.

What you got Republicans?
NOTHING!
15   CovfefeButDeadly   ignore (7)   2017 Dec 22, 12:09pm     ↓ dislike (0)   quote   flag        

CBOEtrader says
Hutch says
anon_bdbf3 says
Thats right. So trickle down is just some made up bullshit that doesnt work because who's going to pay someone $12 when they can pay them $3.


Good point.


If someone is worth $3/hour, they shouldnt expect to make $12. Sorry.

If someone is worth $12/hour but the current market is paying $3/hour, an entrepreneur would clean up offering higher wages to these people. Free market capitalism has historically proven to be the best method to raise worker compensation.


Exactly. Oh, and they actually DO have to pay people more when there is fewer workers OR a booming economy with de facto zero unemployment. This is why lowly unarmed security jobs in Orange County in 2000 were paying $15 an hour to start......there was no one to hire so wages went up.

I remain at a loss as to why lefties would oppose booting illegals, reducing corporate income tax, opening up millions of jobs for Americans. Why does the left hate for Americans to have their choice of good paying jobs?
16   HEYYOU   ignore (47)   2017 Dec 22, 12:09pm     ↓ dislike (0)   quote   flag        

Those in the lowest tax bracket will save around $200?
That works out to $3.85/week.
This is the kind of Winning Poor White Trash Rep/Con voters were looking for.
The PWTR/Cs that have a tax increase are ecstatic!
17   Shaman   ignore (2)   2017 Dec 22, 12:25pm     ↓ dislike (0)   quote   flag        

Strategist says
If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.


Let’s take this concept and apply it to the job of babysitting. Now, not every girl out there wants to babysit someone’s brats while they cavort on the town, and in fact the number that do is limited. How much do they get paid? Well, considering that parents who wish a break from their bundles of joy often need a break more than once, and need someone reliable and trustworthy, the price goes up for those factors. Then add competition for babysitters from other parents (pro tip: NEVER refer your babysitter to another couple!), and the price goes up. Because you don’t want your babysitter stolen by someone else for that concert night!

So now we are looking at an easy $15/hour for a teenager to feed a couple kids and put them to bed, then Netflix and chill for three hours.

In some markets and situations, it can be higher. I’ve seen $25/hour babysitters, and some of these will even do a few dishes before parking their asses in front of One Tree Hill.

What’s the pay-increasing factor? Well, there are two. 1)Need for the workers and 2)Competition for the workers.

This is why both parties have been so pro-immigration for so long, to keep competition for labor to an absolute minimum! That’s why we elected Trump, because he said he’d shut down uncontrolled immigration and wages would rise!
18   Strategist   ignore (2)   2017 Dec 22, 6:14pm     ↓ dislike (0)   quote   flag        

Quigley says
Strategist says
If no one wants to pay that worker more than $15.00 per hour, he probably isn't worth more than $15.00 per hour.


Let’s take this concept and apply it to the job of babysitting. Now, not every girl out there wants to babysit someone’s brats while they cavort on the town, and in fact the number that do is limited. How much do they get paid? Well, considering that parents who wish a break from their bundles of joy often need a break more than once, and need someone reliable and trustworthy, the price goes up for those factors. Then add competition for babysitters from other parents (pro tip: NEVER refer your babysitter to another couple!), and the price goes up. Because you don’t want your babysitter stolen by someone else for that concert night!

So now we are looking at an easy $15/hour for a teenager to feed a couple kids and put them to bed, then Netflix a...


If we need a babysitter for our precious messy little brats, we want to make damn sure she is totally trusted and reliable. If you know one, she will be a virtual monopoly and command a monopolistic pricing power. If you are the only brat loving couple she knows, you will command a "monopsony" pricing power, and be able to reduce the price.
Either way, no one will pay more than they have to.
19   NoCoupForYou   ignore (3)   2017 Dec 22, 6:32pm     ↓ dislike (0)   quote   flag        

Hutch says
Trump says a lot of stuff unfortunately I don't believe him. I guess im not that gullible.


That's so August.

Tax Cut: Done. Conservative SCOTUS Judge: Done Travel Ban: Done. Repeal of numerous Obama Executive Orders: Done. Individual Mandate Repeal: Done Jerusalem Embassy: Done Vibrant Economy: Done. Trash TPP: Done NAFTA: Being Renegotiated

Now it's like "Well, he did all those things - but he hasn't done the Wall yet, eh? eh?" Not bad for year one. Get ready for the next 7.

By the Way, that Corporate Tax Cut, speaking of 4D Chess, just took a Yuge Canadian Advantage down a Winnepeg or two. What concessions will Canada have to make to the NAFTA renegotiations to gain a leg up?
20   Shaman   ignore (2)   2017 Dec 22, 6:39pm     ↓ dislike (0)   quote   flag        

Hutch says
felchers


If the past year has shown us anything, it’s that Leftists never fail to accuse the opposition of the very crimes and misdemeanors of which they themselves are guilty!
21   Strategist   ignore (2)   2017 Dec 22, 6:42pm     ↓ dislike (0)   quote   flag        

TwoScoopsPlissken says
Hutch says
Trump says a lot of stuff unfortunately I don't believe him. I guess im not that gullible.


That's so August.

Tax Cut: Done. Conservative SCOTUS Judge: Done Travel Ban: Done. Repeal of numerous Obama Executive Orders: Done. Individual Mandate Repeal: Done Jerusalem Embassy: Done Vibrant Economy: Done. Trash TPP: Done NAFTA: Being Renegotiated

Now it's like "Well, he did all those things - but he hasn't done the Wall yet, eh? eh?" Not bad for year one. Get ready for the next 7.


Trump has kept more promises in his first year than any other President has kept in their full term. I'm really impressed.
It also tells me career politicians are just useless bureaucrats who can't get anything done.
22   Strategist   ignore (2)   2017 Dec 22, 6:44pm     ↓ dislike (0)   quote   flag        

Trump may be an asshole, but keep in mind it's only the asshole that can get rid of all the shit.
23   MrMagic   ignore (11)   2017 Dec 22, 7:34pm     ↓ dislike (0)   quote   flag        

CBOEtrader says
Free market capitalism has historically proven to be the best method to raise worker compensation.


Having employees actually WORKING and being productive instead of goofing off has always been a good method to raise compensation. I know, that's a strange concept to today's workforce that spends most of the day texting, updating Facebook status and posting on Patnet.
24   anonymous   ignore (null)   2019 Jan 28, 6:29pm     ↓ dislike (0)   quote   flag        

Now who could have ever foreseen this result huh ?

$1.5 trillion U.S. tax cut has no major impact on business capex plans: survey

The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more than 30 years.

The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.

The White House had predicted that the massive fiscal stimulus package, marked by the reduction in the corporate tax rate to 21 percent from 35 percent, would boost business spending and job growth. The tax cuts came into effect in January 2018.

“A large majority of respondents, 84 percent, indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,” said NABE President Kevin Swift.

https://www.reuters.com/article/us-usa-economy-investment/1-5-trillion-u-s-tax-cut-has-no-major-impact-on-business-capex-plans-survey-idUSKCN1PM0B0

Don't that just beat all ? When does the winning start ?
25   Tenpoundbass   ignore (14)   2019 Jan 28, 6:38pm     ↓ dislike (0)   quote   flag        

I get about $120 more every biweekly pay check. But I got $1K less the end of the year.
26   anonymous   ignore (null)   2019 Jan 29, 4:47am     ↓ dislike (0)   quote   flag        

Tenpoundbass says
I get about $120 more every biweekly pay check. But I got $1K less the end of the year.


Any understanding of what capex is ?

Any understanding now that the business boom that was supposed to come as a result of the tax package was grossly overstated by the GOP - if not an out and out lie ?

Any understanding that the article had nothing to do with personal income tax rates ?

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