Tax Bill Saves Me Thousands

The child tax credit DOUBLED from $1000 to $2000 in the Senate bill

My wife and I make $80k a year
Two kids.

Under the old existing tax law we owe: $4,733 tax

Under the Senate tax plan we owe: $2,339

Pic related shows the old existing tax breakdown using exemptions etc, then I subtracted $2000 to reach tax liability of 4733.

With the Senate tax plan, I subtracted $24,000 from my total income, per the standard deduction. Then the first 19050 is taxed at 10%, 1995 tax. The remaining 36950 is taxed at 12%, 4434 tax. 4434+1905=6339, minus 4000 child tax credit equals 2339 total tax owed

My wife and I are getting back $2,394 more than we expected to this tax year, if they Congress uses the Senates plan at reconcilation.

We ARE the middle class.

Fuck off shills. This tax plan is great.

If I messed up math anywhere let me know, I am very excited!!!

Other urls found in this thread:

taxplancalculator.com/calc
twitter.com/SFWRedditImages

But but muh poor people.

must be nice being rich

Bump

...not sure if you're being serious or not..

Do you not understand the leftist mind?

That isnt rich. you are just a poor 3rd worlder

40k per person... rich? 80K is good for a young couple with kids, but it’s not “rich”

>This thread again

$80,000 per year for a couple is not rich. That's lower middle class

I remade it because I actually was using the Houses tax bracket last time. If you check the archives, you'll see I realized with the Senate bill I save even more than I thought!!!

Great to hear man. Wife and i pull in over 100k, 1st kid on the way. This tax break is huge for us.

Fucking shitlibs think anyone working 40 hours a week are "rch". So sick of these lying faggots

Don't see the big deal. To pay taxes you gotta have a job. Most the ppl bitching about it have no job. What do?

>people saying 80k is rich

holy shit how poor are you people

Well to be fair most of the Redditors don't work at all.

All i know is that Coastal niggers get fucked in the ass by this bill. That means it’s a winner. Fucking kill yourselves coastal kikes.

We'll goy, it sounds like we hafta raise the cawst of livin if yah have all dese extra shekels ta spare.

Third world socialists. Sad.

Shut up! It's a mess and the poorer will get poorer!!

It is completely unfair though because if someone makes less than you, they pay less taxes and this tax cut means they will get less tax back since they paid less. And if you pay 0% federal tax if you're low income who gives a FUCK about the child tax credit, it's not fully refundable so it means we get zero extra money for it. This doesn't help people who pay 0 federal income tax AT ALL. That's the fucking problem you selfish prick

I envy murricans. With a 51k EUR income here in Germany I'd have to pay 15k EUR taxes.

>My wife and I are getting back $2,394 more than we expected to this tax year, if they Congress uses the Senates plan at reconcilation.
Wow, that's really good. Did you factor in the new doubled standard deduction too?

That's the biggest thing going. When I did the tax numbers, aside from itemizing, the standard ded. was always the biggest saver. Work/business expense deductions did not make as much of a difference so it's funny shitlibtards are bitching about them.

>Great to hear man. Wife and i pull in over 100k, 1st kid on the way. This tax break is huge for us.
Almost same boat, I'm so thankful to God that Donald Trump won. Can you imagine the giant shitshow this country would be for average working people like us?

I’m of the mind that only ignorant poorfags think this tax cut is, “hurrrrr for teh rich.” This is going to save my parents a nice amount of money. It is going to save me money, too. We are most decidedly middle class, what little is left of the middle class, and middle to low tier, at that. I don’t think anybody who works a trade, is self-employed, or owns land is on reddit bitching about “hurrrrr this is raising taxes for the middle class.” These posts are coming from unskilled retailfags who don’t earn much, collegefags who don’t know jack shit, or retards who swipe their EBT cards.

and here i am paying 50k a year in taxes.

>95% of people making less than $150k take the standard deduction
>Double the standard deduction and raise the child tax credit
>libs act like this isn't an awesome tax cut

>Cap deductions on mortgage interest, property tax, state and local tax
>people with million dollar houses pay more taxes, especially in NY and CA
>libs act like this is "hurting the middle class"

The only people that dont like this bill are Dem donors and redditors butthurt that other people make more money than them

>All i know is that Coastal niggers get fucked in the ass by this bill.
how so?

Stop being a broke ass then

Get a job you lazy fuck. I'm not a charity service.

Dude saying 80k is poor, sent from a potato in his parents basement.
Top fucking kek.

>It’s not fair that they get more back than me even though they pay more in

Kys

>taxes lower for everyone
>REEEEEEEEEE FUCK DRUMPF

Having a job makes you rich to a leftist. If you’re not on welfare you might as well be a millionaire.

>pay zero income tax
>get mad that this bill does nothing to help you

Are you serious? Do you want the government to just give you free money?

envious on you burgers, you have a great president. have a happy 7 years ahead with him

I thought nothing they do will take effect until 2025?

I stand to win big too. (+200k/yr, 4 kids)

>I CANT BE A WELFARE WHORE

You may yet have brighter days ahead of you Hans, I hope you get your country back and make it great again.

I'm a poorfag in NH nigga, how is this gonna fuck me over?

Everything takes effect now. The cuts expire in 2028. Libs will tell you that a decade of lower taxes is a "tax increase on the middle class"

Enjoy your hard earned money user

If you don't even make enough money to pay taxes, then you shouldn't be having children anyways.

I watched the CSPAN stream last night. I thought the doubling of the Child Tax Credit from 1k to 2k was rejected last night? I hope I'm wrong, I think it's a good promoter of families.

Thanks Hans.

I'm a poorfag and it's looking like it will save me around 500 or so. Sallie Mae will just take my entire return anyway, but it's nice for the people without debt.

taxplancalculator.com/calc

Find out. Protip: If you take the standard deduction (you probably do) this helps you

MAGA

you sure? wouldn't it all take effect next year at the earliest?

Yes. I have, several times, been “job shamed.” Leftists would sneer down and say things like, “Wow, must be so nice to have that job of yours. I bet you think you’re so much better than me!” It’s not even an age thing, either. They’re pissed that I worked my way through school with scholarships and part-time jobs, majored in something useful, and found a stable, just okay paying job. They live in repurposed warehouses (“art communities”) and couch surf in between evictions, smoking pot and bitching on the Internet. They refuse to get actual jobs, because they’re “artists” and this is what they should be paid to do. It was ridiculous. Needless to say I have nothing to do with these useless people anymore.

Wait untill they raise it to 50% and give half of all your earnings to migrants

>I watched the CSPAN stream last night. I thought the doubling of the Child Tax Credit from 1k to 2k was rejected last night

No. Rubio was trying to make it where if you were so poor that you paid $0 income tax that the child tax credit would start to refund you for payroll taxes (different from income tax). They rejected that. The child tax credit for federal income tax is $2000, a doubling of the current credit. This is incredible.

For the non burgers, $80k in America for a family of 4 is highly variable in status. In most rural areas, $80k for a family of 4 should mean all necessities are met, along with having cash left over to choose between newer vehicles, nicer tech, family vacations and the like. Where I live, 80k is scraping the bottom. Making just enough that you don’t qualify for benefits (around 64k is limit for housing), but little enough that many have less each year than those who receive food, housing, utility, and other subsidies.
I’m in the 80k range, and I honestly wouldn’t mind taking from the local single mothers who sport new iphones, mercedes, live in free housing, and pay in front of me at the grocery with food cards, all while wearing nicer clothes and shoes than me or my family.
We often hear the liberal meme of helping the poor, but they have literally forced money from my pocket that I need for dental, medical, and raising my family.
Yeah, I get it. Man up and make more money. I’m doing better every day than the day before, but when its legally open season on these scumbags, let me know.

look, i'm all for fair tax credits
i am sick of individuals getting MOAR back than they pay in
That is theft

Holy fuck, you’re a worthless human and should kill yourself. You drain society and are a net loss. There are people in 3rd world countries making more money and contributing to their country. You’re the reason why I support abortion. You should of aborted your child, because chances are they will learn to be a lazy fuck like you and continue the cycle of entitled people. Fuck off, you leech.

Feels good man

I would argue that's it's the dirt poor shit class.

> MFW when reading all this success of a real champ for his people (Trump) and then being reminded by the TV in the background that Merkel is about to form a coalition with retard Socialist to run the country further down the drain and import us additional 100.000+ more niggers and arabs that live off natural germans taxes

Your deduction is more than I make in a year.

B-but muh billionays and millionays will also get tax cuts and x% of 1 gorillion is more than x% of 80.000. Be driven by envy, goy, taxes are good, don't lower it because muh millionays gonna get cuts too

>all tax cuts on the lower and middle class expire in the next few years
>all tax cuts on the wealthy are permanent
>the estate tax was repealed for literally no god damn reason
>repeal of the health car mandate is going to jack up all our insurance costs even further in the years ahead as dipshits go the ER route and companies fuck people that actually buy insurance to make up the costs
>this tax plan is great
No

they can't write off their state income tax and property tax, or I think it's capped at 10k.

can you post a link to that? all the calcs ive found are shit.

what site did you do this on?

My country has the highest income tax in the world with 50%

jesus fucking christ I make 1k $ a month and get 530 after taxes

Ah! Thank you for clearing that up, that is very good to hear! The increase of that tax credit really brings some relief to Congress' regular anti-family legislation.

Im seeing merchants everywhere

Damn you pay $25k in taxes at just $133k income? That's 2.5x more than I pay at $80k income.

Anybody who says income taxes aren't progressive is dumb.

B-b-b-b-but tax hike in 10 years!!!!!!1111eleventyone REEEEEEEEEEEEEEEEEEEEEEEEE!!!

>$80k/year
>rich

yeah, maybe 30 years ago

Thanks. Yeah California is fucked then. Guess they need to start cutting some of those welfare programs for the illegals so they don't tax 50% of their residents income anymore.

Look at his flag.
Of course that seems rich to him.

Most things cost more here. If i wanted to stay at a hotel for a night here it would cost me at least $60 a night. Hiring a cab for 2 hours would cost me over $70 where as when i did that in Guayquil it cost me $16.

Also the beer in the coastal regions sucks.

Yes they do. Chances are they already are getting money from the govt. ebt and shit.

why not like idk
just get rid of taxes

seems easier

On another note, are we ready to see States like NY and CA start suffering for their hilariously high State and Local taxes?

Better not vote for demoshits who'll not renew the cuts or vote in favor of them because FUCK DRUMPF huh

How can you have a job and pay 0% federal income tax? I'm poor and I pay plenty of federal taxes, not even including SS, medicare and medicaid for you parasites. You wellfare niggers shouldn't get anything other than mandatory sterilization.

We have to nationalize the federal reserve to get all the way there. That's going to be a hurdle.

Don't forget your VAT. The only thing that you have on us is you basically pay for healthcare through tax whereas we pay before tax. All things considered most Western countries end up paying a similar amount one way or another. The only differences exist on the margins (poor and extremely wealthy)

i'll take 10 years of lower taxes thank you. and the estate tax was fucked up, taxing someone because they died?

>it doesn't help people who pay 0 dollars
>literally free isn't good enough

>estate tax was repealed for no reason
How's this for a reason: it's double taxation. It also especially fucks over owners of large swaths of land with little cash, e.g. Farmers.

>hey goy, your dad just died and left you 10000 acres
>we da gubbamint price that over 5 million, you better pay the estate tax or forfeit some of the land!

Kys commie

Totally relative to where you live in America, why do people forget the huge variation in cost of living across the country? 80k is shite for London if you want to live in middle class digs, but up in Liverpool it will get you a very nice house in formby

>only 100k

Estate tax is extra stupid because if we use a target inflation rate of 3% almost all the wealth you developed in a lifetime is already inflated away. And believe me we're well above a 3% inflation rate these days.

Remind me why we are lowering taxes on the Jews and families that mix with Jews?

dude all that money you save from income and federal tax should be more than you'd get back anyway, Im a poorfag barely making 23k/yr but I consistently maintain $1,000-$1,200 in my bank account.

taxplancalculator.com/calc

Doubling the standard deduction is the best part of this bill

Estate tax is horseshit but the Jews have all the money, why are we lowering taxes on them? Would you admit we should be raising taxes on Jews and families that breed with theM?

Did you just call me a Jew you nigger faggot? I'm saving maybe $1k a year. Whoopty doo. If I were still younger and struggling that would be a very welcome $1k however.

Depending where you live you may be more comfortable than other locations, but nowhere in the USA is 80k per year considered rich.

You guys are fucking pathetic and delusional niggers. LMAO

1. Raises taxes on 60% of people by 2025 and expires in 2026
2. 95% of the benefits go to the top 10%. No matter how deluded y’all are about your future prospects most of us won’t get to that income level.
3. The expirations in 2025-2027 will mean that taxes rise in those years, producing a recession.
4. The democrats will take back power sometime around then and cuck us badly. This bill is very unpopular.

tl;dr short term gain long term pain

What happened to all the deficit hawks during Obummer’s 8 years?

Estate tax is horrible.
>be my parents
>have money to invest
>don’t trust stock market
>bank gives zero interest
>T bills cost more to buy than you get in return
>investing in property means paying property taxes
>money in general becomes worth less over time due to inflation
>they will die and what they leave gets taxed again before I see it

It’s just an extra slap in the face

damn dawg what do you do for a living making 200k?

A huge amount of rich people are Jewish, why are we lowering taxes on their I’ll goten gains instead of distributing to poor whites?

I save about £900 a month and im on less than 30k.

Back when I was in higschool ~20 years ago we had the anarchist / commie loving fags students.
All of them were drama students or art fags and "gay/bi/questioning" etc.
I knew as well as they did that they hated "the system" because it wouldn't pay them a living to be useless, jobless faggots.

idk i make half of what he does and bamn i pay almost the same in taxes. FUCK CANADA

I'd like to see more relief given to the middle class than this tax plan gives. I was really hoping for better. But I'm against redistribution through the income tax.

Damn. When I was just getting started in life hundreds of extra dollars a month would have been a complete game changer.

>95% of the benefits go to the top 10%
What percentage of total tax revenue do the top 10% pay though?

Answer that question.

What percentage of total tax revenue do top 10% pay currently?????

kys welfarenigger

median house hold is like 54k, hard to call 50% of the country dirt poor shit class.