Redpill me on the senate tax cut bill

Redpill me on the senate tax cut bill

I make 36k a year (not married & no kids) will my taxes go down? (currently at 24.6%)

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You tell us user
taxplancalculator.com/calc

You will only have to pay taxes on the later 16'000, the first 20,000 is not taxable. You won't have to pay anyone to do ur taxes either. You can do them on a postcard. Cause there are inly three brackets.

Your tax deduction will double

>itemize 17k
>6500 in house
>lose money in both senate and house bill
I mean I'm pretty pissed but I think it will still be a benefit to the country

Yeah sorry m8 you gotta take one for the team here bc it's hurting a fuck ton of those northeast hard blue state liberals. It's a political weapon and will garner more support from the working middle class. Thanks for thinking of it in greater terms.

What do you itemize for $17k worth out of curiosity? I've never had a life sophisticated enough to bother to itemize except for one year and it was still kind of a nothingburger.

I feel bad for my parents, they're taking a bigger hit, but hey this is fucking Massachusetts. Could be worse, best we can hope for is some things either get changed in the bill last minute, or our state government lowers taxes (never happening)

Does anyone had a good source on this subject.
I'm going to have made 85K by the end of the year
Hypothetically speaking im going to just file with my W-4s

taxplancalculator.com/calc

Bro move down to NC. Your money will go far and you can help counteract the obnoxious libfags who are flooding us from your neck of the woods.

I would gladly but I was thinking more to NH or ME since they're battleground states with a similar climate
NC is a nice state though, I've visited many times.

There are still 7 as per Senate revision

>will still be a benefit to the country
how dumb are you? Fucking retard shits need to shoot yourself in your fat mouths

btw is there a reason other than to make loopholes or for ease of calculation why we have brackets at all instead of a continuous function?

can anyone rationally explain why they think that a person in a free society should give more than 5% of their salary to the government?

This system is not what the founding fathers intended America to be. It's an abomination.

>everyone outside of my state and all the people that need the tax breaks most are getting said tax breaks
>I'm getting fucked because my shit state has a massive amount of fucking taxes and if they were lowered or eliminated I wouldn't have nearly as many issues
Dumb fuck

Shoot yourself in the face

agreed

jump off a bridge shiteater
the state to the north of me despite having double the property taxes saves far more fucking money because they don't have a fucking income tax, I lose money but the same stats, put in NH have me saving between 2k-8k

Move to another state then shoot yourself in the face

Not sure. I think balancing out continuous functions to be even seemingly fair would be difficult. Especially since you could easily end up with cases of people under a certain amount paying either none or most of their income and people above a certain amount paying either non or all of their income, since most functions tend towards extremes on one or both ends. It just not worth it to try.

Food for thought though. I've always wondered what it would be like to swap out these types if discrete changes that need to be hand adjusted with functions that self correct depending on a cost function. Almost like machine learning doing taxes and game balancing and such based on effective tax rates and w/l ratios.

this.

property taxes, vehicle registration, inheritance taxes and other ownership taxes are particularly egregious.

i own a truck worth MAYBE 1,000 dollars, like, if i was selling it on craigslist and i found a total idiot. Every year i'm expected to pay $200 bucks to "register" it. not once when i buy the car, every single year. How does it become un-registered every year? does it really cost them 200 bucks a year to store a kilobyte of information in a database?

I'm so goddamn sick of the government doing things it's not supposed to but calling it a different name so its ok.

what's stopping you from putting a sawn off in your mouth and shooting it?

Funny you mention that. I work in ML and am often confronted with the difficulties of trying to tune a function to work right for all cases. It really is frustratingly difficult and then you wind up with these complicated monstrosities that like 10 people think they understand.

I wonder if there's a magic balance in the bracket system. Like could you argue 3 brackets are better than 7 or vise versa?

I'm kind of terrified about the classification of tuition assistance for grad students as taxable income. Most PhD students are getting most of their degrees paid for by the school because, at least in STEM, we need people to be doing the research that those students are doing. Having to pay a large amount of extra taxes when you're working on a degree full time and your payment is schooling and a small stipend is rather harsh.

Good get fucked. All you retards deserve to be fucked.

Universities are organizing to petition for that to be taken out of the final version. If you're a grad student then you probably already know that and know who to talk to at your university to find out what's up.

t. work at a university
t. also think universities need to shape up or ship out

>inheritance tax
Unless you're inheriting more than 5 and a half million dollars, you don't pay a dime of inheritance tax

If you're inheriting more than 5 and a half million dollars, you only pay a tax on the money past that.

Also you don't pay a dime for the first five years after the inheritance.

Also you pay in yearly installments after that, not all at once.

I'm so god damn sick of retards defending millionaires.

What makes a "millionaire" inherently worth defending or not defending? You sound like you might be heavily retarded.

>I'm kind of terrified about the classification of tuition assistance for grad students as taxable income.

Time to learn how to budget, get a real job, or negotiate more compensation from the university I suppose.

To think your kind is supposedly going to earn a Doctorate and you couldn't think your way out of this one. Fuck I hope they not only call your free shit income but I hope they neuter you too before you can breed.

>itemize medical expenses because chronic condition that has to be managed with expensive biologic medications
>mortgage
>student loan interest
>state income taxes

>lose about $400 from house bill, $1100 under senate bill
>extra $150 billion in deficit per year
>all so rich fuckers who donate to the republican party can buy another yacht and pass down their entire wealth to their children so their children and grandchildren never have to work a day in their life.

Yeah no fuck the rich assholes that are making out like bandits. I dream of a french style revolution where I carry my Republican Senator's head on a stick every single day since this bill passed.

If you make under 40k a year, you'll start paying more in taxes after 2023 when certain exemptions designed to help the working and middle class expire.

>inheritance tax

Fuck off and die, parasite.

>move to a state with air that feels like hot soup and has a high population of niggers in it

No fucking thanks. The South can get nuked into a wasteland for all I care.

That's my favorite part. Grad students are too dumb to figure out solutions to tax changes.
Yeah, we're gonna be missing their contributions to society, I'm sure of it.

>pass down their entire wealth to their children

Jealous that you'll never get laid and reproduce, or are you too simple to see how you could build generational wealth for your decedents?

>I dream of a french style revolution

Where dolts like you kill everybody who actually worked and made society function so that everybody starves.

because rich people can afford to pay more of a percent of their income without impacting their standard of living. You take 39% of a person making a million dollars a year's income they still have a nice house, all of their bills paid, and have a really good standard of living. You take 39% of a person making $20k a year's income and now they're homeless.

That's the way it is now, jackass. I asked you why you are targeting a "millionaire" as something to demonize.

>defend silver spoons for children who never have to work
>turn around and claim that everyone who's wealthy worked

pick one.

government can't even support a military if everyone only pays 10%, and people who aren't rich would be reduced to serfdom if we charged everyone 39%. So, brackets, to balance things out. So that the rich pay more because they can afford to without it impacting them much.

They still have a standard of living orders of magnitude better than everyone else. They're doing just fucking fine.

>Other people should spend their money the way I consider it fair

Fuck off commie shit. If a person makes a million dollars, he is free to wipe his ass with 100$ dollar bills, and some burger-flipper has no right to tell him what his 'needs' should include.

Because Senator Sheckelstein who is promising to steal from "the rich" and shower you with free gifts seems so trustworthy.

Your fervor to punish those who are more successful than you marks you as a simpleton. Envious and resentful of his superiors. There is no amount of wealth redistribution that will ever fix what's wrong with you or raise your station in life.

Mongs like you who think that wealth accumulation is a zero sum game and believe you need to steal from others to get ahead project your immorality on everyone else and will always be miserable, poor, and unsatisfied with life.

>pick one.

You pick one, loser. Someone, somewhere worked to create wealth. You have more than entire villages in Africa, why don't you give all your worldly possessions away to them. Or do you just feel that anyone more successful than you owes you free shit?

I'm defending people being entitled to the fruits of their labor. (You) could just as easily start buying stocks with whatever spare money you can stack together, pass it along to your children who can do the same, and their children will never have to work.

The fact that niggers like you can't think beyond your next welfare check is why you will never ever be successful in life.

>So, brackets, to balance things out.

A progressive income tax is one of the 10 planks of communism for a reason. It is not about paying government expenses but social engineering and preventing any real social mobility for those who are not already the elite.

>They still have a standard of living orders of magnitude better

You have a standard of living orders of magnitude better than 90% of the world's population. Now give them all your stuff, bourgeoisie pig.

>>Other people should spend their money the way I consider it fair

And notice it's always someone who is either unemployed or working minimum skill jobs who has zero savings who always knows best how others should handle their money.

It isn't wealth redistribution, that money isn't coming back to me.it's a shared burden that they weight towards those who are strongest to carry said burden.

Say you have a car stuck in a muddy ditch. it can't get out and there's a person trapped underneath it. They won't make it long enough for tow trucks to arrive so you and the bystanders around you have only one course of action: You have to pick the car up.

You have quite a few volunteers, of varying levels of physical fitness and strength.

The best way to lift the car, is for the strongest people to lift the heaviest parts, and the weakest people lift the not as heavy parts.

This tax shit is the strongest people complaining that they have to lift more weight than the weaker people.

But if everyone only exerts as much force as the weakest people.. the car won't get lifted and the person under dies, and it's physically impossible for the weakest people to lift as much as the strongest people.

Nigger do you even read the thread. I just said my taxes are going up by $1100 under the senate plan. My taxes are going up, so that someone much richer than me can have taxes go down. That's fucked.

It's December 4th and I'm playing golf today. Stay mad coldfag.

What your example seems to so conveniently ignore is this: all those 'bystanders' actually sit inside their cars and devote their attention to making them move. The person in your example, instead of doing things to make his car move, decided that's it's a great idea to drive right into the muddy ditch.

Then, said person starts shouting that everyone around him "have to pick the car up".

You see, other people owe you nothing. It might be a hard thing to get used to if you've just reached (or just reaching) 18 and no one is legally obligated to take care of you.

That rich guy getting your money needs it more than you because he is developing killbots to exterminate you and all the billions of other poorfags when you're no longer needed.

So get fucked!

I'm waiting for opening day of ski season myself. You can't call yourself a white person if you don't do snowsports, sorry nigger mutt.

Your analogy is childish and incorrect, but again, by your logic there's plenty of people doing worse than you and you can help them out by giving them your stuff/money without impacting your life much, right?

You cretins are always so magnanimous spending other people's money for the sake of "the community" or "the greater good" but the cutoff is always anybody who is slightly more successful than you.

and these billionaires profit off of the US military making it safe to trade internationally and establishing trade deals to lower tariffs, and keeping the major sea lanes open and free of piracy (note the places the US navy does NOT actively patrol are rife with piracy and are not safe to trade with), they're receiving greater benefit from the government than I am, so they should pay more too.

>I just said my taxes are going up by $1100 under the senate plan.

But you wouldn't mind if someone else was getting fucked worse? Sounds like sour grapes to me. How can you be upset with having more money stolen from you and yet feel morally justified in having money stolen from someone else? How much any of you has to start with doesn't enter into the equation of what is moral.

Let me try to help you out here. You're saying "these billionaires" like they're not anything other than billionaires and they're all doing the same thing. That's not true. I would agree that a lot of them should be brought to justice, but that means you have to discuss the individual criminal who should be brought to justice for his individual crimes.

What you're doing is falling for classic Saul Alinksy style blind agitation with no vision for how to remediate the system beyond feeling that you personally have been insulted by it. Read "Rules for Radicals." It's a short book and an easy read and it will help you develop a mode of thinking where you can propose solutions rather than just complain about problems.

nigger are you seriously sympathizing with the "plight" of rich people? You're willing to pay more, so that they, who already have so fucking much, can pay less? Fuck them. They were already living a far better lifestyle than I could hope to, why do they need more and why do I need to pay more and have less? That's just exploitation.

But not to worry, this level of exploitation won't be able to go on forever, and they will be killed in masse, as has happened in history several times over.

>itemize 17k
What does this mean? I'm just asking as a stupid Arab. And, if i may ask another question, how does the 'trickle down economy' work? I heard a lot of it but when the rich can get richer on the stock market (like (((Soros))) ) why would they invest in a firm which is actually producing goods and are hiring people? As far as i understand this the 'trickle down economy' would work with a stock exchange without these highly sophisticated finance products, like betting on a stocks downfall, misused futures or options and so on.

>how does the 'trickle down economy' work?

It doesn't.

>I heard a lot of it but when the rich can get richer on the stock market (like (((Soros))) ) why would they invest in a firm which is actually producing goods and are hiring people?

They wouldn't, and don't.

meanwhile, you're all just thiking along the lines of "if I get rich someday, I'll want to pay less taxes" or "If my boss gets tax cuts.. maybe he'll be nice and give me a raise"

But realistically, the chances of you getting rich are small, and the chance that your boss will give you a raise because his taxes are lower are almost as equally as small.

...

I don't itemize and either bill saves me about 2k a year. Sounds like you're the rich asshole that's being greedy. I just want to save money to eventually buy a house I can bitch about not being able to itemize.

How do you know what I'm thinking? I honestly don't need these cuts and I could be making 3x as much easily if I left my current job for something better. Buddy, I'm fucking rich, more or less, making less than $80k/yr. I don't worry about money. If I want to buy a toy then I go buy a toy. And that's after making myself give away 10% of what the government keeps.

You might not believe this, but I would honestly give you $1k or maybe just $500 or something if I thought you needed a hand and that would be a good use of my charity budget. And I don't even know you.

Once you start grouping all people together based some meaningless label like "they're rich" then that makes you a spiteful piece of shit.

*10% of what the government doesn't keep

Because they're statists that think the government can do anything good despite unanimously hating all existing government services like the DMV.

Many small businesses are worth that or more. Why can't the people that created that have it carry on? If they sell it to pay the tax bill, they fire all of those employees that used to pay income tax but are now collecting unemployment. Well done.

>paying 6500 in property taxes

my friend pays 6800 and his house isnt even nice

some towns just rob you

i pay 4000

It is called "tax cuts" you faggot. Why the fuck would your taxes do anything other than go down? It certainly isn't raising taxes.

Move to a red state or stop bitching. 1.1k per year is nothing, and if you were any good at budgeting you wouldn't be concerned.

thats how communism works

>currently at 24.6%
>tax
ahahahahahahahahahahahahahahahaha

nope, I'm barely middle class. I got a home loan through the VA because I served in the Navy, and I have a fairly expensive medical condition that sprang up and the copays for the medication are fairly expensive, enough that it's more than 10% of my income.

It's not "tax cuts" though it's "tax reform"

For some people, particularly people making over $450k a year, it's a cut, for some people in the middle class, their taxes will go up compared to now.

OK, so what should you be complaining about? How about
>let's do XYZ to improve medical care
>this is what's wrong with the VA system
>I think we need a more progressive income tax rate

But instead you waste your breath complaining about "the rich" and insulting people on the internet you've never met in your life. Shape up.

5000 hours in paint

I'm in a red state, it still has an income tax, it's one of the few states without a sales tax, and frankly, you wouldn't be complaining about your taxes going up while people much richer than you are having theirs go down? The fuck kind of logic is that? I mean I can absorb it sure but it just means less that I can put into savings or retirement.

i would save 2k with both (a little less with the senate)

No, communism is where they poor the bottle at the bottom of the stack but not into any of the glasses, thinking, well if we flood the whole thing everyone will get some.. but the reality is the bottle is empty before any actually gets into any glasses.

you are missing the fact that many people pay 30k in taxes while you pay.... shit in taxes

in short fuck you

no communism was a few rich people, and a ton of poor people, just like the image

That's fair. So what is it specifically about the changes to the taxes that leave you out to dry? It's no secret some people stand to get shafted under the proposed plans without really deserving it.

>why aren't we using differential equations instead of discrete functions that everyone can understand?
Because 90% of Americans don't even know what the fuck a differential equation is, much less are able to calculate it to rest assured the IRS isn't jewing them out of anything.

>inb4 just make total% taken out a polynomial function of taxable income
Except that's not the continuous analogue of tax brackets. Remember, tax %s on a bracket only apply to income in that bracket, not all taxable income.

Some people (inner party members/central planners) are more equal than others.

all systems lead to the same disparity. the difference is who has moral superiority. under capitalism it is virtuous to be a greedy asshole and somethings worth is conflated with its value

...

medical expenses no longer deductible
student loan interest no longer deductible
state taxes no longer deductible

Yeah no I agree. It's just wondering out loud, since there are edge cases where you'd rather not make too much or otherwise be incentivized to arbitrage the system.

In an era where most people just e-file and have the computer do it for them or look it up from a big table if they're actually file it with paper, then it might be viable to make it less like a step function. Gets more difficult to argue over what exactly the curve should look like of course, which might be real problem in trying to not just have a handful of somewhat arbitrary brackets.

blah blah blah where are YOU deriving morality from then

>student loan interest not deductible
To be fair, this encourages college graduates (who usually make a good amount more than non-graduates) to pay off their loans as soon as possible; this really only fucks over dropouts, who have the loans, but don't have the degree, or people who have a

MEMEDEGREE
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M
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D
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>doesn't deny it
wow

>MEMEDEGREE

People have been told to get any degree because degrees arneeded for basic entry level jobs, not applicable degrees, just any degree to 'show you know how to learn :^)'. This is the meme. Yeah its stupid people that fall for it but maybe you should blame the system that is encouraging it and not the retards trapped in it.

really I don't have a lot of loan payments left, since it was only my last year that I had to take out any loans after the GI bill ran out (I didn't get the post 9/11 GI bill unfortunately), but the last year was internship and had to live about 400 miles from home working 40 hours a week of unpaid internship and was actually forbidden from working on top of it, and had to pay tuition for online classes to boot. So.. I had to take out loans for that, and technically I had to take out loans for my first semester before the GI bill kicked in but I already paid those off.

I honestly don't understand how anyone could be okay with a "tax reform" bill that was supposed to be tax cuts that end up raising their taxes though.

apparently, if you all had raised taxes you'd bitch and complain but when I complain about my taxes being raised I'm a cuck and a commie.

taxplancalculator.com/

reminder that the child tax credits expire in 2022.

WRONG thats the new family flexible $600 credit in the House bill youre refering to, and that's only so it could pass reconciliation parliamentary requirements. In reality, Congress will extend any cuts that apply to families or individual rates.

Dont spread misinformation. You're talking about a $4000 credit that will remain vs a $600 credit.

also that calculator doesn't count for the fact that some deductions you can currently take are not deductible anymore under either plan.

It tells you right in the calculator if you hover your cursor over the little "i" icon next to income how to account for that issue.

yeah that's what I did. just pointing that out for people who might also take deductions like medical expenses that'll no longer be applicable.

>play golf
>not white
Sounds like you're projecting m8.

Did I stutter nigger? White man evolved with snow. Your state is only like 60% white. Probably like your personal racial makeup. I bet if you did a DNA test you'd come up with at least 10% sub saharan african.

>you tried