OMG

[turnitup]

I just looked up my stub for this week. I don't know if this tax cut is retro or if this is my new paycheck, but wow if it is my regular take home

[Fred Sanders]

1. Welcome ? To DU. Maybe u got a raise since u have no idea what is going on!

[hatrack]

2. Yes?

[blm]

11. yes...waiting for the next sentence....

breathlessly

[brucefan]

3. Im still trying to figure

How to spend my extra $7.00🤷?♂️
Are you part of the one percent?

[renegade000]

4. Yeah, I'd try to see if they're withholding a sufficient amount....

I did estimated taxes for myself based on the new law, and my cut was pretty paltry.

That, or as others have alluded to, maybe you got a raise or bonus you didn't know about?

[maxrandb]

5. So, what's your price

for destruction of Democracy and fascism?

[turnitup]

12. lol

neither, it was a few extra dollars, it's not the destruction of democracy and has nothing to do with fascism. However the high has gone down as I found it was retro from 1/1 so I only got a few extra crumbs

[maxrandb]

14. I too got a mere pittance

Approximate $12 a week, but checking the withholding tables, it looks like my Payroll office is not keeping enough back.

Since gas is up about 25 Cents in my area, and inflation seems to be heating up, I'm pretty sure it's a wash.

Except, when the deductions for mortgage interest gone now, I think I'll end up paying more.

This is exactly like that time Bush the Younger cut taxes and we all got checks addressed from Austin, TX.

Kind of like when I make the occasional run to White Castle. Love that initial burst of steamed onion and beef, but later that day.....

[WillowTree]

22. The mortgage interest deduction isn't "gone".

It's just limited to the interest being charged on the first $750,000 of your mortgage.

[spooky3]

32. He may have meant RE and state and local income tax.

These are now greatly limited.

[WillowTree]

34. But still not "gone". Just for the sake of accuracy.

[spooky3]

38. Correct, but severely limited for those of us in high tax states.

Also the HELOCs are greatly limited now.

[WillowTree]

41. Very true.

[turnitup]

25. lol nt

[InAbLuEsTaTe]

47. There you go!! Inflation due to increased economic activity will WIPE OUT any gains most people see

in their paycheck. The tax cuts only benefit the rich... sick of this shit!

[Eliot Rosewater]

58. The new tax law is as valid as Gorsuch on the SC. NOT valid.

I cant, I just cant...

[George II]

61. You mean "Ptomaine Tower"?

When Reagan "cut" taxes in the early 1980s, I was unemployed. Yet I paid more that year than the previous year.

Here's what Reagan did, similar to what these clowns did.

The basic rate was slightly reduced. But at the same time they eliminated deductions for sales tax, credit card interest, and car loan interest. They also imposed income tax on unemployment compensation AND increase fees at National Parks and other Federal facilities.

With this tax "cut", they put a cap on mortgage interest deductions and eliminated many other deductions. The rationalized it by saying "the standard deduction will almost be doubled" (actually increased by a little more than half), but never mentioned that they eliminated the personal exemption.

So, the standard deduction for a family of four goes from about $15K to about 23K, and increase of $8K. At the same time the personal exemption of $4K for each person was eliminated, meaning deductions dropped by $16K. Where's the tax cut?

[tenderfoot]

43. Is it enough to cover Trump's proposed 25 gas tax?

Or a membership to Cosco?

[turnitup]

44. add 7 cents to that 25 cents

[Kingofalldems]

46. For the win.

[spanone]

6. you must give praise to don almighty

[TalenaGor]

7. as a 20 year payroll/he professional, I recommend...

That you talk to a tax preparer asap....
The amount that comes out of your check is supposed to cover your total tax responsibility for the year....what has happened here is trump changed the withholding tables to make it appear as though you received a tax cut...but unless your total tax responsibility at the end of the year is less, you have not received any tax cut.

You are simply receiving you refund in droplets all year long...

But hey...no one will realize that until after the midterms...

[2naSalit]

21. +1

[Egnever]

30. That is great info!

Thanks for that I had not thought of it and it could be a rude surprise.

[WillowTree]

31. They didn't only change the withholding tables.

In many cases, the overall tax rate will have changed. For example, most people who were in the 25% tax bracket before will now be in the 22% bracket now.

https://akifcpa.com/comparison-of-2018-new-tax-brackets-vs-2017-old-tax-brackets/

[Hortensis]

62. But you know that's a cheat going in. Bills have to

be paid (at least some--can't not pay any of them and just run up the deficit for running the whole nation).

In order to finance tax cuts to the wealthy, both those already passed and those promised and still to come, the working classes HAVE to pay more in. That's the writing on the wall revealed every time a closer look at the details is made.

So, the supposed 22% for some is just a con job, meant, as said above, to fool people until after the midterms.

COUNTDOWN TO TAKING CONTROL OF CONGRESS: 263 days

[avebury]

8. It might look good now but you might find yourself

owing money when you file next year's tax return. The WH may be playing games with this "tax bill" by having the new tax tables take out less money then what is actually owed to make the tax cut look better for the masses. This is probably to influence the 2018 elections. By the time people realize the bait and switch the elections will be over.

[turnitup]

9. I haven't read the other posts

but it was retroactive from 1/1/. so it's not that great

[oasis]

10. Fools gold. nt

[grantcart]

13. You can use it to visit St Petersburg in the Spring.

[turnitup]

20. I'll actually

be moving to FLA in the spring. I hope. Have to sell my house first

[Wounded Bear]

15. Welcome to DU...enjoy your stay...

[turnitup]

17. thanks nt

[Kingofalldems]

35. Interesting thread.

[H2O Man]

16. Legalize Lonnie Anderson's Hair

[turnitup]

18. from which decade? nt

[Tommy_Carcetti]

19. Yup. I get an extra Starbucks a week.

Woo-hoo.

[MineralMan]

23. Yeah? Numbers, please.

Tell us exactly how much it increased. Give us the numbers. We'll wait right here...

[turnitup]

24. you haven't read my posts

First it's not really your business what I make, but I will tell you the increase was $150.00 which got me excited until I was told it was retro from 1/1. So my bi-monthly increase will be almost $50.00 a paycheck. party is over back to work

[MineralMan]

26. So, not as big a deal as you thought, eh?

Thanks for the numbers. Let's see, $100 a month more. Why, that's a whole $1200 per year. You could buy a brand new car with that, right? Put your kids through college?

[turnitup]

28. already put the kids thru

college. Hanging with the grandkids on the weekend. It's not so big of a deal. I could fill one oil tank up during the winter with it. oh well the party didn't last long in my head. Moving on.......

[NCTraveler]

48. No clue why it would be a party to start with.

I got mine is a real shitty way to go through life.

[turnitup]

51. yes it is nt

[NCTraveler]

52. Thank you for the succinct reply.

I appreciate it and welcome to DU.

[turnitup]

54. why be

long winded

[NCTraveler]

55. The word was succinct.

It would have helped if used here:

https://www.democraticunderground.com/100210233568

[hatrack]

27. Then why are you posting about how much you make?

Admittedly, you're doing it indirectly, but that's your topic.

Buh-bye.

[LonePirate]

36. Just remember the 1% and corporations received a larger percentage cut than you did.

Disregard the actual dollar amounts and focus on the percentage cut you received. Go ahead and calculate it. Now compare that percentage to the cut received by the 1% and corporations. Their percentage cut - not dollars but percentage - is at least 4x larger than yours, and considerably larger than that for the 0.1% and the largest multi-billion dollar corporations.

I would recommend saving whatever cut you received because you will need it once the Republicans slash Social Security and Medicare to pay for the pennies you received and the megabucks their rich individual and corporate donors received.

[redstatebluegirl]

29. Be careful, I checked with our tax guy and he told us to keep our withholding the same as this year

or we would have to pay at the end of the year. It seems that some of this tax cut is smoke and mirrors. They are trying to show people money in their pockets before the 2018 elections and then have the "surprise" happen in January of 2019. I would sure check before you get used to that extra money.

[turnitup]

37. I just give up

I also live in a high tax state so I'm screwed anyway. For once I'm glad I'm not young with a big mortgage cause they are going to get screwed more so than I. Time to bow out and start collecting SS and finally get that DD job I always wanted. Although I hear a machine may be doing that so what can I do to gain a few extra dollars? I will be allowed to make 17k a year.

Honestly what kind of a job can old people get? Super Markets are all self checkouts with a few cashiers where do we go? I just caused myself to have a panic attack thanks trump!

[MontanaMama]

33. Gawd I love you people!

Smartest kids in class. Go get ‘em!

[turnitup]

40. not sure what you mean

not sure I care what you mean

[MontanaMama]

59. Then why respond

if you don't care?

[turnitup]

60. weird nt

[Squinch]

39. Gosh! you're so slick! No one will ever suspect!

[NCTraveler]

49. Normally I would congratulate them.

Why do you ask? Promotions and tax cuts at the expense of the most vulnerable among us don't have any connection, what so ever.

#TrumpTaxScam

[Drahthaardogs]

45. Changing hearts and minds

Komrade!

Tax cut is scam

[tblue37]

50. Your withholding has probably been reduced, but you might end up having to

pay some of even most of it back next year in taxes.

[turnitup]

53. yep, hearing that now

and researching. I will lose money in 2019

[Me.]

56. More Than $1.50?

[MFM008]

57. It will not be "regular"

A fart in a hurricane will last longer...oh unless your a corporate entity.

[DFW]

63. I don't even look

I pay 50% no matter what, and, until the Germans start respecting the Double Taxation Treaty, 89.6% on that part that is source-taxed in the USA (the treaty says the Germans can't tax that again, but they are doing it anyway). Here the maximum income tax of (officially 42%, but defacto 50%) kicks in at about $75,000 yearly salary.

OMG that.

[Gothmog]

64. The IRS tables are screwed up

My son is a senior associate at a big firm and so he is highly compensated. My son checked his pay stub and did the math. He would have owed several thousand dollars if he relied on the IRS tables.

[XRubicon]

65. Enjoy your payday loan, watch out at the gas pump though...

[Phentex]

66. Now you can donate one dollar to DU to get a star...

why not support this site?