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Corrected title: Now the GOP has accomplished massive tax reform

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echo4747 said:
not a list but a start
https://www.cnbc.com/2017/12/20/tax-reform-reaction-att-is-giving-bonuses-to-200000-employees.html
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ROFLMFAO!!! Yea a one time bonus, that means something. Fuck them. Give your employees a raise. Assholes. You aren't getting a one time tax cut, that shit pays every single year.

Ummmm.... wonder what the increase in executive compensation will be like for the next few years. $50,000,000 for me, 1,000 for you.... Look how well the middle class is doing!

Kudos to ATT. They have shown that they own a much larger share of the government than the voters. They wanted tax reform and to kill NET Neutrality, and they got both. Wonder how much money it cost them to corrupt our government (possibly less than their one time bonus to the little people).
 
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I, for one, would like to welcome our new marriage penalty to America.

Unmarried, a couple can each deduct up to $10,000 in state and local taxes (up to $20,000 total). Married, a couple can in total deduct up to $10,000 in state and local taxes.

Since the GOP is using $90,000 taxable income in many of their speeches, I'll go with that number, which is the 22% tax bracket. This new marriage penalty means that married couples with high state and local taxes are penalized by up to $2,200 on their final tax bill.

Edit: corrected by echo4747.
 
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dullard said:
I, for one, would like to welcome our new marriage penalty to America.

Unmarried, a couple can each deduct up to $10,000 in state and local taxes (up to $20,000 total). Married, a couple can in total deduct up to $10,000 in state and local taxes.

Since the GOP is using $90,000 taxable income in many of their speeches, I'll go with that number, which is the 24% tax bracket. This new marriage penalty means that married couples with high state and local taxes are penalized by up to $2,400 on their final tax bill.
Click to expand...

Unless I'm looking at the wrong charts ...A married couple filing jointly with taxable income of $90,000 is not anywhere close to the 24% bracket the 1st $ 19,050 is taxed at 10%... the next $58,350 is taxed at 12%... and the remaining $12,600 taxed at 22%
 
echo4747 said:
Unless I'm looking at the wrong charts ...A married couple filing jointly with taxable income of $90,000 is not anywhere close to the 24% bracket the 1st $ 19,050 is taxed at 10%... the next $58,350 is taxed at 12%... and the remaining $12,600 taxed at 22%
Click to expand...

Which is $2200 instead of $2400. It's the same effect.
 
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echo4747 said:
Unless I'm looking at the wrong charts ...A married couple filing jointly with taxable income of $90,000 is not anywhere close to the 24% bracket the 1st $ 19,050 is taxed at 10%... the next $58,350 is taxed at 12%... and the remaining $12,600 taxed at 22%
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Sorry, too many tax plan versions and too many tables. I screwed up. You are correct. The marriage tax penalty for a couple with that income is up to $2200 (assuming they have high state and local taxes).

The highest income group with the 37% tax bracket is $3700 marriage penalty. These are the people most likely to be impacted by the SALT limit.
 
bshole said:
ROFLMFAO!!! Yea a one time bonus, that means something. Fuck them. Give your employees a raise. Assholes. You aren't getting a one time tax cut, that shit pays every single year.

Ummmm.... wonder what the increase in executive compensation will be like for the next few years. $50,000,000 for me, 1,000 for you.... Look how well the middle class is doing!

Kudos to ATT. They have shown that they own a much larger share of the government than the voters. They wanted tax reform and to kill NET Neutrality, and they got both. Wonder how much money it cost them to corrupt our government (possibly less than their one time bonus to the little people).
Click to expand...
Dunno about ATT but I'm sure they're in this same ballpark:
DRaxcyUWkAEn_Xn.jpg
 
Fenixgoon said:
i'll pay $2000 less in taxes. a person who makes about ~1/3 my salary is only going to save $457, but would benefit much more from the extra ~$1500 than i will.

i'd much rather have it the other way around. or god forbid, i wouldn't even mind a small tax increase on people in higher income brackets, myself included.
Click to expand...

I guess you'll just have to settle for donating your tax saving windfall to charity then.
 
glenn1 said:
I guess you'll just have to settle for donating your tax saving windfall to charity then.
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When I think "windfall", I think 100K or better. When the rich think windfall, they think 100s of millions if not billions of dollars. When you think windfall apparently you think 1K to 2K. Do I think it is moral to borrow from my children for a 1K "windfall"? Nah.... pretty damn immoral actually.

How about I trade Trumps "massive loss" from this tax bill for my 1k "windfall"? NOBODY in the middle class was clamoring for this before, during or after this election. This was, is and always will be the elite grifting the rest of society..... YET AGAIN. We may be at the greatest wealth inequality in American history. If not, this little kick in the nuts should get the job done.
 
glenn1 said:
I guess you'll just have to settle for donating your tax saving windfall to charity then.
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There is no windfall, just a loan that will be offset with tax hikes in the future and higher interest rates now. Value did not magically appear out of thin air and land at everyone's lap because Republicans decided to add another $1.5 Trillion on the debt pile. They let you have temporarily hold an asset but created a matching liability on your behalf. No different than someone buying you a gift with your own credit card.
 
senseamp said:
There is no windfall, just a loan that will be offset with tax hikes in the future and higher interest rates now. Value did not magically appear out of thin air and land at everyone's lap because Republicans decided to add another $1.5 Trillion on the debt pile.
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Damn well put. That is what it is. a friggin loan.
 
dullard said:
I, for one, would like to welcome our new marriage penalty to America.

Unmarried, a couple can each deduct up to $10,000 in state and local taxes (up to $20,000 total). Married, a couple can in total deduct up to $10,000 in state and local taxes.

Since the GOP is using $90,000 taxable income in many of their speeches, I'll go with that number, which is the 22% tax bracket. This new marriage penalty means that married couples with high state and local taxes are penalized by up to $2,200 on their final tax bill.

Edit: corrected by echo4747.
Click to expand...

I'm just glad I don't live in a high cost of living state....

And I live way below my means, so I take the standard deduction even with a house (Mortgage interest + Sales tax + Property taxes still gets us no where close to 12.5k).

But yes, marriage penalty sucks - our current system fucks over anyone in the 28% bracket and up IIRC
 
echo4747 said:
not a list but a start
https://www.cnbc.com/2017/12/20/tax-reform-reaction-att-is-giving-bonuses-to-200000-employees.html
Click to expand...

Turns out this is false, the $1,000 bonus is a ratification incentive for their collective bargaining agreement with the union, not because of the tax bill.

https://www.att.com/gen/general?pid=22150

Among provisions of the offer:
  • Retroactive wage increases back to Feb. 12, 2017, and a $1,000 lump sum, if the agreement is ratified by Jan. 12, 2018.
Click to expand...
Sad and gross PR attempt.
 
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