Did the Democrats just pass the largest tax cut ever for the middle class?

[sze5003]

then id be worried someone is blowing smoke up your ass

http://taxfoundation.org/blog/2013-tax-brackets

Thanks they just posted this on our home page. I was surprised last year when I got a smaller raise yet I saw a positive change in net take home income as opposed to a negative one this year.

They should have never reduced the SSI to 4% or whatever it was for up till 2012 they knew people were going to get used.to that little extra take home pay.

 

[spidey07]

age old problem of getting a raise that puts you in a higher tax bracket thus lowering your overall compensation. I have turned down raises or asked for alternative compensation perks for this very reason before.

Bwhwhahahahahahaha!

What a fucking moron, talking about taxes but not understanding how they work.

 

[lotus503]

Thanks they just posted this on our home page. I was surprised last year when I got a smaller raise yet I saw a positive change in net take home income as opposed to a negative one this year.

They should have never reduced the SSI to 4% or whatever it was for up till 2012 they knew people were going to get used.to that little extra take home pay.

yeah the payroll tax does suck as I'm sure some folks did get used to it.

But it was temporary, they said so and while the government rarely does what it says, when it comes to collecting tax they usually do what they say.

 

[Drako]

Bwhwhahahahahahaha!

What a fucking moron, talking about taxes but not understanding how they work.

LOL, I used to work with a guy like this - he had no understanding of how graduated tax systems work. He turned down raises 3 years in a row because he did not want to get bumped up into a higher tax bracket

 

[spidey07]

LOL, I used to work with a guy like this - he had no understanding of how graduated tax systems work. He turned down raises 3 years in a row because he did not want to get bumped up into a higher tax bracket

From here on out Lotus is not allowed to discuss ANYTHING about taxes. He has shown his complete ignorance on the matter for all to see. I think I need to make a quote just to immortalize the stupid.

 

[dank69]

age old problem of getting a raise that puts you in a higher tax bracket thus lowering your overall compensation. I have turned down raises or asked for alternative compensation perks for this very reason before.

Holy shit lotus I am sorry to see you post that. I thought you actually knew WTF you were talking about WRT finances but if you don't even understand marginal rates, well, I has a sad.

 

[sze5003]

Its not really about more money while it may be an extra 50-60 bucks for me, it's unmotivational to say the least as they all talked about how I should go after more and more work to increase my visibility to upper management. But who really wants more work for less money there's no reward really other than seeing a larger number in your total yearly compensation sheet.

People will get used to it like anything else. Taxes are no joke, I used to work on the turbo tax app.

 

[dank69]

As a percentage of income, the middle class got hit the hardest with the 2% tax hike on wages.

The rich guys will have to pay that extra 2%, but only until 110k. So if somebody it making 500k their effective increase in SS is .4%

.4% is much less than 2% as a percentage of income. So then let's throw on the additional income tax hike on that 50k above 450. That's what...4% income tax hike on 50k = 2000.

2000 dollars/500,000 = .4% effective increase.

So evil rich guys taxes went up a whopping .8% of his income.

But for you middle class guys, it went up 2% because you are below the HCE limit meaning ALL of your wages were subject to the SS tax hike. I can't wait until my SS raise, it always happens sometime around May.

As I stated, as a percentage of income the middle class got hit the hardest from Obama's tax increases. Suffer liberals...SUFFER

You forget to mention that the Dems asked for more of a hike on upper brackets but Reps wouldn't agree. So trying to pin this on Obama is pretty dishonest.

 

[spidey07]

Ummm no they didn't my fed tax didn't go up at all.

The temp social security tax break went away, but I understood this was going to happen when they did it. "Rich" guys are going to be paying more, albeit not that much more since they get most of their money from cap gains.

I wouldn't expect the person who has lost more money on the forums than anyone to understand it though.

I wouldn't expect person who can't even understand a tax table to have anything useful or anywhere NEAR intelligent to say about taxes.

 

[spidey07]

You forget to mention that the Dems asked for more of a hike on upper brackets but Reps wouldn't agree. So trying to pin this on Obama is pretty dishonest.

The subject of this thread is about democrats lowering taxes. As such, I shall make them own up to every part of their tax INCREASES.

I have even done the math for you that shows how as a percentage of income the middle class got hit the hardest by OBAMA AND DEMOCRATS tax bill signed into law.

 

[michal1980]

age old problem of getting a raise that puts you in a higher tax bracket thus lowering your overall compensation. I have turned down raises or asked for alternative compensation perks for this very reason before.

I'm glad your this smart. because I now know to ignore all of your responses.

 

[lotus503]

I wouldn't expect person who can't even understand a tax table to have anything useful or anywhere NEAR intelligent to say about taxes.

lol platitudes, you said my fed tax went up its up to you to prove it.

You cant thought because they haven't, outside of the temporary payroll tax which is not the same as Fed tax, its has a separate line item and it not included in tax brackets.

So rather than just say i'm wrong, prove it.

 

[Incorruptible]

You forget to mention that the Dems asked for more of a hike on upper brackets but Reps wouldn't agree. So trying to pin this on Obama is pretty dishonest.

Attacking republicans as evil!!! while completely ignoring democrats is pretty dishonest

 

[dank69]

The subject of this thread is about democrats lowering taxes. As such, I shall make them own up to every part of their tax INCREASES.

I have even done the math for you that shows how as a percentage of income the middle class got hit the hardest by OBAMA AND DEMOCRATS tax bill signed into law.

And you will continue ignoring the fact that without the legislation from Democrats, everyone's taxes would be even higher right now. Why do you support a party that wants to keep taxes so high?

 

[spidey07]

lol platitudes, you said my fed tax went up its up to you to prove it.

You cant thought because they haven't, outside of the temporary payroll tax which is not the same as Fed tax, its has a separate line item and it not included in tax brackets.

So rather than just say i'm wrong, prove it.

I said no such thing. I said your taxes went up at a greater percentage than the evil rich, which is a true statement.

I even provided the math for you. But since you are clueless about how taxes actually work I can see how you wouldn't understand even though I spelled it out for you.

 

[lotus503]

As a percentage of income, the middle class got hit the hardest with the 2% tax hike on wages.

The rich guys will have to pay that extra 2%, but only until 110k. So if somebody it making 500k their effective increase in SS is .4%

.4% is much less than 2% as a percentage of income. So then let's throw on the additional income tax hike on that 50k above 450. That's what...4% income tax hike on 50k = 2000.

2000 dollars/500,000 = .4% effective increase.

So evil rich guys taxes went up a whopping .8% of his income.

But for you middle class guys, it went up 2% because you are below the HCE limit meaning ALL of your wages were subject to the SS tax hike. I can't wait until my SS raise, it always happens sometime around May.

As I stated, as a percentage of income the middle class got hit the hardest from Obama's tax increases. Suffer liberals...SUFFER

the entire false premise is you seeing the end of a temporary payroll tax holiday as a tax hike, I see it as the government doing exactly what they said they were going to do for a change.

You are highlighting a great argument though for ending the SS cap becasue when that taken into consideration, rich have always paid less tax.

fact is the expiration of my part of the payroll tax had an expiration.

You also ignore that the higher up the ladder you go. do that same math on a CEO with 3m salary

 

[lotus503]

Holy shit lotus I am sorry to see you post that. I thought you actually knew WTF you were talking about WRT finances but if you don't even understand marginal rates, well, I has a sad.

So are you saying someone who is at a bracket threshold moved just over that threshold via a raise wont see a decline in net income?

Help me understand

 

[spidey07]

the entire false premise is you seeing the end of a temporary payroll tax holiday as a tax hike, I see it as the government doing exactly what they said they were going to do for a change.

You are highlighting a great argument though for ending the SS cap becasue when that taken into consideration, rich have always paid less tax.

fact is the expiration of my part of the payroll tax had an expiration.

You also ignore that the higher up the ladder you go. do that same math on a CEO with 3m salary

LOL!

But Democrats kept saying letting temporary tax decreases expire as per the law was a huge tax increase on the middle class!!!!!

So which is it? Delusional liberal math.

Look at this thread! Read the mind of the liberal. Letting taxes expire = tax hike. Except when obama and democrats do it, then it's not a tax hike...it's just letting a tax cut expire.

Tell me again about how you have forgone raises because you thought you would have less take home pay...Please explain that.

 

[dank69]

So are you saying someone who is at a bracket threshold moved just over that threshold via a raise wont see a decline in net income?

Help me understand

Marginal rates:

• 10% on taxable income from $0 to $8,700, plus
• 15% on taxable income over $8,700 to $35,350, plus
• 25% on taxable income over $35,350 to $85,650, plus
• 28% on taxable income over $85,650 to $178,650, plus
• 33% on taxable income over $178,650 to $388,350, plus
• 35% on taxable income over $388,350.

If you make 8700 you are taxed at 0.1 x 8700 = 87
take home = 8700 - 87 = 8613

If you make 8701 you are taxed 0.1 x 8700 + 0.15 x 1 = 87.15
take home = 8701 - 87.15 = 8613.85

You NEVER lose money by moving into a higher tax bracket.

 

[lotus503]

LOL!

But Democrats kept saying letting temporary tax decreases expire as per the law was a huge tax increase on the middle class!!!!!

So which is it? Delusional liberal math.

Look at this thread! Read the mind of the liberal. Letting taxes expire = tax hike. Except when obama and democrats do it, then it's not a tax hike...it's just letting a tax cut expire.

Tell me again about how you have forgone raises because you thought you would have less take home pay...Please explain that.

I never said that allowing it to expire was a huge tax increase, in fact I have said specifically that's not the case.

As for forgone raises and tax brackets ill explain in some detail.
7 years ago I was in my annual review and going to receive a raise, that raise would have moved me into the next bracket, from %25 to 28%.

When I calculated my take home pay based on my deductions is was a tad bit less. So I brought this up in my review and leveraged it to get more company stock in lieu of a raise. again a couple years back I was in the situation again going from %28 this time to %33. Again I asked for stock, was turned down for the amount of stock I wanted in Leui of a raise. so split the difference got half of the requested stock, transit reimbursement which at the time was substantial.

Now my choice was always about getting more stock because I understand that raises compound over time %6 of higher number is more money YOY.

Personally it could have worked out better for me. I took less pay twice and have a lot of stock and some ISO options to boot.

Not I did use a premise that my net pay would be less and I would prefer stock as when I did the actual math that was the case.

Show me the math thats not the case. "Dank69 showed the math where I was wrong"

 

[lotus503]

Marginal rates:

• 10% on taxable income from $0 to $8,700, plus
• 15% on taxable income over $8,700 to $35,350, plus
• 25% on taxable income over $35,350 to $85,650, plus
• 28% on taxable income over $85,650 to $178,650, plus
• 33% on taxable income over $178,650 to $388,350, plus
• 35% on taxable income over $388,350.

If you make 8700 you are taxed at 0.1 x 8700 = 87
take home = 8700 - 87 = 8613

If you make 8701 you are taxed 0.1 x 8700 + 0.15 x 1 = 87.15
take home = 8701 - 87.15 = 8613.85

You NEVER lose money by moving into a higher tax bracket.

I see it now and thank you, I can readily admit that I was wrong related to it, I can only say that my mistake formerly in not accounting for the tax only applying to the amount over, served me well. Lucky I guess.

Good Catch, I was wrong, thank you for showing me how.