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Interesting question.
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Mar 18, 2024 22:42:57   #
PeterS
 
JFlorio wrote:
I believe the decrease from $2000 to $1600 was a budgetary regulation. Will find out for sure.

A budgetary regulation? And read my response to Lilly. The article is talking about the amount AGI is lowered, not the Trump tax cut and it also doesn't differentiate between what AGI would have been lowered before the change to the standard deduction...not the full 26% that the article is citing...or are you going to stand by the 26% ($13,000) number my knuckle-dragging cousin thinks her tax cut was...

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Mar 19, 2024 00:55:20   #
PeterS
 
JFlorio wrote:
It’s right there in front of you. The IRS put it out. You clowns love the IRS. I was actually against the tax cuts because they didn’t include reductions in spending. I imagine the guy making a $100,000/yr is worth more to the employer than the knuckle dragger. I think taxes are still to high. I’m self-employed and they’re one of my biggest expenses. I’m not a CPA. I’m a Fiduciary. I know my clients (most working middle class) do better when taxes are lowered and their 401k’s do better when the company they work for does better. Better match, better benefits, etc.
What is someone’s fair share? All you clowns do is whine but never give a solution.
I will get with my funds manager tomorrow and get your answer if you really want it.
It’s right there in front of you. The IRS put it o... (show quote)

Oh bullshit. You don't have to be a CPA to understand this. This is basic math...adding, subtracting, multiplying and dividing...plus percentages.

1) This article is talking about AGI and lowering it, not the actual tax cut. You said you read the article and agree with it. Well go back and read it then think about what it's saying. The percentages cited have nothing to do with the actual tax cut! I mean no one's taxes were ever cut 15% to 26%.
2) The standard deduction doubled yes? So that means that a big chunk of your 26% wasn't part of the tax cut. How much was it...40%, 50%? It doesn't figure into the tax cut so it shouldn't be used at all...
3)And I take it back, this article isn't bullshit just how you are using it.

Lastly, you've run around here like you are a financial/economic guru...and now I don't even think you can use a calculator. If you tell one of your clients that they will get a 15 to 26% return and they get back between three and five percent...are you going to say, I was talking about AGI? You should be careful when you say you agree with something especially when it turns out what you agree with is just more conservative bullshit...

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Mar 19, 2024 01:10:06   #
Knightlady
 
PeterS wrote:
So how much did the working man get? You're the one running around saying that Trump targeted the good ole boy working man.

How about a CEO who made 22 million a year versus a single-parent household, with one child over 18 making 54 K as a teacher in Avery Texas...BTW the teacher in Avery Texas is a real person, my wife's cousin, got Covid--twice--and still refused to get the "JAB"!~

Oh, and the single-parent rents and has no itemized deductions. The CEO has a slew of deductions but let's just list the 870K that can be legally itemized that he pays in combined interest on his two houses (they are both new mortgages) Most of his cars and his two jets are paid for by his Company...

Show us how the Trump tax cut targets the teacher and not the CEO. I'm assuming you think the benefit is as a percentage of income and not actual money in his pocket. So let's see how it's the single-parent household who should be dancing the jig and not the CEO...
So how much did the working man get? You're the on... (show quote)


Ask the exact same thing except put Biden in there

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Mar 19, 2024 01:20:51   #
Lily
 
PeterS wrote:
Oh, Lilly, you are one of the last people to be saying that...you don't even know the difference between a tax cut and lowering your AGI


Why should I? I have three CPAs in my family. I am blessed to never have had to ever ever complete a tax form, except to sign it. I know how to balance a checkbook; however, again never have to do it. I’ve only once ever had to go outside the family for a physician, plus we have lawyers covered as well.

Oh, a*hole, AGI is Adjusted Gross Income.

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Mar 19, 2024 06:23:35   #
JFlorio Loc: Seminole Florida
 
PeterS wrote:
The majority of the cuts went to the working class. So list all the cuts and show us how they went to the working class. Aren't you a brainiac with a finance degree? It should be a piece of cake for you.


https://smartasset.com/taxes/heres-how-the-trump-tax-plan-could-affect-you

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Mar 19, 2024 06:26:52   #
JFlorio Loc: Seminole Florida
 
PeterS wrote:
So my wife's knuckle-dragging cousin saw her take-home pay go up by $14,040 per year and someone making 100K saw their take-home pay go up by $17,000 a year? You said you read it and agreed with what it said. This is absolute bullshit. This is built on averages that aren't average.

And what does this mean: Under the Trump tax plan, the Child Tax Credit (CTC) increased to $2,000 per child under 17. The credit used to be $1,000. For tax year 2024, the first $1,700 of the credit is refundable. For tax year 2023, the first $1,600 is refundable.

If it increased to 2000 why is only worth $1,700 or $1,600? So why are you cons saying it's worth $2,000?
So my wife's knuckle-dragging cousin saw her take-... (show quote)


If you don’t owe any taxes a portion of the tax credit is refundable back to you.

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Mar 19, 2024 11:01:05   #
Ricktloml
 
JFlorio wrote:
Straw man arguments. I gave you the facts. You just don’t like them. How does raising taxes on anyone help the single working parent?


Leftist ideology. The "state" can spend your money better/in more proper ways/where it should be spent...than you. Waste/fraud/abuse...never mind those things

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Mar 19, 2024 11:01:24   #
American Vet
 
Ricktloml wrote:
Leftist ideology. The "state" can spend your money better/in more proper ways/where it should be spent...than you. Waste/fraud/abuse...never mind those things



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Mar 19, 2024 11:09:33   #
JFlorio Loc: Seminole Florida
 
PeterS wrote:
Oh bullshit. You don't have to be a CPA to understand this. This is basic math...adding, subtracting, multiplying and dividing...plus percentages.

1) This article is talking about AGI and lowering it, not the actual tax cut. You said you read the article and agree with it. Well go back and read it then think about what it's saying. The percentages cited have nothing to do with the actual tax cut! I mean no one's taxes were ever cut 15% to 26%.
2) The standard deduction doubled yes? So that means that a big chunk of your 26% wasn't part of the tax cut. How much was it...40%, 50%? It doesn't figure into the tax cut so it shouldn't be used at all...
3)And I take it back, this article isn't bullshit just how you are using it.

Lastly, you've run around here like you are a financial/economic guru...and now I don't even think you can use a calculator. If you tell one of your clients that they will get a 15 to 26% return and they get back between three and five percent...are you going to say, I was talking about AGI? You should be careful when you say you agree with something especially when it turns out what you agree with is just more conservative bullshit...
Oh bullshit. You don't have to be a CPA to underst... (show quote)


I don't run around as some financial guru. I try to answer questions when asked and have my own economic opinions and statistics to fall back on; but thanks for the compliment. It's not bullshit. AGI is adjusted gross income. If you are paying less taxes for whatever reason that can be labeled as a tax "cut" or tax reduction. Most people got more back. How's that? don't forget marginal tax brackets were reduced also. You're getting bent out of shape with semantics. The corporate Rate was "cut." Individual Rates were "cut". I believe you're bent out of shape because the words cuts and rates are being used interchangably. I get it.
https://finance.yahoo.com/news/trump-era-tax-cuts-set-160750197.html

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Mar 19, 2024 11:18:14   #
Wonttakeitanymore
 
PeterS wrote:
The majority of the cuts went to the working class. So list all the cuts and show us how they went to the working class. Aren't you a brainiac with a finance degree? It should be a piece of cake for you.


Our paychecks were larger and taxed less! Need more proof than that sweetie

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Mar 19, 2024 11:20:10   #
JFlorio Loc: Seminole Florida
 
Wonttakeitanymore wrote:
Our paychecks were larger and taxed less! Need more proof than that sweetie


I must be to obtuse to figure out his complaint. Rates go up, peoples after tax dollars decrease.

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Mar 19, 2024 17:09:59   #
LostAggie66 Loc: Corpus Christi, TX (Shire of Seawinds)
 


Yes it does. Is it in the planks of the GOP for another round of cuts? If the GOP wins the election?

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Mar 19, 2024 17:12:05   #
Ricktloml
 
Lily wrote:
It took about 20 seconds to find the answer. Obviously, you did it want the answer or you’d have found it. Twitbrain!

IRS Data: Middle Class Americans Saw Significant Tax Reduction from Trump Tax Cuts

As the data notes, Americans with incomes between $50,000 and $100,000 saw a substantial decline in their tax liability:
* Americans with adjusted gross income (AGI) between $50,000 and $74,999 saw a 15.2 percent reduction in average tax liabilities between 2017 and 2019.  
* Americans with AGI of between $75,000 and $99,999 saw a 15.6 percent reduction in average federal tax liability between 2017 and 2019. 
Middle-class Americans in key states were delivered significant tax cuts:
* Floridians with AGI between $50,000 and $74,999 saw a 19.6% reduction. Floridians with AGI between $75,000 and $99,999 saw a 17.2% reduction. 
* New Yorkers with AGI between $50,000 and $74,999 saw a 18.9% reduction. New Yorkers with AGI between $75,000 and $99,999 saw a 12.4% reduction. 
* Californians with AGI between $50,000 and $74,999 saw a 18.4% reduction. Californians with AGI between $75,000 and $99,999 saw a 14% reduction. 
*
The TCJA also caused millions of Americans to see an increased child tax credit, and millions more qualified for this tax cut for the first time. The TCJA expanded the child tax credit from $1,000 to $2,000 and raised the income thresholds so millions of families could take the credit.
It took about 20 seconds to find the answer. Obvio... (show quote)


Thanks

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Mar 19, 2024 17:21:28   #
JFlorio Loc: Seminole Florida
 
LostAggie66 wrote:
Yes it does. Is it in the planks of the GOP for another round of cuts? If the GOP wins the election?


Hope so.

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Mar 19, 2024 17:26:20   #
AuntiE Loc: 45th Least Free State
 
Lily wrote:
Why should I? I have three CPAs in my family. I am blessed to never have had to ever ever complete a tax form, except to sign it. I know how to balance a checkbook; however, again never have to do it. I’ve only once ever had to go outside the family for a physician, plus we have lawyers covered as well.

Oh, a*hole, AGI is Adjusted Gross Income.


Peter believes he is the smartest person “in the room”. For years, he has had an exaggerated perception of himself.

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