How much did your paycheck go up from Trump's tax plan?

[SlowSpyder]

Shit.

I was gonna be a grammar nazi and I now realize I'm an idiot.

...

(All this time I thought it was "reign in".)

I originally wrote it that way, then edited it upon rereading it.

 

[Chromagnus]

Nothing at all. I wish we had a flat percentage tax rate.

Personally I don't think a flat tax does a good job of capturing the utility value of money. For example, me having to pay 1% more of my income to taxes is less of a big deal for me because I make good money vs someone who is making significantly less and is just scrapping by.

I think a progressive system is better at flattening out the utility curve.

 

[zinfamous]

How many here complaining about keeping more of the money you have earned will be donating the difference to paying off the national debt or giving it back to the government?

who needs to? The feds will be coming for your "savings" in a couple of years anyway, and you'll be paying back way more into that far greater debt that you have now created.

the reality is that you are losing money. You are just far too brainless to understand even the most obvious, simple things.

 

[WHAMPOM]

How so? That we like getting more money in our paychecks?

If only we were smarter then the chicken pecking up the trail of crumbs leading to the fox's den.
Trump on the prod to out do Obama, triple the national debt? Easy just sign all Republican legislations.

 

[WHAMPOM]

I got a sizable increase in my take home pay, about $85 bi weekly. How about you? Say what you want about Trump, but I like having that money in my pocket vs. going into the government blackhole. Just hope our deficit doesn't go wild from this, hopefully some reductions in spending or more efficient use of money is put in place.

You got a job!!!???

 

[zinfamous]

I bet the average 1% pays more in taxes in a year than you or I do in 20 years.

15% taxes on someone earning $35k per year is real money, and has a real effect on their lifestyle.

15% taxes on someone earning $500k or 1 million+...isn't really noticeable. It in no way changes their lifestyle that they effectively pay more. Those guys have to get to 40% and higher (actual taxes paid) to notice a real impact.

math is simple. you're just dumb.

 

[SlowSpyder]

If only we were smarter then the chicken pecking up the trail of crumbs leading to the fox's den.
Trump on the prod to out do Obama, triple the national debt? Easy just sign all Republican legislations.

https://www.snopes.com/national-debt-trump/

 

[highland145]

https://www.snopes.com/national-debt-trump/

effing obama....

 

[SlowSpyder]

15% taxes on someone earning $35k per year is real money, and has a real effect on their lifestyle.

15% taxes on someone earning $500k or 1 million+...isn't really noticeable. It in no way changes their lifestyle that they effectively pay more. Those guys have to get to 40% and higher (actual taxes paid) to notice a real impact.

math is simple. you're just dumb.

I like how you just explained plain math that I understand and just argued for, then claimed I'm dumb for understanding the math. I assume your personal life must be miserable by the tone of your every post. I hope things get better for you, life is too short to be an angry asshole all the time.

 

[Jaskalas]

Does that graph hold if you include total compensation and not just wages?

https://www.heritage.org/jobs-and-labor/report/productivity-and-compensation-growing-together

Not that total compensation covers rent or puts food on the table. Things that are much more immediately pressing and being squeezed harder and harder by that gap. How much of that "value" is realized to the benefit of the person? Might help if someone has health insurance but it often isn't enough. It acts more of a cushion to soften the blow medically speaking, but cannot make up for the loss in raw cash.

As more people fall through the economy, some are lucky to be caught in time by that compensation. Others are not so lucky.

 

[96Firebird]

Sorry to hear you're poor SlowSpyder.

 

[brycejones]

https://www.snopes.com/national-debt-trump/

So we can use snopes again?

There needs to be a sticky at the top of the forum to indicate if it is a day snopes, politifact, and factcheck are considered acceptable sources of evidence by conservative members around here or if they are full of lies and fake news.

 

[BigDH01]

Not that total compensation covers rent or puts food on the table.

But it helps if you have to go to the doctor.

Things that are much more immediately pressing and being squeezed harder and harder by that gap.

Then by all means, let's end the practice of employers providing healthcare coverage. We can start by ending any tax benefits of employer-provided coverage. That should resolve some principal-agent problems with insurance and should increase labor mobility (while moving the total compensation package to something that's closer to pure cash).

 

[Mai72]

I got a sizable increase in my take home pay, about $85 bi weekly. How about you? Say what you want about Trump, but I like having that money in my pocket vs. going into the government blackhole. Just hope our deficit doesn't go wild from this, hopefully some reductions in spending or more efficient use of money is put in place.

$lol, $85 every two weeks is sizeable?

You know what's funny. I have a buddy whose a multi-millionaire. He told me a few years ago "do you know the difference between you and me? You were conditioned to think small. Much smaller That's why you make $70k a year, while I make $70k a month."

When I heard that I'm like you're crazy. But, after talking to my family and friends, and reading post from middle class folk it all makes sense. We are conditioned to think small. That's why companies can give a $2k bonus and average middle class people go nuts.

 

[outriding]

$lol, $85 every two weeks is sizeable?

You know what's funny. I have a buddy whose a multi-millionaire. He told me a few years ago "do you know the difference between you and me? You were conditioned to think small. Much smaller That's why you make $70k a year, while I make $70k a month."

When I heard that I'm like you're crazy. But, after talking to my family and friends, and reading post from middle class folk it all makes sense. We are conditioned to think small. That's why companies can give a $2k bonus and average middle class people go nuts.

https://www.simplypsychology.org/cognitive-dissonance.html



In an intriguing experiment, Festinger and Carlsmith (1959) asked participants to perform a series of dull tasks (such as turning pegs in a peg board for an hour). As you can imagine, participant's attitudes toward this task were highly negative.


Aim
Festinger and Carlsmith (1959) investigated if making people perform a dull task would create cognitive dissonance through forced compliance behavior.

Method
In their laboratory experiment, they used 71 male students as participants to perform a series of dull tasks (such as turning pegs in a peg board for an hour).
They were then paid either $1 or $20 to tell a waiting participant (a confederate) that the tasks were really interesting. Almost all of the participants agreed to walk into the waiting room and persuade the confederate that the boring experiment would be fun.





Results
When the participants were asked to evaluate the experiment, the participants who were paid only $1 rated the tedious task as more fun and enjoyable than the participants who were paid $20 to lie.

Conclusion
Being paid only $1 is not sufficient incentive for lying and so those who were paid $1 experienced dissonance. They could only overcome that dissonance by coming to believe that the tasks really were interesting and enjoyable. Being paid $20 provides a reason for turning pegs, and there is therefore no dissonance.

 

[Smoblikat]

When should I be noticing this? My last check was just as small as usual, next week is pay week though, maybe itll hit then.

 

[soulcougher73]

So we can use snopes again?

There needs to be a sticky at the top of the forum to indicate if it is a day snopes, politifact, and factcheck are considered acceptable sources of evidence by conservative members around here or if they are full of lies and fake news.

I think you can only use it on days that end with "y".

 

[Zaap]

I'm skeptical that your purported increase is due to the tax cuts. So far as I know, the IRS has yet to issue updated withholding tables. Maybe I missed something, or maybe your increase is due to something else?

If so you mean his $85 ISN'T killing the children, blotting out the sun, burning down the future and all the horseshit the autobots derped at him about?


This forum just gets more and more hilarious!

 

[shortylickens]

still unemployed. So if we go by my experience, Donald is no better than anyone else.

 

[Vic]

But it helps if you have to go to the doctor.



Then by all means, let's end the practice of employers providing healthcare coverage. We can start by ending any tax benefits of employer-provided coverage. That should resolve some principal-agent problems with insurance and should increase labor mobility (while moving the total compensation package to something that's closer to pure cash).

Should be the other way around. We should extend the tax benefits of employer-provided coverage to individually-obtained coverage. The effect to labor mobility should be even greater (while I see no benefit in moving compensation to pure cash as long as it can be denominated in cash value).

 

[Vic]

I'm skeptical that your purported increase is due to the tax cuts. So far as I know, the IRS has yet to issue updated withholding tables. Maybe I missed something, or maybe your increase is due to something else?

The IRS updated the 2018 withholding tables on 1/11.

It should be noted that changes in withholding do not necessarily represent any change in actual tax liability.

 

[Bowfinger]

https://www.snopes.com/national-debt-trump/

Note that this was back in July, and was simply due to timing. It was still Obama's budget; Trump had literally nothing to do with it. The debt has been increasing ever since, and will really start ballooning now thanks to the tax loans.

On a side note, I read that the CR they passed this week has another $300 billion in tax cuts related to health and the ACA. These were cuts the GOP couldn't fit in their tax bill since they push the extra debt increase to around $1.8 trillion. Thankfully, deficits don't matter, right? Just put it on the national credit card and worry about it later.

 

[Bowfinger]

The IRS updated the 2018 withholding tables on 1/11.

It should be noted that changes in withholding do not necessarily represent any change in actual tax liability.

Indeed. Some folks are in for a nasty surprise in April, 2019. But, that's after the mid-term elections, so their wake up call will come too late.

 

[SlowSpyder]

Sorry to hear you're poor SlowSpyder.

I'm far from rich, but I'd not call myself poor either... my income is higher than most married combined filers. I just got money freed up, much of which will be going to my 401k and roth IRA. To me this is good news, I know many here are trying to downplay it though. Keep fighting the good fight, I say.

 

[Bowfinger]

If so you mean his $85 ISN'T killing the children, blotting out the sun, burning down the future and all the horseshit the autobots derped at him about?

WTF? Is that some sort of wing-nut Tourette's?

This forum just gets more and more hilarious!

And with your post, this thread just got a whole lot more stupid. Go play, child. You have nothing intelligent to offer.