Politics

Blue&White
Posts: 671
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Thu Dec 07, 2017 4:52 pm

Not itemizing doesn't mean you are better off, though. By my calculations, I will lose sufficient deductions that I will no longer be itemizing. That's the problem for me. $24k does not offset where I was. So my total tax burden goes up (it will be offset some by the lower rate but, when I was calculating it, the net of it was I paid more). Sure, my taxes will be easier but they are not all that difficult to do right now. And, I'd rather have to spend the extra time and pay less. This is going to impact me the other way. Possibly dramatically.

And, everything I read is that after 2020 it's going to seriously impacts most of the middle class. At the end of this bill, people making <$100,000 will pay more than they are currently paying. And, some of the deductions that are going away are "above the line" deductions, which meant you could take them even if you did not itemize. Many of those are going away, too.

But, sure, there are people will benefit but the benefits to working and middle class people are pretty low. The real benefits are at the highest earners who, despite what Trump has been saying, will see a massive reduction in their tax liability. And, that will be paid for by reductions in Medicare and Social Security benefits as soon as they can get that passed through.

psu_dad
Posts: 369
Joined: Sun Aug 13, 2017 6:59 pm

Re: Politics

Postby psu_dad » Thu Dec 07, 2017 5:09 pm

Not itemizing doesn't mean you are better off, though.


No, of course not, it's an individual thing. But according to this paper, nearly half the federal tax filers with an AGI of 50k-100k itemize deductions and the average total of their deductions is 19k. That's' a lot of people who will benefit from a 24k standard deduction. It just doesn't include you, unfortunately.

As I said, I'd feel much worse if our current system was wonderful, but it's not.

-----------
PS - As for what you read about future changes, I believe little of what I read because it's almost always tainted by a political agenda. If God had come down from Heaven and handed this tax bill to the Republicans, the MSM would still be tearing them a new one over it and predicting that dead bodies will soon be stacked on sidewalks like cord wood because of it.
Last edited by psu_dad on Thu Dec 07, 2017 5:27 pm, edited 1 time in total.

Blue&White
Posts: 671
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Thu Dec 07, 2017 5:18 pm

There are a few analysis put out by bipartisan think tanks that are concluding what the impacts are. I wouldn't be so daft as to rely on CNN's opinion.

PittGradPSUMad
Posts: 125
Joined: Fri Aug 11, 2017 8:47 pm

Re: Politics

Postby PittGradPSUMad » Thu Dec 07, 2017 5:38 pm

PittGradPSUMad wrote:Thanks, Bdub. Plugged in the numbers. I'm screwed. So, someone remind me who this tax bill is designed to benefit? Certainly not me.


Okay, I checked again and checked married, filing jointly this time instead of single (freudian, no doubt). Big difference.......Not lotto winnings but a substantial savings none-the-less. Trump is still a big, orange a-hole.
Yeah, well, that's like your opinion, man.

psu_dad
Posts: 369
Joined: Sun Aug 13, 2017 6:59 pm

Re: Politics

Postby psu_dad » Thu Dec 07, 2017 5:43 pm

So, someone remind me who this tax bill is designed to benefit? Certainly not me.


oops :lol:

Mrs psu_dad: You couldn't just let that go?
Me: I tried, but no.

PittGradPSUMad
Posts: 125
Joined: Fri Aug 11, 2017 8:47 pm

Re: Politics

Postby PittGradPSUMad » Thu Dec 07, 2017 6:11 pm

I thought that would make you happy. You should be aware that gloating is bad for your health. A recent study of men 60 and older who gloated at least three times a day were more likely to suffer from erectile disfunction, shriveled....ummmm....man parts, constipation and severe flatulence. Do you really wanna be that guy?
Yeah, well, that's like your opinion, man.

psu_dad
Posts: 369
Joined: Sun Aug 13, 2017 6:59 pm

Re: Politics

Postby psu_dad » Thu Dec 07, 2017 6:41 pm

As near as I can tell from late-night infomercials, nearly half the country has shriveled parts, constipation and severe flatulence. We should change our name to The United States of My-Parts-Are-Kaput.

And when your Trumpy Bear arrives, I think you should give it a big sloppy kiss. Tongue. No tongue. Your call.

Nat@PSU
Posts: 85
Joined: Sun Aug 13, 2017 5:56 pm

Re: Politics

Postby Nat@PSU » Fri Dec 08, 2017 2:18 pm

Not sure how many of you guys saw this, but the officer in this video (http://www.azfamily.com/clip/13966895/warning-graphic-raw-video-shows-deadly-mesa-police-shooting) was acquitted.

I'll warn you, the video is hard to watch. This is exactly the type of policing that people are protesting and it is hard to argue with the kind of injustice that exists in this case.
- Nat

Let's Go State!!

psu_dad
Posts: 369
Joined: Sun Aug 13, 2017 6:59 pm

Re: Politics

Postby psu_dad » Fri Dec 08, 2017 4:39 pm

It's hard to argue that this wasn't a total nightmare of an incident. Injustice is another matter. The officer was charged with 2nd degree murder. That means that while he didn't plan this death ahead of time, he acted with malice and wanted to kill the person he shot. I wasn't at the trial, so I don't know whether the prosecution made a strong case for that. It could be that this officer was in way over his head and panicked. Fortunately, his policeman days are over.

I went to HS with a complete knucklehead who I later discovered became a policeman. Gun and everything. He wasn't a bad guy. I couldn't see him shooting someone simply because he wanted them to die. But I could totally see him panicking and screwing up such incident.

Blue&White
Posts: 671
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Fri Dec 08, 2017 5:31 pm

What a horror show. What did they think that kid did? I don't know any of the circumstances that lead up the that point, but quick draw seemed to be presuming there was an imminent danger posed. I need more information, but that was awful.