Author Topic: ‘Disgraceful’: World leaders react to storming of the US Capitol  (Read 723 times)

Offline GiftOfGod

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #15 on: January 09, 2021, 09:07:17 PM »
And how much Federal income tax did they even pay before the cuts?  They got the $24,000 deduction as a married couple and they got to deduct for their kids (i did).  They got the lower rate so they certainly didn't see an increase.  I agree, if you are in the lower class you didn't see a huge tax cut, because you likely were only paying a few hundred in taxes anyway. 

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That's not what non-partisan analyses show.
I guess they weren't non-partisan, because I got a tax cut.  If their claim is that people making $50,000 per year didn't see much of a cut, they are correct.  Those people weren't paying much anyway.

You did not get a deduction for dependents. However you would get a child tax credit, larger EIT credit, and possibly non-child depnendent credit depending on situation.



In addtion: "Some of the most impactful provisions scheduled to expire include the TCJA’s reduction of individual income rates, increased child tax credit, the increased AMT exemption and phaseout threshold, and the increased standard deduction. Despite most of the individual income tax code returning to its pre-TCJA structure, inflation adjustments will continue to be determined by the Chained Consumer Price Index (C-CPI), as set by TCJA, which will result in most taxes increasing when compared to their pre-TCJA levels."


https://taxfoundation.org/look-ahead-expiring-tax-provisions/



So in short: business get to keep their reduced rates, us plebs will revert to pre TCJA rates, but with less adventageous tax bracket adjustment indeces.

Each person used to get a personal exemption that really added up with large families (which faithful trads are supposed to have).

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Personal exemptions — a $4,050 deduction you could claim for yourself and each dependent in your household — were suspended through 2025 as part of the Tax Cuts and Jobs Act.

Large families keenly felt the loss of the personal exemption after the tax overhaul.

Consider that a family of five would’ve been able to claim more than $20,000 prior to the tax overhaul. This break would have reduced their taxable income.

“Lower-income people with large families didn’t get a tax cut,” said Gleckman. “They paid a little more because of the loss of the personal exemption, and the standard deduction didn’t offset it.”

https://www.cnbc.com/2020/02/10/trump-wants-to-extend-his-tax-overhaul-what-it-means-for-you.html

A man, wife, and their 7 children would have gotten their taxable income reduced by $36,450. Getting rid of the personal exemption and replacing it with a larger standard deduction (that cannot be multiplied beyond married filing jointly) was rabidly anti-family. Remember that aside from raising revenue the purpose of taxation is to influence taxpayer behavior (the IRS admits this). Can you put 2 and 2 together? The government is discouraging having more children.
 
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Offline Stu Cool

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #16 on: January 09, 2021, 10:58:28 PM »
While the exemptions were removed, the child tax credit was increased. So the exemptions lowered the taxable income which equates to savings equal to your highest tax bracket.  The credit was a full $1000 more than previous.  So if you were in the previous 25% bracket it was mostly even.  Lower income saw more of a benefit from the higher credit.

I came out about even.  What messed me was my itemized was about the same as standard but I live in a high standard of living portion of country.  What killed me was that I could no longer deduct my itemized on my state and the standard was lower.  The republicans in the state tried changing the law that said for state you could take either standard or itemized from federal but Dems shut that down. 
 

Offline Graham

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #17 on: January 10, 2021, 01:17:32 PM »
I'm still having trouble grasping why a traditionalist cares what mostly leftwing foreign politicians have to say about American affairs - aside from a realpolitik perspective - or why he cares about upholding a facade of collegiality with knaves like Clinton and Dolan, or why he would come to this forum to brag about how he might get a raise for enthusiastically doing the system's bidding.
« Last Edit: January 10, 2021, 01:27:59 PM by Graham »
 
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Offline GiftOfGod

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #18 on: January 10, 2021, 02:07:24 PM »
I'm still having trouble grasping why a traditionalist cares what mostly leftwing foreign politicians have to say about American affairs - aside from a realpolitik perspective - or why he cares about upholding a facade of collegiality with knaves like Clinton and Dolan, or why he would come to this forum to brag about how he might get a raise for enthusiastically doing the system's bidding.

Boris Johnson (Conservative), Angela Merkel (Christian Democratic Union, a centre-right party), and the Irish foreign secretary are left-wing?

Graham Cracker, you are getting soggy.
 

Offline Graham

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #19 on: January 10, 2021, 02:42:42 PM »
I'm still having trouble grasping why a traditionalist cares what mostly leftwing foreign politicians have to say about American affairs - aside from a realpolitik perspective - or why he cares about upholding a facade of collegiality with knaves like Clinton and Dolan, or why he would come to this forum to brag about how he might get a raise for enthusiastically doing the system's bidding.

Boris Johnson (Conservative), Angela Merkel (Christian Democratic Union, a centre-right party), and the Irish foreign secretary are left-wing?

They can call themselves what they want, I'll call them what they are.

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Graham Cracker, you are getting soggy.

Better than getting goggy, hypocrite.
 

Offline GiftOfGod

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #20 on: January 10, 2021, 02:44:48 PM »
Better than getting goggy, hypocrite.

That doesn't even make sense. :rofl:
 

Offline Graham

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #21 on: January 10, 2021, 02:47:15 PM »
Better than getting goggy, hypocrite.

That doesn't even make sense. :rofl:

It just reminded me that you're a hypocrite for complaining about boorishness. Didn't you basically tell a woman who disagreed with you that she deserved to be beaten?
 

Offline GiftOfGod

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #22 on: January 10, 2021, 02:56:56 PM »
Better than getting goggy, hypocrite.

That doesn't even make sense. :rofl:

It just reminded me that you're a hypocrite for complaining about boorishness. Didn't you basically tell a woman who disagreed with you that she deserved to be beaten?

I hold my presidential candidates to a higher standard than my online posts. That's sad if you don't. I told a woman who repeatedly brought up an irrelevant subject in an attempt to hurt my feelings that she deserved to be beaten. That's not boorish; that is saying that she ought to be punished for being boorish.
 

Offline Graham

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #23 on: January 10, 2021, 03:02:17 PM »
Better than getting goggy, hypocrite.

That doesn't even make sense. :rofl:

It just reminded me that you're a hypocrite for complaining about boorishness. Didn't you basically tell a woman who disagreed with you that she deserved to be beaten?

I hold my presidential candidates to a higher standard than my online posts.

So you have one standard for others, and a lower standard for yourself. Sounds a bit like hypocrisy to me.

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I told a woman who repeatedly brought up an irrelevant subject in an attempt to hurt my feelings that she deserved to be beaten. That's not boorish; that is saying that she ought to be punished for being boorish.

Specifically, it's saying that she ought to be beaten for hurting your feelings.
 
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Offline GiftOfGod

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #24 on: January 10, 2021, 03:16:52 PM »
Specifically, it's saying that she ought to be beaten for hurting your feelings.

No, for repeatedly bringing it up in irrelevant contexts and trying to hurt my feelings.
 

Offline Heinrich

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #25 on: January 10, 2021, 04:16:12 PM »

I got slaughtered. Single and making over 80,000. Now that was sticker shock.

??? My net income went up +180 a month. And I still got tax returns.
Schaff Recht mir Gott und führe meine Sache gegen ein unheiliges Volk . . .   .                          
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"Die Welt sucht nach Ehre, Ansehen, Reichtum, Vergnügen; die Heiligen aber suchen Demütigung, Verachtung, Armut, Abtötung und Buße." --Ausschnitt von der Geschichte des Lebens St. Bennos.
 

Offline GiftOfGod

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #26 on: January 10, 2021, 04:21:25 PM »

I got slaughtered. Single and making over 80,000. Now that was sticker shock.

??? My net income went up +180 a month. And I still got tax returns.

You mean a refund?
 

Offline Heinrich

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #27 on: January 10, 2021, 04:40:01 PM »

I got slaughtered. Single and making over 80,000. Now that was sticker shock.

??? My net income went up +180 a month. And I still got tax returns.

You mean a refund?

I knew it. You are an anti semantic.
Schaff Recht mir Gott und führe meine Sache gegen ein unheiliges Volk . . .   .                          
Lex Orandi, lex credendi, lex vivendi.
"Die Welt sucht nach Ehre, Ansehen, Reichtum, Vergnügen; die Heiligen aber suchen Demütigung, Verachtung, Armut, Abtötung und Buße." --Ausschnitt von der Geschichte des Lebens St. Bennos.
 

Offline Stu Cool

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #28 on: January 10, 2021, 09:03:13 PM »
This might be a partisan foundation but they use the IRS data.  For tax year 2018, the first full year of the tax cuts, interesting findings.

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The new data shows that the top 1 percent of earners (with incomes over $540,009) paid over 40 percent of all income taxes. Despite the tax rate reductions associated with TCJA, this figure is up slightly from the previous tax year’s 38.5 percent share. In fact, NTUF has compiled historical IRS data tracking the distribution of the federal income tax burden back to 1980 and this is the highest share recorded over that period, topping 2007’s 39.8 percent income tax share for the top 1 percent.

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On the other side of the income spectrum, the bottom 50 percent’s income tax burden has been significantly reduced over the past forty years. In 1980, it stood at 7 percent. That dropped to a low of 2.4 percent in 2010 during the recession. As the economy gradually improved after the recession, the tax share of this income group gradually increased to 3.1 percent in 2017. Although the economy remained strong in 2018, this group's tax share fell from the previous year. This can be attributable in part to the lower rates and higher standard deduction enacted in the TCJA along with its additional provisions designed to ease burdens low-income earners such as  the increased child tax credit.

https://www.ntu.org/foundation/detail/who-pays-income-taxes-tax-year-2018
 
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Offline Elizabeth.2

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Re: ‘Disgraceful’: World leaders react to storming of the US Capitol
« Reply #29 on: January 10, 2021, 09:38:40 PM »
Specifically, it's saying that she ought to be beaten for hurting your feelings.

No, for repeatedly bringing it up in irrelevant contexts and trying to hurt my feelings.
:baby4:
 
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