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The GOP never has, rather it makes no excuse that it supports the wealthy.
Why would anyone think this tax reform bill is yet another money grab by the one percent?
originally posted by: Aazadan
Under this plan I lose access to health care
My federal taxes (ignoring state/city) jump from 17% of my income to 45% of my income
originally posted by: Aazadan
There are very significant tax increases for students. Health care will also cost me more money (if I can get it at all) thanks to preexisting conditions.
originally posted by: Xtrozero
Like what increases? How do you pay more than 12% if you are a low income student? Also, if you do not make much how does that equate to big dollars in taxes for you? Can you give me a couple of examples where your tax will go up and at what cost?
originally posted by: Aazadan
So while right now you'll pay about $1000 out of the $15k, under the new plan you'll be paying taxes on $35,000 out of the $15k which is closer to $4000.
It's a big hit to grad students that are in research fields. Worth noting, this only applies to people that are getting research grants. If you're working for a company that offers to cover tuition costs as a perk you're exempt. So it's largely the research sector that gets hit.
Trump’s plan would eliminate personal exemptions but double the standard deduction to $12,000 for single filers and $24,000 for married filers. That means any filer who earns less than those amounts would pay [no] federal income tax
Our ruling Schumer said Trump’s tax plan is "completely focused on the wealthy and the powerful - not the middle class." Granted, there are lots of details missing from Trump's tax plan. But the plan presented so far does deal with taxpayers who are not wealthy. So in a strict reading of his claim, Schumer is saying the Trump plan has no changes, positive or negative, for low- or middle-income taxpayers. That isn't the case. It's possible that by "completely focused" Schumer meant the Trump plan benefits only the wealthy and the powerful. But that also isn't completely true. While many of the plan’s proposals would benefit the wealthy, doubling the standard deduction would mean more of the country’s lowest earners would pay no federal income tax and taxpayers earning less than about $150,000 would see a tax cut.
We rate Schumer's statement False.
Trump’s plan would eliminate personal exemptions but double the standard deduction to $12,000 for single filers and $24,000 for married filers. That means any filer who earns less than those amounts would pay [no] federal income tax
originally posted by: TheRedneck
That's a far cry from the 45% reiterated as 28% you originally thought. It's a little more than you pay now (but much less with the sunset clause on educational expenses), and someone in a worse position than you (around here, $55K/yr means you are rich! Most students live on $30K or less if they're lucky) will get their taxes lowered considerably.
originally posted by: IlluminatiTechnician
There will also be a Child Tax Credit increase for the lower class in Trump's tax reform. Yes the wealth benefit, but so do the lower class.
originally posted by: Aazadan
originally posted by: IlluminatiTechnician
There will also be a Child Tax Credit increase for the lower class in Trump's tax reform. Yes the wealth benefit, but so do the lower class.
So riddle me this. If the budget goes up, and spending is increasing, yet this bill is lowering taxes on the wealthy, and is claimed to be deficit neutral... then who is paying more money to make up the shortfall?
I don't actually mind the change to deductions. I don't think the tax code should include any deductions aside from the standard deduction.
Like I said, I don't mind tax increases as long as that money is raising the average quality of life in the county. However, I have a very big problem with using the tax code to shape a persons behavior and this new tax code is being used to encourage people to work low end jobs rather than to actually reach their potential and become qualified for higher end work.
Not everyone is lucky enough to be working for a company that's as good to it's employees as mine is
originally posted by: TheRedneck
But this statement confuses me: on one hand you are complaining that your deductions are going away, yet on the other hand you don't want any deductions. Can we pick a position?
Now, exactly how is allowing deductions for educational expenses considered encouraging people to work low-end jobs instead of qualifying for high-end jobs? It seems to me it does the opposite of what you claim.
That's true, and the whole idea of the tax bill is to increase economic growth so others might have those advantages you have. In my case, Obamacare actually prevents me from getting health insurance. I don't make enough to qualify for Obamacare subsidies, but my state did not expand Medicaid so it doesn't cover me either. The reason I don't make enough is that the mandatory insurance rates for companies are so high and are based on the average age of employees... it costs them too much to hire me over a 22 y/o graduate.
originally posted by: IlluminatiTechnician
As you read, the details are not all finished yet, but I assume, that when the rich start spending (because of the money they save in this tax leverage) they will have more money to build their businesses, and to invest more in technologies and product.
You have to understand, whether you like it or not...the rich are the ones holding all of the cards. It all rolls downhill from them. If you DON'T cut taxes for the rich, and decide that...because they make more money it makes more sense to tax THEM more, you will find out real quick that they will simply pluck their businesses up from the roots and move to another country that has less taxation. This will leave American's stranded and destitute, and they will be expected to pay even higher taxes to make up for what was lost in revenue from the rich that left.
What good does having the ability to hire more workers do, when you have no one to buy the products?
It's not deductions going away that make it harder for students. It's counting funds paid on your behalf as if they're income.
Where the deduction issue really comes in is for teachers in grade school who often times have to buy their own classroom supplies for the students.
Taxing tuition waivers, scholarships, and grants effectively makes college more expensive. There's some other taxes going in there too, to increase the amount in taxes that colleges pay (while lowering business taxes).
There is a war on education going on right now. People are pulling their kids out of school to home school/indoctrinate them. For profit colleges are pushing back hard despite the fact that they result in the vast majority of student loan fraud. Public schools are facing issues, and charter/religious schools are teaching to lower standards
it's being signed into law by a guy who thinks Trump University is legitimate higher education.
It's not the federal governments fault your state decided to screw you over and not expand Medicaid. That's solely on your governor and state legislature. States rights and all.
Tax changes will not spur employment.