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Richardson estimates she spent $500 of her own money on her students last year. She says it's worth it — her voice lights up talking about “her kids” and all their “aha moments,” many of which come when she deviates from the textbook.
But what has also been helpful is that she's able to deduct $250 off her taxable income for the extras she buys for her classroom, a small help that Congress created in 2002 for teachers who “go above and beyond.”
Now, the educator expense deduction has become a sticking point in the GOP tax debate, with the House and Senate taking it in two wildly different directions.
The House GOP tax bill would scrap that educator deduction entirely.
The Senate GOP tax plan would double it to $500.
That doesn’t mean half of Americans pay no taxes, however. That’s because income tax isn’t the only type of tax. Other taxes, like sales taxes and the payroll tax, are regressive. The relatively poor, who have can’t afford to save as much and who make a larger share of their income from wages, pay more of what they make in sales and payroll taxes. The payroll tax applies only to the first $106,800 of a person’s wages in any case, so if you make you more than that you don’t pay any payroll tax on any income beyond that amount. When you consider all the different types of federal taxes together, the effective tax rate on the rich is still higher than on the poor, but not that dramatically. The Tax Policy Center calculates that in 2010 the average American, who made around $46,000 a year, paid 14% of their income in taxes. Someone in the top 1% of all earners—a group whose median income is over $800,000—paid on average about 26% of their income in taxes.
originally posted by: Southern Guardian
More taxes being raised on the lower classes. This time teachers are the target, what a surprise?
Richardson estimates she spent $500 of her own money on her students last year. She says it's worth it — her voice lights up talking about “her kids” and all their “aha moments,” many of which come when she deviates from the textbook.
But what has also been helpful is that she's able to deduct $250 off her taxable income for the extras she buys for her classroom, a small help that Congress created in 2002 for teachers who “go above and beyond.”
www.washingtonpost.com...
We've already learned that the GOP plans to increase taxes for graduate students by almost 400%. We also know that Trumps advisors have been can't even guarantee the middle class won't see tax increases.. The evidence is piling up that the lower classes are going to be screwed. This is just another revelation.
Now, the educator expense deduction has become a sticking point in the GOP tax debate, with the House and Senate taking it in two wildly different directions.
The House GOP tax bill would scrap that educator deduction entirely.
The Senate GOP tax plan would double it to $500.
What's the reason for this? Seriously? Teachers like Ms Richardson over here go above and beyond the call of duty for the sake of education, for the less fortunate kids. People like her do the community a service, unknown heroes, and yet she now has to suffer so the wealthy get a fatter paycheck. She needs to stand where the wealth will trickle right?
For those who keep on stating nearly half of Americans pay no income taxes, they still pay other forms of taxes that take a significant chunk out of their already lowely incomes:
That doesn’t mean half of Americans pay no taxes, however. That’s because income tax isn’t the only type of tax. Other taxes, like sales taxes and the payroll tax, are regressive. The relatively poor, who have can’t afford to save as much and who make a larger share of their income from wages, pay more of what they make in sales and payroll taxes. The payroll tax applies only to the first $106,800 of a person’s wages in any case, so if you make you more than that you don’t pay any payroll tax on any income beyond that amount. When you consider all the different types of federal taxes together, the effective tax rate on the rich is still higher than on the poor, but not that dramatically. The Tax Policy Center calculates that in 2010 the average American, who made around $46,000 a year, paid 14% of their income in taxes. Someone in the top 1% of all earners—a group whose median income is over $800,000—paid on average about 26% of their income in taxes.
bigthink.com...
The people are being screwed by DC through this tax plan and yet many continue to keep their heads in the sand. All for the sake of partisan politics.
originally posted by: proximo
originally posted by: Southern Guardian
More taxes being raised on the lower classes. This time teachers are the target, what a surprise?
Richardson estimates she spent $500 of her own money on her students last year. She says it's worth it — her voice lights up talking about “her kids” and all their “aha moments,” many of which come when she deviates from the textbook.
But what has also been helpful is that she's able to deduct $250 off her taxable income for the extras she buys for her classroom, a small help that Congress created in 2002 for teachers who “go above and beyond.”
www.washingtonpost.com...
We've already learned that the GOP plans to increase taxes for graduate students by almost 400%. We also know that Trumps advisors have been can't even guarantee the middle class won't see tax increases.. The evidence is piling up that the lower classes are going to be screwed. This is just another revelation.
Now, the educator expense deduction has become a sticking point in the GOP tax debate, with the House and Senate taking it in two wildly different directions.
The House GOP tax bill would scrap that educator deduction entirely.
The Senate GOP tax plan would double it to $500.
What's the reason for this? Seriously? Teachers like Ms Richardson over here go above and beyond the call of duty for the sake of education, for the less fortunate kids. People like her do the community a service, unknown heroes, and yet she now has to suffer so the wealthy get a fatter paycheck. She needs to stand where the wealth will trickle right?
For those who keep on stating nearly half of Americans pay no income taxes, they still pay other forms of taxes that take a significant chunk out of their already lowely incomes:
That doesn’t mean half of Americans pay no taxes, however. That’s because income tax isn’t the only type of tax. Other taxes, like sales taxes and the payroll tax, are regressive. The relatively poor, who have can’t afford to save as much and who make a larger share of their income from wages, pay more of what they make in sales and payroll taxes. The payroll tax applies only to the first $106,800 of a person’s wages in any case, so if you make you more than that you don’t pay any payroll tax on any income beyond that amount. When you consider all the different types of federal taxes together, the effective tax rate on the rich is still higher than on the poor, but not that dramatically. The Tax Policy Center calculates that in 2010 the average American, who made around $46,000 a year, paid 14% of their income in taxes. Someone in the top 1% of all earners—a group whose median income is over $800,000—paid on average about 26% of their income in taxes.
bigthink.com...
The people are being screwed by DC through this tax plan and yet many continue to keep their heads in the sand. All for the sake of partisan politics.
This is total propaganda.
The plan eliminates tons of minor deductions like this one to simplify the filing process - but what it does in it's place is increase the general deduction by almost double to compensate for eliminating these specialized deductions.
These teachers will still come out ahead with the new plan in almost every circumstance.
I am so sick of the democrats finding one small group - in this case teachers - make them out to be victims by twisting the truth as an emotional appeal to uniformed people who actually believe the Republicans hate said group and are targeting them.
originally posted by: Southern Guardian
More taxes being raised on the lower classes. This time teachers are the target, what a surprise?
Richardson estimates she spent $500 of her own money on her students last year. She says it's worth it — her voice lights up talking about “her kids” and all their “aha moments,” many of which come when she deviates from the textbook.
But what has also been helpful is that she's able to deduct $250 off her taxable income for the extras she buys for her classroom, a small help that Congress created in 2002 for teachers who “go above and beyond.”
www.washingtonpost.com...
We've already learned that the GOP plans to increase taxes for graduate students by almost 400%. We also know that Trumps advisors can't even guarantee the middle class won't see tax increases.. The evidence is piling up that the lower classes are going to be screwed. This is just another revelation.
Now, the educator expense deduction has become a sticking point in the GOP tax debate, with the House and Senate taking it in two wildly different directions.
The House GOP tax bill would scrap that educator deduction entirely.
The Senate GOP tax plan would double it to $500.
What's the reason for this? Seriously? Teachers like Ms Richardson over here go above and beyond the call of duty for the sake of education, for the less fortunate kids. People like her do the community a service, unknown heroes, and yet she now has to suffer so the wealthy get a fatter paycheck. She needs to stand where the wealth will trickle right?
For those who keep on stating nearly half of Americans pay no income taxes, they still pay other forms of taxes that take a significant chunk out of their already lowely incomes:
That doesn’t mean half of Americans pay no taxes, however. That’s because income tax isn’t the only type of tax. Other taxes, like sales taxes and the payroll tax, are regressive. The relatively poor, who have can’t afford to save as much and who make a larger share of their income from wages, pay more of what they make in sales and payroll taxes. The payroll tax applies only to the first $106,800 of a person’s wages in any case, so if you make you more than that you don’t pay any payroll tax on any income beyond that amount. When you consider all the different types of federal taxes together, the effective tax rate on the rich is still higher than on the poor, but not that dramatically. The Tax Policy Center calculates that in 2010 the average American, who made around $46,000 a year, paid 14% of their income in taxes. Someone in the top 1% of all earners—a group whose median income is over $800,000—paid on average about 26% of their income in taxes.
bigthink.com...
The people are being screwed by DC through this tax plan and yet many continue to keep their heads in the sand. All for the sake of partisan politics.
originally posted by: Southern Guardian
More taxes being raised on the lower classes.
originally posted by: FamCore
a reply to: Southern Guardian
My better half is an elementary school teacher in a poverty-stricken area and spends a fair amount of her own money on students - the public school she works for provides very little for her.
originally posted by: DanteGaland
a reply to: Edumakated
Really? Where are YOU from?
Please do give some examples...?
Yeah..teachers suck!!!
originally posted by: pavil
originally posted by: DanteGaland
a reply to: Edumakated
Really? Where are YOU from?
Please do give some examples...?
Yeah..teachers suck!!!
I do taxes for quite a few teachers and retired teachers. I've yet to meet a poor retired teacher. I have one client who makes more in retirement than they did working. Teachers for the most part have excellent retirement packages.
Why single out a single occupation for it?
Less then 2.5% of the workforce is teachers.
originally posted by: pavil
originally posted by: DanteGaland
a reply to: Edumakated
Really? Where are YOU from?
Please do give some examples...?
Yeah..teachers suck!!!
I do taxes for quite a few teachers and retired teachers. I've yet to meet a poor retired teacher. I have one client who makes more in retirement than they did working. Teachers for the most part have excellent retirement packages.