Well, the new tax crap just screwed my low wage self

I make 10 an hour, 40 hours a week. Right now my federal withholding is 17 dollars a week. With the new tax bill for 2018 on the irs site (you can find it here, linked www.usatoday.com...
Well, it shows weekly, 2 weeks, monthly, quarterly, semi annual and annual. SO for me at 400 a week before taxes, I'll now pay 18.50 PLUS 12% of all wages over 250 (add a few dollars as the site isn't open for me right now), So I'm paying MORE tax than less.
..... plus this only lasts for us workers til 2025 then we revert to how it is now but all corporations keep their "was 35%,now is 15%" tax reduction for ever.

I swear if our jobs don't use that deduction to give us workers big raises, 100% of my faith will be gone. 80% of it already is. Why do the middle and low class always get screwed?

Edit to add: I'm an investor and was hyped to be able to invest more. Now I can't. I was gonna up my 401k from 7% to 15% (still moving it to 10%) and was gonna feed my Roth Ira and Robinhood investing whatever more I could. I'll still keep feeding my future of course - but I'm sad that what I thought my taxes would be, isn't.

Oh well. It is what it is. I can still pay my rent and get food and invest etc so I am still grateful for that. Just needed to momentarily weep over the raised taxes I have. I'll kniw for sure when the actual thing begins. Maybe I did something wrong and figured it out wrong. I'm human . I do errors.

a reply to: sarra1833

The middle and low class get screwed because you are not in a position to do anything about it, you influence nothing that makes any difference.

a reply to: hopenotfeariswhatweneed

Sadly thats so true.
So wrong but so true.

At least we can (for now) safely bitch about the govt.

Oh, I claim 2 in deductions by the way. Single. As basic as it gets. Just to clear up the $17 withheld federally. With state, county, Medicare, social etc tax, the total is 64 and change a week.

a reply to: sarra1833
Incorporate yourself, and sell handmade soaps, imported electronic accessories, pet grooming or whatever. Then you will also be paying 15% and nothing left to complain about. Hourly wage folks will earn and be taxed on exactly what we deserve, because we are not pushing ourselves to be independent.

The real world, nobody has ever or will ever look out after you. You must look out after yourself. I am thrilled, excited and hope the corporate tax rate stays down. It should be an incentive to the workforce that its time to behave like those American generations before us who all made their own business and sold their own products and/or services.

I know you can do it, most of us can! You don't need a half million dollars to start our being your own boss. It is just a piece of paper that is on average less than $100, a well drawn out plan, and the will and determination to take what is yours! A used truck or cargo van can also go a long ways.

a reply to: hopenotfeariswhatweneed
that is the kind of attitude that tells me you ditched hope long ago. Don't sit around and pout. Grab life by the balls, incorporate yourself, and earn what is your!

a reply to: worldstarcountry

I'm looking into being a certified life coach and also am very good at wood burning, and a few other things so I've been thinking about becoming my own boss. Seriously it's the best way to go.

a reply to: sarra1833

Umm, you will benefit from this tax plan. Your annual deduction goes up while your rate goes down.

You do know this right?

a reply to: sarra1833
How does the increased standard deduction figure into your equation?

As for what might happen in 2025---who can say?

a reply to: diggindirt

Increased deduction: that I'm not sure. I just literally found the linked site about an hour ago. I did hear more deductions will be given in 2019 as they iron out issues that cone about in 2018. It's still new and everyone is learning. Maybe it'll look bad on paper right now and will be better once actually implemented. We'll find out in a few weeks and I'll definitely update here to tell what my personal result is.

a reply to: sarra1833

Working for yourself is one way of getting back some power, the trick is to learn the game and get as much back as you can.

a reply to: sarra1833
Here's a link that has a chart of the new standard deductions along with the new tax rates. Sorry, meant to include it in the other post.
www.forbes.com... 9539221401

So far for me nothing has changed.
I even got the same back in my taxes as last year.

I am very poor though (under 17k a year) and it seems the big changes in this whether good or bad are aimed at the middle class.

originally posted by: Vector99
a reply to: sarra1833

Umm, you will benefit from this tax plan. Your annual deduction goes up while your rate goes down.

You do know this right?

Yeah , apparently someone does not exactly understand taxes in the US

originally posted by: diggindirt
a reply to: sarra1833
How does the increased standard deduction figure into your equation?

As for what might happen in 2025---who can say?

They had to let it expire. Would you REALLY like it locked in ? Think about it....

a reply to: Gothmog

Legally that's the maximum length they could run the deductions for. The renewal of the tax bill will be a HUGE selling point in the 2024 elections.

a reply to: Gothmog
I don't claim to have the gift of prophecy. I couldn't even begin to guess what Congress might do in 2025 because I have high hopes that it won't contain nearly as many professional politicians as it does presently.

Back in the day, everybody was striving to get into the next tax bracket. It was a sign of prestige to be in those upper brackets because it meant you had been successful in your financial endeavors.

I've spoken with five small business owners this week who are looking to hire at least one full-time employee. The "Hiring" signs are all over town here. It isn't just small business that is hiring either. A perusal of the jobs available shows that there are plenty of jobs that are not minimum wage jobs.

a reply to: sarra1833

I hate to say it but if you aren't in high school or working a side job and you're making $10 an hour you're doing something wrong. Taxes aside, unless you're in a very low wage state $10 is lower than Wal-Mart greeter in many states.

a reply to: Ksihkehe

B'S many jobs are chuffing hard to do and pay rubbish despite being important and many are jobs the average person just can not do such as looking after the elderly or looking after people with learning disabilities.
Good moral jobs badly paid because the moral structure of pay is backwards.
I don't do my job for the money I do it to help folk.
I'm doing everything right despite not earning a lot.
Your post stinks of eliteism.
All we want is fair pay for a fair days work.

originally posted by: testingtesting
a reply to: Ksihkehe

B'S many jobs are chuffing hard to do and pay rubbish despite being important and many are jobs the average person just can not do such as looking after the elderly or looking after people with learning disabilities.
Good moral jobs badly paid because the moral structure of pay is backwards.
I don't do my job for the money I do it to help folk.
I'm doing everything right despite not earning a lot.
Your post stinks of eliteism.
All we want is fair pay for a fair days work.

So what skills do you have that will earn you the most money. Of course a harder job that requires more skill will earn you more money.

most jobs are hourly, but our system rewards those who start businesses, not those looking for hourly pay for an easy job

originally posted by: testingtesting
a reply to: Ksihkehe

B'S many jobs are chuffing hard to do and pay rubbish despite being important and many are jobs the average person just can not do such as looking after the elderly or looking after people with learning disabilities.
Good moral jobs badly paid because the moral structure of pay is backwards.
I don't do my job for the money I do it to help folk.
I'm doing everything right despite not earning a lot.
Your post stinks of eliteism.
All we want is fair pay for a fair days work.

Yup.

Someone has to look after the sick and elderly and paying # wages wont get the best people either.