Federal tax cuts: Four percent pay increase

I've never really participated much in the General Chit Chat forum, but my last pay check was up a bitfrom the previous one, and I decided that was worth looking into.

Turns out, it's a drop in Federal taxes. A 16.4% drop, to be exact. I've been in this line of work for some fifteen years and I don't believe I've ever once seen my federal or state taxes go down.

That drop in taxes works out to 4% more take home pay. Not much, but nothing to scoff at either- I've only gotten two or three raises over the years that would be more than 4%, and usually those come from a change in employers.



I've got a few thoughts on what I could do with it...
-I could up my IRA contributions, although I'm not convinced USD will be around in 30 years.
-I could set up an automagic transfer and save that money up for something ($xxxx a year, four digits!)
-I could start a monthly crypto buy. Been a hard week for cryptos, but I expect a good year
-I could pick up a light drug habit (hey, you don't see a tax break every day!)


So- who else is seeing a raise from this?
What are you doing with it?

This is all Trump.

Watch someone come along and credit Obama.

Obama had us locked in at a steady 1% growth.

We could see 5% this year.

This is all President Trump.

MAGA

All I saw today was all my overtime from the last 2 weeks listed as me taking PTO time.........

*internal rage*

But yeah, maybe when my paycheck is right I'll see a little increase. I hope so anyways. Glad you did! Good luck, with whatever you end up doing with it.

-Alee

Most of the people I know are seeing a tax savings. It's not a huge amount but it will help them to get along better.

When figuring things you have to figure in what is left at the end of the month. A raise in that is a lot of money extra for things. If you are making two grand a month and it costs you sixteen hundred for rent, utilities, transportation, and so on, then you only have four hundred left for food and supplies. Now if you gain even fifty bucks a month from the tax change, that is twenty five percent more and makes a world of difference, as long as you do not sign up for a better phone package or cable packageand have a sixty buck a month increase which puts you into the negative.

a reply to: lordcomac

Life is short, Save up for a great vacation!

originally posted by: JAGStorm
a reply to: lordcomac

Life is short, Save up for a great vacation!

Hah!
Never did really understand vacations. I see people take them every year... I'd rather improve my home life to the point that staying home IS my ideal vacation

bought 130+ acres a few weeks back, going to build my permanent vacation spot right there...

a reply to: lordcomac

True vacations aren't for everyone. I'm a country girl and I love home, but the more I travel the more I realize how many wonders that are out there that I have yet to discover. I lived in Europe for most of my childhood and teen years. I did not appreciate the history and architecture while I lived there. As I age I want to go back and really explore and appreciate it with maturity. There are so many places in the US that I want to visit, and revisit. I went to DC recently, I felt like I could spend months there and still not see everything I would want. I don't necessarily want to see the touristy spots, but really go deep where the locals hide, those are the best places! My husband and I have talked about getting an Rv and spending a year or two just traveling around the US. Can't wait!

a reply to: JAGStorm

True vacations aren't for everyone. I'm a country girl and I love home, but the more I travel the more I realize how many wonders that are out there that I have yet to discover. I lived in Europe for most of my childhood and teen years. I did not appreciate the history and architecture while I lived there. As I age I want to go back and really explore and appreciate it with maturity. There are so many places in the US that I want to visit, and revisit. I went to DC recently, I felt like I could spend months there and still not see everything I would want. I don't necessarily want to see the touristy spots, but really go deep where the locals hide, those are the best places! My husband and I have talked about getting an Rv and spending a year or two just traveling around the US. Can't wait!

I hear ya. I love my country home. My wife and I are going to retire in a couple years and are going to buy as she calls it a "driving house". Travel around the country. I might not even officially retire but travel to different job sites for a time and work. DC is something I want to do. Also the non tourist spots. I read something years ago about a fish market on the river. I do want to see the Smithsonian though. She also wants to go to Europe, France in particular. I told her when we go it will be for at least 6 months.

originally posted by: lordcomac
-I could set up an automagic transfer and save that money up for something ($xxxx a year, four digits!)

Pay yourself first. Much better than the other options you mentioned, in my opinion.

IRA is risky for the reasons you state, and there is way too much volatility in the crypto market. Articles today are mentioning that folks are having trouble getting their money OUT of cryptos.

Personally, I'm looking toward physical silver.

a reply to: whyamIhere

Wow. Like a cultist.

originally posted by: AnonymousCitizen

originally posted by: lordcomac
-I could set up an automagic transfer and save that money up for something ($xxxx a year, four digits!)

Pay yourself first. Much better than the other options you mentioned, in my opinion.

IRA is risky for the reasons you state, and there is way too much volatility in the crypto market. Articles today are mentioning that folks are having trouble getting their money OUT of cryptos.

Personally, I'm looking toward physical silver.

I hadn't thought of spending it on Silver, but that's not a bad idea. Shame buying small amounts like that adds a lot of overhead fees, driving the per ounce cost way up. Much cheaper to buy it $1k+ at a time.

Cryptos are a wreck this week, my personal portfolio is down 26% (a significant amount of money, more than my initial investment... but I'm still doing very well overall) but I really am expecting a good gain by the end of 2018.
Market being down is the equivalent of cryptos going on sale, if you believe it's going to recover- and I fully expect it'll be an easy 200% gain over my portfolio in the next 12 months. Last few weeks have been rough, and it's causing a slew of panic selling... but they'll be back.

originally posted by: YungMahn
a reply to: whyamIhere

Wow. Like a cultist.

...but is he wrong?
I don't consider myself a trump supporter, but so far since he took the big seat I've noticed:

1) pedos going to prison and pedo rings being shut down at an impressive rate
2) a 4% raise that had nothing to do with my employer
3) people absolutely losing their minds over politics (always good for a laugh)
4) FBI starting to look like the criminal organization they are (they've been well hidden for a long time)
5) media being ever more exposed as the puppet show they are

Of course I've also noticed...

6) doing nothing to help the out of control fiat currency problem
7) not doing anything to help the net neutrality situation
8) not even talking about putting a stop to the monopolistic corporations that are ruining this country
9) not even addressing the fact that our fiat currency is deeply broken and probably cannot be fixed


I'm sure I'm missing big talking points on both lists, but this might be the first tax cut I've ever seen. It isn't much, but a raise is a raise- I've got that much more money at the end of my month to help me prepare for the future.

Maybe I should start buying bullets with it.