mookie1995
there's a good buck in that racket.
Who thinks that?
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Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
- Thread starter joecct
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Who thinks that?
ScoobyDoo
NPC
The entire ****ing Republican Party. That's who.
unofan
Well-known member
My father in law, for one.
But more generally, you pick up that people think it because they make sure to take enough deductions "to get into the lower tax bracket" as though that will make a huge difference in their tax bill.
mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
Well, it would as you say. Anything that is now in the higher brackets get the larger rate. Plus now the first bucket is going to be what?? 12% instead of 10%
Plus if your deductions are lower you will have more income being taxed.
Well, it would as you say. Anything that is now in the higher brackets get the larger rate. Plus now the first bucket is going to be what?? 12% instead of 10%
Plus if your deductions are lower you will have more income being taxed.
unofan
Well-known member
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
But taking deductions to get to the lower rate means you're foregoing that income, too. You're spending dollars to save pennies.
But taking deductions to get to the lower rate means you're foregoing that income, too. You're spending dollars to save pennies.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
It's stunning to hear so many people who are willing to do that.
There's a huge crowd of people refinancing, with the justification that it will lower taxes, without really realizing that they end up with LESS take home pay, since they have to pay the bank $1000 to save $300 in taxes (for some people). Some people are ok with more net out money to "save" taxes.
It's a black box, people. Money out is money out. Does it really matter who gets it? It's Banks vs teachers, road construction workers, defense workers, agency people, etc.
It's stunning to hear so many people who are willing to do that.
There's a huge crowd of people refinancing, with the justification that it will lower taxes, without really realizing that they end up with LESS take home pay, since they have to pay the bank $1000 to save $300 in taxes (for some people). Some people are ok with more net out money to "save" taxes.
It's a black box, people. Money out is money out. Does it really matter who gets it? It's Banks vs teachers, road construction workers, defense workers, agency people, etc.
Kepler
Si certus es dubita
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
I'd say if you think that you are not, by definition, a smart person.
I'd say if you think that you are not, by definition, a smart person.
unofan
Well-known member
Meh, it's a gap in knowledge. I'm sure there are things in art and literature that I don't know that gives my wife pause.
MissThundercat
Are the cis okay?
Got a question: I make roughly $14/hour plus shift premium. I am outraged by this plan, but I haven't been able to find much on how this affects me.
mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
no. you are already spending that dollar. you already get deductions now (like mtge. everyone has (or should have) a mtge. rent payments are the sux). with this plan those are being taken away.
fred foreman has state income tax he pays
harriet houseowner has a mtge
marry medical has a family and kids where she sometimes has large bills
these again are not things that people go out of their way to spend.
if 'reform' is looking to be neutral in places, they need to first do this so every tax payer is neutrally impacted. then (and only then) think about cutting rates.
--at least that would be how mookie would do it.
no. you are already spending that dollar. you already get deductions now (like mtge. everyone has (or should have) a mtge. rent payments are the sux). with this plan those are being taken away.
fred foreman has state income tax he pays
harriet houseowner has a mtge
marry medical has a family and kids where she sometimes has large bills
these again are not things that people go out of their way to spend.
if 'reform' is looking to be neutral in places, they need to first do this so every tax payer is neutrally impacted. then (and only then) think about cutting rates.
--at least that would be how mookie would do it.
mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
that is not a well thought out reason if true. would generally say that paying yourself rent via a mtge is something you will see back as you increase your equity and move out of your house at some point in the future. on top of that you get the tax savings with the interest. of course this is primarily though that first buy and not rerolling over and over and over your mtge.
mookie can't remember but with the closing costs there is supposed to be a break even time frame where if you are doing the 'pay myself rent and build equity' if you are planning on only staying X amount of time you won't recover your closing costs and it will hurt you.
that is not a well thought out reason if true. would generally say that paying yourself rent via a mtge is something you will see back as you increase your equity and move out of your house at some point in the future. on top of that you get the tax savings with the interest. of course this is primarily though that first buy and not rerolling over and over and over your mtge.
mookie can't remember but with the closing costs there is supposed to be a break even time frame where if you are doing the 'pay myself rent and build equity' if you are planning on only staying X amount of time you won't recover your closing costs and it will hurt you.
mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
while the lowest rate is supposed to increase, your standard deduction is also planned to nearly double. either way you won't get the benefit you should. can't see how you should really be paying in anything other than socsec at that wage (another worthless mookie opinion
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while the lowest rate is supposed to increase, your standard deduction is also planned to nearly double. either way you won't get the benefit you should. can't see how you should really be paying in anything other than socsec at that wage (another worthless mookie opinion
)Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
At their target sales prices, payback can be measured in weeks.
Heh. Don't look now, but my bro-in-law (Cornell CS major) works for a startup that builds literal burger-flipping robots that use computer vision, infrared cameras, AI, and the works to manage a fast-food grill. 20 years from now, you'll upload your order, your food will arrive perfectly cooked, your account will be deducted, and there will be no humans involved in the transaction (other than you).
At their target sales prices, payback can be measured in weeks.
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Kyle Hayton will be devastated to hear this!
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mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
wait until all cars are made as EV and not ICE. workers will be laid off en masse
wait until all cars are made as EV and not ICE. workers will be laid off en masse
unofan
Well-known member
We're arguing two different things. I'm saying, regardless of the current or proposed plan, there are people who wait until 12/31 and donate to a charity or put money into an IRA or whatever in order to "drop to a lower tax bracket," because they think all money is taxed at the highest marginal rate they pay.
It's not money they'd otherwise spend because they do it purely for tax reasons, even though it's stupid to do so.
mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
yah, that doesn't make much sense.
yah, that doesn't make much sense.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
Do you not see people taking longer loans than they need to just for the tax savings? Happens all the time.
Even your claim that you can pay out money to lower your tax bracket is an example of that floating around in people's heads.
If you want to give money away for charity- do whatever you need to do. It should not be done because of taxes, it should be done, and the tax result is a bonus.
But on high dollar items like homes, it's just stupid to pretend that the $1000's you over pay for your mortgage saves you hundreds of dollars. Considering how often you see people roll over their loans into "more" home, that results in a constant battle paying huge interest payments and low principle- all with the thinking of the tax break. dumb
Do you not see people taking longer loans than they need to just for the tax savings? Happens all the time.
Even your claim that you can pay out money to lower your tax bracket is an example of that floating around in people's heads.
If you want to give money away for charity- do whatever you need to do. It should not be done because of taxes, it should be done, and the tax result is a bonus.
But on high dollar items like homes, it's just stupid to pretend that the $1000's you over pay for your mortgage saves you hundreds of dollars. Considering how often you see people roll over their loans into "more" home, that results in a constant battle paying huge interest payments and low principle- all with the thinking of the tax break. dumb
mookie1995
there's a good buck in that racket.
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
not sure mookie typed that one can pay out money to lower their tax bracket......
not sure mookie typed that one can pay out money to lower their tax bracket......
Re: Business, Economics & Tax Policy 5.0: Can a blind nut find a squirrel?
You did type this. And if lower deductions means more income being taxed, that also means higher deductions mean less income being taxed. Unless it's a trick post.
Perhaps mookie can be more descriptive of what the sentence is supposed to actually mean.
You did type this. And if lower deductions means more income being taxed, that also means higher deductions mean less income being taxed. Unless it's a trick post.
Perhaps mookie can be more descriptive of what the sentence is supposed to actually mean.
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