MULEPACKHUNTER Report post Posted March 6, 2018 Less deductions equals more taxes for Bill. We did our taxes last week and our guy was nice enough to run our numbers from this year using the new tax codes and we would get an extra 2700.00 for the year so I guess the headlines of trumps plan hurting the middle class was fake news. Share this post Link to post Share on other sites
Red Sparky Report post Posted March 7, 2018 We will still have to pay about $10,000. If I could only talk the wife into making the quarterly payments higher. Share this post Link to post Share on other sites
billrquimby Report post Posted March 7, 2018 "What is costing you more? I mean what will you be paying $400 a month more for?" "Less deductions equals more taxes for Bill." Yep. The new standard deduction will be $24,000 for married couples, but the current $8,100 personal deduction will go away, which means the "standard" actually will be $15,900. This is less than our allowable deductions were for 2017 because the new tax law no longer allows us to deduct state and local taxes, or exorbitant medical expenses that only go up as we grow older. Meanwhile we still will be taxed on up to 85% on our Social Security benefits and 100% of our pensions and mandatory withdrawals from tax-deferred savings accounts. The framers of the new tax law ignored that, unlike taxpayers still working in the marketplace, the only cost of living increase for most fixed income retirees is from the Social Security Administration and is too little and too late. For many seniors, resources assembled over a lifetime as well as our purchasing power and standard of living shrink from inflation each year. Bill Quimby MultiQuote Share this post Link to post Share on other sites
PRDATR Report post Posted March 7, 2018 "What is costing you more? I mean what will you be paying $400 a month more for?" "Less deductions equals more taxes for Bill." Yep. The new standard deduction will be $24,000 for married couples, but the current $8,100 personal deduction will go away, which means the "standard" actually will be $15,900. This is less than our allowable deductions were for 2017 because the new tax law no longer allows us to deduct state and local taxes, or exorbitant medical expenses that only go up as we grow older. Meanwhile we still will be taxed on up to 85% on our Social Security benefits and 100% of our pensions and mandatory withdrawals from tax-deferred savings accounts. The framers of the new tax law ignored that, unlike taxpayers still working in the marketplace, the only cost of living increase for most fixed income retirees is from the Social Security Administration and is too little and too late. For many seniors, resources assembled over a lifetime as well as our purchasing power and standard of living shrink from inflation each year. Bill Quimby MultiQuote When it comes right down to it the whole plan was a big looser in the long run since people like you and me take it in the shorts. No free lunch. Seniors who really needed a step up got a smack down. 3 Share this post Link to post Share on other sites
cohntr6 Report post Posted March 7, 2018 Sorry Bill. Guess I better get while the gettin' is good so I can retire someday and not have to worry too much about bills. Glad everybody else is seeing fatter paychecks!! Jeff Share this post Link to post Share on other sites
MULEPACKHUNTER Report post Posted March 7, 2018 And let's not forget to two big items a lot of people forget, this goes away slowly over ten years and oh ya the big one , where does all this money come from? 3 Share this post Link to post Share on other sites
dusty Report post Posted March 7, 2018 An old proverb tells us that the borrower is slave to the lender, and as we continue to spend and build debt, think about who we are getting our money from. The answer is the printing press and China. 2 Share this post Link to post Share on other sites
stanley Report post Posted March 7, 2018 And let's not forget to two big items a lot of people forget, this goes away slowly over ten years and oh ya the big one , where does all this money come from? Indeed I'm horribly troubled by both Bill's situation (there are millions like him) AND the final question in your statement: " ...where does all this money come from?" Spend, spend, spend..... NO balanced budget! 'Trump the 'business man' is going to get this country back on track. He will make American great again.' Sure he will. Just like his many bankrupt businesses. I hope to retire in the next several years, plus I have three young adult children. I am troubled for myself and them as well. Rant over. Sincere good luck weathering this Bill and everyone else negatively impacted! S. 2 Share this post Link to post Share on other sites
billrquimby Report post Posted March 7, 2018 Don't get me wrong. We are not destitute, and a $4,800 annual tax increase is troubling but it will not bankrupt us. It's just that we and many other seniors got the short end of the stick when the new tax law was written and the effect of "entitlement reduction" on us was ignored. As for the money to replace the lower taxes others will pay. I was taught in Economics 101 at the UA College of Business and Public Administration a hundred years ago that reducing tax rates stimulates job growth, which ultimately increases government tax revenues. It worked in the Reagan years, and it will work now. Bill Quimby 6 Share this post Link to post Share on other sites
Non-Typical Solutions Report post Posted March 7, 2018 I feel for young adult kids.......insurance, house payment or rent, healthcare trying to start a family, things we have all had to face but it seems so much more "taxing" than it was for me, I always had a good steady job plus an extra job for play money!!! I am right on the cutting edge of being retired or staying with work to cover health insurance! I officially retired 2 years ago but then hired back and I swear the taxes just kept flying out of my pocket.........really upset me but making that kind of a move did put more money in my pocket but also threw us into a different tax bracket, plus all the kids out of the house........ Bottom line......live within your budget......you don't spend more than you make........which our country will never accomplish as long as we give money to countries, support illegals and sanctuary mentality! I really hope Trump can keep up pushing these approaches and he doesn't give up under the pressure................. 1 Share this post Link to post Share on other sites
Snapshot Report post Posted March 7, 2018 The establishment goons in D.C, don't like Trump, because he wants to trim the fat out of big government. Trimming the fat would help pay for many positive things. Share this post Link to post Share on other sites
stanley Report post Posted March 8, 2018 The establishment goons in D.C, don't like Trump, because he wants to trim the fat out of big government. Trimming the fat would help pay for many positive things. How about trimming fat to balance the budget before any new things are purchased/promised/paid-for? All I ask is for a balanced budget. I have seen very little of Trump or anyone else working on trimming anything at all. The Republican party used to claim to be fiscally conservative. No more though. This kind of thing just frustrates me like you won't believe. I am absolutely sickened by politics. S. 1 Share this post Link to post Share on other sites
AverageJoe Report post Posted March 8, 2018 Trump has already pulled us out of BS treatys / agreements that were costing the US billions with no return on that investment. He completely stopped the flow of corrupt money coming into the country from the middle east (the beginning of drained the swamp), reformed taxes, dropped the (illegal) obamacare mandatory insurance mandate, and so much more just in his first year alone. The next 3 should be very interesting for sure. You cant go from a completely and horribly unbalanced budget to a perfectly balanced budget. It will take time... Share this post Link to post Share on other sites
Snapshot Report post Posted March 8, 2018 The establishment goons in D.C, don't like Trump, because he wants to trim the fat out of big government. Trimming the fat would help pay for many positive things. How about trimming fat to balance the budget before any new things are purchased/promised/paid-for? All I ask is for a balanced budget. I have seen very little of Trump or anyone else working on trimming anything at all. The Republican party used to claim to be fiscally conservative. No more though. This kind of thing just frustrates me like you won't believe. I am absolutely sickened by politics. S. 8 We haven't seen a budget out of Washington in how long.? I don't think those idiots know what one is. As a business man, Trump should. Trump has been cutting funding to foreign countries, as well as the worthless U.N. I bet that we could eliminate 40- 50% of the Federal government, and still function quite well, if a fire was lit under the butts of the remaining 50%. The "do nothing" Congress, is the biggest roadblock. They are all afraid of having to stick to a budget. 1 Share this post Link to post Share on other sites
Snapshot Report post Posted March 8, 2018 I just checked online, and 2009 was the last time a budget was approved. The last time the Feds had a balanced budget, was 2001. Slick Willy was President. Share this post Link to post Share on other sites
