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Expiration of “Trump” tax cuts
Posted on 5/3/24 at 5:52 am
Posted on 5/3/24 at 5:52 am
So I saw on the news that although dipshit promised not to raise taxes on anyone making less than $400k if they let the current tax brackets expire then a couple with 3 kids making $200k will pay an additional $7k in taxes.
Does that sound right? That’s not a small amount.
Does that sound right? That’s not a small amount.
8
Posted on 5/3/24 at 6:08 am to SquatchDawg
it is democrats period. they love raising taxes.
Posted on 5/3/24 at 6:45 am to SquatchDawg
Where would you pay the extra $7k. As far as I know it’s the same, and the News is feeding you misinformation
Posted on 5/3/24 at 6:50 am to SulphursFinest
quote:
Where would you pay the extra $7k
We'd go back to the previous tax rates. The current child tax credick would be cut in half. The current standard deduction would be cut in half. The marginal rate would go from 22% to 25%.
Posted on 5/3/24 at 7:11 am to SquatchDawg
Sounds in the ballpark. Trump tax cuts sunsetting so soon was a terrible idea when it happened.
It repealed the personal exemption forever but the standard deduction and child tax credit was a finite period. So dumb.
ETA - I stand corrected on personal exemptions. They would return in 2026.
It repealed the personal exemption forever but the standard deduction and child tax credit was a finite period. So dumb.
ETA - I stand corrected on personal exemptions. They would return in 2026.
This post was edited on 5/3/24 at 2:07 pm
Posted on 5/3/24 at 8:32 am to SquatchDawg
Technically Biden wouldn't be doing anything to make that happen so he could honestly - with the support of MSM - deny he did this. He could still blame Trump and the republicans. That's how they shove this shite down our throats... Well, we better let grandpa get what he wants or my taxes are going to go up by 7k a year. DV's are considered UV's for this post...
Posted on 5/3/24 at 8:58 am to Bestbank Tiger
quote:
We'd go back to the previous tax rates. The current child tax credick would be cut in half. The current standard deduction would be cut in half. The marginal rate would go from 22% to 25%.
To expand on this even more specifically.
The Trump Tax cuts took the 15% bracket to 12%, the 25% bracket to 22%, the 28% bracket to 24%, 33% bracket to 32% and 39.6% bracket to 37%
So for middle/lower upper income people especially it was a huge break, going from 25 to 22 and 28 to 24 especially. When you throw in the standard deduction increase as well, a GIGANTIC break for people who made very little as well.
At the time, one of the biggest tax breaks overall in our history. Got billed by 1 side as a tax break for all, and another side really just a tax break mostly for the high income earners...but he didnt touch the 35% bracket and 33% only went to 32% which isnt much. If he didnt touch the 39.6% bracket it really could have never been pinned as a tax cut for the rich. Was still smart to cut the tax brackets where he did because literally everyone felt that when it went into effect, and if that got thrown back to prior tax brackets under the Dem control they might not win another election for a long time for the simple fact how many people would see their paychecks get smaller basically overnight once the new year hit.
The standard deduction doubling was pretty huge too. Most singificantly for the lower income earners. Think about someone who made $30k in 2017 with a $12,700 deduction vs. someone who made $30k in 2018 with a $24k deduction. Ton of money back in their pocket.
This post was edited on 5/3/24 at 9:19 am
Posted on 5/3/24 at 9:08 am to SquatchDawg
The is liberals lying 101.
“We’re not going to raise your taxes… but those temporary tax breaks orange man gave you are not going to be extended”.
They should have been made permanent revisions so we don’t have to play these games. At least Trump has some ammunition here. Pocket book reason to get him back in.
“We’re not going to raise your taxes… but those temporary tax breaks orange man gave you are not going to be extended”.
They should have been made permanent revisions so we don’t have to play these games. At least Trump has some ammunition here. Pocket book reason to get him back in.
Posted on 5/3/24 at 9:34 am to TigerDeBaiter
So my follow up question is where are our esteemed Republican congressmen pushing a bill to make this permanent?
God I hate politicians.
God I hate politicians.
Posted on 5/3/24 at 9:36 am to slackster
quote:
It repealed the personal exemption forever but the standard deduction and child tax credit was a finite period. So dumb.
He should've made the individual rate cuts permanent and the corp rates temporary instead of the other way around.
Posted on 5/3/24 at 9:43 am to SquatchDawg
quote:
So my follow up question is where are our esteemed Republican congressmen pushing a bill to make this permanent? God I hate politicians.
But then they would have a reason for us to “need” them either. The scumbaggery is played on both sides.
Posted on 5/3/24 at 9:44 am to SquatchDawg
quote:
So my follow up question is where are our esteemed Republican congressmen pushing a bill to make this permanent?
It would be a complete waste of time never getting signed by a democrat president even if it got by a democrat controlled senate which is highly unlikely.
They would never sign something that prominent that Trump did into law especially how much they framed it as just a tax cut for the rich which is the big hold up on their end. Like I said, if they never touched that top bracket they would have nothing to really complain about.
Posted on 5/3/24 at 9:48 am to thunderbird1100
Realistically no….but they could make a big damn deal about the tax increase coming from the Dems because they refuse to consider it….and will be coming if they win…..which in an election season seems as much of a no brainer as there ever was.
Posted on 5/3/24 at 9:59 am to SquatchDawg
muh trickle down economics
Posted on 5/3/24 at 11:15 am to SulphursFinest
quote:Rates revert to pre-Trump tax cuts. Results in increase in taxes for everyone making $22,000 (married) or higher. I believe this is beginning 2026 so if Biden is re-elected.
Where would you pay the extra $7k. As far as I know it’s the same, and the News is feeding you misinformation
This post was edited on 5/3/24 at 11:16 am
Posted on 5/3/24 at 11:32 am to SquatchDawg
Taxes will go up with the sunset and they can blame trump
Posted on 5/3/24 at 11:45 am to TigerTatorTots
So given this does it ever make sense to direct 100% of a company 401k into the tax deferred plan vs the Roth if it can drop you into the lower bracket?
I’ve always been of the mindset it’s better to pay today’s rates when I have an income vs some unknown future rate 10 years from now when I need to live off my saved funds.
I’ve always been of the mindset it’s better to pay today’s rates when I have an income vs some unknown future rate 10 years from now when I need to live off my saved funds.
Posted on 5/3/24 at 1:27 pm to SquatchDawg
quote:
So given this does it ever make sense to direct 100% of a company 401k into the tax deferred plan vs the Roth
Sure, if you are in a high marginal bracket now you should consider the effective tax rate (not the marginal bracket) of future withdrawals. If you dont expect significant income from other sources during retirement, much if not all of your traditional withdrawals will be taxed at zero (standard or itemized deductions) and then the bottom brackets before any of it gets taxed in a bracket equal or greater than your current one. You are doing it wrong if simply comparing rate in your top bracket today and future.
Even better, if you are withdrawing a mix of traditional, Roth and taxable (including basis) to optimize brackets. It's typically best to pull a portion from traditional so you can use that to fill the standard deduction and possibly the bottom brackets then top off w taxable basis or Roth when you approach higher brackets.
This post was edited on 5/3/24 at 1:28 pm
Posted on 5/3/24 at 2:06 pm to TorchtheFlyingTiger
quote:
According to the IRS site the personal exemption was only suspended and returns in 2026.
Ah, you’re correct. Good catch.
SALT cap would be removed, but QBI would go too.
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