US Tax Cuts

Rob Philpott

I don't follow American news that closely, but it seems that Donald Trump has made a lot of noise about cutting taxes. Hopefully without starting a tedious debate about his fitness for office, I have a genuine question for our US friends - are you feeling these tax cuts? By which I mean have you more money coming into you bank accounts each month?

Regards, Rob Philpott.

Clifford Nelson

The amount you are talking about for the middle class is minor. If you are rich, it is much more. It is funny that Trump feels that the rich need a big tax cut. They got one only a few years ago under Bush. Bush's stupidity in having this tax cuts and the wars now has the US with a 21 trillion debt. Stupid people still blame Obama for the deficit and it mostly happened during his term, but if you look at the graph, the deficit started climbing like crazy at the end of Bush's presidency. To think that Clinton had actually managed to start to cut into the debt, but Republicans now are tax cuts and spend. So much for the Republicans from back in the 60's that tended to be fiscally responsible. That ended with Regan. Us is on the road that Spain was a few hundred years ago when they over spent on military adventurism, being able to borrow because for the expected treasures from the New World. Unfortunately the silver caused crazy inflation since it flooded the market, and eventually started to dry up. How long before the US starts to suffer because of its horrible debt.

Lost User

Rob Philpott wrote:

By which I mean have you more money coming into you bank accounts each month?

Yes. Despite the left's "Robin Hood" whining ("Tax the fuck out of successful people to subsidize the unsuccessful") the additional money is real and noticeable. That being said... I would have preferred the cuts had been corporate only (not personal) because our corporate rates were way too high compared to other nations while personal rates were probably OK as they were. Also I would have required the cuts be contingent on large spending cuts as well. Less military, less government welfare, less waste, etc...

Foothill

The tax cut was noticeable but, for me, was completely off-set by a big increase in health insurance premiums. I ended up taking home less per-paycheck than before. :sigh:

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kmoorevs

Rob Philpott wrote:

are you feeling these tax cuts?

Not judging by the 2018 quarterly estimates my accountant just provided! According to these, my tax liability will be going the wrong way! Screw 'em, I never pay quarterly anyway! I haven't seen the new tax tables (assuming they are published) but had expected a substantial decrease. :sigh:

"Go forth into the source" - Neal Morse

NotYourAverageGuy

~ $2400 more in my pocket in 2018 according to my records. Still not enough, but certainly not 'crumbs'.

jschell

Rob Philpott wrote:

are you feeling these tax cuts?

Rather certain the Koch brothers are. Bless their tiny hard little hearts.