A week or two ago, I was informed that this would be the first of our new post-tax cut paychecks. Six bucks a week. Well, that’s certainly worth all the “The government’s broke, we have to slash social programs” rhetoric.
Do you understand that in reality, I’m only getting almost $1.29 per week after the tax cut?
The bill is a very, very bad bill. And I’m paying a lot more taxes next year thanks to this very, very bad bill.
But one (or even two) anecdotes about the effect doesn’t really mean anything. The bill was not intended to give every single American a big chunk of cash back.
It’s being promoted as meaningful to the working/middle class by the GOP so it’s worth talking about how it has (or hasn’t) impacted us.
It was marketed as MASSIVE Tax Cut – The Biggest Tax Cut In History™. I knew from its inception that it’s really the We’re Going To Give Away [Carl Sagan] Billions And Billions [/CS] To The Rich, And Give Some Chump Change Or Take Money Away From Everyone Else Plan, but since it was market otherwise I’m going to call him on it.
EDIT: Or what Jophiel said.
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Berkshire Hathaway got a $30 Billion savings from the tax cut. Not sure what you are complaining about, Johnny.
Meh, $1500+ for me this year seems like a good-sized chunk of cash. Sounds like sleestak will be in that same range. Earlier this month a NYT poll found majority support for the tax bill and estimates are that the vast majority of Americans will see savings from the tax overhaul.
Our checks March 2 will reflect the cut. However, I dropped my exemptions to one and have $100 extra taken out to cover the large tax bill I just paid. First time in my working life I’ve owed.
Well, hell, I’m seeing savings from it this year. Six dollars a week but I technically count as “seeing savings”. Of course, my six dollars is set to taper off while the rich and corporations get to keep their savings while I pay for it. Hooray, tax law!
7 bucks a week here. Winning! I can take my family to the local Chinese buffet 6 times a year, and spread that wealth around!
Are you salaried or hourly?
Slee
Salaried.
You get the impression from reading threads like this that there’s this incredible dichotomy between liberals and conservatives WRT the impact of the tax cut. Liberals saved virtually nothing or even lost money, while conservatives tended to save a lot more. Remarkable, when you think about it, that a tax cut could be as targeted as that.
The alternative explanation is that liberals who saved little or lost money make a big deal about it on MBs, while those who saved big time are quiet about it. And the opposite is true of conservatives.
If the latter hypothesis is true - and I have a sort-of feeling that it is 
- then it’s useless to use threads like this as any sort of gauge.
We can use this thread to document how rich folks and corporations have benefited bigly. I don’t think there is any question on that aspect.
Not too remarkable. That was a major goal in revoking SALT deductions: Pay for the tax cut on the backs of the blue states.
I’m curious: in your opinion, is my $1500-$2500 (guessing about the high side here, it hinges on my bonuses) savings throughout the year still “crumbs” or does that qualify me as “rich folks” in your mind?
They were ultimately just capped, not revoked, right?
I was going to reply to this earlier but I thought it might not be appropriate if this thread was just going to be about individual tax-saving anecodotes, but since it seems to have gone full-bore into a political discussion (and it’s not about a breaking-news current event), I’m going to raise some questions.
It’s always nice to see more money in your paycheck, but that’s not all that the much-vaunted “Trump and the Republicans” (sounds like a band name) have done. First we have the fact that billionaires will benefit grossly disproportionately from ordinary people, and some of the poorest and neediest are going to take a big hit and screwing over. Have you stopped to consider the ramifications of that? Then we have the fact that the national debt is at $15 trillion and growing, more than 76% of the GDP and more than 106% of the GDP if intragovernmental holdings are included – and you and your kids and grandkids and future generations all down the line are going to be held to account for this recklessness as debt service costs swallow larger and larger amounts of the federal budget. And independent projections are that the deficits will be even worse than stated because the budget projects a laughably unrealistic economic growth rate. How do you reconcile these reckless tax cuts with the fiction that Republicans are supposed to be “the party of responsibility”?
But maybe the most disturbing part is where the 42.3% cut to all non-defense discretionary spending is going to happen. It’s going to hit hardest at environmental and labor programs, diplomacy, scientific research, and most of all at vital social programs. The spending cuts include include 33.7% cut from the EPA, 29.5% cut from the National Science Foundation which funds important scientific research, and 21.4% and 26.9% respectively cut from the Labor and State Departments.
But potentially even worse are the plans to decimate the social safety net: 7.1% cut from the already underfunded Medicare, and a whopping 22.5% cut from Medicaid and subsidies, 27.4% cut from the food stamp program, and 20.1% cut from housing assistance. Meanwhile the military is getting significant spending increases – a 7.9% increase in 2020 alone, for instance. Cite. So I guess my final question is how some of you folks can praise “Trump and the Republicans” and reconcile that with your conscience when people are going to be deprived of health care, food stamps, and housing, and the country’s fiscal stability is being dragged even further into the gutter.
And double dipping. The Times yesterday reported on how large chunks of the corporate tax breaks are going to stock buybacks, which benefit execs with lots of stock and the stockholders who are richer than average, of course, and who own most of the stock. (Top 1%.)
That is not new investment, that is not new jobs, that is not higher pay. Yeah, people got 1 time $1,000 bonuses. Won’t help next year.
Same thing happened in 2005 when the corporations brought money back from overseas.
Looks like I get a little less than $14 a week.