That’s not an argument about tax policy.
It’s the right-wing equivalent of “Check your white privilege!” It shuts down the debate rather than actually having one.
So where was the alt left during the Obama debt years? I was not here then. If you were here, where you posting your concerns about the debt? I’ve noticed many on the left have a new found debt religion.
Get a new accountant then cuz I’d have to wonder why paid so much to begin with?
I have always been against going into massive amounts of debt without cause (which was once known as fiscally conservative). If you want something, you pay for it!
If you want to cut taxes, cut spending. If you want a military, pay the taxes. If you want Medicare-4-All, pay for it!
Shouldn’t they be out protesting Trump’s economic policies?
About 1835 was a good year then.
16200 in personal exemptions - gone
27000 in Salt, capped at 10k - 17000k gone
4000 tax credit - got it
So I lost 33k in deductions and gained 4K credit.
The $70 dolllars was just my paycheck. My wife’s was around $50.
So $120 x 26 = about $2500 additional a year.
It should be one of the goals for good governance. I don’t support an balanced budget amendment because there are situations that arise (ie. war) where there needs to be debt, but the reckless borrowing since the Reagan Admin needs to stop.
Or we can continue to borrow until our currency isn’t worth the paper it’s printed on. Neither party will stop borrowing so I can’t vote on that issue either.
Lets do an assumption here.
with 70K in deductions – I’m going to go with 300k in income. (just under 1/3 your income in deducitons.)
So your taxable income would have been 230 k. This year 250k
So looking at the year 2017 tax brackets – your tax would have been: 52k +10k ( 33% on 30k) or 62 thousand in taxes.
Now 2018 tax brackets your tax would be: 28k + 20k (24% on 85k) for a total of 48 Thousand in taxes. So now we are 14K LESS in taxes year to year. THEN you take the 4k child tax credit off the top and it’s now 44k in federal tax.
Now should we do if you made 500k?
2017 you had 70k deductions so 430K income. 117k + 76k = 193k taxes
2018 you had 50k deductions so 450k income. 91k + 18k = 109k - 4k child tax credit = 108k
at 500k yearly income filing as a married couple you would pay 85k les sin taxes.
used the tax due from these two tables of the 2017 and 2018 tax years.
Now granted I have no idea what your income was, but shows how much less taxes you pay with the new brackets than the old PLUS you got an additional 4k off the total tax due.
Since cutting taxes is clearly the only thing that matters anymore let’s just put everyone’s taxes to 0% and to hell with the debt.
Conservatives around here now worship at the Altar of Always Cutting Taxes, having abandoned their devotions to the Altar of Conspicuously Protesting the Debt.
I work a lot of OT.
a normal shift for me is 4 hour straight pay, 4 hours overtime.
I’ve got a much better idea:
Flat tax. one tax rate for every tax form. One person per tax form. Single deduction = to 80% of federal minimum wage. No other tax deductions or tax credits allowed.
If I’m reding this right, your workday is only 4 hours a day??? Then 4 hours OT for the other 4 (to make an 8 hour workday???)
I always knew they did things a little backwords north of the border . . . but that’s crazy!
Yes… we spend too much. The left can’t learn. As we saw in greece, Italy and Spain etc.
The house had made no bill or recommendation on how to keep our children out of such massive debt.
Yep I work 8 hour days but half of it is paid OT because I don’t know they like throwing money at me.
and my refund was up… a lot…
Sounds like a company that is messed up in leadership. Why not have you work an 8 hour day, and increase your base pay?
I still can’t wrap my head around a company saying you can work a normal 8 hour shift, but we’ll pay you double for half of it.
Do you realize a negative trade deficit does not increase our actual deficit?
When we have a trade deficit with another country, we aren’t losing any money.
just means your buying more product then your selling.
which is all done by private companies.
A trillion ■■■■■■■ dollar deficit and the Tea Party Patriots are ■■■■■■■ mute… Its unreal lol
