Towards the end of each year I always email my accountant to a sense of what my tax burden will be for the upcoming tax year so that if needed I would adjust my withholding from my pay if I am potentially under what I would owe. I was much more curious this year because of the new tax laws and being a NJ resident. Based on what some here were saying I was ostensibly going to get crushed because of the adjustments to the SALT deduction. Well guess what, not only am I not going to get crushed but my family and I will be better off by the tune of over $4,000.00. Thank you Republicans and specifically Marco Rubio (the biggest chunk will be with the child tax credit).
Curious on others thoughts.
PS - If the Democrats did this I would be happily thanking them as well (I don’t give a rat’s ass who it is that puts money back in my pocket).
No it’s not. If you neighbor has the exact same taxable income and he must pay more than you only because you have kids then yes, that is very socialist.
The government will have to make up the lost taxes from somewhere. We’re exploding the deficit right now because of these tax cuts. I guess the debt doesn’t matter anymore.
I don’t feel entitled to anything. Furthermore tax advantages for families has been part of tax laws for decades and has been supported by BOTH parties and even more so by Democrats. Are you not aware of that.
You are getting far more than you are paying for. The paltry child tax credit doesn’t represent an appreciable fraction of what it cost me to raise and educate two future tax paying US citizens, who over their lifetimes will pay many times that meager government investment in taxes on their own earnings.
And? You got to deduct additional money from what is taxable than your childless neighbor is not allowed to simply for having kids.
Heck, personally I am not against a child tax credit, but I do call it what it is, a socialist policy. Just proves my point that we have been a socialist country since all of us been a live and we just fight over how much and what kind of socialism is acceptable.
Borrowing a TRILLION AND A HALF DOLLARS from the future so you can get a small chunk of it is really really easy for the GOP to do when they are in power.
Once they are out of power the drumbeat of deficit spending will be heard even louder than last time.
Senators voted Wednesday to block President Trump’s $15.4 billion spending cuts package, with lawmakers saying it trimmed the budget too much.
Brushing aside administration promises that the cuts were chiefly to money that was never going to be spent, the Senate voted 50-48 to keep the bill bottled up. Two Republicans — Susan Collins of Maine and Richard Burr of North Carolina — joined Democrats to defeat the package.
Yes, I do. PA has high property taxes and people are always running for office promising to lower them, but never explain how they will fund education if they do.
I just don’t feel we should be exploding the deficit so that breeders can get a tax break. I’m fiscally responsible in my own life (part of the reason I don’t have children). I expect more out of our government. It makes me cringe when certain people laud policies which actively damage our society, simply because it benefits them in the short term.
I respect everyone who has a concern about the deficit. But the purpose of this thread was to discuss whether the new tax laws was going to hurt people in states like NJ.
