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2017-12-05 11:21 AM

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Subject: New Tax Bill

I will be paying MORE in taxes according to the calculators i can find.  Why should this help the economy.  This hurts young people who again are being kicked around in the system to enrich the already wealthy.



2017-12-05 11:28 AM
in reply to: 0

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Floriduh
Subject: RE: New Tax Bill
That's because you live in a high-tax state, sorry Dude.

FWIW, I think that ditching the SALT exemption was a BS way to the numbers work. 1) This will make you pay taxes on taxed income, not cool. 2) The high-tax states are the ones in the drivers seat of the innovation economy we should endeavor to not kill the golden goose.

Edited by Oysterboy 2017-12-05 11:44 AM
2017-12-05 11:44 AM
in reply to: Oysterboy

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Extreme Veteran
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Maryland
Subject: RE: New Tax Bill

its also because of student loans.

2017-12-05 11:46 AM
in reply to: dmiller5

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Expert
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Floriduh
Subject: RE: New Tax Bill
Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.
2017-12-05 11:49 AM
in reply to: Oysterboy

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Subject: RE: New Tax Bill

Start putting some money in the stock market......and if you already are, put more in. 

2017-12-05 12:02 PM
in reply to: Left Brain

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Extreme Veteran
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Subject: RE: New Tax Bill

now isn't the time, stocks are artificially high. i'll be waiting until they drop first.



2017-12-05 12:14 PM
in reply to: dmiller5

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Subject: RE: New Tax Bill

Actually, no they aren't.  And you're missing a huge run that doesn't show any sign of dropping off.  Of course there will be a correction at some point, but if you're waiting to invest in a falling market, that's a fools game.

2017-12-05 12:21 PM
in reply to: dmiller5

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Champion
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Alabama
Subject: RE: New Tax Bill
Originally posted by dmiller5

I will be paying MORE in taxes according to the calculators i can find.  Why should this help the economy.  This hurts young people who again are being kicked around in the system to enrich the already wealthy.





I will pay $1,610 LESS and you will pay more. How is this a bad thing?!

:-)
2017-12-05 12:25 PM
in reply to: Left Brain

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Champion
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Alabama
Subject: RE: New Tax Bill
Originally posted by Left Brain

Actually, no they aren't.  And you're missing a huge run that doesn't show any sign of dropping off.  Of course there will be a correction at some point, but if you're waiting to invest in a falling market, that's a fools game.






Exactly. Old stock market saying, "Be careful catching falling knives!"
2017-12-05 12:44 PM
in reply to: Left Brain

Master
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, California
Subject: RE: New Tax Bill

Originally posted by Left Brain

Actually, no they aren't.  And you're missing a huge run that doesn't show any sign of dropping off.  Of course there will be a correction at some point, but if you're waiting to invest in a falling market, that's a fools game.

Assuming we don't fight North Korea

2017-12-05 12:52 PM
in reply to: 0

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Subject: RE: New Tax Bill

Originally posted by spudone

Originally posted by Left Brain

Actually, no they aren't.  And you're missing a huge run that doesn't show any sign of dropping off.  Of course there will be a correction at some point, but if you're waiting to invest in a falling market, that's a fools game.

Assuming we don't fight North Korea

None of those things is a reason not to get in the market right now.  I don't even want to say how much I have made since 2009.....it's obscene.  I make a six figure income, and my yearly gains are greater than my salary over the last 4 years alone.

if we go to war with N. Korea i won't touch a dime of it.......the market will ALWAYS come back.  A young man like Dave needs to invest every penny he can, every day he can.

The only real losers among young people who invest are those who think they can predict the market.  Invest early and often......and stay with it.



Edited by Left Brain 2017-12-05 12:53 PM


2017-12-05 1:32 PM
in reply to: Left Brain

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Extreme Veteran
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Subject: RE: New Tax Bill

right, and now i'll have about 100,000 fewer pennies this year to invest.

2017-12-05 1:32 PM
in reply to: Oysterboy

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Middle River, Maryland
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Subject: RE: New Tax Bill

Originally posted by Oysterboy Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.

So why do I have to subsidize someone else's graduate school tuition?

 

2017-12-05 1:34 PM
in reply to: dmiller5

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Expert
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Middle River, Maryland
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Subject: RE: New Tax Bill

Originally posted by dmiller5

I will be paying MORE in taxes according to the calculators i can find.  Why should this help the economy.  This hurts young people who again are being kicked around in the system to enrich the already wealthy.

I haven't done the math yet, but I'm probably in the same boat (also living in MD). 

Meh, we'll adjust. 

2017-12-05 1:45 PM
in reply to: 0

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Extreme Veteran
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Maryland
Subject: RE: New Tax Bill

Originally posted by jmhpsu93

Originally posted by Oysterboy Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.

So why do I have to subsidize someone else's graduate school tuition?

 

should football players have to pay taxes on their scholarship? if i get good grades, should i have to pay taxes on that scholarship?

 

What you're basically saying is, if you're poor, you can't go to college.



Edited by dmiller5 2017-12-05 1:46 PM
2017-12-05 1:45 PM
in reply to: jmhpsu93

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Expert
2373
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Floriduh
Subject: RE: New Tax Bill
Originally posted by jmhpsu93

Originally posted by Oysterboy Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.

So why do I have to subsidize someone else's graduate school tuition?

 



Because it isn't earned income. It isn't income at all, it is a payment to the school that is made through a myriad of mechanisms and it never passes anywhere near the student's pocket. A graduate student who has a $26 K stipend may see a doubling of his income if the tuition paid in his/her name is added to his/her W-2. Beyond a dumb idea.


2017-12-05 1:46 PM
in reply to: dmiller5

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Expert
2373
20001001001002525
Floriduh
Subject: RE: New Tax Bill
Originally posted by dmiller5

Originally posted by jmhpsu93

Originally posted by Oysterboy Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.

So why do I have to subsidize someone else's graduate school tuition?

 

should football players have to pay taxes on their scholarship?



Bingo
2017-12-05 1:49 PM
in reply to: jmhpsu93

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Subject: RE: New Tax Bill

It's taxes.....if you have a good, successful life, you will always pay more from year to year......it's a good thing.   Yeah, I know, this is supposed to be a "tax cut".....you might as well get over that too if you plan on making some decent money.

My wife and I paid over $50,000 in taxes last year.  We feel blessed and fortunate every single day.

We're middle class.....that's life.

2017-12-05 1:53 PM
in reply to: Left Brain

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Extreme Veteran
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Maryland
Subject: RE: New Tax Bill

Originally posted by Left Brain

It's taxes.....if you have a good, successful life, you will always pay more from year to year......it's a good thing.   Yeah, I know, this is supposed to be a "tax cut".....you might as well get over that too if you plan on making some decent money.

My wife and I paid over $50,000 in taxes last year.  We feel blessed and fortunate every single day.

We're middle class.....that's life.

LB, i would be ok with a tax increase, i feel similarly.

HOWEVER.  It is supposed to be a tax cut.  It is a tax cut for corporations and rich people, again shifting the burden onto the middle class.  Then, they are going to make cuts to cover it.  Where will these cuts come from?  Medicare, Social Security, etc.  The things that the middle class and lower class depend on to LIVE. 

2017-12-05 1:56 PM
in reply to: spudone

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Champion
10154
500050001002525
Alabama
Subject: RE: New Tax Bill
Originally posted by spudone

Originally posted by Left Brain

Actually, no they aren't.  And you're missing a huge run that doesn't show any sign of dropping off.  Of course there will be a correction at some point, but if you're waiting to invest in a falling market, that's a fools game.

Assuming we don't fight North Korea





I always thought war is good for the economy! But maybe that applies to big wars like WWII....when all the men went off to fight so unemployment went to zero. All the factories fired up and started producing arms and war supplies.

My theory on NK is all the stupid names Trump is call the NK leader are intended to goad him into doing something stupid so we have a 'legal' and moral authority to take him out. "Fire one towards Quam....I dare you little pipsqueak of a man....c'mon fat boy, I double-dog dare ya. Are you all talk? Fire a missile towards Quam or one with a trajectory close to Japan." And if he does, Maximus Trump says, "Unleash hell!" And we take out the every command post in NK before they have time to fire a shot. I'm not war planner but I would guess there are multiple war scenarios like that....that is what the Pentagon does for a living!
2017-12-05 2:22 PM
in reply to: Oysterboy

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Expert
4598
20002000500252525
Middle River, Maryland
Silver member
Subject: RE: New Tax Bill

Originally posted by Oysterboy
Originally posted by jmhpsu93

Originally posted by Oysterboy Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.

So why do I have to subsidize someone else's graduate school tuition?

 

Because it isn't earned income. It isn't income at all, it is a payment to the school that is made through a myriad of mechanisms and it never passes anywhere near the student's pocket. A graduate student who has a $26 K stipend may see a doubling of his income if the tuition paid in his/her name is added to his/her W-2. Beyond a dumb idea.

Understood - thanks for clarifying.  Does the source of the tuition break matter (i.e. stipend vs. scholarship vs. corporate tuition reimbursement vs. Pell grant vs. etc...)?



2017-12-05 2:29 PM
in reply to: dmiller5

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Subject: RE: New Tax Bill

Originally posted by dmiller5

Originally posted by Left Brain

It's taxes.....if you have a good, successful life, you will always pay more from year to year......it's a good thing.   Yeah, I know, this is supposed to be a "tax cut".....you might as well get over that too if you plan on making some decent money.

My wife and I paid over $50,000 in taxes last year.  We feel blessed and fortunate every single day.

We're middle class.....that's life.

LB, i would be ok with a tax increase, i feel similarly.

HOWEVER.  It is supposed to be a tax cut.  It is a tax cut for corporations and rich people, again shifting the burden onto the middle class.  Then, they are going to make cuts to cover it.  Where will these cuts come from?  Medicare, Social Security, etc.  The things that the middle class and lower class depend on to LIVE. 

I'm really good with tax cuts for corporations.  Just keep the economy moving forward and it'll be fine.....and you'll get 4 more years of Trump. LOL

2017-12-07 12:20 PM
in reply to: jmhpsu93

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Expert
2373
20001001001002525
Floriduh
Subject: RE: New Tax Bill
Originally posted by jmhpsu93

Originally posted by Oysterboy
Originally posted by jmhpsu93

Originally posted by Oysterboy Check out the cr@p they want to do with making graduate tuition taxable. For our students this will increase their taxable income by 50% making grad school not doable. And I'm at a state school, the Ivy's will get crushed. China is pretty much running the table on us in science now, this will hand it to them with a big ol' bow.

So why do I have to subsidize someone else's graduate school tuition?

 

Because it isn't earned income. It isn't income at all, it is a payment to the school that is made through a myriad of mechanisms and it never passes anywhere near the student's pocket. A graduate student who has a $26 K stipend may see a doubling of his income if the tuition paid in his/her name is added to his/her W-2. Beyond a dumb idea.

Understood - thanks for clarifying.  Does the source of the tuition break matter (i.e. stipend vs. scholarship vs. corporate tuition reimbursement vs. Pell grant vs. etc...)?



For students on a stipend/tuition waiver the money comes through a thousand different mechanisms, I do not know the granularity of the proposed law enough to comment on your question. Just seems like a dumb way to make the cuts pay for themselves.
2017-12-07 1:10 PM
in reply to: dmiller5

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Omaha, NE
Subject: RE: New Tax Bill

Originally posted by dmiller5

Originally posted by Left Brain

It's taxes.....if you have a good, successful life, you will always pay more from year to year......it's a good thing.   Yeah, I know, this is supposed to be a "tax cut".....you might as well get over that too if you plan on making some decent money.

My wife and I paid over $50,000 in taxes last year.  We feel blessed and fortunate every single day.

We're middle class.....that's life.

LB, i would be ok with a tax increase, i feel similarly.

HOWEVER.  It is supposed to be a tax cut.  It is a tax cut for corporations and rich people, again shifting the burden onto the middle class.  Then, they are going to make cuts to cover it.  Where will these cuts come from?  Medicare, Social Security, etc.  The things that the middle class and lower class depend on to LIVE. 

I'm curious how it actually pans out for you in real dollars Dave.  I'm sure there are places where your taxes will go up, such as the state income tax going away, but the doubling of the standard deduction is also huge and offsets most, if not all of that.

I will say thought that it really sucks when other people come after your hard earned money.  The feeling you're feeling is no different than the feeling anyone else gets when the tax man comes at you disproportionately.  At this rate, you'll be a fiscal conservative in no time.  

2017-12-07 8:54 PM
in reply to: tuwood

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Extreme Veteran
3025
2000100025
Maryland
Subject: RE: New Tax Bill

Originally posted by tuwood

Originally posted by dmiller5

Originally posted by Left Brain

It's taxes.....if you have a good, successful life, you will always pay more from year to year......it's a good thing.   Yeah, I know, this is supposed to be a "tax cut".....you might as well get over that too if you plan on making some decent money.

My wife and I paid over $50,000 in taxes last year.  We feel blessed and fortunate every single day.

We're middle class.....that's life.

LB, i would be ok with a tax increase, i feel similarly.

HOWEVER.  It is supposed to be a tax cut.  It is a tax cut for corporations and rich people, again shifting the burden onto the middle class.  Then, they are going to make cuts to cover it.  Where will these cuts come from?  Medicare, Social Security, etc.  The things that the middle class and lower class depend on to LIVE. 

I'm curious how it actually pans out for you in real dollars Dave.  I'm sure there are places where your taxes will go up, such as the state income tax going away, but the doubling of the standard deduction is also huge and offsets most, if not all of that.

I will say thought that it really sucks when other people come after your hard earned money.  The feeling you're feeling is no different than the feeling anyone else gets when the tax man comes at you disproportionately.  At this rate, you'll be a fiscal conservative in no time.  

i dont take the standard deduction, i itemize my deductions

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