Trump Presidency Round 2

Irish#1

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Might be good that he's gone. We mailed a picture to one of our granddaughters on January 23rd. She still hasn't received it. Tracking # shows it's still sitting in a warehouse in Indy. I don't know about other locations, but the local news showed a warehouse where there are hundreds of thousands of pieces of mail waiting to be moved. USPS is delivering for Amazon and Temu. I'm wondering how much that effects service? Do the contracts give them priority over the regular mail?

 

Irish#1

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Would be careful following Wall Street Apes, the post anything without confirming the news as long as it fits their narrative
There were a couple others that mentioned him stepping down.

 

Irish#1

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I saw somewhere that it would be about $750 per person. While my preference would be not to issue refunds, you have to admit the man knows how to play the game. Those that struggle to make ends meet will love it and it may bring more voters over from Oz.
 

Sea Turtle

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Not directed at you but to the X account.

Yeah. Stupid people who like the idea of some of their hard earned money back. They aren't cosmopolitan or sophisticated enough on these issues.

Maybe we should just use the money to send to Ukraine or maybe put illegals up in hotels.

Democrats would be wise to use this mindset if it gets announced. It will be another really popular idea to oppose to spite their face.
 
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ulukinatme

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I paid much, much more in taxes the last four years than I had under any under President, in fact I had always gotten a refund until recently. Granted, much of that had to do with our family making more money (And we don't make a ton, less than $150k gross now, it was way, way less before) but you better believe I'm going to be appreciative getting some of that taxed income back when it was being recklessly spent to begin with. A lot of our extra income we received got effectively wiped out by inflation, makes you feel for the little guy that's in a worse position. Really sucks finally getting a big break and a jump in income only to have it basically nullified by inflation. We actually ended up paying taxes in at least 3 of the last 4 years, 2 years being substantial amounts. I was told we wouldn't pay a penny more in taxes under Biden if we made less than $400k...not quite accurate.

There are people that may look at $750 as nothing, and if that's the case you could probably call yourself financially privileged. For those that live closer to paycheck to paycheck or worse, which is 65% of the country or more, that $750 can mean fixing a vehicle you've been putting off, or maybe put it towards new furniture, or a new computer that you wouldn't have been able to afford before. For those in that 65% range, you can do a lot with $750.
 
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ColoradoIrish

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I paid much, much more in taxes the last four years than I had under any under President, in fact I had always gotten a refund until recently. Granted, much of that had to do with our family making more money (And we don't make a ton, less than $150k gross now, it was way, way less before) but you better believe I'm going to be appreciative getting some of that taxed income back when it was being recklessly spent to begin with. A lot of our extra income we received got effectively wiped out by inflation, makes you feel for the little guy that's in a worse position. Really sucks finally getting a big break and a jump in income only to have it basically nullified by inflation. We actually ended up paying taxes in at least 3 of the last 4 years, 2 years being substantial amounts. I was told we wouldn't pay a penny more in taxes under Biden if we made less than $400k...not quite accurate.

There are people that may look at $750 as nothing, and if that's the case you could probably call yourself financially privileged. For those that live closer to paycheck to paycheck or worse, which is 65% of the country or more, that $750 can mean fixing a vehicle you've been putting off, or maybe put it towards new furniture, or a new computer that you wouldn't have been able to afford before. For those in that 65% range, you can do a lot with $750.
Trump's tax plan has been terrible for those us making less than 400k. Couldn't agree more.
 

TorontoGold

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I paid much, much more in taxes the last four years than I had under any under President, in fact I had always gotten a refund until recently. Granted, much of that had to do with our family making more money (And we don't make a ton, less than $150k gross now, it was way, way less before) but you better believe I'm going to be appreciative getting some of that taxed income back when it was being recklessly spent to begin with. A lot of our extra income we received got effectively wiped out by inflation, makes you feel for the little guy that's in a worse position. Really sucks finally getting a big break and a jump in income only to have it basically nullified by inflation. We actually ended up paying taxes in at least 3 of the last 4 years, 2 years being substantial amounts. I was told we wouldn't pay a penny more in taxes under Biden if we made less than $400k...not quite accurate.

There are people that may look at $750 as nothing, and if that's the case you could probably call yourself financially privileged. For those that live closer to paycheck to paycheck or worse, which is 65% of the country or more, that $750 can mean fixing a vehicle you've been putting off, or maybe put it towards new furniture, or a new computer that you wouldn't have been able to afford before. For those in that 65% range, you can do a lot with $750.
I would be curious to know the effective tax rates over the past 8 years as a frame of reference. I know it's incredibly personal information and I realize I'm desensitized to asking people this question so if it's too personal ignore me.

The reason I ask is because your tax return when filed and whether you pay or receive money back isn't an indicator of tax policy at all.

Once you get into the >150k threshold you are essentially a tax cow the government is milking because they are shameless cowards to effectively tax corporations appropriately. Once you get to that threshold and it's coming from a W2 you are a walking target for being subject to political tax policy because they only seem to think in employment income lenses and not other sources. So you'll get taxed by the Dems and tax breaks from the GOP, all the while both parties let the corporations off the hook while you yoyo.

The $750 going back to taxpayers is the most effective way of directly transferring money to the population as it allows it to go directly into the hands of the people that need it without hoops to jump through. I would be concerned on the money instantly going straight into the economy because of inflation and would think that it would make more sense for "budget focused" people like Musk/DJT would put it towards paying down the deficit.
 

ulukinatme

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Trump's tax plan has been terrible for those us making less than 400k. Couldn't agree more.

I got my biggest returns under Trump, but again, we were making a lot less as a family. The extra child credit was helpful, and I got a bonus from the company I was working at as a result of the tax changes Trump ushered in (One of the lucky few that actually got a trickle down). That only happened one year, but it was more helpful than rapid inflation, or skyrocketing medical premiums and deductibles from Obama.
 
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ColoradoIrish

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I got my biggest returns under Trump, but again, we were making a lot less as a family. The extra child credit was helpful, and I got a bonus from the company I was working at as a result of the tax changes Trump ushered in. That only happened one year, but it was more helpful than rapid inflation, or skyrocketing medical premiums and deductibles from Obama.
Can't speak to what changed but we've been under Trump's 2017 tax policy since 2018.
 

ulukinatme

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Can't speak to what changed but we've been under Trump's 2017 tax policy since 2018.
Correct. As mentioned, by and large we're paying taxes in April now when we were getting refunds before because our income went up a good amount. However, those gains have effectively been wiped due to inflation so we mostly just count ourselves lucky that we're not in the position some people are where they've been hit with inflation and are making just marginally more than they were 4 years ago. Still...really, really sucks going from getting a regular refund to paying yearly and we don't have anything extra to show for it.
 
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ColoradoIrish

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Correct. As mentioned, by and large we're paying taxes in April now when we were getting refunds before because our income went up a good amount. However, those gains have effectively been wiped due to inflation so we mostly just count ourselves lucky that we're not in the position some people are where they've been hit with inflation and are making just marginally more than they were 4 years ago. Still...really, really sucks going from getting a regular refund to paying yearly and we don't have anything extra to show for it.
Just look at is you didn't give the government an interest free loan this year and you had that "extra" money the whole year
 

calvegas04

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Correct. As mentioned, by and large we're paying taxes in April now when we were getting refunds before because our income went up a good amount. However, those gains have effectively been wiped due to inflation so we mostly just count ourselves lucky that we're not in the position some people are where they've been hit with inflation and are making just marginally more than they were 4 years ago. Still...really, really sucks going from getting a regular refund to paying yearly and we don't have anything extra to show for it.
Have read the goal should be to owe zero on taxes and not have a refund or pay. Are you claiming zero on your pay?
 
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ColoradoIrish

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Do you own an overtaxed property with high property taxes?

Only way I can see this being anything close to not BS.
I don't even know what you are talking about. I never said anything about my tax situation
 
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ColoradoIrish

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His tax plan to disproportionately have cuts to the very wealthy instead of larger cuts for those of us making less than 400k. Larger tax cuts should have gone to those making less not more. Meaning his tax plan was terrible for those of us not making 400k or more
 

drayer54

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His tax plan to disproportionately have cuts to the very wealthy instead of larger cuts for those of us making less than 400k. Larger tax cuts should have gone to those making less not more. Meaning his tax plan was terrible for those of us not making 400k or more
So, you just know the talking point and nothing else. Got it. Every tax cut ever has met this talking point.
 

Irish#1

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Since posting the $750, I Saw a couple of post mentioning the refund would be $5,000 so who knows.
 
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ColoradoIrish

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So, you just know the talking point and nothing else. Got it. Every tax cut ever has met this talking point.
I know I benefited from his tax and paid slightly less than previously. That's a positive. I can also be critical of it and say it didn't go far enough for those living in less income and disproportionately benefited those making much more than the rest of us.
 

Irish#1

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40% seems pretty high even if it’s over 5 years. I think 20% is probably doable without impacting capabilities. Some of that could be achieved by pushing back on the contractors.
 
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ab2cmiller

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I’m not sure if the 40% “cut” is using normal math or Washington math.

Washington math : I held my budget steady instead of the originally projected 5% increase = I cut my budget 5%.
 
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