115th United States Congress

[Niiro]

look guy just because i play Paradox's historical grand strategy games

[Zeb]

Was really expecting this to be an edit of Short People.

[Xno Kappa]

Can someone tell me in layman terms what this “tax cut” means for a household income of ~180k no kids?

[Fiye]

You should start looking into a home security system for the upcoming purge.

[TummieGaruda]

Can someone tell me in layman terms what this “tax cut” means for a household income of ~180k no kids?

If the Senate brackets remain, then a married household with 180k would have the bracket drop 4% down to the new 24% bracket with $24,000 standard deduction and no personal exemption.

[Xno Kappa]

If the Senate brackets remain, then a married household with 180k would have the bracket drop 4% down to the new 24% bracket with $24,000 standard deduction and no personal exemption.

So happy I married an Asian cuz I don't understand any of this shit lol. According to her she said the tax bill is gonna be good for us.

[Tyche]

I still can’t figure out how it’s gonna end up for me. Single dad. $80,000ish a year. Although I think taxable income is closer to 70ish thousand. Claim two kids. The child tax credit got doubled, except the second thousand isn’t a credit. It’s a deduction. So it won’t effect those with a 0 tax liability. Which I have no idea what my liability will be beings they doubled the standard deduction. But removed the individual deduction. Is this good for me or not. Last year I had to pay in since I got divorced before the years end and that fucked me, and I attempted to play catch-up by claiming few deductions and paying in a shit ton of taxes in the last few months, but didn’t quite make it. This year I feel like I probably overpaid because I didn’t adjust my deductions from the catch-up phase I put myself in last year. So I’ve paid in a ton of taxes again this year. Confusing, I know.

[Salodin]

So happy I married an Asian cuz I don't understand any of this shit lol. According to her she said the tax bill is gonna be good for us.

For the first few years? I imagine if you actually work for your money then you'll be behind inside a decade with this new bill. If you just use money to make money you'll probably finagle yourself coming out ahead.

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[Xno Kappa]

She's way more understanding of politics than I am so who knows.

[Tyche]

According to a back of the envelope calculator, I will save about $2,000 if they pass the bill in time for me to file.

[djzombie]

Problem is that these tax cuts for citizens that are going to 'save you money', are going to expire, while all these other tax cuts for corporations won't.

So we can get fucked, because reasons.

[archibaldcrane]

Problem is that these tax cuts for citizens that are going to 'save you money', are going to expire, while all these other tax cuts for corporations won't.

So we can get fucked, because reasons.

This. Things change a lot for normal people at year 5, and a lot more at year 10.

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[Tyche]

I’m taking what I can get right now. Also, I’d be at least 75% confident that something with these tax cuts will change in the next five years.

[Tyche]

I’m more concerned about health insurance costs now that healthy people are going to exit stage left.

[kuronosan]

Your first post directly conflicts with your second.

[Tyche]

How so? I believe dems will end up with control of the executive and at least one branch of congress in 2021. I think betting markets would support that. I think the middle class cuts will probably get extended or redistributed in some way positive for the middle class. Depends on how soon the incoming recession from this bill hits. Obviously, highly speculative. And it isn’t like I’m arranging my financial well-being around that bet. But I’d guess these tax cuts won’t end up sunsetting or they will and new middle class cuts will be implemented to account for the loss.

Also, I’m obviously concerned about the healthcare ramifications of this from both a consumer and professional side. I’m not sure how they plan to stabilize these markets with a mass exodus of healthy people.

[Moridam]

you honestly believe that dems, whose entire messaging strategy versus this bill was 'but this bill actully INcreases the deficit! you see, i have defeated your argument by your own logic! thus, per the rules of debate club, you are no longer allowed to pass this legislation' and 'muh bipartisanship!', are capable of retaking power? you believe in the party that lost the most winnable election in the history of democracy? and further, that once they do, they'll actually do anything useful with that power? the same party that worships at the altar of pragmatic incrementalism, an approach which has been completely obliterated in the first year of the trump administration?

i deeply envy your optimism

[Tyche]

you honestly believe that dems, whose entire messaging strategy versus this bill was 'but this bill actully INcreases the deficit! you see, i have defeated your argument by your own logic! thus, per the rules of debate club, you are no longer allowed to pass this legislation' and 'muh bipartisanship!', are capable of retaking power? you believe in the party that lost the most winnable election in the history of democracy? and further, that once they do, they'll actually do anything useful with that power? the same party that worships at the altar of pragmatic incrementalism, an approach which has been completely obliterated in the first year of the trump administration?

i deeply envy your optimism

Dems don't give two shits about the deficit. They were playing the hypocrisy card since they literally suit the fucking government down and obstructed Obama for 8 years over the very thing they passed. Dems would pass a middle class tax break for a trillion dollars cost without hesitation.

[Qeomash]

Honestly, the GOP is probably banking on the Dem's taking over again. Then when the Dems go in to fix this bill, the GOP can cry "they're raising your taxes!" and get re-elected again.

[Tyche]

The Dems will be in office when this all falls apart and we hit a recession. God willing, McConnell will have died.