Tax Bill is a loser

[CID1990]

New tax forms are out

Hah!


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[JohnStOnge]

Ok my take home pay is now about $169 per month higher. I did my W-2 as though its the only income I have. I think what's going on with my with holding probably reflects the assumption that my gross paycheck income is my household income. If it was I would be, as far as I can tell, somewhere between the 75th and 80th percentile in Household incomes. I would be in the "upper middle class" if you define middle class as the middle 60 percent of incomes (which I think is reasonable).

Now that I have some feel for the actual impacts I think the Republicans will probably get a boost from people seeing more in their paychecks.

[CAA Flagship]

Ok my take home pay is now about $169 per month higher. I did my W-2 as though its the only income I have. I think what's going on with my with holding probably reflects the assumption that my gross paycheck income is my household income. If it was I would be, as far as I can tell, somewhere between the 75th and 80th percentile in Household incomes. I would be in the "upper middle class" if you define middle class as the middle 60 percent of incomes (which I think is reasonable).

Now that I have some feel for the actual impacts I think the Republicans will probably get a boost from people seeing more in their paychecks.

[JohnStOnge]

Ok my take home pay is now about $169 per month higher. I did my W-2 as though its the only income I have. I think what's going on with my with holding probably reflects the assumption that my gross paycheck income is my household income. If it was I would be, as far as I can tell, somewhere between the 75th and 80th percentile in Household incomes. I would be in the "upper middle class" if you define middle class as the middle 60 percent of incomes (which I think is reasonable).

Now that I have some feel for the actual impacts I think the Republicans will probably get a boost from people seeing more in their paychecks.

I wanted to see what happened in order to get some feel. But remember that if my individual salary is considered my entire household income I am near the border between "upper middle class" and "upper class." Remember that the bottom 60 percent in terms of household income actually received a net subsidy from income taxes beforehand. At least as of 2013 which is the last year for which I can find CBO data. In that year, thanks to tax credits, the percentage of federal income taxes paid by the bottom 60% was actually NEGATIVE 1.3%. IN other words the government actually GAVE the bottom 60% money in the form of tax credits.

So you'd have to look at what happened among the bottom 60% in order to see what's really going on and whether or not the majority of the people are seeing significant benefits.

[bluehenbillk]

So where is the raise? Tomorrow is March & there are still no new withholding tables/rates!! Typical federal BS.

[Ibanez]

So where is the raise? Tomorrow is March & there are still no new withholding tables/rates!! Typical federal BS.

My pay went up slightly this month. The bank released a memo in early February outlining when salary and hourly employees will start to see the new pay increase.

[bandl]

Yesterday I had to make a semi-monthly federal excise tax payment. In 2017 it would have been ~$1700. Because of the new tax law, it was $340.

[HI54UNI]

So where is the raise? Tomorrow is March & there are still no new withholding tables/rates!! Typical federal BS.

Our tables updated a month ago.

[kalm]

Yesterday I had to make a semi-monthly federal excise tax payment. In 2017 it would have been ~$1700. Because of the new tax law, it was $340.

Excise tax on what?

[kalm]

Nevermind. Looked up. Sinner!

[93henfan]

Yesterday I had to make a semi-monthly federal excise tax payment. In 2017 it would have been ~$1700. Because of the new tax law, it was $340.

Excise tax on what?

Bungs.

[bandl]

Yesterday I had to make a semi-monthly federal excise tax payment. In 2017 it would have been ~$1700. Because of the new tax law, it was $340.

Excise tax on what?

My gawd you're a simple creature.

[kalm]

Excise tax on what?

My gawd you're a simple creature.

Thank you!