For a $50k earner like city, he basically has the following rough math:

$50k wage income
minus
$24.4k standard deduct (joint return)
equals
$25.6k agi
times
12% tax rate
equals
$3.1k tax

Minus $1.6k tax credit for each child. No tax if he has two kids. There is also a $300k credit for each non-child family member, which I assume includes the joint tax payers.

If he has no kids, his effective tax rate is 3.1/50 or 6.2%. Lower if he gets the joint tax credit of $600. Not sure on that.

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Hawaii (fuck) You

but that's the problem...

a friend of mine makes slightly more money than I do. Dude bought a new car, is making payments, bought a 55" TV, is making payments, has student loans because he didn't want to work while he was going through school...he's in way worse shape than me. I worked 60 plus hours of work through school, took me double the years because of that, but I came out debt free. It burns me to see people wanting student loans forgiven because of that.

Things happen, medical expenses can wreck your life. But there's a lot of people who only have themselves to blame. We sold our house, it was terribly inconvenient, heartbreaking, depressing, but we had reached a point where our house owned us.

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Ба́бушка гада́ла, да на́двое сказа́ла—то ли до́ждик, то ли снег, то ли бу́дет, то ли нет.

Damn, that's a big credit!

I've got 3 kids. This is quite...seemingly good. I'm a democrat, and I support this.

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Ба́бушка гада́ла, да на́двое сказа́ла—то ли до́ждик, то ли снег, то ли бу́дет, то ли нет.

I’m tired of hearing how poor CoF is.

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Yea, that exists but I mean there are people living within means and inside that group there are differences on what matters most.

I'm not poor anymore, suckers!

I'm not rich, but we have enough to live on. We have a good life. Enough with the small violin.

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Ба́бушка гада́ла, да на́двое сказа́ла—то ли до́ждик, то ли снег, то ли бу́дет, то ли нет.

Thanks, Trump!

Well I hope stuff like this dispels the fallacy that Repubs are out to shaft the bottom tax payers. Every study shows that the vast majority of taxes are paid by the top 20% of earners, and as a society, I think we all agree that is proper. Of course, the lower earners are stung by payroll taxes, which is the natural counter. That is a highly regressive less than flat tax system. But the way Social Security pays out, low wage earners get more percentage wise for what they pay in than high earners.

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Hawaii (fuck) You

I'm looking to buy a house next year and this plan really doesn't impact that in a negative way. My mortgage will be $200-210k and there is no way my property taxes where I live will even approach $10k per year. I'll still get all of the deductions out of it.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

I hear more "Repubs only care about the rich" than them being specifically out to fuck poor people. The fucking is just a consequence of aiding the top.

Hope all you want. Schumer was already on my TV this morning blasting away.

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Elections have consequences.

Hah, well we'll get you a hearing aid....

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Hawaii (fuck) You

a WSJ poll showed 33% are in favor and 50% opposed. I guarantee you few of the respondents can tell you what the new brackets are or what the new standard deduction will be. I guess it just shows that most people will think whatever the god damn fucking media tells them to think. Is there anyone left who has critical thinking skills?

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

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Really. All I hear on the tax question is either the 1% need to pay more or the right are putting the poor into the soup line.

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Elections have consequences.

It's his job to do that. And this plan on the surface does appear to hurt high tax states wage earners. But as an AMT guy myself, I know the truth about the real world impact. The higher your local taxes, the more likely you are caught up in the AMT. It is just a function of a system where there are two tax codes, and you pay the higher of the tax bill from those two codes.

Under the regular system, deductions reduce your tax bill, which in turn makes it more likely you will have a higher bill under the AMT. I've been under the AMT for five years, so I can't deduct the IL income tax increase or high property taxes. I suspect most of the people he is fighting for are in the same situation. It's much worse in NY and CA because they have higher income taxes and more valuable property (i.e. high property tax bills).

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Hawaii (fuck) You

Honestly, very few people ever really say they are out to fuck the poor independently. It's that serving the rich instead is by default fucking the poor.

That backs up what I said, mike. Thank you.

Me too; I consider it gimmick infringement.

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Power is always in the hands of the masses of men. What oppresses the masses is their own ignorance, their own short-sighted selfishness.
- Henry George

The top 1% DO need to pay more. Fuck 'em. Why are we pandering to those assholes?

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Reality is your friend, not your enemy. -- Seacrest

Well, see, if they get to keep more of their money, they will in turn give more of it to the ham-and-eggers. Pretty simple, really.

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Power is always in the hands of the masses of men. What oppresses the masses is their own ignorance, their own short-sighted selfishness.
- Henry George

Let's be real. They don't give a shit. Here's $500 bucks so my buddy can keep $500K.

SOunds like a great deal to me.

Work with me and help me out here. You and many of the guys on the board seem like fair guys that would ask for a fair shake as well as give someone else a fair shake. Somehow your post here though seems to point to an ingrained line of thinking that some that have a lot more should pay a lot more. I myself even though it would be worse for me favor a completely flat tax. At least in that the rich are really still paying more than the poor but simply only at the same percentage. In fact, most of those models have people not paying anything up to some level of income.

So if a guy making 10,000,000 per year pays 12% for 1,200,000 and the guy making 100,000 for 12,000 and the guy making 40,000 pays zero why is it so important to get more from the rich?

_________________
Elections have consequences.

No one is. The top rate is 39.6%. Is that not enough for you?

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Hawaii (fuck) You

True. Because one day you'll be that guy making $10M and who wants to get stung by a high tax rate?

No that's not enough. 49.9% on anything over a $1MM would be a good start.

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Reality is your friend, not your enemy. -- Seacrest

and this plan does not lower or eliminate that top bracket.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

Well if I hit the lotto maybe? Really though I simply and truly think the fair thing to do is have the same percentage after you are above some poverty or basic line.

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Elections have consequences.

Well, the code is already so damn progressive that you can't change without giving breaks to the people who already pay the vast majority of income taxes. And anytime you or your buddies want to propose something to make Medicare and Social Security sustainable, I am all ears. The only folks whoever talked about the solvency of those plans is Republicans like Paul and Christie.

And by the way, the funding for SS and Medi are completely separate from regular government funding. This tax cut does nothing to impact those plans. They are exclusively funded by payroll taxes.

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Hawaii (fuck) You