Tax reform

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RickyZ

Senior Member
Sep 20, 2012
9,635
780
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#1
Just curious how people did under the new tax law.

We just break 6 figures in annual income. While the new tax code gave us $50 more a month take home, our overall tax bill grew by 800% (line 15 on your Federal 1040).

Anyone else see an increase?
 

JaumeJ

Senior Member
Jul 2, 2011
16,037
2,965
113
#2
Just curious how people did under the new tax law.

We just break 6 figures in annual income. While the new tax code gave us $50 more a month take home, our overall tax bill grew by 800% (line 15 on your Federal 1040).

Anyone else see an increase?
:(That is awful…….May God bless your finances always, amen.
 

Oncefallen

Idiot in Chief
Staff member
Jan 15, 2011
5,470
1,498
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#3
Just curious how people did under the new tax law.

We just break 6 figures in annual income. While the new tax code gave us $50 more a month take home, our overall tax bill grew by 800% (line 15 on your Federal 1040).

Anyone else see an increase?
I'm pretty sure you'll take this the wrong way but here goes anyway.

So much for the tax reform being nothing but a huge tax break for the wealthy as some have claimed. (that's coming from someone who has averaged well under $40,000 a year (most years in the low to mid 30's) for the last 20 years and has supported a disabled wife for the last 6 years on that income.)


To answer the question at hand though, I just looked at my 2017 and 2018 taxes and once I adjusted for self employment tax paid in 2018 that I didn't have to pay in 2017 (I went into business for myself mid-year 2018) even though my AGI was $10,000 higher in 2018 my total tax was considerably lower.
 

shittim

Senior Member
Dec 16, 2016
2,019
686
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#4
That's good news! I am still crunching numbers, you give me hope.
 

RickyZ

Senior Member
Sep 20, 2012
9,635
780
113
#6
I'm pretty sure you'll take this the wrong way but here goes anyway.

So much for the tax reform being nothing but a huge tax break for the wealthy as some have claimed. (that's coming from someone who has averaged well under $40,000 a year (most years in the low to mid 30's) for the last 20 years and has supported a disabled wife for the last 6 years on that income.)

To answer the question at hand though, I just looked at my 2017 and 2018 taxes and once I adjusted for self employment tax paid in 2018 that I didn't have to pay in 2017 (I went into business for myself mid-year 2018) even though my AGI was $10,000 higher in 2018 my total tax was considerably lower.
You know, if you live within your means 100K doesn't really get you that far. I'm curious how those who's incomes top 7 figures fared.
 

RickyZ

Senior Member
Sep 20, 2012
9,635
780
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#7
Articles in the newspaper say corporations are making bank off the new law. And that like most predicted, their windfall is going into stock buy-backs, not jobs and benefits.
 

JaumeJ

Senior Member
Jul 2, 2011
16,037
2,965
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#8
YOu have said it. Do not extend your spending beyond what you take in, and owe to no one.
 

JaumeJ

Senior Member
Jul 2, 2011
16,037
2,965
113
#9
Articles in the newspaper say corporations are making bank off the new law. And that like most predicted, their windfall is going into stock buy-backs, not jobs and benefits.
All of this first began with the rush to the "Trickle Down" theory of RReagan. As long as people become very wealthy the poor would benefit by the leavings of the rich...never happened, never will. Then came along the "Greed is good" adaptation to business along with the .com bubble(s). Since the advent of these religions without God, the world we knew has disappeared. Unhappily today it seems sthe vast majority are just not aware it has changed butGod will point out the descrepancies soon enough.
 

Oncefallen

Idiot in Chief
Staff member
Jan 15, 2011
5,470
1,498
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#10
You know, if you live within your means 100K doesn't really get you that far. I'm curious how those who's incomes top 7 figures fared.
Making six figures means that you are at just less than double the median US household income and about 30% more than the median income for California. You are in the top 50% income level and are whining about the top 7%. I'm sorrybut what little credibility you have was just lost.
 

RickyZ

Senior Member
Sep 20, 2012
9,635
780
113
#11
Making six figures means that you are at just less than double the median US household income and about 30% more than the median income for California. You are in the top 50% income level and are whining about the top 7%. I'm sorrybut what little credibility you have was just lost.
Actually the last time I looked that put us in the top 18% - and it scares the bejeebers out of me that 82% of the US population lives on less. I don't see how most people make it - and thus the incredible rates of debt and under-insurance among the general population.

And what part of this sounds like whining? All I asked is how the new law is affecting people. That's fact finding.

Perhaps it's not whining, but the need of most people to listen/read with the intent not to hear but to pick a fight.
 

Oncefallen

Idiot in Chief
Staff member
Jan 15, 2011
5,470
1,498
113
#12
Actually the last time I looked that put us in the top 18% - and it scares the bejeebers out of me that 82% of the US population lives on less. I don't see how most people make it - and thus the incredible rates of debt and under-insurance among the general population.

And what part of this sounds like whining? All I asked is how the new law is affecting people. That's fact finding.

Perhaps it's not whining, but the need of most people to listen/read with the intent not to hear but to pick a fight.
What I took as whining was your statement of making six figures not getting you that far, my apologies if I took it the wrong way.

The house that I grew up in not far from you in SoCal was 1,200 sf which was the average middle class home size in the 70's now the average size home is in the ballpark of 2,600 sf. What has changed more than anything in 40 years is what people expect to acquire from a middle class income.
 

PennEd

Senior Member
Apr 22, 2013
7,462
3,590
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#13
Making six figures means that you are at just less than double the median US household income and about 30% more than the median income for California. You are in the top 50% income level and are whining about the top 7%. I'm sorrybut what little credibility you have was just lost.
You are not wrong. Ricky is constantly whining about OTHER people having more than him. This is from a thread a couple of days ago, where he claims he is starving:
PennEd said:
Yup. Let's divert attention away from the myth of starvation in America, and throw anything else that might stick to the wall! Same tactic as those who change the subject to say "ok, they aren't really starving, but their diet is bad so they're obese!"
Still waiting for you to show me starving people around us, so we can get them some food!

RICKY'S RESPONSE:
Aaaaand this would be one of them!

This is from the Global Rich List. You can plug in your income and determine just how wealthy you are in the World:

To get the most accurate placing possible, please include your net annual salary, plus any other money that you receive each year: benefits, pensions, even your student loan.
Show my results Enter annual net income: Ricky's household - $100,000
You’re in the top0.08%richest people in the world by income.

So 99.92 % of the humans on Earth are poorer than Ricky.
 

Susanna

Senior Member
Jan 21, 2013
3,607
644
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#14
It’s way too much whining anyhow.

Anyway, poor people in America are poor, even though there are poorer people in other countries.
 

RickyZ

Senior Member
Sep 20, 2012
9,635
780
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#15
You are not wrong. Ricky is constantly whining about OTHER people having more than him. This is from a thread a couple of days ago, where he claims he is starving:
PennEd said:
Yup. Let's divert attention away from the myth of starvation in America, and throw anything else that might stick to the wall! Same tactic as those who change the subject to say "ok, they aren't really starving, but their diet is bad so they're obese!"
Still waiting for you to show me starving people around us, so we can get them some food!

RICKY'S RESPONSE:
Aaaaand this would be one of them!

This is from the Global Rich List. You can plug in your income and determine just how wealthy you are in the World:

To get the most accurate placing possible, please include your net annual salary, plus any other money that you receive each year: benefits, pensions, even your student loan.
Show my results Enter annual net income: Ricky's household - $100,000
You’re in the top0.08%richest people in the world by income.

So 99.92 % of the humans on Earth are poorer than Ricky.
Penn, learn to read what's written, not to hear what you want to respond to. What you said here about me is an absolute lie. And if you'd read to comprehend you'd realize that.
 

JaumeJ

Senior Member
Jul 2, 2011
16,037
2,965
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#16
Something I know from family experience. In poverty families will and can only buy the foodwithin thier own budget. Poverty means leaving out all of the moreexpensive foods, those with more food value and less casrbs.

Being truly poor yet able to buy the bareminimum foods translates as lost f beans, potatoes, and bread, ad thses days I have seen even those foods go through the roof.

Many people are obese, as some say, because of this. A family memeber was pregnant and over 200 lbs. She was 5'2" . When that family's incomeimproved she went dow to 110 lbs. Neither was by conscious effort but both by necessity. Oh, that was my dear mother, andt he baby wasI, bornwith rickets……...
 

JesusLives

Senior Member
Oct 11, 2013
13,500
1,281
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#17
Actually the last time I looked that put us in the top 18% - and it scares the bejeebers out of me that 82% of the US population lives on less. I don't see how most people make it - and thus the incredible rates of debt and under-insurance among the general population.

And what part of this sounds like whining? All I asked is how the new law is affecting people. That's fact finding.

Perhaps it's not whining, but the need of most people to listen/read with the intent not to hear but to pick a fight.
Ponder this... back in early 1980's I was a single Mom living off about $12,000.00 a year when I finished working in 2013 my income had grown to the $45,000.00 area. I wasn't on welfare and we didn't starve...go figure... So 6 figures a year is rich to me and if I could live off the little bit of money I had back in the 80's I'd be swimming in cash with your salary today....
 

JaumeJ

Senior Member
Jul 2, 2011
16,037
2,965
113
#18
Hello folks, RickyZ is not boasign, just inquiring. This is turnig into a who has the biggest competition, and the op is not directeed to that end. Get on topic, not fair to RickyZ
 

tourist

Senior Member
Mar 13, 2014
28,871
7,248
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Florida
#19
You know, if you live within your means 100K doesn't really get you that far. I'm curious how those who's incomes top 7 figures fared.
It would probably get you twice as far as someone earning 50K a year. Three times as far as someone earning 33K annually.
 

RickyZ

Senior Member
Sep 20, 2012
9,635
780
113
#20
Hello folks, RickyZ is not boasign, just inquiring. This is turnig into a who has the biggest competition, and the op is not directeed to that end. Get on topic, not fair to RickyZ
THANK YOU. It's a shame people come here to argue and accuse, instead of atdq!