You can claim that GDP rose, jobs numbers rose, and revenue increased after tax cuts in spite of the cuts while others can claim that they rose after tax cuts because of the cuts. Either are a valid interpretation (to an exent). But facts are facts. If GDP goes up, job numbers improve, and income rises, people will be happy about these cuts.
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My understanding based on what Iâve read (Iâm not an economist by any stretch) is that the tax bill will actually boost the economy, just not nearly as much as it will cost the government. Maybe this isnât because of corporate tax cuts, but other changes in the bill so that could be the reason why both our statements could be correct. Also, Iâm not familiar enough with what gdp is so maybe this âboostâ is not actually an increase in gdp.
I have ideological issues with a corporate income tax, but from what Iâve heard from tax policy people who donât and who I trust (both democrats and Republicans) is that most arenât actually opposed to a 20 percent rate or otherwise decreasing corporate taxes.
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So would it be prudent to switch from pre-tax dollars to after tax dollars (ROTH?) given the lower rates for 2018-onward? Thereâs no way these rates are going to last, right? I have estimated my overall [federal] tax rate at 6.8% using the marketwach calculator.
Am really liking this new tax scheme. It will cut my Federal taxes by at least 15%, perhaps a bit more. It is great to be among the 80% of Americans helped. Do have to observe, though, that the losers under this new law REALLY squawk loudly and endlessly. Suppose I would be that unhappy, as well, were shoe on other foot. So pleased not to be living in NJ, NY, IL, or CA. What a blessing!!
Also am incredibly happy for younger people finally out from beneath the ACAâs vicious completely un-American âyou must buy health insuranceâ boot heel. It never hit me personally. But I felt so sorry for those who were socked. Thank goodness that is over with.
Finally the ANWR drilling will strengthen America and increase our independence. What a wonderful achievement! Altogether this new law is a marvelous Christmas present for my country. I love it!!
I really canât tell is @shinobi being serious or sarcastic?
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Oh, Iâm completely serious. Trump is âout-Reganingâ even President Reagan. And he is only just getting started. The guy is amazing.
I do believe Trump needed a bit of time to get up to speed on the job. He is now up to speed. Even greater outcomes lie just ahead. It is once again morning in America.
Marginal rate is all that matters for marginal income (like conversion)
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Should have been clearerâthis wouldnât be a conversion. For new dollars earned in 2018 Iâm eyeing a switch from traditional to ROTH.
That is surely the way to go. It is smart. Also, if you have TIRA funds now and headroom in your tax bracket, you should probably Roth your TIRA funds as well, to the extent possible and to the extent you are able to afford.
Thanks.
I actually do have a small Traditional 401k I was going to roll over this year but waited when the tax bill was announced. Iâll roll it over and then convert after Jan 1.
Weâve gone back and forth on this as our situation has changed over the years. We recently switched back to Roth contributions. Projections show that we will be in a higher tax bracket during the majority of our retirement years.
Even if that doesnât pan out, Roth contributions can be rolled over to a Roth IRA, which isnât subject to RMDs and keeps whatever income it generates off the 1040.
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Itâs still marginal income. The average tax rate is not relevant.
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Makes sense. I have other reasons Iâm leaning towards ROTH over Traditional but I will keep in mind that those dollars are taxed at a specific rate and not my overall rate.
Honestly, no one knows for sure. What we do know is that the current system is broken - all the inversions, tax gaming, money stashed overseas, etc is evidence of that. Letâs see if this works better.
Individual rate wise - heck, Iâll take the money.
Deficit - If you canât beat them, join them.
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Decided not to do the DAF after all since I have $10,000 SALT next year and should be able to fill it to the brim without exceeding it, since I paid three installments of property tax this year. For my case, it will save time trying to add up 2% miscellaneous deductions to see if I could take them over the limit - many years I would get a $1,000 or $2,000 deduction but it would take a few hours of work in gathering the records. Everyone loses a personal exemption (and the increased standard deduction doesnât help itemizers) but everyoneâs tax rate goes down 3-4 percentage points, unless you are at the lowest tax bracket, which accounts for most of the tax reduction for itemizers.
[quote=âmeed18, post:687, topic:1661, full:trueâ]
They are oversimplified because they donât talk about number of childrenâŚ[/quote]
So, âtwo childrenâ, âtwo childrenâ, and âno childrenâ isnât specific enough for you as to âthe number of childrenâ ?
Get a grip.
[quote]Because on November 4th, Senate Majority Leader McConnell stated, âNobody in the middle-class is going to get a tax increaseâ, and on November 8th, Speaker Ryan stated, âEverybody gets a tax cutâ.
Fine, then post about politician double speak.[/quote]
Yet you posted: âI am confident that time will prove the republicans rightâ
Thatâs utter gibberish.
Tax rate cuts have been dismal miserable failures every single time they been enacted, and itâs not about âclaimsâ or subject to revisionist history.
[quote=âshinobi, post:690, topic:1661, full:trueâ]
Finally the ANWR drilling will strengthen America and increase our independence. What a wonderful achievement![/quote]
Yikes.
Perfect proof that Zombie RightWing propaganda never dies.
About 17 years ago, when he was the sitting Secretary of Energy for a GOP administration, Spense Abraham, while discussing the âArctic National Wildlife Refugeâ with the Sacramento Bee newspaper, said:
âAmericans should not overestimate this regionâs ability to provide the nation with energy independence.â âThe roughly 10 billion barrels of oil expected to be found there would be the equivalent of just six months of U.S. consumption.â
Only an administration led by an uninformed out-of-touch fool would spoil a pristine National Wildlife Refuge for a lousy less than 6 months oil supply.
Oh wait.
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[quote=âZenNuts, post:685, topic:1661, full:trueâ]
Joe, are you in Detroit?[/quote]
Iâm not.
Yes, sadly they didnât manage to repeal more of these misc deductions. Maybe inflation will take care of it eventually.
Oops. My fault, I meant to say, âthey donât talk about age of children.â A child over the age of 17 is often claimed as a dependent for several years after the child tax credit expires so just saying âX childrenâ isnât enough detail. My point that not including the amount of itemized deductions is an oversimplification still stands though, and I see you didnât combat that point.
Thatâs fair. I will clarify. I am confident that time will prove the republicans right that say this tax cut will be good for the economy and good for the middle class. It will not prove the republicans right that overstate who will get a tax cut or how much more revenue it will bring in. On those points, we agree.
I donât even know what a comment like this could even be based on so I donât know where to start to debunk it.
The claim that allowing drilling in ANWR would âspoilâ a wildlife refuge is fake news. 
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