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quote:
Originally posted by EightFingers
Your link only shows rates for single filers.
I would post the NY Times analysis which is more in depth analysis, but then I was worried about cries of lamestream media or fake news.
To understand the scope of the giveaway to the rich. This tax plan adds 1.4 - 1.5 trillion in new debt. If you divide amount evenly by the entire population of the United States (330 million) every man, woman child in the United States would receive $4,242. A family of 4 would get a check for $16,898.
https://www.nytimes.com/interactive/2017...ilies.html
The heavy diagonal line on the chart reflects the most common situation for these couples. Those earning $40,000 — roughly the bottom of the middle class in our definition — get about a $300 tax cut.
Until now, we’ve been focusing on the impact of the Senate bill on people’s taxes in 2018, when most households would get at least a small tax cut. But the situation would look very different a decade from now. That’s because in order to reduce the cost of the bill, its authors set essentially all of the individual tax cuts — the doubled standard deduction, the more generous child credit, the lower tax rates — to expire after 2025. But one provision that’s bad for taxpayers — changing the measure of inflation used for many tax calculations — would not expire. As a result, two-thirds of middle-class households would get a tax increase in 2027, and none — zero percent — would get a tax cut. (That’s what’s shown in the left-hand chart above.)
Those figures, however, consider only how the bill would affect personal income taxes. Starting in 2019, the bill would also cut taxes on businesses. Unlike the personal tax provisions, the business tax cuts would not expire.
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quote:
Originally posted by EightFingers
Your link only shows rates for single filers.
The link to married was rate before the table.
http://www.businessinsider.com/tax-brack...on-2017-11
But the single rates had the summary of all the important changes.
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The GOP uses a special loop hole that allows Congress to pass one bill a year with 51 votes. "Normally it would take 60 votes, but Republicans side-stepped any trouble from Democrats by using a clever tactic known as reconciliation where they are allowed to tack one major bill a year onto the budget and pass it with a simple majority vote."
Not only will it hurt schools, but it also hurts students, assuming the reconciliation process of the House and Senate Bill go according to House GOP plans.
The House bill scraps many popular deductions for college students and college grads with student loans. The House bill eliminates the popular student loan debt write off, and it forces graduate students who receive tuition waivers (sometimes as much as $20,000 or more) to count that money as income for tax purposes, even though they don't actually receive money in their pockets. It would be a big hit and many universities are saying it could heavily dissuade graduate study. The Senate bill does not make these changes. https://www.washingtonpost.com/news/wonk...59f2171e07
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FYI in regards to the deductions: The senate plan was to stop all federal deductions (state tax AND property tax) and the House plan opposed it. So they compromised slightly to allow itemized deductions of just property tax. I also don't know any states, Hawaii included, that allow you to deduct federal taxes at the state level.
The Senate bill would no longer let individual filers deduct their property taxes or their state and local income or sales taxes.
Eliminating the state and local tax deduction was met with strong opposition from House lawmakers in high-tax states and cities. So a concession was made in the House Republicans bill to restore an itemized deduction for property taxes up to $10,000.
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Is the EIC - Earned Income Credit, going away? If not, those low income families will continue to pay no federal taxes anyway, which makes most of this a moot point.
HOPTE - Didn't you as a liberal, want to pay higher taxes (or only "other people) This bill will allow you to do so. Of course, any person who has advocated for higher taxes has always had the ability to pay the IRS more.
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quote:
Originally posted by leilanidude
Is the EIC - Earned Income Credit, going away? If not, those low income families will continue to pay no federal taxes anyway, which makes most of this a moot point.
HOPTE - Didn't you as a liberal, want to pay higher taxes (or only "other people) This bill will allow you to do so. Of course, any person who has advocated for higher taxes has always had the ability to pay the IRS more.
Wouldn't you rather pay what we owe instead of running up more debt, aren't you tired of spending your grandchildrens money?
If someone came to you asking for a hand out because they maxed out their credit card going to Vegas, you would laugh in their face.
Yet here we go again running up the debt for no real reason except to give billionaires tax breaks (with just enough temporary cuts to sell it to the gullible).
Stop spending trillions in wars we don't need to fight, cap the military spending at 100% of what the rest of the world spends, stop spending billions in tax breaks to businesses that don't need them. Then I will be happy to pay more in taxes for things that actually benefit the next generation. Just don't play the fiscal responsibility card, because the GOP isn't even close to that.
Tax and Spend -vs- Borrow and Spend, Which is more responsible?
https://www.reuters.com/article/us-usa-d...SKCN1BT2PV
WASHINGTON (Reuters) - The U.S. Senate passed its version of a $700 billion defense policy bill on Monday, backing President Donald Trump’s call for a bigger, stronger military but setting the stage for a battle over government spending levels later this year.
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So if the bill before Congess passes, you'll get one or the other: Higher taxes ... Underfunded schools
No, you'll be getting both.
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All of the comments so far are part of a discussion we should all be having, but just a reminder, the title of this thread is how the tax bill will affect Hawaii Public Schools.
Also, any comments about how the tax bill will specifically affect other Hawaii institutions, organizations, or businesses would be appropriate. Let's stay away from generic opinions on taxes unless they tie in with Hawaii. Thanks.
"Enlightened statesmen will not always be at the helm." -James Madison, The Federalist Papers, 1787
"I'm at that stage in life where I stay out of discussions. Even if you say 1+1=5, you're right - have fun." - Keanu Reeves
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Why did Trump withdraw from Paris accords? Apparently he overruled Pruitt at EPA so the wind power industry retain their tax credits without which they not viable according to Warren Buffet and ethanol mandates are untouched. How come Pruitt didn't quit? So much for draining the swamp.
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Would defunding the Hawaii public schools be the worst thing that could happen? They rank near the bottom among the states by most objective measures, the teachers' union is all powerful and run by weasels, and the state Board of Education consistently tries to suppress the Charter Schools, the only bright spot in an otherwise dismal picture. Also, the average expenditure per pupil is close to what some of the better private schools charge. While I know that the state's figures are skewed upward by the disproportionate cost of the Special Ed that they provide, that last bit is still an eye opener. A discussion about giving parents the choice of spending their kids' share of the loot where it would do the most good might be more useful and enlightening than abstractly pondering a tax measure that is still being negotiated between the House and Senate. When it comes to education in Hawaii, the real issue is value for money and not the idiot Trump's tax "reform."
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