12-03-2017, 06:56 AM
"http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-house-senate-comparison-2017-11"
According to the link on that site, my taxes will be going down around $1,182/year. If that pans out, sounds good to me.
"aren't you tired of spending your grandchildrens money? "
It's not our grandchildren's money we're spending, it's some species that hasn't evolved yet. IF the US tax receipts were bringing in $1 more per second, every second, than the USA was spending... and IF there was no interest on that debt, it would take nearly 32,000 years to pay off one trillion dollars. Our debt is approaching 21 trillion dollars. That's 672,000 years worth of debt based on a theoretical impossibility of generating more tax revenue than we spend in a zero interest environment. That doesn't include unfunded liabilities (between 100-200 trillion dollars, based on which economist you believe). 220 trillion dollars is more money than even exists in the known universe. That's 7 million years worth of debt. My grandchildren will have been long gone by then.
"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."
https://qz.com/1145239/gop-tax-bill-2017...c-schools/ "That means that the ” school tuition” that parents of public school kids are paying, in the form of state and local taxes, isn’t deductible from their federal taxes, and public schools themselves will have less money to spend on kids. But rich families who can afford private school get a brand new tax break. That’s a win for the 10%." (This article has been corrected. It originally said erroneously that contributions to 529 plans don’t incur federal tax. Earnings on 529 plans, as opposed to contributions, are tax-free. )
People with kids in private school pay the same into the public school system as people with kids in public schools. They pay for services they aren't using. The only tax break they get is from earnings they get on the money they set aside to pay for private tuition. They already paid taxes on that money the first time they earned it. I fail to see how the public schools are getting 'screwed' by this process. Anybody can use this process, we used it when we were saving for our daughter's college, and she goes to a public university.
According to the link on that site, my taxes will be going down around $1,182/year. If that pans out, sounds good to me.
"aren't you tired of spending your grandchildrens money? "
It's not our grandchildren's money we're spending, it's some species that hasn't evolved yet. IF the US tax receipts were bringing in $1 more per second, every second, than the USA was spending... and IF there was no interest on that debt, it would take nearly 32,000 years to pay off one trillion dollars. Our debt is approaching 21 trillion dollars. That's 672,000 years worth of debt based on a theoretical impossibility of generating more tax revenue than we spend in a zero interest environment. That doesn't include unfunded liabilities (between 100-200 trillion dollars, based on which economist you believe). 220 trillion dollars is more money than even exists in the known universe. That's 7 million years worth of debt. My grandchildren will have been long gone by then.
"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."
https://qz.com/1145239/gop-tax-bill-2017...c-schools/ "That means that the ” school tuition” that parents of public school kids are paying, in the form of state and local taxes, isn’t deductible from their federal taxes, and public schools themselves will have less money to spend on kids. But rich families who can afford private school get a brand new tax break. That’s a win for the 10%." (This article has been corrected. It originally said erroneously that contributions to 529 plans don’t incur federal tax. Earnings on 529 plans, as opposed to contributions, are tax-free. )
People with kids in private school pay the same into the public school system as people with kids in public schools. They pay for services they aren't using. The only tax break they get is from earnings they get on the money they set aside to pay for private tuition. They already paid taxes on that money the first time they earned it. I fail to see how the public schools are getting 'screwed' by this process. Anybody can use this process, we used it when we were saving for our daughter's college, and she goes to a public university.