DriveInDriѵeOut
Inordinately Right
are you meditating?
Republican Rewrite of US Taxcode
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Bad Moon Risen'
You are correct that SS is a payroll tax but we still pay income taxes on total wages up to $127,200. So you are paying income tax on top of the payroll tax.
Babagounj
Strength through joy
Currently , you and your employer each pay a 6.2% SS tax on up to $127,200 of your earnings and a 1.46% Medicare tax. If you are self employed you would pay a 12.4% SS tax and a 2.9% Medicare tax.
But if you have earned more than $200,000 ( $250,000 for married couples ), you must pay 0.9% more in Medicare taxes.
This is only for Federal requirements , your local state may have their own taxes .
But if you have earned more than $200,000 ( $250,000 for married couples ), you must pay 0.9% more in Medicare taxes.
This is only for Federal requirements , your local state may have their own taxes .
Babagounj
Strength through joy
That is not quite true .
37 States That Don't Tax Social Security Benefits
Florida, Tennessee, Texas, Alabama, Arkansas, Delaware, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Virginia, New Hampshire, Maine, Massachusetts, New Jersey, New York, Pennsylvania, South Dakota, Illinois, Indiana, Iowa, Michigan, Ohio, Wisconsin, Alaska, Nevada, Washington, Wyoming, Arizona, California, Hawaii, Idaho, and Oregon .
Not talking about state income tax although that's an issue in some states. Was talking about if you take early SS at 62 you are only allowed to make so much if you work before they start taking some of your SS back. Make too much and they take it all. But at full retirement age you can make as much as you want without penalty.
Except when you started working your dollars were worth a lot more than now. And don't you invest in hopes of getting a decent return? Not exactly accurate to say you put X number in, you should only get that X number out.
What The GOP Tax Bill Means For Libertarians
DriveInDriѵeOut
Inordinately Right
Garbage
DriveInDriѵeOut
Inordinately Right
So much for simplifying the tax code. Another trump lie.
Not exactly a lie but we know how much you love Trump. Just because it is not simple doesn't mean the effort was not put forward.
Everyone had to have something they wanted in the tax plan making the simplicity difficult, thus the nature of government.
More importantly, reducing taxes and getting a plan through would be more important.
Everyone had to have something they wanted in the tax plan making the simplicity difficult, thus the nature of government.
More importantly, reducing taxes and getting a plan through would be more important.
It will be fine
Well-Known Member
They blew $1.5 trillion. It could have been a very simple tax cut for everyone. That wasn't the goal. The goal was paying back their donors. They said as much.
DriveInDriѵeOut
Inordinately Right
He said they were going to simplify the tax code. Remember do your taxes on a postcard? Spin it however you like, it was a lie.
Trump's Tax Reform Plan
The changes would be temporary, going into effect in 2018 and expiring after 2025, as would be the case with most personal tax breaks included in the bill. The expiration date allows the Senate to comply with "reconciliation" rules that block a Democratic filibuster – which Republicans do not have the votes to defeat – only if the bill does not raise the deficit in any year outside of a 10-year window and if it stays within its $1.5 trillion budget constraint during the 10-year window. Republican congressional leaders have signalled that indidvidual tax cuts would be extended at a later date.
The changes would be temporary, going into effect in 2018 and expiring after 2025, as would be the case with most personal tax breaks included in the bill. The expiration date allows the Senate to comply with "reconciliation" rules that block a Democratic filibuster – which Republicans do not have the votes to defeat – only if the bill does not raise the deficit in any year outside of a 10-year window and if it stays within its $1.5 trillion budget constraint during the 10-year window. Republican congressional leaders have signalled that indidvidual tax cuts would be extended at a later date.
moreluck
golden ticket member
1.5 trillion will only require a fraction of 1% gdp growth to recover that amount. You always leave that part out.....if the gdp growth is about 3%, we're better than good.
It will be fine
Well-Known Member
And what happens if there's a downturn?
moreluck
golden ticket member
if there's a downturn the gdp will return to 2% and we're still ahead.
It will be fine
Well-Known Member
You're mistaken, they need .4% increase over average GDP growth to break even. If we're at 2% we're even more screwed, probably $3 trillion in extra deficit.
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