SINGLE RENTER - NO KIDS

[blogslut]

Link to tweet

USA TODAY ‏Verified account
@USATODAY
17 hours ago

How could the GOP tax bill affect you? Here are five household situations and how the bill could have an impact on each one.
https://www.usatoday.com/story/money/taxes/2017/12/20/how-the-tax-cuts-and-jobs-act-could-affect-these-5-households/108773102/

USA TODAY‏Verified account
@USATODAY

A single renter with no kids:

[MichMan]

1. I would be outraged

Just unconscionable how someone with annual income of 1 million and is renting will have to pay more in taxes. This will apply to vast numbers of people I'm sure.

Every other example listed in the link shows people,'s taxes going down a couple thousand a year. Going to be hard to convince many of them how horrible this tax plan really is.

[blogslut]

3. I wonder how much life was sucked out of the poor staffer

...who had to create that graphic.

[Marengo]

2. Is this a bad thing?

[mythology]

4. I'm not sure a person making a million dollars and is renting

Who would owe less than $2,000 a year more is a good example of the craptastic nature of the bill.

[Hoyt]

5. I bet it's tough absorbing that $1,887 increase in taxes with a $ 1,000,000 income.

Christ, you'd have to go from 25 year old Scotch to 18 year old.

[LonePirate]

6. Who makes $1M/yr and still rents?

[kcr]

7. Plenty of people

There are reasons to rent besides not being able to afford to buy. ETA not in support of the boo hoo tax example in the story. Just wanted to point out there are logistical reasons some people rent.

[crazycatlady]

10. I'd rent no matter what

There's something about the peace of mind knowing that I never have to have a line item in the budget devoted to Home Depot.

[NCTraveler]

15. Very very few people make over one million per year.

I'm sure a lot of that small amount are renters. That is not to say they don't own their main residence.

[MrScorpio]

31. I would think that it depends on where they live.

As in someone who lives in NYC vs suburban Cleveland for example.

[dembotoz]

8. Leave it to charts to remind me how poor I am

[blogslut]

9. This is my favorite reply

Link to tweet

Peter Jason Thomas Ramanathan Holiday‏
@toomuchpete

Replying to @USATODAY
Oooh! Do a renter married to five different men with an annual income of $2.6 Billion next!

[rgbecker]

12. These various sites which try to calculate what the effect will be are stabs in the dark.

Here's one that gives a slightly ($7100 tax savings) answer if the the guy were from Alabama, for example. This shows the unfairness in the tax code that is actually made worse by the GOP tax. It has been pointed out that many will simply find ways to reclassify income to allow a lower tax rate.

http://taxplancalculator.com/calc

[procon]

13. Out of touch with reality.

The average income in America across all jobs is only $51,939. A million dollar income is fantasy dream for most people.

[Skittles]

24. if you look at the link, $50,000 is their first example

[Kirk Lover]

14. In the first example is says this person with a simple return making 50K could save a significant

amount of money....it breaks down to $43 per paycheck. Is that what we are calling significant?

[MichMan]

16. It might to a lot of people

I would think a couple hundred bucks a month would be helpful to a lot of families.

[Kirk Lover]

18. Except it's not a couple of hundred bucks a month...it's $86 buck a month. n/t

[Lee-Lee]

17. For a lot of families that is significant

[Kirk Lover]

19. I don't consider $86 dollars per month...especially for a family...significant. n/t

[MichMan]

20. I guess if you aren't living paycheck to paycheck it isn't

[Kirk Lover]

22. I'm not saying that it isn't anything but the word we are talking about is

significant and that amount is not...it's friggin crumbs but looks like folks are happy with anything they can get no matter what the real cost is.

[Lee-Lee]

23. Your circumstances are not everyone elses

There are a lot of people who have almost all the money coming in going right back out in rent/mortgage, food, debt payments, etc.

They end up with very little money after all that to do anything with.

That $86 a month can be a huge differnce- maybe more clothes for the kids, or more fresh food and less processed food, or a night at the movies for the kids they couldn’t afford before.

[Kirk Lover]

25. My point is they should be getting a lot more back not these crumbs. And when you

break it down that is $21.50 a week. You really think that's going to be HUGE difference? As someone who has had not a dollar in their bank account that 'extra' 20 bucks a week ain't getting you too far. That's not relief...that is a tease whilst the top tier gets 83% of the benefits.

[haele]

29. Depends on what they lose for that $84 a month.

An significant increase in health care premium will offset that tax savings. Inflation in general can also offset that tax savings. And some of those "savings" in taxes will end up affecting the way interest rates are set by the Fed (especially since we are currently at what is considered Maximum Employment), which will drive up the costs of things like groceries and clothes as businesses will have to charge more to be able to pay for capital improvements.

Not to mention the revenue that the Federal Government is losing that will cause cuts in various Social Services and other federal subsidies that many of those not so well off median wage earners depend on to make it to the end of the month, such as the TVA (and other Rural infrastructure programs), low cost mass-transit, School Lunches and SNAP or WIC, Education, SBAs, HUD vouchers, Medicare, low cost Health Clinics, etc...

An extra $100 a month will not help a family of 4 one bit when general inflation causes the cost of utilities or their rent to go up by 2 or 3% a month and they lose access to reduced School Lunches for their kids, as well as having to pay 5% more for their health costs in general, as well as the 20% more for their health care premiums. When their local taxes go up and access to Social Services decrease, when their local policing and EMS, along with affordable housing and community projects are reduced or shut down because the Federal Government cut infrastructure and community improvement programs due to lack of revenue.

When that family of 4 now has to replace their tires every year and face hundreds of dollars in annual auto maintenance bills due to pot-holes and poor street repair because that local or state repair money had to be used maintain ambulance services for the disabled and nursing homes that lost Medicare money because Multi-Billion dollar corporations and investment firms just had to get their 40% tax cut.

I'd much rather pay all my taxes and have a healthy, affordable community and infrastructure than a hundred dollars extra in my pocket a month - that will end up getting spent on something that better Federal tax revenue and spending would have typically taken care of.

After all, Tires and the alignments that ensures good gas mileage aren't cheap. Nor is health care.

Haele

[we can do it]

32. This. Exactly.

[alarimer]

21. On a $1 million salary, 2 grand is chump change

Boo fucking hoo. And if you rent (you're making a million bucks, why the fuck do you rent?), you are not paying property taxes, not directly, anyway, so you don't get to deduct it.

And honestly, I'm not going to cry over someone making more than 100K paying a bit more. So what? It's those on the bottom getting screwed by everyone else I worry about. I don't even worry about myself so much, even though what I may gain, I will lose in higher health care costs somewhere down the line. I don't itemize at all, usually. I DO worry about things like 401K because at one point they talked about making those contributions being taxable, instead of being pre-tax. And also the IRA deduction. But I assume those have not survived.

[VMA131Marine]

26. Somebody living in Manhattan or San Francisco is more likely to be a renter

even if they are making $1 million per year. But somebody like that is probably paying far too little in taxes as it is.

[vsrazdem]

27. A single 64-year-old home owner with income of $40,000 year

Itemize taxes and mortgage interest, which is just a few thousand more than the standard deduction. Taking away the personal exemption I will be getting no tax benefit and in fact a little increase in my taxes. How the hell does this benefit the middle class.

[SoCalMusicLover]

28. A Single Renter Making $1M/Year?

$40K in Contributions, and THEY RENT?

[haele]

30. Can they cherrypick even more - Hey, here's a "tax bill"

Taxable income for Joint filers with two children $67,100
Mortgage interest payments $7200
State and local taxes: $1200
Health Care costs $9800
Charity $250
Contractor Business expenses $9500
Student Loan Interest payments $1400

Total itemized deductions: $29350

Line 41 income (itemized) $37750
Line 41 income (standard) $53500

Personal Exemptions (4) - $16000

Line 44 Income (Itemized): $21750 (at 15%)
Total Tax owed w/out credits: $ 2331
Child Credit -$2000
Child care Credit -$300
Total Tax Owed: $31


This new GOP plan on same filing
Taxable income: $67100
Standard Deduction -$24000
Allowable Deductions
Mortgage -$7200
SALT -$1200
Line 41 income $33700
12% Tax $4044
Child Credit $4000
Total Tax Owed $44

They will actually owe a whopping $13 more.
Not to mention, their health care premiums go up another 12% or so because the insurance companies know that cost sharing and Medicare is the next to go, so they're going to gouge as much as they can while other customers still have "a few more dollars" in their pocket to pay for it.

Haele