Trump Tax Cut

[jsburger]

The numbers are in again. Everyone is complaining about the Trump Tax cut being only for the rich. That seems to be crap. I just looked at our January statements for my wife's Civil Service and my Military retired pay. The Federal Tax withholding went way down. Her withholding was $55 less and mine was $42 less. The only thing I can credit that to is the tax cut. My Civil Service pay was not changed because I don't have tax withheld.

So along with the COLA raise we got this year we have another $190 take home a month. Thank you Mr. President!!!

[garys]

I guess I'll see next year when I do my taxes. I don't have anything with withholding so I can't see it any sooner than when I can sit down a year from now and put my 2019 taxes together and compare to 2018.

[reible]

Yea at this point the overall effects are pretty hard for me to tell.

First the new tax tables were not available for my last pension check so maybe at the end of this month I might see what those numbers are.

My wife's bump went to payoff more medicare, at least I did get a few $$ to the plus side. How ever the changes to medicare filters in to the extra coverage we carry so if that goes up for both us we will be back in negative ground on that.

All the tax changes coming this year will depend a lot on your own situation so for some it will be better, for others it will likely not be and then this is only the first year of the changes, more to follow so each year will present its changes and being better this year doesn't mean next year will be the same or better or worse.

At least the interest rate on savings has improved. My short sited planning was for an average 3% rate, yea that hasn't been the case in years now.

Ed

[GoNavy]

Well not so fast on that praise...while I am glad you are seeing a benefit, keep in mind only about 18% of Americans will see those benefits, while 82% of the top corporations and the 1% of the richest folks rake in millions in savings...little loop sided don't you think, also keep in mind your savings are scheduled to away in a few years, slowly decreasing over the years until 2027, your not going to continue to see those saving, while the corporate stuff and the rich tax breaks stay in affect until 2027 unchanged tax bill mandates that they don't change, they didn't see the need to mandate that for the average citizen. Your also not taking into account the cost of living, just a matter of time we are going to be paying more for every thing, your gonna need that money, because he is screwing up every trade agreement we have..the result costs go UP for every thing. Think I'll reserve judgement for awhile, lets see how it shakes out. For me doesn't make much difference, I get Navy retirement and SS and very few bills, house is paid off, so I have plenty on cash to buy every crazing shop tool I want and hardly need...lol...long as I can do that I am happy

I did however get a raise in my Military retirement of $34 a month and my SS went up $35 not real sure if that was a planned raise or something else...but I'll take it

[Hobbyman2]

401k is starting to show signs of hope,,,,

[Hobbyman2]

Well not so fast on that praise...while I am glad you are seeing a benefit, keep in mind only about 18% of Americans will see those benefits, while 82% of the top corporations and the 1% of the richest folks rake in millions in savings...little loop sided don't you think, also keep in mind your savings are scheduled to away in a few years, slowly decreasing over the years until 2027, your not going to continue to see those saving, while the corporate stuff and the rich tax breaks stay in affect until 2027 unchanged tax bill mandates that they don't change, they didn't see the need to mandate that for the average citizen. Your also not taking into account the cost of living, just a matter of time we are going to be paying more for every thing, your gonna need that money, because he is screwing up every trade agreement we have..the result costs go UP for every thing. Think I'll reserve judgement for awhile, lets see how it shakes out. For me doesn't make much difference, I get Navy retirement and SS and very few bills, house is paid off, so I have plenty on cash to buy every crazing shop tool I want and hardly need...lol...long as I can do that I am happy

I did however get a raise in my Military retirement of $34 a month and my SS went up $35 not real sure if that was a planned raise or something else...but I'll take it

=================

Right now we will take what we can get, its better then watching it all go to our enemies .

Hope fully by the time this expires some one else will have a new plan.

Looks like we have time .

Under the other guys we wouldnt get what we are getting.

Kind of sad when a illegal gets more benefits then some one who worked all their life and retired ,,,or many of our vets.
Glad you are doing well and thanks for your service.

[dusty]

Well not so fast on that praise...while I am glad you are seeing a benefit, keep in mind only about 18% of Americans will see those benefits, while 82% of the top corporations and the 1% of the richest folks rake in millions in savings...little loop sided don't you think, also keep in mind your savings are scheduled to away in a few years, slowly decreasing over the years until 2027, your not going to continue to see those saving, while the corporate stuff and the rich tax breaks stay in affect until 2027 unchanged tax bill mandates that they don't change, they didn't see the need to mandate that for the average citizen. Your also not taking into account the cost of living, just a matter of time we are going to be paying more for every thing, your gonna need that money, because he is screwing up every trade agreement we have..the result costs go UP for every thing. Think I'll reserve judgement for awhile, lets see how it shakes out. For me doesn't make much difference, I get Navy retirement and SS and very few bills, house is paid off, so I have plenty on cash to buy every crazing shop tool I want and hardly need...lol...long as I can do that I am happy

I did however get a raise in my Military retirement of $34 a month and my SS went up $35 not real sure if that was a planned raise or something else...but I'll take it

=================

Right now we will take what we can get, its better then watching it all go to our enemies .

Hope fully by the time this expires some one else will have a new plan.

Looks like we have time .

Under the other guys we wouldnt get what we are getting.

Kind of sad when a illegal gets more benefits then some one who worked all their life and retired ,,,or many of our vets.
Glad you are doing well and thanks for your service.

Don't go there unless you have good reason to believe that you know what you are talking about. Which benefits do these "unregistered immigrants " get that you would like to have for yourself? I would not trade places with any of them.

Don't draw your conclusions based on what you see/hear from the media!

Incidently, do you know any of them? How many reside in and around the area where you live.?

[dusty]

As for the tax status under the recently approved tax reform, I actually gained. I now have $41 more spending money monthly than I had in 2017. BUT, that is not a result of tax reform. It is the result of an increase in my military retirement (the COLA).

I broke even with Social Security/Medicare.

[Hobbyman2]

Dusty,,,, books were written for foreigners about collecting public assistance for immigrants,,,,, I drove truck coast to coast for many years under my own authority, met a lot of illegals ,,,,,odd how many had signed the same name on the bills ,,,,, especially on the left coast,,,they get public assistance,,,,,,a lot of public assistance,,,,,why would I want to trade places with a fellon? ,,,,spent my life staying out of trouble ,,,,, you mentioned your SS didnt go up your and that your Military COLA did ,,,,,,,Social Security taxes now bring in more than the cost of current benefits,,,,,,,,,Social Security taxes now bring in more than the cost of current benefits FactCheck.org,,,,,when President Clinton made it ok to spend SSI in the national budget it screwed every one who added to it, imagine how well it would be doing right now had he left it alone,, , they shouldnt need SS money period,,it was never intended for that use,,,, , had other methods been used to support the immigration issues their SS and SSI medicare medicade would still be there and the benefits should have increased,, , it was never meant to be used for the things it is being used for now.

[davebodner]

Oh, good. Another political discussion. I'm sure this will end well.

Enjoy the extra few bucks while you can. The way the law works, your taxes will be higher in 10 years than they would've been under the old law. Maybe you'll be dead in 10 years, and you don't care. Then ponder that your kids and grandkids will be saddled with an additional $1.5T in debt to pay for your measly temporary tax cut.