Official. Tax Cuts are a bust for Middle Income taxpayers

SF city politics coddling disfunctional adults has driven out families for 50 years resulting in a 85% singles rate. The most anti family city in America. Where Peter Pans are celebrated and children are ignored.

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Politicians can’t fix the problem, because they won’t admit the root cause. To them, the issue is some kids have an advantage which they see as unfair. Their solution is to reduce the advantage in the name of fairness.

They can’t think that the advantage should be normal and how do we lift up everyone to that standard. If you think about it, we should strive for every kid to live in a 2 parent home with caring and involved parents. Now society is so broken that it’s considered an unfair advantage. We’ve glamorized single parenthood and divorce to the point we won’t admit kids do better across every measure with 2 parents. We’ve designed social programs that enable and grow the issue.

It’s so bad we blame systematic racism when you can trace much of the gap between races to 70% of African American kids are born out of wedlock. Asians are the most financially successful and have the lowest percent born out of wedlock. The fact is being a single parent makes you 6x more likely to live in poverty.

You’re not going to get votes if you tell people they are part of the problem by being a mediocre parent. Telling people it’s not their fault will get you votes. That’s why there will never be an honest discussion leading to results.

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Highest taxes in the nation, most restrictions, and you need to enter a lottery for a chance to send the kids to a decent school. Geez.
Are their home schooling cooperatives in the city? If the government fails you leave or stop using it.

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From living in a family clan to nuclear family to individualism. Search for self-actualization has gone too far. Time for the pendulum to swing back. Take away women’s right to vote!

I don’t really understand the homeschooling approach. Why not just send kids to an elite private school? Then you get a quality education as well as good connections.

You don’t get much social interactivity with homeschooling and you put the burden of day to day education on yourself. Why? What’s the benefit?

Homeschooling is often done in cooperatives. There are curricula you can purchase and together with other parents and their kids there’s interaction, sharing of expertise, field trips, etc. And public schools are required to make facilities like track fields accessible to children in their district even if they are being home schooled. Not for everyone obviously. If a private school is an option in terms of cost and distance then there’s that.

One more tax reduction sample from an single income,family of four, no home owner, IT pay W2 bay area person. He was surprised to get $10000 return which normally he used to get $2000 return.

He did not know the change in tax until he saw the $19k return amount. He asked me how it was reduced and when it was reduced etc !

So much stupidity on these responses I can’t do anything but laugh……

:rofl::rofl::rofl:

But without those additional steps, the president’s economic team predicts in a report released on Tuesday that growth would slow to about 2 percent a year in 2026. That is the year when many of the individual tax cuts included in the 2017 law are set to expire, essentially producing a tax increase for millions of Americans.

Most forecasters project economic growth of about 2 percent in the medium and long run for the United States, but that rate would fall far short of the heady promises that President Trump has made about his ability to fuel the American economy. Mr. Trump has predicted growth of as much as 5 percent, while his advisers have routinely promoted 3 percent as the new normal. Growth averaged just over 2 percent from 2010, the first full year after the Great Recession ended, through 2016, when Mr. Trump was elected to the White House.

“ Tax refunds, which were off to a slow start early in the season, are also approaching parity with last year’s figures. The average tax refund as of March 22 is $2,915, according to the IRS. That’s just $10 — or 0.3 percent — down from last year.”

That’s after withholding tables were updated, so people got larger paychecks. In other words, people got to keep more of their income.

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Whoever I know, they are all got benefited appx $1500 or more additional refunds, including me and my family members. Most of the non-home owners in California received better benefits appx $5000 or more.

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You are not a middle income taxpayer. Most people who are on this forum are upper income taxpayers. Once a person has 200k income a year they are in the top 5% of income for the country.

correction see link below: top 5% is 299k. Top 10% is 118k
.How Much Income Puts You in the Top 1%, 5%, 10%?

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Did you pay more or less tax?

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My Effect tax rate is less, but very small change/benefit.

Middle income should have a huge benefit. The larger standard deduction is likely more than their itemized deductions. If they have kids, the tax credit doubled, and they can get it while claiming standard deduction.

Take the median family making $60k/yr with 2 kids. Does anyone think they itemized more than $24k in seductions? Plus, their child tax credit doubled.

Over 90% of returns will claim standard deduction. That means the standard deduction is bigger than their itemization. All of those people should pay less taxes than before.

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Just finished my taxes.

Federal taxes - in 2017, it was 23% of total income. In 2018, it is now 15%.

AMT in 2017 increased my total taxes by 23%. 2018: 0%.

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Sound like your SALT is lower than $24k :grinning:

:slight_smile: :slight_smile: My SALT is higher than 24K but I did some changes to take advantage of the new tax law - Mission Accomplished! What are your results - contribute generously for all to compare!

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My effective tax rate went down about 5% in 2018 compared to 2017. I guess Trump helped me :rofl:

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