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Thread: Moody's Assessment of the Tax Overhaul

  1. #11
    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by carpedm9587 View Post
    Yes - as both owner and a member of the executive team of other businesses.
    So as an owner you made it your duty to screw over your employees and not give them raises unless you were forced to?

  2. #12
    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by carpedm9587 View Post
    I don't see how that is possible, since most of the tax plan does not take effect until the 2018 tax year. There are a small number of items that DO impact 2017 taxes, but they will likely reduce the return if they affect you, not increase it.

    https://turbotax.intuit.com/tax-tips...axes/L9kree6l2

    Any change you are seeing in your taxes is likely not due to the bill passed in December 2017.
    The withholding on current paychecks is for the 2018 tax year which we will file in April 2019. Most people's tax year is from Jan-Dec.

    So we should be seeing a reduction in withholding tax based on the new tax reductions now.

  3. #13
    Evolution is God's ID rogue06's Avatar
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    Quote Originally Posted by seer View Post
    Well all I know know is that we all got our tax cuts in our checks last week, which translates to about 1,300 a year for me. That is a good thing...
    The folks I work for have promised raises starting in March due to the tax cut. While it isn't much (I'll only be getting about $650 more a year extra)[1] but combined with having my taxes cut (I'll see by how much next month) makes for a nice little extra bonus[2]









    1. Which does not include my annual raise due at the end of June

    2. In addition to the roughly $400 quarterly bonuses

    I'm always still in trouble again

    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" -- starlight (the guy who says Stalin was a right-winger)

  4. Amen Teallaura amen'd this post.
  5. #14
    tWebber carpedm9587's Avatar
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    Quote Originally Posted by Sparko View Post
    So as an owner you made it your duty to screw over your employees and not give them raises unless you were forced to?
    No. I have never run my OWN business that way - and I was always a voice in the management team against such practices. Sometimes I was successful - sometimes not. It was one of the reasons I broke off and started my own company.
    The ultimate weakness of violence is that it is a descending spiral begetting the very thing it seeks to destroy...returning violence for violence multiplies violence, adding deeper darkness to a night already devoid of stars. Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.

    -Martin Luther King

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    tWebber carpedm9587's Avatar
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    Quote Originally Posted by Sparko View Post
    The withholding on current paychecks is for the 2018 tax year which we will file in April 2019. Most people's tax year is from Jan-Dec.

    So we should be seeing a reduction in withholding tax based on the new tax reductions now.
    Yeah - I realized what he was saying after. You missed my "edited to add" because I finsihed it while you were writing your resonse.
    The ultimate weakness of violence is that it is a descending spiral begetting the very thing it seeks to destroy...returning violence for violence multiplies violence, adding deeper darkness to a night already devoid of stars. Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.

    -Martin Luther King

  7. Amen Sparko amen'd this post.
  8. #16
    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by carpedm9587 View Post
    No. I have never run my OWN business that way - and I was always a voice in the management team against such practices. Sometimes I was successful - sometimes not. It was one of the reasons I broke off and started my own company.
    I asked if you were speaking from experience.

    So basically you are the good boss but all other company's are evil and just want to keep all the money for themselves and not give out raises unless forced to?

  9. #17
    tWebber seer's Avatar
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    Quote Originally Posted by carpedm9587 View Post
    Edited to add: I think I may have misunderstood you. Your withholding has been adjusted for your paycheck this year, correct? So you saw a $25 change? Mine was substantially larger - possibly because my income is still fairly high. Statistically, I am in the top 1% (depending on who's numbers you believe), and there is no question this tax cut is going to significantly benefit me. It is why I was not in favor of it. I, and others like me, are not the ones that need the extra money.

    Please feel free to sent me your share!
    Atheism is the cult of death, the death of hope. The universe is doomed, you are doomed, the only thing that remains is to await your execution...

  10. Amen Teallaura amen'd this post.
  11. #18
    Evolution is God's ID rogue06's Avatar
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    Quote Originally Posted by seer View Post
    Please feel free to sent me your share!
    Or he can simply pay more taxes than he is required to either by not taking every deduction or by straight out donating the money to the government.

    I'm always still in trouble again

    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" -- starlight (the guy who says Stalin was a right-winger)

  12. Amen Teallaura, Joel amen'd this post.
  13. #19
    tWebber carpedm9587's Avatar
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    Quote Originally Posted by seer View Post
    Please feel free to sent me your share!
    No. I will take my own steps to attempt to rebalance the scales a bit.
    The ultimate weakness of violence is that it is a descending spiral begetting the very thing it seeks to destroy...returning violence for violence multiplies violence, adding deeper darkness to a night already devoid of stars. Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.

    -Martin Luther King

  14. #20
    tWebber carpedm9587's Avatar
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    Quote Originally Posted by rogue06 View Post
    Or he can simply pay more taxes than he is required to either by not taking every deduction or by straight out donating the money to the government.
    I could. I actually DO that with my social security tax. For the rest, I think I'll use other avenues.
    The ultimate weakness of violence is that it is a descending spiral begetting the very thing it seeks to destroy...returning violence for violence multiplies violence, adding deeper darkness to a night already devoid of stars. Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.

    -Martin Luther King

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