Apologies if I missed this but… teachers will no longer be able to claim the teeny tax break of up to $250 That they spend on classroom supplies.
Well Carp, there goes the $7.44 I just spent on socks for my kids who don’t have them tomorrow for the lab. Oops, I forgot the three or four hundred I already spent …just kidding that teachers spend $200 per year
There’s just too many bad things in this. I don’t think it can pass. Too Grinch-like, right before Christmas. :-&
@dragonmom It’s a proposal for 2018, not 2017.
My roommate’s mother is the one that shared the teacher news with me. She’s a 4th grade teacher in a relatively very well-off school district.
She posted it on FB with an image of receipt of supplies she had bought her classroom just in the last week. Luckily, her husband is a high-ranking engineer and they can afford it. The vast majority of teachers though? Not so much.
“I don’t think it can pass. Too Grinch-like.”
Not for the extremely wealthy and corporations who are their real constituents. People need to wake up and realize that. FGS, they cannot even leave untouched the Consumer Protection Agency. Nothing is ever about or for us - the “unwashed masses.”
I heard Paul Ryan talking about the plan and couching it as - we are giving you more money back so you can decide for yourself what to spend it on. You can choose to spend it on medical care, a larger house, etc. The reporter had asked about the loss of the medical expenses deduction and Ryan saw that as a choice! Who chooses to have catestrophic medical expenses and low enough income so that it shows up as a deduction?
I guess the choice is medical treatment or death.
Considering how things went with repealing ACA, there will be a big push to pass this in Congress so they have something they can say they did. As DH pointed out, passing this won’t necessarily hurt the Repulbicans in the 2018 election since people won’t see the full impact of it until they do their 2018 taxes in 2019, after the election.
Upon acceptance into my graduate program I was awarded a 4-year PhD fellowship which required me, in its third year, to work as a TA or RA.
So my third year tuition waiver would have been taxed differently from years one, two, and four, even though it was all part of the. exact. same. fellowship??
That seems a little more than bizarre.
Are you expecting the Grinch to leave you a lump of coal that utilities do not want to buy any more (because of cheap fracked natural gas)?
^^Ha ha, but I’m expecting the Grinch not to leave me even a lump of coal, but raid my refrigerator and take away my Christmas cookies.
I think they are taking the fridge along with the cookies.
Ryan’s comments about choice demonstrate how completely divorced he is from the realities of those who are not rich. None of our medical expenses are by choice - it’s not like my husband is having botox and face lifts!
^ You mean 450k ISN’T middle class?
By 2023, 38 million “tax filing units” with incomes between $30K and $40K, which means 38 million low income families, would pay higher taxes under the new tax proposal, according to the bipartisan Joint Committee on Taxation, which is like the Congressional Budget Office but for taxes.
So the plan raises taxes on poor people and shovels money to very very rich people. Sounds fair.
but let’s complete the picture:
The JCT also found that, on average, families earning between $200,000 to $500,000 would pay more in individual income taxes in 2023 and beyond.
Heck families earning 200k are going pay more in 2019 if some changes aren’t made.
My kid making 23K is going to pay about 200% more than she pays today.
“By 2023, 38 million “tax filing units” with incomes between $30K and $40K, which means 38 million low income families, would pay higher taxes under the new tax proposal, according to the bipartisan Joint Committee on Taxation, which is like the Congressional Budget Office but for taxes.
So the plan raises taxes on poor people and shovels money to very very rich people. Sounds fair.”
Just got an alert. They’ve pulled the report due to an error.
“TPC staff found an error in the preliminary distributional analysis of the Tax Cut and Jobs Act (TCJA) that we released today. This error involved the additional child tax credit component of the proposed legislation,” the organization said in a statement Monday night, several hours after releasing its report that showed the benefits of the tax bill were skewed toward the richest Americans.“
“The center has pulled all materials related to its initial report and said it will issue a corrected version as soon as it is able, likely Tuesday.”
Different report. Wrong “they.”
TPC is a private group. It’s the Tax Policy Center, a part of the liberal Center for American Progress. They pulled their report.
JCT is the Joint Committee on Taxation. It is a Congressional group that’s like the Congressional Budget Office. It’s tasked with giving a neutral evaluation of congressional tax proposals. They have NOT pulled their report. They are still saying that the tax proposal will raise taxes for 38 million families with incomes between $20K and $40K (not between $30K and $40K as I mistakenly typed).
Presumably, you mean JCX-49-17 from https://www.jct.gov/publications.html ?
Looks like near term tax cuts (for 2019 and 2021) but later increases (for 2023 and later) for the $20,000-$40,000 income range.