Biden gonna tax us to death

#201
#201
hog88 said:
@luthervol

In case you missed this.
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Tax Breaks Parents Lose When Children Become 17

No More Personal Exemptions
One of the biggest changes in the TCJA involves the end of the personal exemption. Formerly, claiming a 19-year-old as a dependent on taxes was possible as a personal exemption, which for 2017 was $4,050. Now, there are no more personal exemptions, but the standard deduction has been raised to $24,000 for a married couple filing jointly, so far fewer people will itemize their taxes. The 2017 standard deduction for a married couple filing jointly was $12,700.
 
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#205
#205
luthervol said:
We are in almost complete agreement.
We may view the need of a "safety net" a little differently.
I'm all for measures that decrease the need for and size of that safety net.
But that is an entirely different discussion.
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No you aren't because you continue to vote for people who want to massively enlarge it. I'm guessing that's just a lie you tell yourself
 
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#206
#206
utvolpj said:
No you aren't because you continue to vote for people who want to massively enlarge it. I'm guessing that's just a lie you tell yourself
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They don't 'want to', they DO.

I can't wait for our hyperinflation. Free money for everyone!
 
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#207
#207
luthervol said:
I was more interested in the response to the "fair share" portion of the question.
How would "fair share" be determined at the state level? What would it be?
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Fair share of what? You don't determine the share before calculating the whole. That's what the govt does completely backwards
 
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#208
#208
luthervol said:
My 17 year old lived with me the whole year.
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And you didn’t get the credit, presuming you met the income guidelines? I don’t see how you wouldn’t have.

Now you wouldn’t in the year the kid turns 18 and is no longer a child.
 
#209
#209
luthervol said:
My 17 year old lived with me the whole year.
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So what? You made him (her). YOU should be responsible without my subsidizing your choice. I don't think there should be ANY tax deduction for having children. You are taxing the infrastructure more yet paying less. How is that fair?
 
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#211
#211
McDad said:
He is also someone who gives back to his community on a regular basis. He stepped up during covid, he steps up every christmas. I am not saying he doesn't have his moments here. we all do. But he isn't a one dimensional person irl.
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He use to be one of the more level headed posters on here..... leaned left but could look at things from different sides..... I think trump broke him.
 
#212
#212
utvolpj said:
No you aren't because you continue to vote for people who want to massively enlarge it. I'm guessing that's just a lie you tell yourself
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lol.......I vote for who I think best moves the world in the direction I wish for it to move.
There are a lot of layers to that process.
How much I pay in taxes is one of the more insignificant layers.......in the long run.
 
#213
#213
hog88 said:
And you didn’t get the credit, presuming you met the income guidelines? I don’t see how you wouldn’t have.

Now you wouldn’t in the year the kid turns 18 and is no longer a child.
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Children that qualify for the Child Tax Credit are under age 17 on Dec. 31.

The child must be UNDER the age of 17 on Dec. 31. You can not take the credit for the year in which they turn 17.
 
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#214
#214
SpaceCoastVol said:
So what? You made him (her). YOU should be responsible without my subsidizing your choice. I don't think there should be ANY tax deduction for having children. You are taxing the infrastructure more yet paying less. How is that fair?
Click to expand...
I understand why you are so bitter, but I'm not sure that you do.
 
#215
#215
luthervol said:
Children that qualify for the Child Tax Credit are under age 17 on Dec. 31.

The child must be UNDER the age of 17 on Dec. 31. You can not take the credit for the year in which they turn 17.
Click to expand...

Oops, you‘re right I misread it.

Even better, the reward for having children needs to be phased out completely.
 
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#219
#219
hog88 said:
Oops, you‘re right I misread it.

Even better, the reward for having children needs to be phased out completely.
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Selfishly, I wish they would have waited a couple of more years..........Thanks for nuthin' trump.

and you know that it is not really a reward.
Unless you're willing to say that keeping more of your own money is actually a reward granted to you by the government.
 
#220
#220
SpaceCoastVol said:
Don't be a condescending prick and explain it to me. And you still haven't explained why having me subsidize your children is fair.
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How are you subsidizing my children?
It's more like they are subsidizing your career. They're frequent fliers.
 
#221
#221
luthervol said:
Selfishly, I wish they would have waited a couple of more years..........Thanks for nuthin' trump.

and you know that it is not really a reward.
Unless you're willing to say that keeping more of your own money is actually a reward granted to you by the government.
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wow. They hypocrisy you exhibit is mind numbing.
 
#222
#222
luthervol said:
My 17 year old lived with me the whole year.
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I am confused about this. I apologize if you've explained it earlier and I missed it. I also looked online and found nothing to help me understand.
You have a 17yo living at home and is a dependent. You claim you deduction of $4050 (the same as 2016) on your son, you and your wife. Should've been identical for the 3 of you in 2017.
2018 the exemption was replaced with a standard deduction of $12,700 (assuming your file jointly with Mrs Luther). This total exceeds the dependent deduction allowed in 2017. Furthermore, starting in 2018, the standard deduction became 24,000.

Are you confusing deduction with the tax credit for kids?
 
#223
#223
luthervol said:
Children that qualify for the Child Tax Credit are under age 17 on Dec. 31.

The child must be UNDER the age of 17 on Dec. 31. You can not take the credit for the year in which they turn 17.
Click to expand...
Disregard previous question. You answered it here.

Your taxes went up. I understand that now. That tax law wasn't based on anything to do with Trump. That tax law went into effect in 1998. That law was signed by Bill Clinton. Clinton raised your taxes in 2017 or whatever.

What happened to your tax burden after the standard deduction of 24,000 went into effect for you, Luther?
 
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#225
#225
luthervol said:
At whatever point seems right for you.
That's not that complicated of a question to answer.
Whatever society decides.

What is the fair share of your income and mine that should go to funding the military? Repaving Interstate 40? Building and staffing prisons? Funding the State Supreme Court?
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What’s your fair share for the 7 million for gender studies in Pakistan or the 2.1 million for sex education for prostitutes in Ethiopia or the 9.8 billion in federal grants to Ivy League schools since 2016.
 
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