2018 Jul 23, 4:28pm
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Nobody changed their W4 and you know you can't prove it.
What would happen if we went back to the good old days of no moderators?
. I thought that changing my name might help out with my posts being censored by the moderator(s)
Bitter, jealous people will do anything to try and cut down successful people
Trump tax plan is driving wages down
Because it's not backed by facts or links
Wrong again:HyperlinkA hyperlink is a word, phrase, or image that you can click on to jump to a new document or a new section within the current document. Hyperlinks are found in nearly all Web pages, allowing users to click their way from page to page. Text hyperlinks are often blue and underlined, but don't have to be. https://techterms.com/definition/hyperlink
Reading comprehension is so difficult it seems:
Any chance you can read that bold part above where it says "Revenues from federal income taxes were $76 billion higher" even though the new lower withholding schedules went into affect?
Apparently "nobody" changes jobs during the year and fills out a new W-4.
The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.
For the simple minded here, that means PEOPLE ARE MAKING MORE MONEY (WAGES), because the Federal Government is collecting higher taxes compared to last year, even with lower withholding tax rates.
It's very likely a lot of high income earners with increased wages bumped it, keeping their withholdings (W4) the same, and the bottom tier keeping their same salary and therefore the tax revenues increased. Has nothing to do with tax "schedules" as you mention.
The increase in revenue does not mean that the new tax plan automatically reduced peoples tax withholdings
It's YOUR hardon about tax schedules, go scroll up and see the COMPLETE article repost from the BEA and CBO that I made above. You jump in at the END of a discussion and start with the BS, try following along in the COMPLETE discussion.
What is necessary to support such an idea is the false notion that the money pie remains a constant.
Consider the hyper competition of workers for low skills jobs, and the constant job insecurity.
Tax revenues are up because incomes are up.
Revenues aren't up because you can now withhold less.
The OP is a chart from payscale.com with no explanation of data or processes to get that data and calc the figure.
Perhaps the OP can suggest exactly what that chart is representing?
Laziness. If you are competing for low skilled jobs your entire life, it simply means you never sought to improve your skill set or make something better of yourself.
2 - There was a time when for example being a cook was a skill, now most jobs have been commoditized i.e. emptied from any skills and reduced to simple robotic gestures: you don't cook, you flip burgers. And anyone can do it. And there are hundreds of millions of people that are waiting to do it. The real restaurants that require real cooks are increasingly very few.
What happened is that a return to mass immigration and lack of immigration enforcement flooded the labor pool.
This is the kind of easy rationalizations that keeps people from seeing the picture in front of them. 1 - First, it requires to believe that 2/3 of the population of the US became lazy and stupid, and unable to adjust. Why is it suddenly the case?
3 - not only these jobs are commoditized, they are increasingly automatized. Leaving less possibilities for people at the bottom.
The top 10% get most of the gains.
It's tough to be a productive worker when both thumbs are always busy.
Revenues are up 9% from last year, where do revenues come from? Tax withholding on wages. Even though the lower withholding rates kicked in this year, which means the Feds get LESS income from income taxes, the revenues are still up 9%. If wages were dropping, like the OP claims, the revenue numbers would be in the minuses, even before the lower withholding rates
If you don't change your W4, your withholdings are exactly the same as they have always been in previous tax years regardless of the new tax plan.
The 9% increase is almost exclusively due to wages. Acting like less is being withheld from paychecks and that there was still a 9% increase in tax revenues is disingenuous. People are withholding the exact same amount as they would prior to the new tax plan.
To claim people are withholding less and the revenues are up is garbage.
ome vocational talent and are willing to put sweat in and learn such a skill you're basically set.
The fact remains we won't know how this all plays out until we pay all the people back that overpaid on their taxes.
Revenues are up 9% from last year, where do revenues come from? Tax withholding on wages. Even though the lower withholding rates kicked in this year, which means the Feds get LESS income from income taxes, the revenues are still up 9%. If wages were dropping, like the OP claims, the revenue numbers would be in the minuses, even before the lower withholding rates.How much would revenues to the .Gov be up if the old, higher withholding tables were still active? Probably MORE than 9%.
We know exactly how it plays out. It's printed on everyone weekly pay stub now. They see exactly how much tax was taken out. You don't need to wait until the end of the year to see that.
extra $22 per week in their paycheck on average from the tax cut. Wow a night out at mcdonalds for a family of 4.
You really should read articles before you comment on them.
I'm missing something here. 40 (24+7+9) identify as dem, 46 (11+6+19) idenify as rep and you say the poll is padded with dems. How does that work exaclty?
bob2356 saysI'm missing something here. 40 (24+7+9) identify as dem, 46 (11+6+19) idenify as rep and you say the poll is padded with dems. How does that work exaclty?The way I learned math is that (11+6+19) = 36, but this is how math is taught in my state. Apparently it's taught differently in others....
So riddle me this. If hourly wages are down, then where is the increase in tax revenue coming from? Did salaries jump suddenly and abruptly on a wide scale? Hmmm. I wonder why the stock market is barely staying even with huge buybacks? Anyone out there cashing out their stocks and taking profits? Hmm. Dividends up 15% to record high. First q 109 billion in dividends. Taxable dividends.
Hourly wages down, salaries really didn't change,
From the bea tables:
bob2356 saysHourly wages down, salaries really didn't change, Look who's back to show us more awesome math skills, and wrong assumptions.You should really read the WHOLE thread before posting additional nonsense.
Ok where is the 9% growth in individual income tax collections coming from? Feel free to provide the CORRECT assumptions. Not that it will ever happen.
OK, how's this?https://www.cbo.gov/system/files?file=2018-07/54126-MBR.pdf
You should really read the WHOLE thread before posting additional nonsense.
MrMagic saysOK, how's this?
OK, how's this?
The question is what part of individual income taxes is driving the 9% increase if wages are only slightly up,
Need help reading?
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