You just don't know what you're talking about. They are going to start counting tuition waivers for grad students (and university employees for that matter) as taxable income. That means that for most grad students their taxable income is going to more than double.
Any position other than "this bill is a total dumpster fire with no redeeming qualities" means you're a supporter of it in my eyes.
I'm just posting facts, it does not raise taxes on every poor person, that's just a lie.
You even said you don't do your own taxes, you have no clue how it's going to affect you- RUN THE NUMBERS! It's just maddening that every lib is jumping on the bandwagon crying about how this will up their taxes without even knowing how much taxes they pay! How can you possibly say it'll lower or raise unless you calculate your return with both numbers?
Civvver, you do understand that the vast majority of the "middle class" are married with children, right? I mean, I don't fault you for pointing out the personal to you benefits here, but you aren't exactly the "general case."
Those numbers were hypothetical, not my personal numbers.
Yes, I am married with two kids. My returns get way better cus of this bill, mostly because of expanding the child tax credit.
The are above the line deduction that are being taken away they are not part of the standard deduction.
Transforming the personal exemptions to the standard deduction breaks even at a couple with one child. Plus, you lose the benefit of itemizing (your standard deduction you have to top has doubled, plus you have lost your exemptions). Plus, many common deductions have been eliminated or reduced. I would like to see the math where you are getting a 33% tax cut. I ran the numbers and my cuts were fairly nominal.
Well I don't know your situation. Share the numbers if you want. But most people don't have tons of deductions. Like 75% of people currently take the standard. Me personally I'll pay around $2000 less in taxes. Maybe that doesn't seem like a lot, but you know what? After taxes and increase insurance premiums and retirement plan deductions and all that other crap every year I'm lucky if my take home pay increases by that much. So it is a pretty good amount considering.
That. Perhaps you did not hear.
Under current law, both scholarships and tuition waivers are not taxable. But the House bill draws a distinction between the two. Under the proposal, universities can still reduce their students’ tuition bills without incurring tax consequences. However, if graduate students work as teaching or research assistants as a condition of getting that tuition help, then the amount of tuition reduction would be considered taxable income.
Universities that wish to avoid saddling their graduate students with large tax bills therefore have an easy way out. They can reclassify their qualified tuition waivers as scholarships, and avoid incurring any tax consequences. Because schools have this alternative method of providing tuition help, it is unlikely that many graduate students will see tax hikes if the House bill becomes law.
https://www.forbes.com/sites/presto...wont-destroy-graduate-education/#575198864876
Thanks for finding that, there are plenty of ways to get around this. If free tuition is your pay, then yeah it'll get taxed. But it doesn't have to stay that way.
It's the same thing when people post their little charts about how all the poor people's taxes are going up in 10 years when the cuts expire.
The cuts have to have a 10 year limit because of rules that get around the filibuster- it can't add to the deficit after 10 years to be permanent. Bush tax cuts were the same way. But what happened when they were set to expire under Obama? Nothing, congress made the low and middle class rates permanent and actually some of the top rates reverted. The same thing will happen with these. So the whole fear that this is good only for now but will increase your taxes down the road is also false.
The legit issues with this bill are:
1. It reduces taxes on the rich, some by a lot. Do they really need these breaks?
2. It adds to the deficit. Opinions on that vary.
3. It probably won't lead to massive job boom from supply side economics.
So I have issues with the bill. But it does not raise taxes on poor people, that's just false across the board. Only a few specific people with specific deductions will see increases.
Looks like for the first time since I was a teenager, I'll be tax free.
What is your point? That the bill is ineffectual and worthless at delivering what it promised? OK... So was that intentional on the part of the Republicans? Or just incompetent?
What you're saying is that the bill isn't going to work because there's already loopholes to "get around this"... so why pass it?
Makes no freaking sense...
