To answer that you need to ask what year. Is it 2019 or 2022 or 2027? Because my wife and I are over 65 and we itemized, chances are good we will pay MORE in taxes from the get go.
That said, more than 60% of us think their taxes will ultimately go up. That assessment agrees with every think tank, R or D, report. They all agree that by 2027 all regular Americans will be paying higher taxes.
A related question, the GOP was partially able to kill Obamacare, do you expect your insurance premiums to rise a lot? (Fortunately for me, I have Medicare and Tricare.)
Before anyone can answer that they will need to know what the tax rates, deductions, etc. are for those years. Can you provide that?
I do not expect insurance premiums to do much more than they've been doing for years. I don't even expect what I actually pay for the plan to change overly much. Mostly because the GOP did absolutely nothing to "kill Obamacare"; they just aren't requiring people to buy it, which in turn means the young healthy people just starting out in life won't be required to subsidize older people with far more medical needs (and generally far more money to pay for it with as well).
WIlderness, you really need to study up on how insurance works. Once you do, you will see why your premiums will be going up about 10% per year (much more than under ACA since 2012), assuming you purchase from an exchange.
As to the tax info, I suggest you read http://www.politifact.com/truth-o-meter … -tax-bill/
If you want a brief idea of its impact on you read http://www.cnn.com/2017/12/13/politics/ … index.html
I told you why subsidized premiums will go up. Which is not the same as premiums - they will continue to rise beyond inflationary rates for various reasons. Indeed, mine seem to have gone up a little less than expected this year.
You didn't answer whether you know future tax changes...
What "future" tax changes? Are you suggesting that you subscribed to the Rs belief that a future Congress will fix their screw up? That suggest you think a private business ought to count on some future, "I hope it happens" growth in sales to justify a business decision today.
It is your belief, then, that there will be another change in taxation of the people? I would have to disagree. As far as the "hope it happens" isn't that how every budget and every business decision has ever been made? "I hope what this new factory can be sold." "I hope there is enough tax income to pay for my entitlement projects (although I will just borrow if there isn't." And so on.
You do realize that if nothing came of this tax bill but a major corporate cut alone ; That that alone will account for a major likely positive flow of money for all ? I have watched and listened as business people tell me NOW "People are opening their wallets for the first time in quite a few years ". I also remember all through the Obama years how empty the big box stores I dealt with were . AND contractors like myself saying "Are we the only ones spending ?"
Corporate tax cuts are worth billions in a moving , fluid economy.
Problem is , Everyone wants one in their category alone.
Why doesn't the Republican Tax Foundation say ONLY 34,000 jobs will be created per year? That is a pittance.
They also estimate (on the high end) that GDP will grow about 1.7% Over 10 Years. That is 0.29% annually, pitiful.
Wages are also estimated to grow about 0.2% annually or 1.5% over 10 yrs. Pathetic. (All of these estimates are above the estimated baseline before the tax plan, BTW)
Consider that Business Investment is at an all-time high as is their savings. So what do you think they are going to do with their new found wealth? History clearly shows they WILL NOT increase regular workers pay. The only thing that is left, and this DOES fit with history, is increase dividends, increase executive pay, and buy back their stock.
Now, if we were in a serious recession, then businesses would probably invest (although they didn't do that during the 2008 recession)
"Wages are also estimated to grow about 0.2% annually or 1.5% over 10 yrs. Pathetic."
Why is it "pathetic" that wages will keep pace with inflation? If you don't, I most certainly remember a time when I would have been tickled pink if my salary had kept up with inflation. But I don't expect to get more (adjusted) pay for doing the same thing as I did last year!
Wilderness, inflation is managed to grow at 1.5 to 2% PER YEAR, not per decade. Wages will certainly not keep up with inflation because of any effect of this #GOPTaxScam. In fact, the annual wage increase is so small, it will be impossible to tell if it really happened.
While the left obviously obstructs by constant attack and the right continually defends , the passage of tax reform , the dropping of ACA roadblocks , the corporate tax breaks , economic success' for all , We must NOW begin the newest required change in insider establishment politics --Term Limits ! I haven't heard this cry from the right and expect the usual leftist B.S . fight.
With the hyper-obstucting left and tax breaks and ACA reforms , I am reminded of Liberal obstruction of such things as Civil Rights Acts 1967-68 ......They always list progress in politics as important to them and when it comes to the actual votes , disappear from the room instantly .
Same thing for term limits from the left as for civil rights legislation ,That hardcore Southern Democrat filibuster , Thurmond and his company ? Today . Pelosi , Sanders ,Boxer , Waters , all these obstructionist legislators will fight TRUE political progress tooth and nail.
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