I mean my accountant did a rough estimate on our taxes next year, and it’s about a 20% increase for me.
Not gonna break the bank, and if it were in service of a worthy thing like providing universal healthcare, investing in infrastructure, or improving schools I’d be totally on board.
But so millionaires and corps get a massive tax cut that blows up the deficit? Fuck that!
I’m paying more in taxes so millionaires can buy another yacht. Heads. Pikes. Now.
My accountant has told me I am one of the few he has seen who will get hurt by the new rules. Something to do with S-Corp status and my means of income.
Mine is I just fall into several categories.
Good, but not great income (high 5 figures)
have investments
Own a house, with yearly property taxes of about $7k, so with state taxes wind up well over the $10 threshold
Combined with the other deduction adjustments being a net wash, with married and two kids etc, those things put me into an unfortunate spot. It’s not that my tax rate goes up, but my deductions get cut by a few thousand.
It does seem kinda funny to me, a Californian, to hear anyone at the state level complaining about someone raising taxes. The state just raised the price of gas by increasing gas taxes and they raised auto registration fees on everyone. California isn’t exactly a tax friendly state.
Edit: To see if this will shrink the graphic.
I don’t think people are necessarily complaining about a tax hike per se. Many are complaining about a tax cut for the wealthy that is financed by a tax hike on blue states.
If those auto registration fees were raised only on Priuses while simultaneously cut on BMWs, then you would hear a lot more complaining in California.
Well said.
You know it was raising auto registration fees (along with the power problems) that got the governor before Arnold out of office, and basically got him elected.
There is already a repeal effort that will end up on the ballot. And before you say the state needs this to fix the roads, remember that the state took previous gas tax money and instead of fixing the roads put it into the general fund.
EDIT: I have no idea why the graphics on this are so freakin big. :)
You fixed it somehow. Did you change something? Try doing the same to the previous link too.
@wumpus: Looks like editing a post made the huge pictures go away, and made them normal. /Discourse bug submission.
No, it just seemed to correct itself when I made the small edit. Weird.
Aw c’mon. Apple is using the tax law to repatriate billions! And give it to the American, uh, shareholders:
Apple (AAPL) is expected to announce plans to return between $100 billion and $150 billion to shareholders
What did you expect them to do with the money? Rebates on iPhones? A shareholder dividend is probably the best-possible scenario for Apple using their repatriated cash.
Businesses that spend a lot of money on giving raises or hire a bunch of workers they don’t need don’t say in business long, so this has been the bloody obvious result from the start. I’m sure Rubio knew that very well, he’s just trying to find political cover.
Trickle Down says they’ll spend it on expanding and increasing wages.
Of course that never actually happens, because why would you pay people more without a reason? And you only expand if it makes sense to.
And a number of businesses are sitting on a pile of cash already so they’re just adding to an existing pile which also doesn’t change behavior.
Not to mention that it gives people/organizations at the top even greater market power, exacerbating inequality. We’re going to be Brazil soon, the way things are going. Hell, we’re already getting favelas in some of our cities.
I don’t disagree, just noting that Apple, who didn’t create the policy, isn’t doing anything wrong with a dividend offering. In fact, other than just handing it out to the mostly already well compensated employees of Apple, I think it’s a good way to get the cash back into the hands of real people.
I was criticizing the tax cut in the first place, since the vast bulk of it is going to people who aren’t exactly hurting.
Between 55-60% of American and Apple is the largest component of the S&P and one of the most widely held stocks so roughly half of all American own Apple directly or more commonly indirectly via mutual funds/ETF in their 401K, IRA, or pensions.
According my calculations somebody with $100K in a SP 500 index fund will get about $650 if Apple returns $150 billion via stock buy backs or dividends. Given the poor saving rates of Americans boosting their savings is a good thing.
Uh - considering that less than 50% of Americans have any money invested in the market and an even smaller % will have anywhere near $100k investmed the primary beneficiaries will not be those who experience “poor saving rates”