Trump Tax Cut

[beeg]

when President Clinton made it ok to spend SSI in the national budget it screwed every one who added to it, imagine how well it would be doing right now had he left it alone,, ,

I think "they" started tapping SS way before Clinton came along.

[Hobbyman2]

when President Clinton made it ok to spend SSI in the national budget it screwed every one who added to it, imagine how well it would be doing right now had he left it alone,, ,

I think "they" started tapping SS way before Clinton came along.

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I'm sure it did. but when President Clinton put the funds in the general fund it was all over ,, they did what they wanted to with it at a faster rate, it was a uncontrolled spending utopia .

[Hobbyman2]

Oh, good. Another political discussion. I'm sure this will end well.

Enjoy the extra few bucks while you can. The way the law works, your taxes will be higher in 10 years than they would've been under the old law. Maybe you'll be dead in 10 years, and you don't care. Then ponder that your kids and grandkids will be saddled with an additional $1.5T in debt to pay for your measly temporary tax cut.

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This seems like a highly educated respectful bunch of adults from a assorted range financial experiences , I think we can handle it LOL

[Hobbyman2]

in terms of Social Security, Trump’s proposal is no different from a tax increase on the general public to give seniors a 6 percent increase in benefits. The highest benefit from the change would flow to seniors who live comfortably, while those retirees at the poverty line would get nothing. For example, a couple earning $50,000 a year and collecting $40,000 a year in benefits, would see a rise in buying power of nearly 30 percent.

In the end, the taxation of benefits serves as a benefit reduction, one which claws back cash from those with “substantial outside income.” It is very possible to argue for reform of these reductions, but we should have a clear view of how we will pay for the system’s current liabilities before we create even more.

http://thehill.com/blogs/pundits-blog/e ... l-security

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It looks,,,,, as usual,,,,,, the out come being favorable or not depends on your financial situation.

There was a time when a one income family was,,,could be,, financially stable .

[davebodner]

when President Clinton made it ok to spend SSI in the national budget it screwed every one who added to it, imagine how well it would be doing right now had he left it alone,, ,

I think "they" started tapping SS way before Clinton came along.

Sure, that's true. From the beginning, SS surpluses were invested in US Government bonds. Someone can argue that the government is simply borrowing money with the left hand just to spend it with the right. But, that's always been the case.

[jsburger]

As for the tax status under the recently approved tax reform, I actually gained. I now have $41 more spending money monthly than I had in 2017. BUT, that is not a result of tax reform. It is the result of an increase in my military retirement (the COLA).

I broke even with Social Security/Medicare.

Dusty, I think you misunderstand what I said. Yes my military retirement went up $43 and My SS went up $7 due to the COLA raise. That was in December. Go look at your military retirement statement for January after the tax cut kicked in. My January check was up another $44. The same thing happened to my wife's Civil Service retirement. It went up in December due to the COLA and it went up again in January due to the tax cut.

[dusty]

As for the tax status under the recently approved tax reform, I actually gained. I now have $41 more spending money monthly than I had in 2017. BUT, that is not a result of tax reform. It is the result of an increase in my military retirement (the COLA).

I broke even with Social Security/Medicare.

Dusty, I think you misunderstand what I said. Yes my military retirement went up $43 and My SS went up $7 due to the COLA raise. That was in December. Go look at your military retirement statement for January after the tax cut kicked in. My January check was up another $44. The same thing happened to my wife's Civil Service retirement. It went up in December due to the COLA and it went up again in January due to the tax cut.

No, John, I did not misunderstand what you have posted. In fact, my most recent comments were nothing more than a state of financial fact. It is what I see when I look at my bank accounts. It had nothing to do with what you posted.

[jsburger]

As for the tax status under the recently approved tax reform, I actually gained. I now have $41 more spending money monthly than I had in 2017. BUT, that is not a result of tax reform. It is the result of an increase in my military retirement (the COLA).

I broke even with Social Security/Medicare.

Dusty, I think you misunderstand what I said. Yes my military retirement went up $43 and My SS went up $7 due to the COLA raise. That was in December. Go look at your military retirement statement for January after the tax cut kicked in. My January check was up another $44. The same thing happened to my wife's Civil Service retirement. It went up in December due to the COLA and it went up again in January due to the tax cut.

No, John, I did not misunderstand what you have posted. In fact, my most recent comments were nothing more than a state of financial fact. It is what I see when I look at my bank accounts. It had nothing to do with what you posted.

OK, excuse me, you posted it to a thread that I started. If you don't want to look at your next LES fine. When you look at your bank account when your retirement check is deposited on the 31st. you will see another increase.

[swampgator]

Good for you, John. You did make out well, but the normal of us who had only one job for 35 years working for the feds, is not that good. Your taxes went down? Your wife's taxes went down? So after working for the government (DOD) for 35 years, I got a $60 COLA. That's a monthly increase. Compared to last time we got a COLA, I am not paying $50 per month out of my pocket. This time, my insurance went up $38 per month, my Medicare part B went up $2 per month to $134. My taxes went up $11 per month. My dental and vision insurances came out as a wash. So, doing the math, I got $60 per month minus $11, $38 and $2 (total of $51), I get to take home $9 per month. Now, the price of gas has gone from $2.21 per gallon to $2.58, electricity and gas have gone up, garbage pickup has gone up, food has gone up has put me in a hole again. I retired in 2003 making a good retirement, my money, not government money. Since then each COLA and tax increase has cost me. I get more money in retirement, but my bank deposits have continued going down. For the average joe, I think not. Congratulations on your windfall.

Steve

[dusty]

Dusty, I think you misunderstand what I said. Yes my military retirement went up $43 and My SS went up $7 due to the COLA raise. That was in December. Go look at your military retirement statement for January after the tax cut kicked in. My January check was up another $44. The same thing happened to my wife's Civil Service retirement. It went up in December due to the COLA and it went up again in January due to the tax cut.

No, John, I did not misunderstand what you have posted. In fact, my most recent comments were nothing more than a state of financial fact. It is what I see when I look at my bank accounts. It had nothing to do with what you posted.

OK, excuse me, you posted it to a thread that I started. If you don't want to look at your next LES fine. When you look at your bank account when your retirement check is deposited on the 31st. you will see another increase.

This next increase that you are talking about, John, is already included in my numbers. The Tax Reform Bill has done nothing special for me at all. Without my USAF Cola increase, this would have been an absolute wash.