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no increase in take-home pay

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Message 11 of 16

Even if there was a small increase in take home pay, it would be eaten up by:

  • Higher mortgage rates
  • Higher auto loan rates
  • Higher credit card loan rates
  • Higher student loan rates
  • etc.
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Re: no increase in take-home pay

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Message 12 of 16

@Olderscout66 wrote:

This was a REPUBLICAN tax bill, so it was designed for the benefits to increase along with the individual's income. The fact 12% of the respondents said the Trump taxscam helped them "a lot" is perfectly understandable when you consider the top 10% received virtually all the increased income created since the jrbush depression began in 2008.

 

Since the average worker (income $58,000) was to receive $840/year or 1.4% more and Trump's trade wars have spiked inflation to over 2%, the average worker sees LESS at the end of the month, and that's how a lot of us determine how things are going financially - its not what you get, its what you have left AFTER the bills get paid.


I know that you know that when there is an income tax cut, those people paying more taxes will get more money back. Those paying an insignificant amount of tax will get little to nothing back. The other way you could choose to give tax cuts is called redistribution and those at the high tax dollars would get little to no relief and that money would go to the lower incomes. That method is effectively giving Peter's money to Paul because he doesn't make as much.

 

But you knew that already.

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Re: no increase in take-home pay

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Message 13 of 16

Gail  I love the way that you always try to justify  whatever with such nice words and reasoning. 

The real fact is that the tax cuts were never going to do anything to the middle and lower classes, and now, with the interest rates going up. anything that they have gained will be going up in smoke. and as consumer realize that all of these tariffs and tread wars will put their items that they wan to buy at higher prices, they will be if not worse at least not any better than before. 

So please, I am not stupid. and neither are many .

no name
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Re: no increase in take-home pay

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Message 14 of 16

@gruffstuff wrote:

 

 


Comments:

 

I use QuickBooks payroll, it is updated regularly.

 

No change in employees take home pay.   The take home pay is the same AFTER the tax cuts.

 


Then something else is affecting their paycheck if the employer is doing the withholding correctly - the new rate changes for withholding were issued by the IRS in February 2018 - and I just compared the 2017 withholding amounts for various income levels to those for 2018 and the reduction amounts are there.

 

Depending on where you live, state and local income taxes, employee portion of health-insurance premiums, 401(k) contributions, and other deductions which an emloyer is considering in an employees withholding can also affect the take-home pay.

 

Business Insider 04/05/2018 - Here's exactly how much paychecks changed after tax reform for people ...

 

Check it out yourself

2017 IRS Publication 15 - Employer Tax Guide for 2017 Wages

 

2018 IRS Publication 15 - Employers Tax Guide for 2018 Wages

 

What version of Quickbooks are you using?

Per Intuit -

" Tax table updates are provided on a when-and-if available basis. Requires an active QuickBooks Desktop payroll subscription. When a newer version of QuickBooks Desktop becomes available, you must upgrade to that versions by the following June 30th to continue receiving tax table updates."

 

Maybe you need to run a check -

Intuit: How QuickBooks calculates payroll taxes and how you can verify tax calculations

 

Few people really understand their taxes at all  - any of them.  Many of them think that if they get a refund back when they file - then they say they paid no taxes.  Some of them think getting back a refund from Uncle Sam is a good way to run their finances - Yea, right - giving Uncle Sam interest free use of your money is really a wise use of it.   Therefore a qualifier should have been asked of the polled folks - or at least ask them to do a before and after and a breakdown for their own comparison before answering the question.

 

Polls are only as good as the knowledge of the person answering them -

 

 

 

 

 

 

 


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: no increase in take-home pay

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Message 15 of 16

This was a REPUBLICAN tax bill, so it was designed for the benefits to increase along with the individual's income. The fact 12% of the respondents said the Trump taxscam helped them "a lot" is perfectly understandable when you consider the top 10% received virtually all the increased income created since the jrbush depression began in 2008.

 

Since the average worker (income $58,000) was to receive $840/year or 1.4% more and Trump's trade wars have spiked inflation to over 2%, the average worker sees LESS at the end of the month, and that's how a lot of us determine how things are going financially - its not what you get, its what you have left AFTER the bills get paid.

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no increase in take-home pay

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Message 16 of 16

https://thehill.com/blogs/blog-briefing-room/news/410814-nearly-two-thirds-say-theyve-seen-no-increa...

 

Nearly two-thirds say they've seen no increase in take-home pay from GOP tax cuts: Gallup

 

Almost two-thirds of Americans polled say they haven't seen an increase in their take-home pay as a result of last year's Republican tax-reform bill, according to a new survey.

 

A Gallup poll published Wednesday found that 64 percent of respondents said they haven't seen a raise in their take-home pay as a result of reduced federal income taxes. That finding is identical to results in Gallup's February/March poll taken shortly after the tax changes went into effect. 

The poll also found that a slim majority of Americans polled — 51 percent — say the law hasn't helped their family's financial situation. Meanwhile, 26 percent of respondents said the law has helped a "little" and 12 percent said it has helped "a lot."

 

As this fall's midterm elections near, more Americans disapprove of the tax overhaul than approve of it, per the Gallup poll. The poll found that 46 percent of respondents disapproved of the GOP tax cuts, while 39 percent approved of them.

 

Those approval ratings are unchanged from the previous Gallup poll about seven months ago. The poll before that, taken in January, found that 55 percent of respondents disapproved of the tax cuts and 33 percent approved. 

 

Americans' views of the tax cuts are divided by party lines, with 8 percent of Democrats approving and 76 percent of Republicans approving, according to the poll.

 

The poll's results were based on telephone interviews conducted Sept. 24-30 with a random sample of 1,462 adults. The poll's margin of error is 3 percentage points.

 

Proponents of the tax bill have previously argued that polls could be misleading if they include adults who are unemployed or self-employed and thus wouldn't be impacted by withholding changes.

 

Comments:

 

I use QuickBooks payroll, it is updated regularly.

 

No change in employees take home pay.   The take home pay is the same AFTER the tax cuts.

 

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