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akiss20
Posts: 865
Joined: Tue Sep 04, 2007 9:50 am

Re: US Tax overhaul - Thoughts?

Thu Nov 16, 2017 4:41 am

Flighty wrote:
akiss20 wrote:
There is quite a bit of outrage amongst us grad students because, as written, it eliminates the tuition waiver exemption. As a grad student, I currently get paid about $38K/yr on a stipend. That $38K/yr is taxable income and is what I use to live. The yearly tuition at my university is $66k/yr, but that tuition is paid by my research fellowship, and is also tax exempt. That money never goes into any of my accounts, it simply gets transferred from one account in my university (the research fund that funs me) to another. Under the current version of the tax bill, all $66k of that would be considered taxable income, bringing my "yearly income" to $104K/yr. Such an increase would result in approximately $10,000/yr of extra tax liability for me, or about 27% of my pre-tax income, and more like 40% of my post-tax income. This would simply be unsustainable for most graduate students. Rent alone is typically about 50-70% of the take home pay for a grad student in my area.

Apparently the GOP doesn't give a crap about advanced research. And before anyone accuses me of doing something "useless", I am an aerospace engineering graduate student.

https://www.wired.com/story/grad-studen ... should-be/


Wow, 38k/yr is this highest stipend I have heard of. This is more than full time job Junior faculty in Europe make. I was in this situation too, paying tuition when times got rough. That's a reality; it is your duty to pay taxes. I had to use $90k/yr earned income to survive as a grad student one year, and so can you. Pay your taxes. You are privileged as are the faculty. The irony of grad students lobbying for tax cuts/exemptions and unionization is a pleasure to watch. It feels like attending a child's tenth birthday.

The irony of $180k/yr or even $300k/yr liberal families howling about Democrat driven state taxation on the "middle class" is also a long hoped-for occasion. If you want lower taxes, reduce the size and cost of government like the rest of us. Those of us in the private sector pay taxes not only on our income, but note that our income consists of post-tax customer dollars. A government or nonprofit worker's income is paid with pretax customer dollars. Welcome to the real world. Eventually we will see that the real solution is to control and manage the size of government via an adult process. Many people live in a world where government spending should be infinite, but their personal taxes zero. Left and right. Can't work that way. Reality will hit eventually whether people want to admit it or not.


$38K/yr is decent but not that much in my area due to cost of living (also did you even bother to think to factor in inflation?). If you want to completely discourage advanced research and decimate the American post-graduate education system in STEM, then advocate for this bill. If you paid your tuition yourself and was studying in a STEM field, then frankly you clearly weren't worth very much as a researcher. The fact that you think reducing corporate taxes and taxes on the top few percent of our nation is worth sacrificing America's position as a research leader says more about you than my position of keeping the tuition waver exemption says about me. I am not sure how we in academia are privileged compared to the corporations which have immensely more wealth and lobbying power. Corporations benefit from our relatively low cost, having us do their research for them at a fraction of the cost they would have to pay an engineer of our qualifications and ability. This is especially true now as the average length of a STEM PhD has increased from about 4 years in the 70s/80s to 5.5 or 6 in the modern day.
Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are
 
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DIRECTFLT
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Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 1:36 am

They need to Hurry and Pass it, so we can see what's in it. :D
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seb146
Posts: 15685
Joined: Wed Dec 01, 1999 7:19 am

Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 1:43 am

And the House version cuts millions off health care to pay for tax cuts for the wealthy and corporations. Hurrah for the party of life and compassion...
You say Merry Christmas, I say All Holidays Matter
 
Ken777
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Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 2:17 am

seb146 wrote:
And the House version cuts millions off health care to pay for tax cuts for the wealthy and corporations. Hurrah for the party of life and compassion...


And there was a note on tv tonight that there will be a tax increase for those in the $10,000 - $77,000 income range. Yep. A guy only able to make $10K a year definitely needs to pay more taxes and the GOP is right there go get that money. How else can we afford to give the Billionaires Boys Club get the cuts they are demanding? :vomit:
 
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BobPatterson
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Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 2:28 am

Ken777 wrote:
A guy only able to make $10K a year definitely needs to pay more taxes ..........:

How would a person making $10K pay any federal income taxes when he would have a $12K personal exemption ($24K if married) under the proposed plan?
Facts are fragile things. Treat them with care. Sources are important. Alternative facts do not exist.
 
seb146
Posts: 15685
Joined: Wed Dec 01, 1999 7:19 am

Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 3:25 am

BobPatterson wrote:
Ken777 wrote:
A guy only able to make $10K a year definitely needs to pay more taxes ..........:

How would a person making $10K pay any federal income taxes when he would have a $12K personal exemption ($24K if married) under the proposed plan?


Source?
You say Merry Christmas, I say All Holidays Matter
 
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BobPatterson
Posts: 3381
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Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 3:59 am

seb146 wrote:
BobPatterson wrote:
Ken777 wrote:
A guy only able to make $10K a year definitely needs to pay more taxes ..........:

How would a person making $10K pay any federal income taxes when he would have a $12K personal exemption ($24K if married) under the proposed plan?


Source?


http://money.cnn.com/2017/11/02/news/ec ... index.html

"Nearly doubles the standard deduction: The bill raises today's standard deduction for singles to $12,000 from $6,350 currently; and it raises it for married couples filing jointly to $24,000 from $12,700."

Sorry for not giving a source. It was also mentioned in the first post in this thread (in a list of proposed tax changes).
Facts are fragile things. Treat them with care. Sources are important. Alternative facts do not exist.
 
seb146
Posts: 15685
Joined: Wed Dec 01, 1999 7:19 am

Re: US Tax overhaul - Thoughts?

Fri Nov 17, 2017 4:25 am

BobPatterson wrote:
seb146 wrote:
BobPatterson wrote:
How would a person making $10K pay any federal income taxes when he would have a $12K personal exemption ($24K if married) under the proposed plan?


Source?


http://money.cnn.com/2017/11/02/news/ec ... index.html

"Nearly doubles the standard deduction: The bill raises today's standard deduction for singles to $12,000 from $6,350 currently; and it raises it for married couples filing jointly to $24,000 from $12,700."

Sorry for not giving a source. It was also mentioned in the first post in this thread (in a list of proposed tax changes).


So another point of the Republican plan adding to the deficit after hearing Republicans scream for years about how high the deficit is.
You say Merry Christmas, I say All Holidays Matter
 
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casinterest
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Re: US Tax overhaul - Thoughts?

Mon Nov 27, 2017 4:36 am

Senate plan is shown by CBO to be a boon to the wealthy. A heavy burden to the poor.
https://www.washingtonpost.com/news/won ... 5d4af9a244

So much for even tax breaks.
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Francoflier
Posts: 4262
Joined: Wed Oct 31, 2001 12:27 pm

Re: US Tax overhaul - Thoughts?

Mon Nov 27, 2017 12:35 pm

casinterest wrote:
Senate plan is shown by CBO to be a boon to the wealthy. A heavy burden to the poor.
https://www.washingtonpost.com/news/won ... 5d4af9a244

So much for even tax breaks.


Yeah, but haven't you heard? The rich, in their infinite benevolence, will pass that extra wealth around and create millions of really good jobs.
For realz, this time, they pinky swear!


I can't help but laugh at the irony wherein the American poor have essentially handed Trump and the GOP a stick to beat them with.
But so what if he and his buddies are getting richer at the country's expense... He's gonna build a wall!
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LMP737
Posts: 5309
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Re: US Tax overhaul - Thoughts?

Mon Nov 27, 2017 8:40 pm

DfwRevolution wrote:
.

People in Texas shouldn't be subsidizing lower federal tax rates for people in New York just because they're tax crazy at the local level. Tell your state to get its act together..


That's the game you want to play? Okay, my tax dollars should not be used to help people who knowingly live in hurricane/flood zones in Texas. Use that rainy day fund they like to brag about but leave my money alone.
Never take financial advice from co-workers.
 
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einsteinboricua
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Re: US Tax overhaul - Thoughts?

Tue Nov 28, 2017 2:40 am

LMP737 wrote:
DfwRevolution wrote:
.

People in Texas shouldn't be subsidizing lower federal tax rates for people in New York just because they're tax crazy at the local level. Tell your state to get its act together..


That's the game you want to play? Okay, my tax dollars should not be used to help people who knowingly live in hurricane/flood zones in Texas. Use that rainy day fund they like to brag about but leave my money alone.

Don't forget "tornado prone areas" as well.
"You haven't seen a tree until you've seen its shadow from the sky."
 
LMP737
Posts: 5309
Joined: Wed May 08, 2002 4:06 pm

Re: US Tax overhaul - Thoughts?

Wed Dec 06, 2017 8:52 am

DfwRevolution wrote:
People in Texas shouldn't be subsidizing lower federal tax rates for people in New York just because they're tax crazy at the local level. Tell your state to get its act together.


Did you know that New York gets less money from every dollar it's sends the feds way than Texas?

https://www.dallasnews.com/business/eco ... axes-texas
Never take financial advice from co-workers.
 
tommy1808
Posts: 6825
Joined: Thu Nov 21, 2013 3:24 pm

Re: US Tax overhaul - Thoughts?

Wed Dec 06, 2017 11:04 am

LMP737 wrote:
DfwRevolution wrote:
People in Texas shouldn't be subsidizing lower federal tax rates for people in New York just because they're tax crazy at the local level. Tell your state to get its act together.


Did you know that New York gets less money from every dollar it's sends the feds way than Texas?

https://www.dallasnews.com/business/eco ... axes-texas


Well, like in all pretend democracies they use legislation to punish political opposition.

Best regards
Thomas
NIKV69 wrote:
The race is over. Moore has over 50% of the vote with just about half the votes in. Jones can't overcome that. McConnell has 10am meeting tomorrow so they can get this guy removed. At least the seat stays Republican. That is the important thing.
:D
 
Flighty
Posts: 8897
Joined: Thu Apr 05, 2007 3:07 am

Re: US Tax overhaul - Thoughts?

Wed Dec 06, 2017 10:53 pm

akiss20 wrote:
Flighty wrote:
akiss20 wrote:
There is quite a bit of outrage amongst us grad students because, as written, it eliminates the tuition waiver exemption. As a grad student, I currently get paid about $38K/yr on a stipend. That $38K/yr is taxable income and is what I use to live. The yearly tuition at my university is $66k/yr, but that tuition is paid by my research fellowship, and is also tax exempt. That money never goes into any of my accounts, it simply gets transferred from one account in my university (the research fund that funs me) to another. Under the current version of the tax bill, all $66k of that would be considered taxable income, bringing my "yearly income" to $104K/yr. Such an increase would result in approximately $10,000/yr of extra tax liability for me, or about 27% of my pre-tax income, and more like 40% of my post-tax income. This would simply be unsustainable for most graduate students. Rent alone is typically about 50-70% of the take home pay for a grad student in my area.

Apparently the GOP doesn't give a crap about advanced research. And before anyone accuses me of doing something "useless", I am an aerospace engineering graduate student.

https://www.wired.com/story/grad-studen ... should-be/


Wow, 38k/yr is this highest stipend I have heard of. This is more than full time job Junior faculty in Europe make. I was in this situation too, paying tuition when times got rough. That's a reality; it is your duty to pay taxes. I had to use $90k/yr earned income to survive as a grad student one year, and so can you. Pay your taxes. You are privileged as are the faculty. The irony of grad students lobbying for tax cuts/exemptions and unionization is a pleasure to watch. It feels like attending a child's tenth birthday.

The irony of $180k/yr or even $300k/yr liberal families howling about Democrat driven state taxation on the "middle class" is also a long hoped-for occasion. If you want lower taxes, reduce the size and cost of government like the rest of us. Those of us in the private sector pay taxes not only on our income, but note that our income consists of post-tax customer dollars. A government or nonprofit worker's income is paid with pretax customer dollars. Welcome to the real world. Eventually we will see that the real solution is to control and manage the size of government via an adult process. Many people live in a world where government spending should be infinite, but their personal taxes zero. Left and right. Can't work that way. Reality will hit eventually whether people want to admit it or not.


$38K/yr is decent but not that much in my area due to cost of living (also did you even bother to think to factor in inflation?). If you want to completely discourage advanced research and decimate the American post-graduate education system in STEM, then advocate for this bill. If you paid your tuition yourself and was studying in a STEM field, then frankly you clearly weren't worth very much as a researcher. The fact that you think reducing corporate taxes and taxes on the top few percent of our nation is worth sacrificing America's position as a research leader says more about you than my position of keeping the tuition waver exemption says about me. I am not sure how we in academia are privileged compared to the corporations which have immensely more wealth and lobbying power. Corporations benefit from our relatively low cost, having us do their research for them at a fraction of the cost they would have to pay an engineer of our qualifications and ability. This is especially true now as the average length of a STEM PhD has increased from about 4 years in the 70s/80s to 5.5 or 6 in the modern day.


So, you're hyper educated, you had more tax exemptions than I did, high income jobs are open to you as well as to me, but you're not privileged. LOL. Okay, got it. Wow! Basking in your virtue right now.

38k is more than a starting schoolteacher in most states with equivalent education to a grad student. "not much in my area due to cost of living." You forgot to include the imputed income on tuition, health insurance etc. In other words it is a six figure compensation package. You just don't have the background to know that.

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