The bill will also make things worse for the teacher tat your SIL knows:
http://time.com/5017111/gop-tax-plan...er-tax-credit/
The bill will also make things worse for the teacher tat your SIL knows:
http://time.com/5017111/gop-tax-plan...er-tax-credit/
I give up.
Maybe we should address why school tuition keeps outpacing inflation so much and is so expensive. As more Fed dollars have been made available for students tuition keeps going up. It is kind of like insurance for windshield replacement. If I tell the guy I have insurance, the new windshield is $700. If I say I am paying cash, it is $350.
One thing you are forgetting some of the lower receiving federal money states have really high state income tax. The states receiving higher amounts of money from the federal goverment have low state income tax. Why does that matter in this case is because State Income Tax is a write off on you Federal Income Tax. It balances out between all the states. Those state with high income rates are getting their money from their citizens and those citizens are getting their money back from the Federal goverment through the tax write off. The States receiving more from the Federal goverment are getting it directly from the Federal Government.
It's how the States get their money from the Federal is the only difference.
However under the new tax bill those state income tax write off are going away but they are doubling the standern deduction. Which suspect will help more people then having itemize write off.
The credit was a whopping $250.00. what good does that do? Many teachers in Mississippi with a family qualify for earned income credit. A teacher is not able to do anything but survive in Mississippi. $35,000.00, 6 years teaching. Can any of you live off that. Probably not.
Not to get too technical, but it's not even a $250 credit. It's a $250 adjustment to income, which means all you really save is the tax amount on that $250 income. So for most tax filers, that's 15-25% in tax you are saving depending on your level of income. So basically about $50.
I have a buddy that is the same way. He is planning on retiring in the next 10 years since he and his wife will have their 25 years in. One problem is "government" workers most of the time haven't worked in a business setting that worried about ROI or any other Revenue/Expense measurement. They just know that they get a budget of X dollars and if they don't spend it then it gets lowered.
I was hoping that the new President would help with these issues but apparently he is too busy having the American people pay him to go play on his own golf courses. Really brilliant business move by him becoming president. He will probably end up doubling his Net Worth in his 4 years if he gets everything passed that he wants. I hate all politicians.
Which is why I pretty much hate ALL politicians. This country was founded on being a politican was a sacrifice you made for the betterment of your fellow man. Somewhere along the way it became how to leach off of the populace and get rich. All you have to do is be smart enough and sell your soul. It doesn't matter which party, both are as dirty as pigs in slop.
This thread ran off the rails but on the bright side Sports has brought us all together as Americans again.
as an MSU grad student with an infant son and a mortgage at least I can rest easy knowing that my 400% tax increase, and the tax increases on my working-class family, will go to those who really need it like private jet owners & corporate CEOs.