dow 24000

[Jkloc420]

Political suicide that was being seriously considered.

The tax break goes from 24000 to 2400 and you say "only"?

Maybe. Maybe not.

you can only put in 18500, it just went up 500. Where do you get 24000 from

 

[bbsam]

you can only put in 18500, it just went up 500. Where do you get 24000 from

That could be. I may be rembering the numbers incorrectly.

So how does the tax break of 2400 relate to the $18500? I admit that I only maintain a passing curiosity to terms like "tax break, tax credit, tax deferred, etc".

 

[Jkloc420]

That could be. I may be rembering the numbers incorrectly.

So how does the tax break of 2400 relate to the $18500? I admit that I only maintain a passing curiosity to terms like "tax break, tax credit, tax deferred, etc".

i think you can only claim so much on your taxes, like the other guy said, when you do the before tax thing on your 401k, you can claim some of that on your taxes

 

[bbsam]

if you take the top rate down 1 percent the rich will get a tax break. They have more money so the 1 percent would be bigger for them. However it isnt the rate, it is the deductions they get.

But if you lower the marginal rates across the board, the rich get even more.

They get the tax breaks for each and every income level up to the top.

 

[Jkloc420]

But if you lower the marginal rates across the board, the rich get even more.

They get the tax breaks for each and every income level up to the top.

the point is they make so much any type of break evrn 1 percent looks huge

 

[bbsam]

i think you can only claim so much on your taxes, like the other guy said, when you do the before tax thing on your 401k, you can claim some of that on your taxes

So going from $18500 down to $2400 is a big deal. The idea of putting money in a 401(k) is that the taxes are deferred and therefore the income from interest is vastly increased. T

 

[Jkloc420]

So going from $18500 down to $2400 is a big deal. The idea of putting money in a 401(k) is that the taxes are deferred and therefore the income from interest is vastly

yes

 

[bbsam]

the point is they make so much any type of break evrn 1 percent looks huge

I don't think so. The point is that income up to certain levels is taxed at different levels. So a person getting tax breaks gets them at every level.

 

[Jkloc420]

I don't think so. The point is that income up to certain levels is taxed at different levels. So a person getting tax breaks gets them at every level.

correct

 

[bbsam]

But then instead of getting investment income on $18,500, I only can get it on $2400?

 

[IVE GOTTA PACKAGE 4U]

But then instead of getting investment income on $18,500, I only can get it on $2400?

You only get a tax break on the first $2400

Trump is scrapping that idea anyways

 

[Jkloc420]

I don't think so. The point is that income up to certain levels is taxed at different levels. So a person getting tax breaks gets them at every level.

lets say tge top rate changes to 37 percent, and you have 200000 in that bracket

 

[Jkloc420]

You only get a tax break on the first $2400

Trump is scrapping that idea anyways

i was trying to explain that but i wasnt doing it right, 185000 is what you can contribute and 2400 is what you can claim

 

[bbsam]

You only get a tax break on the first $2400

Trump is scrapping that idea anyways

But the idea came from a republican congress because they wanted what? Who would have benefited from that?

 

[IVE GOTTA PACKAGE 4U]

But the idea came from a republican congress because they wanted what? Who would have benefited from that?

More tax money right now.

 

[bbsam]

i was trying to explain that but i wasnt doing it right, 185000 is what you can contribute and 2400 is what you can claim

No. The 2400 was a proposal that Trump shot down.

 

[bbsam]

More tax money right now.

From the middle class that has seen pensions dry up?

 

[bbsam]

lets say tge top rate changes to 37 percent, and you have 200000 in that bracket

And?

 

[Jkloc420]

No. The 2400 was a proposal that Trump shot down.

yea i know, im explaing what it is though

 

[bbsam]

yea i know, im explaing what it is though

Gotcha