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Thread: Roskam

  1. #151
    Administrator Clamato's Avatar
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    I think he gets to go simply because he is incapable of representing anyone other than Peter Roskam and those who write checks made out to . . . . . . . Peter Roskam. Simple as that. No one, not a reasonable Democrat, not a reasonable Republican, can look at what has happened in WDC over the past twelve months with pride. And let's not simply look to Wall Street for affirmation and solace. Though I have long believed that the Dow (BTW, an index for the uneducated) will eventually double where it currently sits, nothing goes straight up or straight down forever. I am wondering if our stable genius POTUS will take as much credit for the eventual downside correction as he has for its meteoric rise. Guessing no.

    Anyway, PR has been in step with this dope lock, stock, and barrel . . . and deserves to return to private practice.

    RRR

  2. #152
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    For the bad things you are no doubt referring to the thirty percent income tax increase along with the other taxes and fees.

    Roskam is probably no different than ninety nine percent of all elected officials.

    My guess is that most of this opposition to the new tax law is rooted in the fact that for those high earners like many in GE will no doubt lose out. So lets dispense with the its for the good of the country or the middle class will suffer. The most vociferous opposition to it has come from high income areas with high taxes . Which makes sense.

    If you are a high earner in GE making 200K and have a 600K house you will have around 20-25K in SALT deductions now even with your lower rate from twenty five to twenty two percent you will probably end up paying more in taxes. I'm sure the rest of the nation is no doubt in deep sorrow. That so many rich people will have to pay a little more in taxes.

    Compare that to someone in low tax states like Florida or Texas or Nevada and they will reap a substantial benefit. They may even decide this is good for them as their states become even more competitive over their Blue state rivals.

    As for Roskam surrounded by Democratic districts. In a Democratic state which will lose at least one congressional seat and maybe two. Then Roskam will get a highly unfavorable remap . Would be kind of funny if the 2nd largest county in Illinois will have no congressional representation. Your congressman will live in Cook or Will or Kane counties.

  3. #153
    "My guess is that most of this opposition to the new tax law is rooted in the fact that for those high earners like many in GE will no doubt lose out. So lets dispense with the its for the good of the country or the middle class will suffer. The most vociferous opposition to it has come from high income areas with high taxes . Which makes sense.

    If you are a high earner in GE making 200K and have a 600K house you will have around 20-25K in SALT deductions now even with your lower rate from twenty five to twenty two percent you will probably end up paying more in taxes. I'm sure the rest of the nation is no doubt in deep sorrow. That so many rich people will have to pay a little more in taxes."

    For all you that are making statements about the tax plan and thinking that you are getting ripped off I urge you to check out this site:
    http://taxplancalculator.com/calc
    I plugged in the numbers for your hypothetical 200K earner and find that with itemized deductions up to 27K (assuming 20K of property tax), this person will come out ahead. That assumes married filing joint with no children. If you have children you will really come out ahead due to the child tax credit.
    Last edited by rayman29; 01-07-2018 at 06:24 PM.

  4. #154
    Administrator Clamato's Avatar
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    Quote Originally Posted by rayman29 View Post
    For all you that are making statements about the tax plan and thinking that you are getting ripped off I urge you to check out this site:
    http://taxplancalculator.com/calc
    I plugged in the numbers for your hypothetical 200K earner and find that with itemized deductions up to 27K (assuming 20K of property tax), this person will come out ahead. That assumes married filing joint with no children. If you have children you will really come out ahead due to the child tax credit.
    Is $200,000 the definition of a high earner in Glen Ellyn? For a single or for a family?

    Anyway, yes, this hypothetical person will likely come out ahead for the next few years . . . and will face major uncertainty going forward. But, hey, got a few bucks for the next few years. Enough to buy yard signs and a copy of Fire and Fury. BTW, the latter, very hard to find.

  5. #155
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    Quote Originally Posted by Clamato View Post
    Is $200,000 the definition of a high earner in Glen Ellyn? For a single or for a family?

    Anyway, yes, this hypothetical person will likely come out ahead for the next few years . . . and will face major uncertainty going forward. But, hey, got a few bucks for the next few years. Enough to buy yard signs and a copy of Fire and Fury. BTW, the latter, very hard to find.
    https://drive.google.com/file/d/1Bt6...EZaSmPjA3/view

    Not hard to find at all. Very nice and conveneint of Wikileaks to give the public the book.

  6. #156
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    Wow!! Guess Amazon won't have to hurry after all.

  7. #157
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    Quote Originally Posted by rayman29 View Post
    "My guess is that most of this opposition to the new tax law is rooted in the fact that for those high earners like many in GE will no doubt lose out. So lets dispense with the its for the good of the country or the middle class will suffer. The most vociferous opposition to it has come from high income areas with high taxes . Which makes sense.

    If you are a high earner in GE making 200K and have a 600K house you will have around 20-25K in SALT deductions now even with your lower rate from twenty five to twenty two percent you will probably end up paying more in taxes. I'm sure the rest of the nation is no doubt in deep sorrow. That so many rich people will have to pay a little more in taxes."

    For all you that are making statements about the tax plan and thinking that you are getting ripped off I urge you to check out this site:
    http://taxplancalculator.com/calc
    I plugged in the numbers for your hypothetical 200K earner and find that with itemized deductions up to 27K (assuming 20K of property tax), this person will come out ahead. That assumes married filing joint with no children. If you have children you will really come out ahead due to the child tax credit.
    This is probably the best site for running different numbers. I used 200K because that was what I made when I lived there and figured someone making 200K and losing those deductions even with the lower rates would come out behind or with a significantly lower number than say someone living in a low tax state. But the difference is pretty trivial.

    But some of the big losers or those who wont come out quite so far ahead are those in NYC and California . But I kept the property tax bill the same and that may not be accurate. Still it does look like a majority of people will benefit. But a good place to run different scenarios . Wish I had better property tax guidelines to use. My guess is I overestimate property taxes in a lot of places since I was using Suburbs of Chicago. When you lower the property taxes then you see bigger advantages to lower tax states.

  8. #158
    Forum All Star DTM's Avatar
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    Quote Originally Posted by GE Fan View Post
    Donít you realize that Pete Roskam was in the Illinois legislature from 1993-2007? Donít you realize that he was complicit and a direct cause of those State of Illinois issues we all decry. Heís screwed Illinois for over 25 years.
    Did he vote to allow PTELL? Did he vote to support local funding shifting from state provided to local property taxing units? That is where the problem started.

  9. #159
    Quote Originally Posted by rayman29 View Post
    "My guess is that most of this opposition to the new tax law is rooted in the fact that for those high earners like many in GE will no doubt lose out. So lets dispense with the its for the good of the country or the middle class will suffer. The most vociferous opposition to it has come from high income areas with high taxes . Which makes sense.

    If you are a high earner in GE making 200K and have a 600K house you will have around 20-25K in SALT deductions now even with your lower rate from twenty five to twenty two percent you will probably end up paying more in taxes. I'm sure the rest of the nation is no doubt in deep sorrow. That so many rich people will have to pay a little more in taxes."

    For all you that are making statements about the tax plan and thinking that you are getting ripped off I urge you to check out this site:
    http://taxplancalculator.com/calc
    I plugged in the numbers for your hypothetical 200K earner and find that with itemized deductions up to 27K (assuming 20K of property tax), this person will come out ahead. That assumes married filing joint with no children. If you have children you will really come out ahead due to the child tax credit.
    Rayman 29 encapsulates my objection to Peter Roskam. The tax bill gives a huge windfall to the top 1%. The tax bill is probably good for those earning less than $100,000. The only people who have a beef are those with relatively high incomes (nationally) and high property taxes (nationally). In other words, the only ones screwed are the narrow slice of America that Roskam is supposed to represent. An now we hear that as relatively affluent people we shouldn't complain, and should quietly shoulder the burden of giving a huge break to the top 1%.

    While it has historically been the case that Republicans probably best represented to economic interests of the "upper middle class," that is no longer the case.

    Dump Roskam.

  10. #160
    Forum All Star middlein87's Avatar
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    Has anyone run one of the tax calculators and found out that you are NOT going to get a tax cut?

  11. #161
    Administrator Clamato's Avatar
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    Quote Originally Posted by middlein87 View Post
    Has anyone run one of the tax calculators and found out that you are NOT going to get a tax cut?
    First time I ran it, it showed I would get about a $200 reduction. That said, probably not the most exact way of determining what you'll see. They aren't clear as to what should be punched in and what shouldn't. Second time I ran it after I altered my input, I was literally reaping thousands and thousands and thousands and thousands of dollars. So, I am either saving $200 or about $8,500. Somewhere around there.

  12. #162
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    Quote Originally Posted by middlein87 View Post
    Has anyone run one of the tax calculators and found out that you are NOT going to get a tax cut?
    #HandRaised

  13. #163
    Quote Originally Posted by middlein87 View Post
    Has anyone run one of the tax calculators and found out that you are NOT going to get a tax cut?
    The part of the calculation that is impossible for anyone to calculate is the impact of changes to Social Security and Medicare. If you are wealthy enough that these benefits are a drop in the bucket, then proceed with tax calculators. If Social Security and Medicare are potentially relevant to you, then you can't calculate impact on your personal situation yet.

  14. #164
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    Quote Originally Posted by Casper Milquetoast View Post
    The part of the calculation that is impossible for anyone to calculate is the impact of changes to Social Security and Medicare. If you are wealthy enough that these benefits are a drop in the bucket, then proceed with tax calculators. If Social Security and Medicare are potentially relevant to you, then you can't calculate impact on your personal situation yet.
    ****!

  15. #165
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    Quote Originally Posted by GE Fan View Post
    #HandRaised
    that's because you are one of the rich bastards Bernie Sanders has warned me about!

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