Thread regarding Qualcomm Inc. layoffs

You will pay on average $4,600 more per year in tax under TRUMP / Republican tax plan

I have a lot of write offs:

Usually I have $32K in schedule A

That is the sum of:

California State income tax

Property tax

Mortgage interest

Charity donations

Car tax

(I paid off student loans(so no deduction), and wasn't sick enough for medical deduction).

That is reduced by Married standard deduction $12K.

32K - 12K = 20K in deductions

My top tax bracket is 28%, so that 20K in deductions saves me $20K * 28% = $5,600 TAX INCREASE.

The last 50K will be tax at the lower 26% instead of 28%, saving $1K in tax. Net $4,600 TAX INCREASE

if both you and your wife work.

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Post ID: @OP+QEwAf8o

15 replies (most recent on top)

Wait, that TAX INCREASE on QCOMers is after tax that you have to write a check for on April 15.

Since tax takes about 1/2, that $4,600 TAX INCREASE is like a $9,000 pay cut.

Dang those TAX and SPEND REPUBLICANS.

All this so they can get rid of Estate Tax for Billionaires.

And tax cuts for corporations that outsource out jobs !!

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Post ID: @2meh+QEwAf8o

Sorry but people need to pay taxes to take care of people who don’t or can’t care for themselves. It is the Americans way.

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Post ID: @2hhc+QEwAf8o

The median income in San Diego is around $60k, if you are worth a darn at the Q you should be making twice that.

You need to pay more so that the average guy can pay less.

Don't like paying income tax? Get less income, otherwise shut up and pill your weight!

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Post ID: @2ozw+QEwAf8o

I’m so sick of people complaining about Trump....if he’s so bad then why did you elect him? It’s not like he proclaimed himself king. If you don’t like what he is doing perhaps you can run for President in 2020.

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Post ID: @2xkh+QEwAf8o

Then everybody who owns a house and pays a mortgage is RICH? I don't think so. Trump is raising tax on the average person who works at QUALCOMM. The wage we get is just MIDDLE CLASS. Now if you made $10 million a year, you are RICH and your TAXES GO DOWN. BUT if you have an average salary and $10K or $20K of SCHEDULE A DEDUCTIONS that you are losing under the REPUBLICAN PLAN, your TAX will GO UP.

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Post ID: @2xvu+QEwAf8o

If your taxes go up under the new tax plan, then you are rich and need to pay your fair share. Simple enough.

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Post ID: @1bho+QEwAf8o

BULLSHEET! Your taxes will be lower....

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Post ID: @1dox+QEwAf8o

The government you elect is the government you deserve.

Thomas Jefferson

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Post ID: @xsy+QEwAf8o

"Yes, but what you forget is that businesses will pay less tax, so they will have more money to invest which will lead to more jobs for people"

I LOL'd so hard!

You must be fresh out of college or just simply clueless as to how corporations operate.

Or......you have been at the Trump Kool Aid stand far too long. I'm guessing that's the problem here.

Put down the Kool Aid, take a drink of coffee and now watch what ACTUALLY happens.

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Post ID: @swx+QEwAf8o

In North Carolina, my schedule A deductions are about $22,000 minus $12,000 std. deduction.

So my wife and I get $10,000 write off at 28% rate = $2,800 federal income tax savings.

I guess my taxes are going up $2,800 a year.

How the heck is this helping my bank account?

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Post ID: @uiw+QEwAf8o

Whatever all you moron trickle down folks are smoking, please share. It's great stuff.

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Post ID: @ktq+QEwAf8o

Businesses will of course pass their lower tax burden directly through to higher wages. So don't worry, be happy!

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Post ID: @kpp+QEwAf8o

Hahaha trickle down economics. Bigger yachts, private jets and more babes for the elite! If people realize they have been pulled a fast one the next president is not going to be Trump.

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Post ID: @dvr+QEwAf8o

That’s what you get for living in the state of California where illegals are move important than citizens.

These calculations are absurd in any other state

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Post ID: @cnf+QEwAf8o

Yes, but what you forget is that businesses will pay less tax, so they will have more money to invest which will lead to more jobs for people, so more people will be able to buy more stuff, which means more profit for the companies, which means that everything will be great!

Trickle-down economics. Reagonomics. Read about it sometime, it really makes a lot of sense!

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Post ID: @afl+QEwAf8o

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