Tax Cuts and Jobs Act (TCJA) 2017 and My Calculations
Regarding the Tax Cuts and Jobs Act (TCJA) of 2017, I decided to finally conduct some research.
High level overview including marginal rate tables:
https://www.irs.com/articles/2018-fed...
Savings in light of the more simplified 1040 (forms) / fewer individuals hit with the AMT (Alternative Minimum Tax):
https://taxfoundation.org/the-tax-cut...
The official government HR document (1100+ pages):
https://docs.house.gov/billsthisweek/...
Long Story Short -- I filled out the year 2018 form 1040 (presently in draft format) and compared my taxes to last year.
- I took the new standard deduction ($12,000) instead of itemizing / did not need to fill out the AMT.
- Total paperwork processing time was 30 minutes (compared to 3+ hours in the past).
- Fed taxes confiscated dropped by $2,500 compared to last year (even though I am earning 3% more).
In summary -- the TCJA offers a substantial benefit and is going in the right direction.
High level overview including marginal rate tables:
https://www.irs.com/articles/2018-fed...
Savings in light of the more simplified 1040 (forms) / fewer individuals hit with the AMT (Alternative Minimum Tax):
https://taxfoundation.org/the-tax-cut...
The official government HR document (1100+ pages):
https://docs.house.gov/billsthisweek/...
Long Story Short -- I filled out the year 2018 form 1040 (presently in draft format) and compared my taxes to last year.
- I took the new standard deduction ($12,000) instead of itemizing / did not need to fill out the AMT.
- Total paperwork processing time was 30 minutes (compared to 3+ hours in the past).
- Fed taxes confiscated dropped by $2,500 compared to last year (even though I am earning 3% more).
In summary -- the TCJA offers a substantial benefit and is going in the right direction.
Not one to deny anyone a fair profit, My first house, back millions of years ago, I paid cash...no such thing these days. Even the house I built myself in 97, with all the site work and foundation paid in cash...it still cost me a bundle...had no choice but to take a loan...it was intended to be our retirement home.
Now I am looking for ways to get out!...maybe live in a motor home with 4 wheel drive so I can bug out if need be...
Abolish the Fed!
They still create credit from nothing (9x the amount of deposits by customers) and charge lots of interest (stealing from real producers) on money they never earned. They control most of the government whenever they wish (because they effectively have unlimited funds.) The federal police work for the bankers, preventing anyone from creating a competitive currency; the only "legal tender" allowed is created by bankers. The FBI arrests and jails anyone who tries to compete with the bankers monopoly on money creation, or tries to repatriate money from bankers to honest people. If it is more profitable for the bankers that America goes to war, there will be a war. Had it been up to the American people, WW1 and WW2 would not have involved Americans. But bankers made big profits from loans (created from nothing) made to both sides of the conflicts.The 16th amendment guarantees that when bankers create debt (Federal Reserve Notes) for the US federal government, we are enslaved to pay the interest and the principle. They must create more and more debt or there won't be any funds to pay interest to the bankers because the only way that money is created is by creation of more debt; so, by definition, there must be inflation- stealing from everyone who produces any excess over his immediate needs. Any excess will be stolen slowly (at best) regardless of how well most producers invest it.
It is the biggest con game in history.
"Re-organization" is just part of the con.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.... I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
- Thomas Jefferson
shhh...don't wake me up, it's a great dream...laughing
So your home currency would be of limited usefulness. However, before 1913 many banks issued their own currency backed only by their own assets.
Banks do not have to do that today. We stupid sheep just trust them. We are fools to do so.
Competing currencies in a free market would be a massive boon to everyone - after a period of adjustment to having freedom again.
Although the 1040 is still two pages, it consists of essentially two half pages ... there are only about half the number of "lines" in the 2018 form as in the prior year.