Friday, January 26, 2018

CHECK OUT JANUARY 31 PAY STUB TO VIEW YOUR TRUMP TAX CUT

A paraprofessional  noticed that the January 31 pay stub net pay is around $26 more than the January 16 amount. People were asking if there is a contractual raise or some rectroactive payment. No, I informed them that this is the new federal tax withholding from the Trump tax cut.

Ever the curious person, I went online to compare my own pay stubs from January 16 and January 31. As a teacher on maximum, my federal tax withheld went down $110.66 for January 31. I know things could change at the end of the year but something is wrong if a teacher making over $100,000 has a four times bigger actual dollar tax cut on a semi-monthly paycheck compared to someone making less than half of that.

I don't have specific examples but I am fairly certain that as we go up the income ladder, those tax cuts are going to be huge and make my $110 cut look like peanuts.

Making the rich richer is job one down in DC. Meanwhile,  our infrastructure is crumbling, our schools are overcrowded, etc...

You can go to payroll portal to find out about your stub.

Anyone want to tell us how they did?

48 comments:

Anonymous said...

James: making the rich even richer is a rumor, making you richer or poorer is a fact.
Shameless attacks on this tax reform will fall flat soon.

Anonymous said...

The infrastructure was crumbling and the schools were overcrowded when the government was keeping your $110 too. And they were when the rich were getting less of a tax cut too. If you don’t want your peanuts, I’ll take them. The more you earn the more you pay in taxes. So when there’s a tax cut, those who pay more will get more back. Not hard to understand.

Anonymous said...

I don't get it. I make around 90 grand a year as a NYC teacher. I am now going to be getting a fatter paycheck come Jan 31?

Anonymous said...

The rich get richer through investing, not tax cuts.

Anonymous said...

I'm a 12 year in DOE teacher... Fed withholding down 79.xx per semi monthly stub. However,this isn't the entire picture. For those of us who own real estate, the no SALT deduct-ability will BURN!

Also, there were several articles in financial publications (left and right) about the dilemma of the withholding amount. Pull too much, and people will be p'd off when their (not smart, free loan to the FED) "BIG Refund" due by selecting 0 deductions on the W4...never materializes. On the other extreme, give too little a "break" and people won't "see" this beautiful tax cut...and will be equally as skeptical.

In fact, the FED might have to do away with some penalties for withholding too little (via estimated tax payments/payroll withholding) or face upset taxpayers/voters.

Anonymous said...

The first two comments were the pure cynical garbage that gives teachers a bad name. May both of you be sentenced to a year in one of Eva's charter schools.

Anonymous said...

Difference is $113.11. Happy about that, but the American Dream of owning a home may just turn into a nightmare.

Mr. Rose said...

well mine is $107 more per paycheck and trump is still a POS president

Anonymous said...

How is wanting to keep more of the money that I earn cynical or giving teachers a bad name? One has to want to pay more taxes or they aren’t entitled to be a teacher in the public sector? Nor a union member? If you truly feel that way practice what you preach and volunteer to pay more in taxes this year and every year going forward. What aridiculous broad brush reasoning. SMH

Anonymous said...

Don’t be a hypocrite then. Give back your $107. It’s possible. Insist on it when you see your accountant. Why support a POS Presidents policies?

Anonymous said...

Thank you President Trump

Anonymous said...

Thank you mr president. As for some people above, donate your raise somewhere each month, may I suggest to California’s new charity.

Anonymous said...

Mr. Rose-
Spoken like a true POS

Anonymous said...

As an ATR my take home pay increased $81. After Janus it will increase another $58.44. Now that's a raise.

Anonymous said...

$99.70 for me.

Anonymous said...

When education is privatized, you can take your tax cut to the unemployment office. Your narrow self interest will get you eventually.

Anonymous said...

Education MIGHT be entirely privatized in this country in the next 80 years. How did I come to that estimate? I have absolutely no idea, but it's not happening anytime soon, and please notice that I said "MIGHT". As for a potential rebuttal about how I only care for myself and not the future of public education - look, I hustle as much as anyone else in this system for the "kids" and public education when at work to the point that I am literally fried. I'm a worker, it's the type of family I come from. I don't take coffee breaks, I don't complain, I'll give up lunches to help the "kids" and the system. Let's face it: we are all working cogs in a terribly broken system. My fear is that this country will also fall to second/third world status when unfortunately my great great great grandchildren are alive. Not something I enjoy contemplating but something I have the right to opine about and feel as true. I do everything I possibly can in the classroom to stop this. What a wonderful gig teaching in an urban setting in 2018 America. Hopefully out there in the suburbs and country it's a different story.

Anonymous said...

Again to avoid the privatization of public education and the unemployment office and God forbid a narrow self interest, simply insist to your accountant this year and every year forward; my enlightened brethren, that you wish to pay more in taxes than you are legally obliged to pay. It can be done!!! Please stop with the baseless, knee jerk reactions and just practice what’s in your heart of hearts. Unless; of course, if you’re a hypocrite who believes that the recitation of such elitist dogma makes you smarter and more reasoned than others but you secretly have plans for the extra money already and are afraid to say so because then; you know, you’d fall out of the group think circle and God forbid appear bourgeoise and so common and unenlightened.

Anonymous said...

Thank you President Trump!!!

Anonymous said...

Make no mistake, teaching is now a "hustle". It is every man and woman for themselves. It is all about survival. Teaching used to be an honorable job where teachers would start at a school and spend 25 years in the same school. Now, teachers jump from school to school and district to district all in the name of finding a sane place to work. There is no glory and no prestige in teaching anymore. We are now more concerned with saving our own asses and careers than actually helping our kids. It is not our fault, it is just the way things are. I have been a teacher for over 20 years and this is a fact. (At least it is a fact in the greater NYC area)

James Eterno said...

I never looked upon teaching as a hustle. If I did, I would go home depressed for sure. I do agree about finding a sane place to work not being easy in 2018.

As for the Trump supporters, enjoy your money but understand that there is a price to pay for this. Something has to be cut or we will continue to borrow and spend. Eventually, the boom will turn into a bust and/or inflation is going to come back. We've seen this movie before. What makes you think it will be different this time?

The people who want me to donate my extra money: I'm going to need my tax cut to pay for the higher property taxes here in Queens and for the limit on state and local tax deduction and the end of miscellaneous deductions (corporations are still allowed those business expense deductions of course).I did say in the piece "I know things could change at the end of the year" so I understand how this isn't the end of the story on my taxes.

The point of the posting was to say a para gets pennies from Trump while someone making over $100,000 gets more. I favor a progressive tax system as beneficial for society. Redistributing wealth upwards is not good for our country. Concentrating even more wealth in the hands of a few is not healthy for the US. If you think getting a few extra bucks in your pocket is worth it so that the Gates, Bloomberg crowd can have even more money, then we fundamentally disagree on taxation but keep commenting. I'm fine with people disagreeing with me.

Anonymous said...

James I admire your dedication to free speech on this blog and the work that you do in shining light on the corruption of or union and the DOE. Yes cycles happen there is no denying that but they happen under high tax administrations as well. Inflation has been here for quite some time now but the government refuses to recognize inflation in food and utilities. I will also need my tax cut to pay for many things; and I am happy to have it,seeing as how it is quite expensive to live in this city due to its progressiveness ( I just read that the mayor has hired consultants to find out how to charge his citizens for garbage pick up that we already pay for). As far as corporations and billionaires being vilified; and rightly so for many reasons, they do create jobs and just using Apples bring back $350 billion into the economy ( and too many other corporations and small businesses to mention) as an example, this money will create jobs and more job creation creates more income/tax revenue for the government; from both personal income as well taxing the increased profits of the business from a stimulated economy since people now have money to spend, to avoid cuts and borrowing. The economy has been awful for many years and both sides of the political aisle are to blame. Let’s all try to be less cynical and all hope for the best as Americans.

Anonymous said...

Salt and real estate taxes capped at 10000. Cuts in social security and medicare on the horizon, Keep your extra $100. In the long run you will lose.

Anonymous said...

Apple has over 100 BILLION in offshore accounts to evade taxes (and they are not the only unpatriotic greedy bastards in town) Also, one can appreciate and keep their extra cash via Trump tax cuts and still think the tax deal was a shitty deal for those of us who don't have the bankroll and luxury of squirelling away our money in the Carribean to evade taxes.
My itemized deductions were never over 12 grand so I make out okay but that doesn't mean I don't recognize that there is still something terribly wrong with how the uber-wealthy are taxed as compared to the rest of us. Corporations' tax cuts are permanent. Individual tax cuts are not. I hear politician after politician talking about "rules of the senate" prohibiting it. That's just politician-speak for "we are beholden to the corporations who make large donations to our campaigns so you working class suckers just need to accept it." Roseanne McCosh

James Eterno said...

There is not much evidence that big tax cuts for corporations creates jobs but we will see. I doubt corporations are planning on creating good U.S jobs. Trickle down economic theory has been debunked.

Anonymous said...

everything depends on which side of the fence you are on.
I would love to hear from the other side- why it is fair.
Im not against corporate tax cuts.
not in favor either
i just need more info

Anonymous said...

ummmm... extra 200ish a month sounds nice but then again bye bye to my 58k in itemized deductions. i lost.

Anonymous said...

Janes, do you agree with redistributing money to thelower end?

Anonymous said...

Trump gave a couple of pennies and everyworking family will lose thousands next year at tax time. Every family will lose personal and dependent exemptions so the taxable income amount will be higher. Families that have kids under 17 will lose but not as much. Trump the dump screwed everyone except the rich.

Anonymous said...

The reason the economy is going to crash is that we’re too hot. We can’t aggressively grow, we have full employment now. Interest rates need to rise to cool down the economy and avoid stagflation. When interest rates riseso does interest on debt. Debt has never been higher across the board, it will suck up a great deal of free cash flow. The national debt at a 5% rate grows at over 1-trillion dollars a year and even in boom times today we spend 500-billion extra a year on top of that. I don’t want to be too soon and gloom here, but if we were generating 1.5 to 2 trillion in debt a year the dollar would collapse.

I’m a supporter of Trump regarding this...at least the Trump on the campaign trail saying this was a huge bubble. Trump and the Republicans will be blamed. You can’t grow yourself out of this...not with full employment, not with 20-trillion in debt, not with an aging population with no savings, etc.

Anonymous said...

Trump's very proud of the upward move in the market. Will he go senile and "forget" /deny fault when the market he's so proud of goes South? Also, there seems to be a disconnect between the 'Chief' and his knowledge of economics. The stock market isn't the economy. Expect a twitter war against the Fed when he sees the obvious need to cool the money supply and increase interest rates. These tax cuts...well I like to BBQ. I never found it necessary to pour lighter fluid on my coals once they're cherry red and ready to cook.

James Eterno said...

I believe in progressive taxation. Unregulated capitalism has never produced a fair society. When business has checks on their power, it helps all of us.

Anonymous said...

THANK GOD FOR PRESIDENT TRUMP!!! What were teachers going to get with HRC? More firings, more bs teacher evaluations, more Common Core tests, more charter expansion, school closings etc.? She and entire Democratic party have lost so many teachers and probably parents for their BLATANT disregard for public education. Union leaders played along to stay in power themselves. How long before Trump goes after union leaders to find out who bribed/blackmailed them? Trump wants to show the public how ALL of these jerks were working against our interests all along for their own enrichment.

Democrats are DONE - their puppet master$ have been cut off from them(notice the resignations and much more to come). Trump will expose EXACTLY just what these crooked politicians (on both sides) were up to.

CAN'T. WAIT.

jr said...

So 50 million on food stamps, almost 50 percent of the country not paying any federal income tax, the free rides people get for their entire lives, section 8, spending others tax dollars on iphones and jordans...Thats ok and good for the country and the taxpayers? Why dont I just quit?

Anonymous said...

Funny how so many people are for progressive taxes but not progressive tax cuts. The more you earn the more you pay. When it comes time for a tax cut those who pay more get more back. I don’t see how this gets lost on so many people. Those calling the tax cuts peanuts. Give it back to the federal government it can be done. Stop being a hypocrite. There are no cuts to social security or Medicare on the horizon. Those are democratic scare talking points. The stock market is not the economy. Very true. Companies reinvested in themselves as opposed to create jobs due to onerous regulations, Obamacare being chief among them. Companies are now seeing an opportunity for job growth due to deregulation and these tax breaks and that is why the market is on fire. While the market is due for a correction, there isn’t a bubble like there was with the dotcoms and real estate. The fed has falsely held interest rates to zero to spur economic growth for the entire Obama administration and it didn’t work. It was and still is a very dangerous gamble. Interest rates will have to be raised gradually. Jobs need to be created and something had to be done. The economy is roaring under one year of Trump after eight years of the malaise of Obama. Trickle down DOES work and has worked. Reagan created a 25 year boom from them. Obama is responsible for more of the debt we owe than all presidents combined. He tried to prime pump the economy and it did not work. We were told that these tax cuts would be the end of the world. So far so good and this is only the beginning.

caprice240k said...

this will pay for my retiree drug benefit rider.

Anonymous said...

How about this, if you get govt assistance, you shouldnt have $800 phones or $250 sneakers or $900 designer bags.

caprice240k said...

A $1320 yearly tax cut may not sound like very much, but its more than the $1000 one time contract bonus the UFT got us 2 years ago. We are getting a $11,880 total tax cut until it expires in 2027. Its going to pay for my retiree prescription rider. Why complain, your getting something for doing nothing. Let Trump cut my taxes all he wants, I,m still going to vote against him in 2020.

Anonymous said...

Isnt it better for people who actually work and pay taxes to get some of their own money back, rather than people who live off of taxpayers getting free money?

James Eterno said...

This comment is dedicated to 7:28 who said: "Jobs need to be created and something had to be done. The economy is roaring under one year of Trump after eight years of the malaise of Obama."

Here are the job creation numbers average by month from Fox. Look at the figures; there were more jobs during your so called malaise from 2011-16 than in 2017. This is from Fox so it must be true.

Fox News Research

@FoxNewsResearch
Average Monthly #Job Gains
-by year

•2017: 171,000
•2016: 187,000
•2015: 226,000
•2014: 250,000
•2013: 192,000
•2012: 179,000
•2011: 174,000
•2010: 88,000#JobsReport

Anonymous said...

Fact remains,if you stay out of jail, get educated and dont get pregnant as a teen, you can do fine.

Anonymous said...

James, the tax cuts JUST went into effect. They had no bearing on 2017 job creation. Why even Fox News would know that’s an invalid comparison, so therefore IT MUST BE TRUE! Come on James... come on

James Eterno said...

"The economy is roaring under one year of Trump after eight years of the malaise of Obama." Your words, not mine.

Anonymous said...

They are my words and I stand by them. Read the post again since you seem to be confused with it’s content (even though you posted data that proved jobs need to be created and what has been done for the past eight years has not been working so something different must be done). The economy is roaring under Trump multiple indicators prove that correct. Get back to me with the employment indicators in a years time and we’ll debate more. I truly hope that as an American, you would not be hoping for bad economic news or employment numbers due to your own political biases.

Anonymous said...

absolute insanity on this thread. #1: teacher. #2: NYer #3 union member (not even considering Janus) if you fit into any of these categories and support/voted for trump, you have some serious soul searching to do or self face slapping. i actually, i hope the thread is indeed being trolled (with some of the ludicrous comments above).

as NYers, we've seen this clown's act for decades. really, people? have you seriously become the lowest common denominator?

the extra cash flow is nice BUT at what cost to your career security, retirement, your children watching and listening to this clown, etc. look no further than kansas to see what will be cut to fill the gap created by these cuts. if you don't know what the CONS love to cut then you need to educate yourself. go ahead and vote red... see what happens to your SS within the next 8 years. you'll get less and you will get it later, without question.

as we all get ready to file note this... my accountant has assured me that this plan is going to cost my wife and i money despite the lower rate. so, either some people have yet to remove their head from their arse or they may be single and own nothing? honestly, i don't know. i find it hard to believe that people on this thread don't itemize an amount higher than the future standard deduction which we are being pigeon-holed into. i suggest after you get your W-2 go see a real accountant and ask about next year.

can't believe some of the people above work in a career as important as educating children/young adults. i really hope there is some serious trilling going on here.

Anonymous said...

SS is going broke because bums dont work and arent contributing

Anonymous said...

ANonymous 2:19. Not all taxpayers own homes and some own homes outright with no mortgage. I take all the itemized deductions I am entitled to and for the last several years that amount was always less than 12K. I'm only responding because of your comment to "see a real accountant" as if those of us with less than 12K in deductions are morons who don't undertand a schedule A form. I'm not praising the tax deal... I was simply saying that I personally make out okay but recognize it's not a good tax plan. Roseanne McCosh

Anonymous said...

Remember, the Dems, who the UFT support, want free college, free everything, and everyone should pay higher taxes to subsidize people, many who have chosen to earn no money because of criminality and simply being lazy.