|
Forums59
Topics1,057,115
Posts14,279,933
Members144,604
| |
Most Online39,925
Dec 30th, 2023
|
|
 Re: Incomming tax relief!
[Re: MARKIT]
#15374715
04/11/25 01:20 PM
|
Joined: Jul 2005
Posts: 23,707
Hard Rain
TFF Guru
|
|
TFF Guru
Joined: Jul 2005
Posts: 23,707 |
When does any of this tax relief happen?
Who gets it?
Will it cover what I lost n my 401?
Hard to handle all this greatness in one year
Kinda like the stimulus package trump started back during Covid
How have you lost in your 401k or are you just speaking of your balance? You don’t lose anything if you hold and wait for it to go up which it eventually will. For any actively working and contributing to a 401k during the down period you will still buy shares every 2 weeks when taken out of your paycheck. These shares are of course lower in value at present but when it goes up and they are higher in value your balance will soar. I was on here during the 2008 crash when some folks moved out of their balance when the market was down. Financial moves don’t get much dumber they lost because they sold had they held they would have been fine and actually dollars ahead.
|
|
|
Re: Incomming tax relief!
[Re: Hard Rain]
#15374749
04/11/25 01:52 PM
|
Joined: Apr 2021
Posts: 1,630
Let’s Go Brandon
Extreme Angler
|
|
Extreme Angler
Joined: Apr 2021
Posts: 1,630 |
When does any of this tax relief happen?
Who gets it?
Will it cover what I lost n my 401?
Hard to handle all this greatness in one year
Kinda like the stimulus package trump started back during Covid
How have you lost in your 401k or are you just speaking of your balance? You don’t lose anything if you hold and wait for it to go up which it eventually will. For any actively working and contributing to a 401k during the down period you will still buy shares every 2 weeks when taken out of your paycheck. These shares are of course lower in value at present but when it goes up and they are higher in value your balance will soar. I was on here during the 2008 crash when some folks moved out of their balance when the market was down. Financial moves don’t get much dumber they lost because they sold had they held they would have been fine and actually dollars ahead. Truth! The reason I retired at 55 is because of the 2008 crash. Instead of putting less in my 401k, I put the max amount in an aggressive mutual fund and when the market recovered I was up huge.
|
|
|
Re: Incomming tax relief!
[Re: Quillback]
#15374787
04/11/25 02:33 PM
|
Joined: Jun 2010
Posts: 5,689
el Rojo
TFF Celebrity
|
|
TFF Celebrity
Joined: Jun 2010
Posts: 5,689 |
To gripe about a tax cut because it will benefit Elon is why we can't get meaningful tax policy changes. There are 340 million people in this country, think about what's best for them and not the one guy. If the one guy makes some $$$ because of it, it is no big deal and not a reason to stop tax breaks.
And how many people does Elon employ? It's good to have rich people, they are the ones that create a lot of jobs.
^^^^this  Most people have no clue what it costs to employ people.
|
|
|
Re: Incomming tax relief!
[Re: JCG57]
#15374795
04/11/25 02:43 PM
|
Joined: May 2002
Posts: 95,851
Bob Davis
Bunkeroid Bob
|
|
Bunkeroid Bob
Joined: May 2002
Posts: 95,851 |
Not taxing Social Security benefits would be HUGE in this household. Yep. I would welcome it.
|
|
|
Re: Incomming tax relief!
[Re: JCG57]
#15374799
04/11/25 02:46 PM
|
Joined: Jul 2010
Posts: 2,287
F4 Gator
Extreme Angler
|
|
Extreme Angler
Joined: Jul 2010
Posts: 2,287 |
Not taxing Social Security benefits would be HUGE in this household. ↑↑↑↑↑ This!
![[Linked Image]](https://wildweasels.org/wp-content/uploads/elementor/thumbs/f4g-1-q9yetqx7bexx65cp4hhz1vfuwxj53khhkdyjzft0y8.jpg) Phormer Phantom Phlyer Wild Weasel YGBSM!
|
|
|
Re: Incomming tax relief!
[Re: Jpurdue]
#15374853
04/11/25 04:13 PM
|
Joined: Jun 2020
Posts: 16,139
grandbassslayer
TFF Guru
|
|
TFF Guru
Joined: Jun 2020
Posts: 16,139 |
I'm with jcg57...not taxing social security would be a BIG help to me....but you know they won't do that because the rich guys will get all the tax breaks...that's how the DC game is played.
It would be nice to be proven wrong tho...
For sure. I actually paid more after the last Trump "tax cut" because he limited property tax deductions to $10k per year. That's absolutely insane...why should I ever have to pay taxes on money that I used to pay other taxes??? We have 3 rental houses and a duplex. Bought every one of them in rough shape and worked like a dog til midnight after my day job for months fixing it up to have the $150 a month per door in extra income. I paid about $30k a year in property taxes right now. Trump's last tax cut basically took away any profit we had in those houses. Still hoping to pay them off when we retire but it was a real slap in the face that the last cut was focused on high income earners. I'm not naive enough to believe this one will be any different...I just hope I don't pay more taxes this time again because he needed to fund the breaks for the rich guys. The core problem here is property tax to begin with. You buy something and then if you don't pay astronomical sums to the government on an annual basis, they will literally come seize your property? Property tax should be replaced with income tax in Texas. Nobody should lose a paid for house because they lost their job. I hope the tax cuts actually help the people who pay taxes. I got absolutely nothing during COVID because they had income limits on everything. We have property and income tax in the great state of Oklahoma..I agree property taxes should be done away with everywhere- all taxes should be based on consumption, sales tax basically.
|
|
|
Re: Incomming tax relief!
[Re: Bigbob_FTW]
#15374863
04/11/25 04:23 PM
|
Joined: Oct 2006
Posts: 104,292
Bigbob_FTW
OP
Big Sprocket Bob
|
|
OP
Big Sprocket Bob
Joined: Oct 2006
Posts: 104,292 |
|
|
|
Re: Incomming tax relief!
[Re: el Rojo]
#15374923
04/11/25 06:01 PM
|
Joined: Mar 2017
Posts: 1,834
pchapin
Extreme Angler
|
|
Extreme Angler
Joined: Mar 2017
Posts: 1,834 |
To gripe about a tax cut because it will benefit Elon is why we can't get meaningful tax policy changes. There are 340 million people in this country, think about what's best for them and not the one guy. If the one guy makes some $$$ because of it, it is no big deal and not a reason to stop tax breaks.
And how many people does Elon employ? It's good to have rich people, they are the ones that create a lot of jobs.
^^^^this Most people have no clue what it costs to employ people. When the result is you become one of the richest men on earth, employees must be worth whatever they cost
'It gets sucked in'
P01135809
|
|
|
Re: Incomming tax relief!
[Re: Razorback]
#15374974
04/11/25 07:25 PM
|
Joined: Jul 2010
Posts: 7,139
Ted Dyer
TFF Celebrity
|
|
TFF Celebrity
Joined: Jul 2010
Posts: 7,139 |
Not taxing Social Security benefits would be HUGE in this household. It would certainly help a lot of seniors. It would, me included. However, I think we need to be helping the younger generation more than seniors. When I bought my 1st house I paid $67K with a 10% rate on the mortgage. That same house is currently on the market for $304K and the average mortgage in Texas is 7.03%. I've had my shot the American Dream and did okay...not spectacular, but okay. Financially, young middle class folks have it much tougher than I did at their age. It's not good for the future of our country to be passing more wealth to the oldest in our society. We need to be finding ways to pass wealth to the younger generation.
  The world is changed by your example, not by your opinion.
|
|
|
Re: Incomming tax relief!
[Re: Ted Dyer]
#15374998
04/11/25 08:07 PM
|
Joined: Oct 2006
Posts: 104,292
Bigbob_FTW
OP
Big Sprocket Bob
|
|
OP
Big Sprocket Bob
Joined: Oct 2006
Posts: 104,292 |
Not taxing Social Security benefits would be HUGE in this household. It would certainly help a lot of seniors. It would, me included. However, I think we need to be helping the younger generation more than seniors. When I bought my 1st house I paid $67K with a 10% rate on the mortgage. That same house is currently on the market for $304K and the average mortgage in Texas is 7.03%. I've had my shot the American Dream and did okay...not spectacular, but okay. Financially, young middle class folks have it much tougher than I did at their age. It's not good for the future of our country to be passing more wealth to the oldest in our society. We need to be finding ways to pass wealth to the younger generation. Or get ahold of the outragously overpriced housing market. I got no idea how, but it needs to be addressed.
|
|
Moderated by banker-always fishing, chickenman, Derek 🐝, Duck_Hunter, Fish Killer, J-2, Jacob, Jons3825, JustWingem, Nocona Brian, Toon-Troller, Uncle Zeek, Weekender1
|
![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2025/01/full-1606-257096-f106langleyuse2.jpg)
![[Linked Image]](http://storage.proboards.com/301739/images/59Zi67J3Dhm1xCemT6hS.gif)
![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2025/04/full-20284-265944-hes_right_you.jpg)
![[Linked Image]](https://texasfishingforum.com/forums/pics/usergals/2017/07/full-20284-169975-biyl8lail.jpg)
![[Linked Image]](https://texasfishingforum.com/forums/pics/usergals/2017/07/full-20284-169974-image_preview.jpg)