Cuomo says Trump tax law hurts, but my paycheck just grew – Crain’s Writer

Crain’s

My paycheck went up 4.4% last week, the most it has increased this decade. Did your take-home pay go up? And if so, how did it affect your view of the Republican tax cut, which has been so vociferously criticized by New York politicians?

Much of the discussion of the new tax law has been about macroeconomics—its broad impact on the economy. Now it is time to look at microeconomics—how it affects the behavior of individuals and companies—and the political impact on this year’s midterm elections.

What happened for me last week is that my withholding was adjusted for the expected impact of the Republican tax cuts. The next question is whether the withholding reduction will reflect a decline in my tax bill when I compute it next year. I’ve done some estimating. Because I rent my living quarters and don’t pay mortgage interest, my current itemized deductions are not much more than the $10,000 cap on state and local deductions in the federal law. My guess is that the reduction in my tax rate will more than offset what I lose in deductions. Because a significant percentage of my income comes from freelancing, I might also be able to benefit from all those special breaks for what’s called pass-through income.

In any event, the bottom line is that I will be paying lower federal taxes for 2018 and can spend the newfound cash. More and more people are coming to the same conclusion, and this is being reflected in the political polls.

more

ht/ js

11 Comments on Cuomo says Trump tax law hurts, but my paycheck just grew – Crain’s Writer

  1. Down size the illegal bloated
    Fed.Gov and Davy will get another 100
    on top of his 74…

  2. We know he’s a complete leftist loon so we can assume anyone that takes him seriously is too inane to bother with.

  3. I got a double bump — 3% raise + the tax cut. I think I’ll just increase my 401K contribution so my wife never sees the increase (her motto: see money, spend money).

  4. I got a text the other day from a friend who works in Manhattan who is taking home an extra $200 a month thanks to the tax cuts. She is offended that Pelosi calls that “crumbs”.

  5. I can see Cuomo now, looking into the camera with those dead possum eyes and saying, “In my experience, engaging in complicated tax talk is mostly a distraction. Tax cuts are bad. Period. Too many people get them and use them to do whatever they want. Who gets them and how must be reconsidered.”

    And I can see regular people looking at the TV and saying, “Who is this earnest cretin?”

    Or words to that effect.

  6. Here in upstate NY my husband’s paycheck went up in February. I’m retired with a defined pension and SS. We just got our taxes done and are getting a refund again, about the same as last year. H&R Block said if things stay about the same, our refund should increase by about $1,000 next year. But I’m sure Andrew the Less will find some way to grab most of it and blame it on Trump’s tax cuts. I hate it here, but our kids, grandkids & parents are here, so I’m stuck for the time being.

  7. He needs to take is extra money to hell the criminals illegal aliens in the state of New York. But will not old my breath. He used the taxpayers to do that because the idiots in New York let him.

Comments are closed.

Do NOT follow this link or you will be banned from the site!