How have the tax cuts served you or your employees?

Elly_NJ(NJ z6)February 2, 2012

On another thread, a member posted how the Bush tax cuts were a benefit:

Personally, since the tax cuts, I've purchased a new washer/dryer, fridge, and dishwasher. With our little tax cut, I helped create jobs.

Maybe I'm missing something. Just curious: how many other members have benefitted as such, or in any appreciable way, or has helped provide jobs, by the tax cuts?

I guess whatever extra money I got (and I have no idea how much) went to paying bills, so perhaps I am just that much less in debt?

How has your life (or someone else's, as in job creation) financially improved since the tax cuts?

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hamiltongardener(CAN 6a)

Elly,

There was one response to that statement which I will copy here:

Pay down your debt instead of Adding to it with the tax cuts which next to the wars was one of the largest contributors to your current fiscal mess.

I'm going to second that one.

We should ALL be doing that. Do NOT believe the lie that if we keep spending, the economy will be good. That is only a temporary fix, until everyone runs out of money, credit, and equity in their houses. Then we crash.

Use extra money to pay off your debts, especially credit cards and personal loans. Any money you pay in interest just siphons real money out of the economy.

The government needs to do the same thing, stop spending money on the credit card. They are headed towards a crash too.

    Bookmark   February 2, 2012 at 9:36AM
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Elly_NJ(NJ z6)

I do that.

Did you answer my question?

Anyone here benefit appreciably or provide jobs because of the tax cuts?

    Bookmark   February 2, 2012 at 2:41PM
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terriks

Other than our mortgage at 4% we don't have any other debt. Is it okay if I buy stuff?

    Bookmark   February 2, 2012 at 3:08PM
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mrskjun(9)

I paid off my credit card a long time ago. I saved that money, waited for the sales and purchased those items cash.

    Bookmark   February 2, 2012 at 3:09PM
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mylab123(z5NW)

No.

I have seen a return (though not nearly as great) of the television advertisments from those nefarious companies which offer to help you get a consolidated loan on those massive credit card debts one might have. ("One easy, low monthly payment!")

I had not noticed any in quite awhile, when I heard it I wondered if it signaled the return to people abusing their charge cards again.

    Bookmark   February 2, 2012 at 3:12PM
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chase_gw

I do admire your discipline Mrs.

To figure out exactly what the tax cuts meant to you monthly and then to set that amount aside until it was enough to buy those appliances is truly admirable.

    Bookmark   February 2, 2012 at 3:16PM
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pnbrown

As an small employer, it has made my payroll a bit more confusing.

    Bookmark   February 2, 2012 at 5:51PM
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Elly_NJ(NJ z6)

Lest you I live an expansive life of debt, Mrsk, this is why I personally cannot just pay off my debt:

Dentist
Vet
Doctors
Car repair

My salary has remained the same the last 4 year, although utilities, health insurance and gas have increased.

And I work hard.

So the tax cuts were not a big help to me as they were to you. Glad you enjoyed them. Not many other people seem to have benefitted, though.

pnbrown, glad I could hear of an employer that got a bit of a lift from the cuts.

terriks, it's really ok to buy stuff : )

    Bookmark   February 2, 2012 at 10:04PM
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labrea_gw

Rent has increased 8% in the last 6 years, My salary actually went down 10% because I took a voluntary pay cut. I really didn't notice one way or the other I probably spend them on plants. I wasn't hurting & always was a pretty good saver.

    Bookmark   February 2, 2012 at 10:48PM
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mrskjun(9)

elly, this will be year four that my dh has not gotten a raise. That ouch you just heard was the penny I pinched. I know the cheapest place to buy gas, I clip coupons, I shop sales. I tuck a little away every week. I always keep a certain amount aside that I pretend that I don't have, for emergencies. It has been hard to do. No instant gratification for me.

    Bookmark   February 3, 2012 at 5:25AM
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hamiltongardener(CAN 6a)

Did you answer my question?

Sorry Elly, I didn't answer your question. Since I don't live in the US, I wouldn't get tax cuts for people who live in the US.

    Bookmark   February 3, 2012 at 8:50AM
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PRO
Brushworks Spectacular Finishes(5)

We live a comfortable lifestyle but beans and rice has become our favorite meal. You never know when it's your turn. Be prepared.

    Bookmark   February 3, 2012 at 12:33PM
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rob333

Elly,

Expenses have not only increased, they've increased appreciably. I am now beginning to fall behind despite lowering several things, e.g. house note to rent, my child doesn't have daycare any more... I'm with ya. Did I do anything with the money? Nope. I bankrupted and am skimming by. Last week, I thought I would have to repair my 21 year old car to the tune of $450. Bro and I decided to try and see if the problem lay farther up the car's system and only cleaned (FREE!) the air flow instead. Last ditch effort, but it looks like it worked, but now there is another problem. This morning, the check engine light is on. And the slave cylinder needs replacing because the clutch is going to the floor. Every time the car looks at me funny, I panic. I cannot NOT have a car. My son hasn't learned how to ride the bus to school. He has just now learned how to take the bus my office (not even home yet!). And, mostly how to overcome problems (missing his stop, etc.). But more than once, he's forgotten his buspass. I have to pick him up when he does that. Once he does learn it all, we'll be able to make it. I think. What happens inbetween now and then if my car dies???? I dunno, and I don't wanna think about it.

I just filed my tax return. I am finally beginning to see a return on my student loan interest (enough principal paid down), so much so, that I got taxes back (I can't claim the maximum, but quite a bit)???!!! Enough I can reduce my taxes withheld and increase my cash flow. I only decreased it half of what I got back so that when they let the tax break end, I'll be breaking even at the end of the year come next tax time. I'm braced for the change, let's see what happens. And in the meantime, my new cash flow will go into that student loan which will pay me back in spades.

    Bookmark   February 3, 2012 at 12:51PM
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