When Will You Start Paying Your Bills in 2018?
- by admin
The average American will pay $1,922.36 in 2018, according to an estimate released by the Bureau of Labor Statistics, up $20 from the year before.
In the past, that’s been the case.
But it’s the new year that will likely see an uptick in bills, as the economy continues to struggle.
For many, the increases will come in the form of increased taxes and fees.
“I’m going to try to keep paying my bills, but the longer I’m here, the more bills I’m going through,” said a 27-year-old graphic designer in Atlanta who requested anonymity.
“People are going to have to be more careful about the amount they pay and be careful with how much they put into their 401(k)s.”
A growing number of Americans are facing the prospect of higher costs in the future, with many of the biggest increases in personal income tax bills likely coming in 2018.
In the past year, the average increase in personal tax bills for the top 1 percent of earners has been more than $200.
That figure rose from $166.16 in 2017 to $236.99 in 2018—up by about $5,700.
The increase for the bottom 20 percent was $65.17, up by $11,700, according the BLS.
As Americans continue to struggle, they’re paying more in fees and taxes.
In 2018, the IRS said the average fee for a single person with an income over $200 was $13.25, up from $11.62 in 2017.
That’s an increase of more than 4,300 percent.
People who make more than that pay more in payroll taxes.
For many, they pay more because they have more money to spend, but that doesn’t mean they’re going to save the majority of it.
“We’re going in the direction of spending less and saving a lot of money,” said an office worker in Chicago who asked not to be named.
And the biggest increase will come if the economy stays strong, as that will be the case for most Americans for the next several years.
The BLS predicts that by 2021, the economy will add another 3.6 million jobs, or about 8 percent of the labor force.
The number of people working part time is expected to grow by 7.1 million jobs in 2021, with the number of full-time workers expected to increase by 1.2 million.
That increase in full-timers will be even larger for those working in industries that rely on part-time work.
“If you look at what’s happened in the last three years, we’re in a lot worse shape than we were three years ago,” said Paul Bostrom, a professor at the MIT Sloan School of Management.
More than 1.6 billion people have been lifted out of poverty over the past decade, according an analysis from the Tax Policy Center.
That’s been a boon for workers, but it’s a problem for families who can’t keep up with their bills.
Bustle.com: Top 5 Things To Know Before Tax Day Budget experts say a number of factors can cause people to be in debt, including not having enough income, high mortgage payments, a credit card debt or credit card defaults.
“It’s a combination of all of those things,” said Chris Sacca, a vice president at S&P Global Ratings.
“And we’ve got to keep trying to help people understand what they need to pay down.”
Here’s how the bills will look for those making $75,000 and above.
Top 5 things to know before tax day BUSTLE.COM: The Budget: Tax Changes To Lower Taxes, Keep Americans in Work A few of the changes that the administration is expected, and some that have been proposed by lawmakers, include: Lowering the rate on those making less than $100,000 to 15 percent, from 35 percent (up from 20 percent) The proposal includes several other changes that could affect a lot more people, including: A new cap on deductions for state and local taxes, with the tax bracket going from 15 percent to 10 percent (up from 10 percent) The new tax credits will expire after three years of inflation, but some people may be able to apply for a refund for income above $5.9 million Bans on the deductibility of mortgage interest and taxes, which will be extended for four years (up to four years) A 10 percent rate on income above $200,000 (down from 25 percent)The tax changes are expected to raise revenue for the government, but they will likely make the budget more expensive.
President Trump announced the Bipartisan Budget Act of 2018, which would allow the President to make $500 billion in adjustments
The average American will pay $1,922.36 in 2018, according to an estimate released by the Bureau of Labor Statistics, up…
- What you need to know about how to resign from the US president’s cabinet
- This Is What It’s Like To Be A Celebrity: ‘This Is What A Lot Of People Are Going Through’
- Holiday shopping checklist for Canada: How to get a budget template for 2018
- How to use Bootstrap templates to create custom email templates
- How to make your own birthday card template