That’s good! I’d rather hear that it helped more people . Maybe it’s still too early.
OT: Tax Refunds
- Thread starter tigers30cocks0
- Start date
I don’t understand what you are saying. Either that or I don’t think you know how income taxes work
I guess I’m saying it sounds like the effective rate for the majority of folks did not decrease. Or if it did , it was minimal and used to pacify people while congress passed a major Corporate tax cut that the American people will pay for. I don’t claim to be a tax expert , if I’m wrong , I’ll listen.
The effective rate decreased for the vast majority of people who pay taxes. Hard for it to decrease “much” for people paying no taxes or people already paying very low rates. We’re seeing some people complain about lower refunds, but they generally do not understand how taxes work. They probably saw higher take home during the year or some other factor impacted their return.
I’m really not sure either. Ive only seen a few people talk about their effective tax rate in this thread. I thought the majority of taxpayers would see their effective tax rate decrease (the numbers will show it either way). I Support a lower Corp tax rate and simplified code. The USA had one of the highest corp tax rates in the world. Glad we had some common sense. I didn’t vote for Trump
The disallowance of those deductions must be more narrowly defined now. I was still able to deduct mileage, but I’m not in sales.
You guys make fair points. It’s probably too early to know the answer and the disconnect could be that people aren’t thinking about their effective tax rate. I do think it was a mistake to legislate large corporate tax cuts that were largely used for buy backs. I’m a republican, I just thought we were more worried about the deficit.
Curious if you have seen the polls, even the fox news poll, that says the big majority of people now want a tax increase on the rich? With the large portion now in favor, assuming it holds, I think that will be a way the country gets infrastructure renewal - tax the rich. I speaking of the next administration, of course. I also find it funny hearing all the GOPs no longer caring about the deficit. They gave Obama hell every time he raised the debt ceiling and now it is crickets.
24k is much smaller than what I was able to write off last year and they took away many deductions
What do the polls define as the rich? Agreed on your last part, definitely need to cut spending
It’s easy ask others to pay for your free stuff. It’s easy to be jealous of those that have more than you do. It’s easy to suggest tax increases that don’t impact you personally. So I’m not surprised if those polls are accurate. And I imagine an increase at some point is inevitable unfortunately.
I hope we redefine the “rich” on the next round of tax adjustments though. The media and left talk about the top 1%, but use examples like Trump and Buffett. That’s the top .001%. The top tax rate is set at only $600K. That impacts all sorts of normal working professionals.
I think AOC’s 70% suggestion is ridiculous, but the idea of having a tax tier that only addresses the mega wealthy rather than normal working folks who happen to do well is reasonable. If there has to be an increase, hopefully that’s the focus.
And I agree with your point on the deficit. I’ve posted many suggestions on here before about ways to address. It’s unfortunate that neither side is willing to seriously address our spending problem.
It's the middle class that pays the corporate tax as every tax on a corporation is passed on to employees, customers, suppliers or shareholders. Politicians love the tax because they can secretly stick it to the middle class while posing as their savior as they engage in "big corporation" demagoguery.
You can still claim it for state deduction but not federal unless you are militatry, a teacher or a disaster relief industry.
That's my understanding I could certainly be wrong.
Refunds as a whole are less because withholding has been less. Only number that matters is the bottom line of total tax owed/payed.
Please report back. My wife and I both went up in income, but the few friends I talked to had no changes in income, made around $10 more each pay period (bi-monthly), and their refund was significantly less.
Though I am not one of them, the "majority" did get a tax cut. But the bottom line is that many American's are now saying that it was so insignificant that they hardly noticed the $8 increase they saw in their pay check over the course of the year. They are realizing that in exchange for the significant impact in deficit spending and trillions passed to the wealthiest and corporate CEOs, they got something that didnt even noticebly impact their lives. It was not worth it. It was a bad deal for America and will get worse.
I supported corporate tax cuts, but would have structured it very differently to ensure it benefited America through job and wage growth. And the individual tax reform would have been tabled or radically different so as not to run up the deficit.
You suggested that all we needed to do is charge every American an extra $3 (three dollars) and the budget deficit issues would be solved. You even offered to throw in an extra $15 a year for your family to create a budget surplus... see below...
Most people don’t get their taxes exactly right because you would have to change every year with new laws. But I will agree to disagree if you think most people rich or poor would rather be even than get something back.
I said most smart people rich or poor. You don’t get something back. It was always yours and you just gave an interest free loan
You were insulting others in this thread for not understanding basic taxes and throwing shade on people for making less and paying less than you. I think you are better than that, no? My post was just a reminder to you that none of us is all knowing with all of the answers. Nothing more.
Well I’m sure the Dems want an an increase on the rich. Dems want socialism. They want to bring everyone down. Funny, you say the GOP doesn’t care about the deficit. Kind of like the Dems care about spending and don’t won’t to fund the wall. Dems have never met a spending package they didn’t like.
Lol. Comparing an iPhone math error because the calculator doesn’t accomodate the required number to people complaining about taxes who legitimately don’t contribute their “fair share”...
I may not be the smartest person on the board but for the life of me I don’t think I could figure out how to break even. I don’t mind paying taxes at all but unless you pay quarterly it’s hard to know how to break even.
Probably impossible to be exact but it is best to try. I am way off this year and will be changing it up for next year
If I calculated $3 as all it took from everyone to balance the budget, I would instantly redo the math. I wouldn't be typing out a thesis for elimination of the debt using that number because I would instantly know it was nowhere close.
It would be like going to buy a new car and the salesman tells you the car will cost twenty and you pulling out a $20 bill from your wallet without a clue and asking for the keys.
You went all in on the idea that our debt problem could be solved with only $3 a person without giving that number a second thought. That's not just a math error, it's called no concept of what kind of numbers and debt problem we're dealing with to begin with.
Meanwhile you chastise hard working people in this thread, who you assume "don't pay their fair share", for being ignorant as to how taxes work. Again, not trying to be a dick here. Just pointing out the irony.
You’re overestimating the time or thought that happened to go into a random post while I was on my phone, multitasking and maybe even drinking. Great baseline.
Our debt problem is a significant and complicated issue. My overtaxation is less so. I’m happy that my family will have more money in 2019 than 2018 thanks to this tax plan. A five figure raise for the scotchtiger family is a great thing. We work our asses off and reinvest in the community around us. We’re exactly where tax cuts should be directed.
I could still claim mileage and the home office, and Im not any of those you listed
The lower tax on pass thru really helped me this year as well
Looking at the year by year comparison- we made slightly more last year AND taxes went down
Tax cuts were good for our specific situation
Taxes filed last Friday, Fed refund deposited Thursday, state last night. (I know, it's better to not get a refund at all but...) Slightly less than last year but I'm happy. Effective rate the same as last year if I calculated correctly.
The deficit is only blown up because of SPENDING, not a reduction in tax revenues.
Let's say you made $100K in income last year and spent all of it, and then you make $90K this year but spend $100K AGAIN....now you are BROKE because of SPENDING not because of your income.
Unless you are a small business owner and are talking about deducting it as a business expense
If you used an online software it's dated. If you used a cpa you need a new one.
https://money.usnews.com/money/pers...les/tax-deductions-that-disappeared-this-year
For normal w2 employees it was eliminated
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