Replies: 28
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Scout Team [153]
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Most people I know came out worse on their taxes this year
May 6, 2019, 11:59 AM
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My father (conservative) was bitching at dinner last night about his.
Trump’s biggest campaign promises were tax cuts and a wall, neither of which have been fulfilled.
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CU Medallion [54758]
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i came out hella good
May 6, 2019, 12:07 PM
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well, at least it WILL be when i get around to filing them....
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All-TigerNet [12851]
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#METOO #MAGA
May 6, 2019, 1:47 PM
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My Fed return WOW
I usually have to use my State return to pay my fed taxes.
NOT THIS YEAR!!
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Heisman Winner [119696]
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Did they divide taxes paid by gross income?
May 6, 2019, 12:26 PM
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Of course not....,it’s just “how big a refund did I get?”
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Orange Blooded [2986]
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Comparing tax/income from 2017 to 2018
May 6, 2019, 12:58 PM
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we made slightly more AGI in '18 compared to '17. Yet, our total taxes paid was less for '18 compared to '17. So, I'm happy.
However, I do know a lot of people like you referred that got hammered because of the tax/deduction changes.
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All-In [31891]
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You hear that normally for people that measure....
May 6, 2019, 1:30 PM
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how "well they did on taxes" based on the amount of their refund. These folks don't tend to look at what the total taxes paid vs income is, e.g. effective tax rate.
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Orange Blooded [4614]
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I was happy with mine, $10,000 more in income in 2018 vs
May 6, 2019, 1:59 PM
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2017 - about the same total tax. Happy with my vote, as well...
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110%er [9664]
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I had to pay more on 4/15 - but I was getting more $$
May 6, 2019, 2:14 PM
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throughout the year - and it easily covered the amount extra I paid on 4/15. So - things were better for me.
Be sure your Dad (a conservative) is not basing his judgement solely on his tax refund.
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Legend [15748]
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I’m very confident you’re wrong.
May 6, 2019, 2:43 PM
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https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html
From the article:
**** The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.)
Other analyses reached similar conclusions. The Joint Committee on Taxation — Congress’s nonpartisan team of tax analysts — found that every income group would see a tax cut on average. So did the Institute on Taxation and Economic Policy, a left-leaning think tank that was sharply critical of the law. In fact, that group went even further: In a December 2017 analysis, it found that every income group in every state would pay less on average under the law in 2019.
****
And my favorite part:
*** To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.
****
Your friends almost certainly did better this year, even if the paid more or got less in April. What was done with the tax code almost guarantees it.
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CU Guru [1907]
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Re: Most people I know came out worse on their taxes this year
May 6, 2019, 4:32 PM
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The ONLY way that occured is if he lives in a very high SALT State. My returns showed an increase of $20k in income yet paid $700 less in Federal tax than the previous year. Gotta call dookie on this because my guess is he is basing in on a return and not an actual income tax paid.
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CU Guru [1907]
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Re: Most people I know came out worse on their taxes this year
May 6, 2019, 4:32 PM
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refund.
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Lot o points [155900]
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Based on the replies in this thread, there's two options:
May 6, 2019, 4:52 PM
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1) Pops is a dolt. 2) Pops is a liar.
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Oculus Spirit [93667]
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I'm not discussing pops.
May 6, 2019, 5:59 PM
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As far as I know pops hasn't spoken. When he does we'll talk if he wants.
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Oculus Spirit [93667]
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Let me see if I got this right.
May 6, 2019, 5:56 PM
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You guys spend two years claiming that Obama is responsible for the economy then complain about it? Not trying to be a dik, mostly because I don't have to try to be one but I'd guess you guys figured out that nobody in their right mind thinks Obama is responsible for the 3.6 UE number and millions returning to the work force while wages rise more for the lower 80% than the rest.
I'd say you're all saying what sounds good in your head then makes you look really dumb when you say it out loud.
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All-In [34582]
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Liar***
May 6, 2019, 8:55 PM
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Heisman Winner [111559]
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Re: Liar***
May 6, 2019, 9:12 PM
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you mean like when your health care premiums doubled 4 years in a row?
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All-In [31891]
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Nah, more like you and the bets you make***
May 6, 2019, 11:03 PM
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Oculus Spirit [93667]
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His friend begged him to lie.
May 8, 2019, 8:11 PM
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It's like a midget in jail for rape claiming his friends put him up to it.
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CU Guru [1878]
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The tax cuts were for corporations, not individuals
May 8, 2019, 2:27 PM
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I got killed on taxes this year.
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All-In [31891]
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can you prove that in any way?....
May 8, 2019, 3:51 PM
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because I hear that line and it's simply not true.
Further...can you please explain how "you got killed in taxes"?
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CU Guru [1878]
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You serious? The corporate income tax was slashed
May 9, 2019, 8:24 AM
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Whereas personal income taxes were relatively unchanged. I got killed on taxes because of the changes to itemized deductions. I'll do a little better next year jointly filing, but it's very clear who the tax breaks benefited.
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Oculus Spirit [93667]
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Why then is the POTUS number for handling of the economy...
May 9, 2019, 9:55 AM
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at 56% positive? You seem to be in the minority.
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CU Guru [1878]
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Because 'the economy' is a little broader topic than a tax filing?
May 10, 2019, 2:22 PM
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Oculus Spirit [93667]
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People evaluate the economy by how their...
May 10, 2019, 3:09 PM
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personal economics is going. That polls was done across demographics so any suggestion that the average person is responding to the question on the condition of the economy with disregard to their personal economic condition is naive.
I doubt anyone logs onto Google to check major indicators to form their opinion on how Trump is handing the economy.
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All-In [31891]
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How did the changes to itemized deductions hurt you?....
May 9, 2019, 11:34 AM
[ in reply to You serious? The corporate income tax was slashed ] |
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I'll wait for the 2018 TRS tax stats before I'll make a definitive statement. We'll need to see the different in effective tax rates between 2017 and 2018 for individuals and businesses.
On the business side, there were a fair number of changes that offset the rate reduction (unless your business made under $50k profit...then your rate actually increased from 15% to 21%. The changes to the financing interest deduction means that businesses that are heavily leveraged had their deductions dramatically reduced.
Also, a company showing a NOL can't apply the losses backwards anymore and when applying forwards, it's only at 80%.
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All-In [31891]
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Anything?***
May 10, 2019, 9:17 PM
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Oculus Spirit [81061]
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I don't think that is true. HOWEVER
May 9, 2019, 8:59 AM
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the changes in withholding and the year end punishment for those witholdings throughout the year may make it seem as though it was worse than the year before.
In my situation, We made more last year by a couple thousand, and I paid a couple thousand more in taxes throughout the year, HOWEVER, I didn't have to write the IRS a check at the end of the year. This year, I had to send them $6K additional.
I'd rather not have the $50 or a $100/week during the year than have to pay them at year end. I need to increase my witholdings, so for me, I can't see where it really helped at all. If I have to adjust my witholding back to where it was before the "tax cut". than what really changed? I was also able to deduct more before the changes.
This year, they have all my info--just send me a bill and keep me from spending 5-6 hours gathering info I won't be able to use.
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110%er [6101]
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Re: Most people I know came out worse on their taxes this year
May 9, 2019, 8:30 PM
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Any chance they had less tax withheld from their paychecks?
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CU Guru [1878]
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I'm sure some people did
May 10, 2019, 2:24 PM
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But most of those complaining do understand how to calculate what their actual taxes paid were.
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Replies: 28
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