Most people I know came out worse on their taxes this year

Swarley

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Posts: 17365

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I’m very confident you’re wrong.

May 6, 2019, 2:43 PM

https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html

From the article:

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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.

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And my favorite part:

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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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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.

i came out hella good

#METOO #MAGA

Did they divide taxes paid by gross income?

Comparing tax/income from 2017 to 2018

You hear that normally for people that measure....

I was happy with mine, $10,000 more in income in 2018 vs

I had to pay more on 4/15 - but I was getting more $$

I’m very confident you’re wrong.

Re: Most people I know came out worse on their taxes this year

Re: Most people I know came out worse on their taxes this year

Based on the replies in this thread, there's two options:

I'm not discussing pops.

Let me see if I got this right.

Liar***

Re: Liar***

Nah, more like you and the bets you make***

His friend begged him to lie.

The tax cuts were for corporations, not individuals

can you prove that in any way?....

You serious? The corporate income tax was slashed

Why then is the POTUS number for handling of the economy...

Because 'the economy' is a little broader topic than a tax filing?

People evaluate the economy by how their...

How did the changes to itemized deductions hurt you?....

Anything?***

I don't think that is true. HOWEVER

Re: Most people I know came out worse on their taxes this year

I'm sure some people did

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