Federal Income Tax Reform Proposal - Effect on Californians (Ross: neighborhood, calculating)

[JJonesIII]

Originally Posted by marcopolo666

Why, why, why does this topic keep getting 'poked' to the top, when it is (or should be) dead and buried by now, since it's a done deal?

Oh, yeah - people love hearing themselves talk when saying really nothing new!

(And yes, this comment is rather tongue in check - otherwise, it would be ironic!)

Here's a suggestion. Don't read it if it bothers you.

[CA4Now]

Originally Posted by JJonesIII

It also shouldn't be a surprise that the rich benefit since they pay more to start. None of this stuff is rocket science. It's just simple math.

It's a surprise to many who believed that it was going to be a "Middle Class Tax Cut," which is what it was labeled. You know, The middle class will be the biggest beneficiaries, bla, bla, bla.

https://www.bloomberg.com/graphics/2...-consequences/

Originally Posted by JJonesIII

I think it's a fair comment by expat since you didn't hear the whining when it came to things like the current gas tax (quite the contrary).

We sure heard the whining on this forum, though.

Another gas tax coming down the pipe

Voters all confused by wording of Prop 6 (Gas tax repeal)

Prop. 6 defeated so now they can build more Toll Roads w/Tax $$?

The gas tax has passed and they are trying to repeal, does anyone WANT the gas tax?

[JJonesIII]

Originally Posted by CA4Now

It's a surprise to many who believed that it was going to be a "Middle Class Tax Cut," which is what it was labeled. You know, The middle class will be the biggest beneficiaries, bla, bla, bla.

https://www.bloomberg.com/graphics/2...-consequences/

Perhaps the many you are referring to should do some math instead of rely on politicians

There tends to be rhetoric on both sides of the aisle. It's not much different than Pelosi and Schumer trying to claim that 83% are going to the rich (which they know is not true). I'm not too concerned about that. I'm smart enough to know that typically the people that pay the most tend to be the biggest beneficiaries when there's a tax cut.

Last I checked, the majority of the Middle Class will pay almost $1,000 less in taxes. If I look at that savings in relation to where I live, that money will go twice as far. So it would be like me paying $2,000 less, and yeah, I'd say I would be happy with that.

Unfortunately, this situation (mostly with Democrats) is similar to the parable where the man was told by a genie that he could have anything he wants, but his neighbor would get twice as much as he did. After careful thought, the man said to take away one of his eyes. The partisanship is pretty pathetic.

Originally Posted by CA4Now

We sure heard the whining on this forum, though.

Another gas tax coming down the pipe

Voters all confused by wording of Prop 6 (Gas tax repeal)

Prop. 6 defeated so now they can build more Toll Roads w/Tax $$?

The gas tax has passed and they are trying to repeal, does anyone WANT the gas tax?

A huge swing and a miss on this one. It doesn't look like you understood the comment. I'm saying the people that were vehemently in favor of the gas tax are many of the ones that are complaining about this tax.

I've certainly been very consistent on this matter (you noticed above I said I wasn't happy about paying more in taxes). I'm guessing Expat would be the same, but really can't confirm so maybe I'm wrong on that.

[JohnG72]

Originally Posted by JJonesIII

Perhaps the many you are referring to should do some math instead of rely on politicians

There tends to be rhetoric on both sides of the aisle. It's not much different than Pelosi and Schumer trying to claim that 83% are going to the rich (which they know is not true). I'm not too concerned about that. I'm smart enough to know that typically the people that pay the most tend to be the biggest beneficiaries when there's a tax cut.

Last I checked, the majority of the Middle Class will pay almost $1,000 less in taxes. If I look at that savings in relation to where I live, that money will go twice as far. So it would be like me paying $2,000 less, and yeah, I'd say I would be happy with that.

Unfortunately, this situation (mostly with Democrats) is similar to the parable where the man was told by a genie that he could have anything he wants, but his neighbor would get twice as much as he did. After careful thought, the man said to take away one of his eyes. The partisanship is pretty pathetic.

this.

The nonsense about refunds is neither here nor there. It’s all about what you would pay under the current tax plan vs the old tax plan. I don’t understand why people don’t ever look at what they actually pay each year.

I think most people would have a crap attack if they did.

[JJonesIII]

Originally Posted by JohnG72

The nonsense about refunds is neither here nor there. It’s all about what you would pay under the current tax plan vs the old tax plan.

It's actually pretty scary reading so many comments on the internet showing the lack of understanding people have about taxes.

[payutenyodagimas]

to make it appear that the tax cuts benefited the middle class, the Trump Administration lowered the withholding tax rates so that you have a higher take home pay.

in our case, the IRS withheld $5k less than they withheld in 2017

now we have to pay that tax liability.

did we have tax cuts? NO

did our paycheck increased? YES

and our income was even less by few thousands than in 2017.

[JJonesIII]

Originally Posted by payutenyodagimas

to make it appear that the tax cuts benefited the middle class, the Trump Administration lowered the withholding tax rates so that you have a higher take home pay.

in our case, the IRS withheld $5k less than they withheld in 2017

now we have to pay that tax liability.

did we have tax cuts? NO

did our paycheck increased? YES

and our income was even less by few thousands than in 2017.

Yet another person that simply does not understand how taxes work (and right after your comment, John).

I have no idea what your income level is so can't comment if you had tax cuts or not. However, if you were in the range stated by the Tax Foundation, you would have indeed had a tax cut. The amount you have withheld from your check has always been within your control, so you simply need to look in the mirror if you weren't having enough withheld.

I do tax planning at the start of every year with my accountant. And prior to that (when my returns were a bit simpler, did it myself). It really isn't hard at all. It's easy enough to estimate your annual income, the amount you are having withheld, and then look up the tax rates and see where you'll be. Then you adjust accordingly. End of story.

Moderator cut: personal attack

[payutenyodagimas]

Originally Posted by JJonesIII

Yet another person that simply does not understand how taxes work (and right after your comment, John).

I have no idea what your income level is so can't comment if you had tax cuts or not. However, if you were in the range stated by the Tax Foundation, you would have indeed had a tax cut. The amount you have withheld from your check has always been within your control, so you simply need to look in the mirror if you weren't having enough withheld.

I do tax planning at the start of every year with my accountant. And prior to that (when my returns were a bit simpler, did it myself). It really isn't hard at all. It's easy enough to estimate your annual income, the amount you are having withheld, and then look up the tax rates and see where you'll be. Then you adjust accordingly. End of story.

Moderator cut: personal attack

i am an accountant and know when i had a tax cut or not.

i gave you the numbers. i compared them against 2017. in excel.

i usually dont have tax refunds. i make it sure, in previous years that i pay a little or no tax at all during filing time.

[JJonesIII]

Originally Posted by payutenyodagimas

i am an accountant and know when i had a tax cut or not.

Of course you are.

[Grlzrl]

There is one simple way to know if you got a cut or not:

Total 2017 tax/gross income = 2017 effective rate
Total 2018/gross income= 2018 effective rate.

Compare the two effective rates. That's the ONLY way to find out if you got a cut that is apples to apples. If you are looking at your refund, your amount owned, and all of that other stuff, you don't know what you are doing.