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Old 02-20-2019, 02:18 PM
 
1,047 posts, read 454,494 times
Reputation: 1102

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Quote:
Originally Posted by SE1SG View Post
Cheesie,

The point is..... this was sold as a "TAX CUT."

So if your withholdings went "down" $20 per month for a total of $240 for the year, then wouldn't that equal the "tax cut?"

Yet, a lot of people are seeing a "tax INCREASE" because they're paying MORE (taxes) than last year.


Their argument is that #1: Their pay didn't change. #2: Their withholding dropped $20 (SOLD AS THEIR NEW TAX CUT) then....... their return should be the same as last year. #3 Its NOT! Its FAR LESS. So they're saying, yes their tax was cut, but it was their tax "REFUND" that was cut. And that "CUT" in refund FAR EXCEEDED what they 'SAVED' in withholding cuts.
Say you and I go out for the same meal at the same restaurant, you get charged $60 and pay for it with a $100 bill, I get charged $50 and pay for it with 3 $20s.

Are you saying you're getting the better deal because you get $40 in change and I only get $10?

That's the conclusion people are coming to when focusing on refund amounts.

What was your tax liability under this law vs. what would your tax liability under the old law.

Mine went down 16% so I'm much better off.
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Old 02-20-2019, 03:16 PM
 
600 posts, read 421,577 times
Reputation: 1392
I ended up better off. I did adjust my withholdings last February to help balance the amount.


Many people seem to approach their home budget on autopilot. I seriously do not understand bouncing along in life, working for more then a third of it, and not seeming to care how to handle money.
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Old 02-20-2019, 04:10 PM
 
4,796 posts, read 1,787,245 times
Reputation: 6193
The wealthy are laughing all the way to the bank and the "little people" are grousing about smaller tax refunds. Meanwhile, back at the ranch:

"The national debt surpassed $22 trillion for the first time on Tuesday (Feb 12), a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American."

"The U.S. economy's estimated growth rate in the fourth quarter was slashed to 1.5% from 2.7% by the Atlanta Federal Reserve after declines in retail sales and inventories. "

Trump's tax cuts are unsustainable.
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Old 02-20-2019, 06:22 PM
 
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,078 posts, read 865,043 times
Reputation: 2803
Quote:
Originally Posted by wheelsup View Post
The working class don't really pay much in tax to begin with, I should know - I are one!!

Ok, maybe not right now, but I was, and I didn't pay that much in taxes.
If you have a job you are 'working class', and if you are salaried without commission you are 'fixed income'.
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Old 02-20-2019, 07:57 PM
 
101 posts, read 76,835 times
Reputation: 184
Quote:
Originally Posted by Elliott_CA View Post
The wealthy are laughing all the way to the bank and the "little people" are grousing about smaller tax refunds. Meanwhile, back at the ranch:

"The national debt surpassed $22 trillion for the first time on Tuesday (Feb 12), a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American."

"The U.S. economy's estimated growth rate in the fourth quarter was slashed to 1.5% from 2.7% by the Atlanta Federal Reserve after declines in retail sales and inventories. "

Trump's tax cuts are unsustainable.
If we look at annualized (GDP) growth rates it tells a different story from the one you are indicating. For the 12 months preceding the election in 2016, the average annualized growth rate was 2.55%. If we look at the average annualized growth rate for the 24 months following the election of Donald Trump, the average annualized growth rate was 4.44%.

US GDP Growth Rate by Quarter

Feel free to compare unemployment rates for women, minorities, and overall unemployment and you'll see a distinct difference too between Trump's numbers and Obama's numbers. Sure, the national debt is increasing, just as it was under Obama, but that's primarily due to 2/3 of the entire budget being "entitlement" programs set up by previous Democrat administrations. Then, by the time we figure in money for the military budget and operations of the federal government, there are darn few places we can cut spending... or perhaps I should say there are darn few places the Dems would allow spending to be cut. If current political sound bites are any indication, the federal spending and deficit would skyrocket if Dems get control of the White House in 2020.
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Old 02-20-2019, 08:41 PM
 
11,245 posts, read 20,828,907 times
Reputation: 10663
Quote:
Originally Posted by Stonepa View Post
If you have a job you are 'working class', and if you are salaried without commission you are 'fixed income'.
So Trump is a member of the working class? Or Elon Musk? Or (insert wealthy individual)? And someone who is unemployed is not? Interesting viewpoint.

Last edited by wheelsup; 02-20-2019 at 09:36 PM..
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Old 02-21-2019, 03:37 AM
 
581 posts, read 173,663 times
Reputation: 1225
I love the TCJA! Our taxes worked out fantastic for us!
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Old 03-01-2019, 08:52 PM
 
101 posts, read 76,835 times
Reputation: 184
Real world situation here, not some internet BS. I finished my 2018 federal tax return 2 days ago. Compared to my 2017 taxes, my Adjusted Gross Income INCREASED almost 20% and my total federal taxes paid DECREASED by 13%.

I earned more money and paid less taxes. What's not to like about that?
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Old 03-02-2019, 05:20 PM
 
Location: Suburban wasteland of NC
292 posts, read 170,106 times
Reputation: 266
+1

I had $750 less withheld during tax year 2018 vs 2017 and got back $900 more in the refund than the prior year.

(This is almost entirely due to the increase in both the CTC amount and the amount that is refundable. AGI was ~40k both years, and have always taken the standard deduction.)

Last edited by happygeek; 03-02-2019 at 05:30 PM..
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Old 03-02-2019, 05:39 PM
 
19,442 posts, read 12,722,906 times
Reputation: 13135
All this blather over something nearly anyone who paid attention at the time already knew; benefits of the so called "Tax Cut and Jobs Act" went to businesses/corporations and certain wealthy households.


Where everyone else fit into the scheme largely depended upon their particular household financial circumstances.


https://www.barrons.com/articles/how...ll-51551495755


Don't know why so many are getting all hot and or acting surprised; DT,GOP,Mitch McConnell and Paul Ryan did what republicans have always done for decades; pass more "trickle down" tax policy. This had been the particular wet dream of Paul Ryan and Mitch McConnell for years; but long as Obama was president and GOP didn't command enough of majority it never stood a chance.


So now all those who voted DT and otherwise GOP into office can now either cheer or cry regarding their tax situation. Long as one or both remain in charge nothing is going to change absent the scheduled sunset provisions. If DT remains in WH and GOP holds their majority in senate come 2020, then there will be no sunset; provisions will be made permanent, and people will just have to make up their minds to reality on the ground.
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