Will Trump actually lower our taxes????? (RANT)

[johnd393]

My own theory is that withholding based on more than one W4 for more than one income, like for each spouses job or a person with 2 jobs, will under withhold.
Each employers withholding calculation may use the wrong tax bracket since he is unaware of the other income from the other employer. Each probably assume a standard deduction so the standard deduction is subtracted twice.

[Casper in Dallas]

Originally Posted by scend57

This is false, "opportunity to work" is always there irrespective of any taxation or government. Taxes don't create jobs, they do quite the opposite.

If I recall correctly from history books, America had virtually no income taxes from the 1700's all the way up to the early 1900's and the country did just fine during that time period (prosperity) Income tax seems to be a fairly recent invention, at least in this country.

I'm hopeful for Trump tax cuts, but the cost-of-living issue is the REAL problem. If taxes goes down by 3%, but cost-of-living goes up 10%, well....

You are not going to be get a cut in taxes, now you will on the other hand be getting a Bill. Have fun while it lasts

[bpollen]

Originally Posted by Casper in Dallas

You are not going to be get a cut in taxes, now you will on the other hand be getting a Bill. Have fun while it lasts

It seems the wealthy will be getting a tax cut. It will be up front, and then there will be back door cuts that economists will have to tell the public about (through the media, so Trumpers won't believe it).

That guy doesn't actually PAY 33% in taxes. That's his nominal bracket. Warren Buffet's bracket is the highest, but he pays about 3% in income taxes.

The wealthy should have accountants advising them on how to get out of paying taxes. There are lots of ways. Most obvious:

interest payments on a mortgage
Property taxes
Sales taxes in some states
Investment costs
Investment losses
Home office deduction
Catastrophic losses (home or vehicle damage)
Income in dividends....taxed at a lower rate (15%)
Many other ways to decrease taxes associated with self-employment, investments, and the like

With half of an effort, he should be able to get his taxes down easily to less than 15%. The more $ you have, the more income, the more opportunities and ways to lower taxes.

[case44]

Folks, give him time, please. He just took office a week ago. Sheeeesh!

Cleaning up his predecessor's messes is going to take a little time.

[jerseygal4u]

Originally Posted by johnd393

My own theory is that withholding based on more than one W4 for more than one income, like for each spouses job or a person with 2 jobs, will under withhold.
Each employers withholding calculation may use the wrong tax bracket since he is unaware of the other income from the other employer. Each probably assume a standard deduction so the standard deduction is subtracted twice.

That is what happened to me.

What kind of self corrects that for me is Medicare and Social Security overpayments,which you are entitled to get back.


As i wrote in another section,because i am not married but claim Head of Household,my taxes will go up by 30% under Trump,since he plans on getting rid of the Head of Household filing status and deductions for dependents.