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It seems that what has happened, because they forced everyone to start using the new withholding rules during the tax year--looked better than it was. It was a big pain in the neck according to many CFOs and payroll accountants. But because everyone got a few dollars more in their paycheck--the republicans all started crowing--look at all the money you are getting! Even posters on this forum were raving about how much more they are taking home. It looked exactly how the GOP wanted it to look before the midterms.
So, now everyone is discovering that they basically received up front in their paycheck what they usually receive as a refund. And those who itemized, like students and parents, are getting screwed without the deductions. Since people received their refunds in paychecks last year--hope they didn't spend it yet because they thought they had more money than they do.
They've just moved the money around like a shell game. True to form--the GOP gave money to the wealthy, to corporations and lied to the Average Joe.
But corporations and the one percent received the benefits. The bones they threw to individuals were just that. Once again, the American public had no idea what was going on legislatively and believe the lies.
The GOP has also given us the awesome benefit of a bigger deficit, inflation and an increase in the COL, but thanks for those extra couple of dollars last year!
Are you under-educated? Have you never read The Fountainhead?
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And you still have not addressed the middle class or context.
Indeed, I have. The average US household income is $59,100, and on average that means they're paying $5,910 in SALT taxes, well below the $10,000 cap.
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You are trying to say that millionaires care about a 10-30K tax deduction.
How on earth do you think anyone's SALT taxes are limited to $30,000?
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I know your husband is supposed to be a big time CPA, but on what planet does SALT tax matter for the wealthy?
When they lose a significant portion of their tax deduction, which is why the left is currently whining and complaining.
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Why in the world would a person bringing in 1, 2 3, million dollars of unearned income give a fig about SALT? They won't because it doesn't do anything. What does do something is reducing the tax rates.
Again, you're missing the point. The formerly unlimited SALT tax deduction is now capped at $10,000. The $1,2,3 million income earners will pay far more than $10,000 in SALT taxes, so they can no longer deduct that cost from their federal income tax return to reduce the amount of taxes they owe.
That's what the left has always said they wanted... that higher income earners pay more of their fair share in federal income tax.
You claim to be a "scientist?" How on earth can you refuse to believe basic facts?
The Trump-humpers should have wit enough not to trust him. He has lied to and betrayed everyone he has ever dealt with, but they are sooo obsessed with hurting people they hate that they made a deal with the devil. Now, they are shocked that the slimebag who could never be trusted - surprise! - can't be trusted. Idiots...
Rest assured, Trumpers will rewrite their own life history, as they love to do, and somehow by 2020 it'll be "Obama's fault" that Trump's policies hurt his easily deceived followers. No sympathy.
I usually don't last long on this forum anyhow. I come looking for answers for something, get caught up with a few topics, and then have to get back to it. i was hoping to learn what other people are doing to manage this tax bull. Instead, I find folk who are gunning it for middle class blue staters, which is disheartening.
omg, you don't come to a political forum to learn about taxation. Since you did all people who understand taxation can do is tell you what they understand. Everyone's situation is different. The worst thing to do is to allow the media to educate you.
Second don't bother if you are already closed minded. Be honest with yourself, if you came here to b*tch say so.
It seems that what has happened, because they forced everyone to start using the new withholding rules during the tax year--looked better than it was. It was a big pain in the neck according to many CFOs and payroll accountants. But because everyone got a few dollars more in their paycheck--the republicans all started crowing--look at all the money you are getting! Even posters on this forum were raving about how much more they are taking home. It looked exactly how the GOP wanted it to look before the midterms.
So, now everyone is discovering that they basically received up front in their paycheck what they usually receive as a refund. And those who itemized, like students and parents, are getting screwed without the deductions. Since people received their refunds in paychecks last year--hope they didn't spend it yet because they thought they had more money than they do.
They've just moved the money around like a shell game. True to form--the GOP gave money to the wealthy, to corporations and screwed the Average Joe.
But corporations and the one percent received the benefits. The bones they threw to individuals were just that. Once again, the American public had no idea what was going on legislatively and believe the lies.
The GOP has also given us the awesome benefit of a bigger deficit, inflation and an increase in the COL, but thanks for those extra couple of dollars last year!
Exactly right. And now people are realizing the truth--that they were suckered into thinking they were getting a nice tax cut when it turns out it was a shell game put forth so they could give the very wealthy and corporations the real cuts.
People will forgive or overlook many things, but reaching into their pockets and taking thousands of dollars from them is not one of them. Considering that the majority of people don't have enough savings to last a month without a paycheck, one has to wonder where some of these people who find themselves unexpectedly owing thousands of dollars in taxes are going to come up with them to pay the IRS. Could be tough times for many.
Let's hope those who fell for the con vote more conscientiously in 2020.
The tax code is approx 72 pages long and it's so complicated that people hire your son to do their taxes. He is educated in taxation and his education is never ending. What makes you think the media can teach you taxation?
You said your son who is a CPA WOULD have set you straight. Why Would? Did you ask him? Are your taxes basic 1040EZ? If you ask do you listen or are you closed minded. I don't know but you can not learn taxation from the media.
I'v learned about (and continue to learn) taxation all my life and I find it interesting learning how to legally keep as much of the money I earn as possible. Of course I hire someone to do my taxes and to advise me throughout the year. It's called tax proficiency.
70,000 pages, not 70. My son has a masters in taxation. Do you really want to claim that your lifelong interest in taxation makes you an expert? That's like someone who likes to look at butterflies claiming that they are an entomologist.
No, my taxes are not 1040EZ which I will note is nothing more than another thinly veiled insult
They've just moved the money around like a shell game. True to form--the GOP gave money to the wealthy, to corporations and lied to the Average Joe.
But corporations and the one percent received the benefits. The bones they threw to individuals were just that. Once again, the American public had no idea what was going on legislatively and believe the lies.
The GOP has also given us the awesome benefit of a bigger deficit, inflation and an increase in the COL, but thanks for those extra couple of dollars last year!
When Trump got his BS "tax cut" passed, I compared it to a payday loan scam. "Get YOUR money now!" - and don't worry about the consequences. And that's EXACTLY what it has turned out to be. Nothing but a shell game, where the rubes get their refund "now" each paycheck, and the ultra-rich and corporations get permanent tax cuts while those for the working class expire down the road far enough that Trump can blame "Democrats" or somehow "Obama" for it.
I'm not sure but I was sent this whole big e-mail about changes to withholding last year and expect more in your paycheck. It amounted to in reality being less than an additional hour to my wages. Trust me, I checked. Now I'm just going by me, maybe hers removed federal withholding or drastically reduced it. It is also possible she had other deductions that were removed too.
Understood, each situation is going to be different. Maybe she had triplets and lost the EIC on all 3 in a single year....no way of knowing.
The big wildcard for some folks I know was how it might compare to their situation where they were already running into AMTI.
I usually owe around 2k a year federal and I think that should be less but I'll probably still owe.
Now granted I won't come post crying about how my return didn't increase lol like some are.
Frankly, the thread is a pathetic display of people trying to outright obfuscate and misrepresent in order to make something look better\worse than it really is for no other reason than politics.
And this is on a topic that has actual solid guidelines and numbers. *shakes head*
70,000 pages, not 70. My son has a masters in taxation. Do you really want to claim that your lifelong interest in taxation makes you an expert? That's like someone who likes to look at butterflies claiming that they are an entomologist.
No, my taxes are not 1040EZ which I will note is nothing more than another thinly veiled insult
Yep, typo, 72,000 pages, thank you for the correction (fixed).
Your son has a masters in the tax code and ongoing every year so what makes you think the media or politicians can educate you in taxation?
It seems that what has happened, because they forced everyone to start using the new withholding rules during the tax year--looked better than it was. It was a big pain in the neck according to many CFOs and payroll accountants. But because everyone got a few dollars more in their paycheck--the republicans all started crowing--look at all the money you are getting! Even posters on this forum were raving about how much more they are taking home. It looked exactly how the GOP wanted it to look before the midterms.
So, now everyone is discovering that they basically received up front in their paycheck what they usually receive as a refund. And those who itemized, like students and parents, are getting screwed without the deductions. Since people received their refunds in paychecks last year--hope they didn't spend it yet because they thought they had more money than they do.
They've just moved the money around like a shell game. True to form--the GOP gave money to the wealthy, to corporations and lied to the Average Joe.
But corporations and the one percent received the benefits. The bones they threw to individuals were just that. Once again, the American public had no idea what was going on legislatively and believe the lies.
The GOP has also given us the awesome benefit of a bigger deficit, inflation and an increase in the COL, but thanks for those extra couple of dollars last year!
Well said.
Don't worry cause people still believe trickle down economics work after all these years showing it doesn't.
The majority of the middle class has much more in common with the poor than the extreme rich yet the middle class attacks the poor - true to form cause this is exactly what the extreme rich want.
at the end of the day the middle class will never learn.
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