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I don't itemize, make upper middle $$$ so I'm expecting a modest reduction in my tax bill.
This probably means the check I have to write to make the remaining tax I owe, will be smaller than in the past.
I can then show up screaming about how I didn't get a refund check! Curse you Trumpppppp! lol.
Now in fairness, I can totally understand people getting clobbered by the cap being upset about it. At the same time I've pointed out that people with higher incomes in high tax areas are benefitting by their state\communities providing lots of extra programs, services, nice schools, parks, roads etc.
Being able to deduct all of that essentially results in the rest of us subsidizing these benefits.
Trump's tax plan is really a cut for corporations and not for individuals. Even a lot of the scraps thrown to individual filers actually sunset in 2025. You guys were fleeced.
I am not a supporter of either party but the plan sunsets in 2025 because the DEM's refused to vote to make it permanent. They had the opportunity but chose to "resist" the whole thing instead.
My friend a number of years back refinanced his gf's moms house for her. Lady had an adjustable loan that was up around 8% and he got her a <5% fixed....came up in conversation one day and he was like....wow....here, let me save you $300+/month for the next 20 years or so.
She didn't know she had an adjustable loan, nor that she could refinance it.....
Same thing. That's just like... Hmmm... should I overpay my federal income tax liability by $200/month so I can get a tax refund at the end of the year on which the Fed Gov pays no interest? Or should I pay down a 7-8% interest rate debt by an extra $200/month. It's a no-brainer to me. But a HUGE percentage of the US population just doesn't get it. WHY is that? Serious question...
Same thing. That's just like... Hmmm... should I overpay my federal income tax liability by $200/month so I can get a tax refund at the end of the year on which the Fed Gov pays no interest? Or should I pay down a 7-8% interest rate debt by an extra $200/month. It's a no-brainer to me. But a HUGE percentage of the US population just doesn't get it. WHY is that? Serious question...
Also his taxes are paying for illegals earned income credit for kids (some fictitious) in Mexico...I think we need to triple his taxes to pay for more illegals coming over.
There are a lot of anchor kids living in Mexico. Born in the U.S.A. but living in Mexico who are U.S. citizens with SS numbers. Extended family members in the U.S. claim them as dependents and get earned income credit on their taxes.
Trump's tax plan is really a cut for corporations and not for individuals. Even a lot of the scraps thrown to individual filers actually sunset in 2025. You guys were fleeced.
I'm not worried, I'm sure at some point before 2025 our Democrat leaders will step up and help the little people in this country by making individual tax cuts permanent.
I made more money, paid more in taxes and am getting back 1/3 the amount I got last year!
SOOOOOO HAAAPPPPY your rich 1% buddies got a tax break, they REEEAAAALLY need it.
Congrats however, now I know I'm voting for ANYONE but Trump.
The key is in your post...I'm surprised the DNC slipped up and had all the posters post: "I made more money" you MADE MORE MONEY and you will pay a bit more in taxes.......math geniuses on the left....
People who give the govt. an interest free loan, only to wait for a refund aren’t very bright.
It speaks a lot to the psychological aspect of personal finance. Psychologically, it feels like you are getting a nice chunk of money in one lump refund vs twenty bucks extra or less a paycheck.
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