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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.
Just finished my tax returns and got about what I expected. You see I don't plan on getting a lot back or anything for that matter. My goal is not to owe.
Maybe you jumped up an income bracket or 2. Before Trump you still would have got whacked. That's the problem with a progressive tax system. Personally I would prefer a flat tax. You know what you owe and pay it as you go. Both my state and local are flat tax systems. I have never owed more than a few dollars to either. No rude surprises, no shocks.
This year I got just over $400 back. This is my first year retired, but I think I managed it ok.
Who the hell even counts on a tax return before they even do their taxes?
"Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority."
Tax Returns are the REPORTS we ALL file (or most of us)....
Perhaps you are confusing the word "return" with the word "refund". It seems many other are doing the same.
Are you suggesting that the tens of millions of people who previously filed using the standard deduction were not giving to charity?
Ridiculous question.
All articles on the subject indicate the projected difference is likely to be 5% or less. But who knows?
That's about 22 BILLION dollars less given. Do you think 22 BILLION dollars does some good to people?
What is being suggested...by Churches, Charities, Independent Economists, myself and others is that it is very possible that LESS money will be given to charity due to the new tax law.
It de-incentivizes charitable giving for tens of millions of households.
There - I've kept it really simple.....22 Billion less projected. It may be 10 Billion. It may be 30 Billion. But it will likely be less.
It is also likely less vacation houses will be bought....compared to what might have been bought with the old laws in place. That also reduces economic activity.
One can approve of these changes or not...that's a valid position. "I don't think people should be able to deduct charity giving".....fine! "I don't think we should encourage the purchasing of houses" Fine.
Nah, we live in Florida, and are not 'rich' as you would define it (anyone who pays more than $10K in SALT). Lot of people here who are middle class pay more than $10K in SALT, but not us. We were penalized in other ways like the elimination dependent exemption, so anyone who cares for elderly relatives wont be able to claim them anymore. Charitable contributions, like church tithes, are not deductible any more (unless they exceed $12 000).
Those kinds of exemptions and deductions were in place to encourage people to care for their aging relatives, and to donate for good causes, while the new laws tends to do the opposite. It's actually hard to believe conservatives supported removing them, since they worked hard to put them in place in the past.
The solution for retirees in Florida who pay more than $10K in SALT is simple, - reduce your standard of living by moving to a smaller house in a less desirable neighborhood. There are always ways to cope, although it might mean changing your plan for retirement.
If anyone need financial encouragement from the government in order to take care of aging family members, they're an ass who shouldn't be taking care of aging family members.
I live in Florida as well. My wife and I made more money, and paid less in taxes. We had to adjust our withholdings to ensure that we don't get a refund next year (we like to be as close to zero as possible).
All articles on the subject indicate the projected difference is likely to be 5% or less. But who knows?
That's about 22 BILLION dollars less given. Do you think 22 BILLION dollars does some good to people?
What is being suggested...by Churches, Charities, Independent Economists, myself and others is that it is very possible that LESS money will be given to charity due to the new tax law.
It de-incentivizes charitable giving for tens of millions of households.
There - I've kept it really simple.....22 Billion less projected. It may be 10 Billion. It may be 30 Billion. But it will likely be less.
It is also likely less vacation houses will be bought....compared to what might have been bought with the old laws in place. That also reduces economic activity.
One can approve of these changes or not...that's a valid position. "I don't think people should be able to deduct charity giving".....fine! "I don't think we should encourage the purchasing of houses" Fine.
But, c'mon, let's not define what is is.
You know what happens when people don't buy vacation homes? Prices come down to the point where people who need a home can afford to buy them. It's supply and demand, and having less government involvement in an already screwed up market is a good thing.
That is insulting - we give a LOT to Charity every year and never get to deduct any of it.
It is not personal, so it's insulting only if you are easily triggered. I am only stating a fact that incentives make a difference. It's just the way it is, and anyone denying it is only fooling themselves. People will still tithe in the church and give to charity, but it will be in lesser extent than before.
I guess it boils down to what "a lot" means. For some people even a modest amount is a lot. $100 is a lot for someone who has only $500, but nothing to someone who has $50 000.
If anyone need financial encouragement from the government in order to take care of aging family members, they're an ass who shouldn't be taking care of aging family members.
You can insult people all day long, but maybe you don't realize some people are tight with money and several thousand dollars can tip the scales when deciding what they can, and cannot do.
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.
If you're not a corporation, you're not going to get a tax break!
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