NJ Government Shutdown Looms As Gov. Murphy Offers Tax Hike Deal (credit, homes)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Including pertinent excerpts, since most people are not inclined to actually read anything these days....
"...increasing the tax rate on those earning more than $1 million per year, which would affect approximately 18,000 in-state residents and 19,000 non-state residents." I checked. There were roughly 8.9 million people living in NJ in 2018.
"The credit would be in addition to other existing property tax relief programs – Homestead Benefit, Senior Freeze, Veterans' Deduction, and the increased Property Tax Deduction Cap – while impacting a much broader base. An estimated 2,013,049 New Jersey income tax filers are expected to benefit, which represents roughly 46 percent of all resident returns."
Despite the majority of Americans receiving a tax cut, the IRS pulled in an additional $93 billion for 2018 from taxpayers on individual income taxes than it did for 2017, according to new data from the IRS. This is in part thanks to the Treasury Department processing 1.5% more individual returns for 2018 than 2017.
After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few did. More than halfway through 2018, after the law took effect, the Government Accountability Office (GAO) warned that more Americans would owe money to the IRS under the new law while those receiving refunds would decrease. In the end, many Americans saw modest increases in their paychecks throughout the year, but didn’t notice.
Billions in Profits, No Taxes: How the Trump Tax Code Let 26 Companies Off the Hook
A new study shows how the GOP’s 2017 tax bill helped subsidize corporate America
Despite the majority of Americans receiving a tax cut, the IRS pulled in an additional $93 billion for 2018 from taxpayers on individual income taxes than it did for 2017, according to new data from the IRS. This is in part thanks to the Treasury Department processing 1.5% more individual returns for 2018 than 2017.
After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few did. More than halfway through 2018, after the law took effect, the Government Accountability Office (GAO) warned that more Americans would owe money to the IRS under the new law while those receiving refunds would decrease. In the end, many Americans saw modest increases in their paychecks throughout the year, but didn’t notice.
So the article is saying 65% got a tax cut, 6% are paying more, and the rest are even.
So even though 94% paid the same or less, the government pulled in $93 Billion more than the previous year, because MORE PEOPLE ARE WORKING. More people are working because corporations are paying less to the government, so they can afford to expand.
It sounds to me like everything is working as planned, according to your article.
Then you have Schumer complaining that people didn't get the refunds they expected. Schumer thinks you and I are idiots. People didn’t get the refunds they were expecting, because they were making more in their paycheck, but they never changed the withholding in their taxes. Who’s fault is that? I know this from my own personal experience, and it is reinforced by the article you posted.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
