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Then I guess you and your wife are in that rare pool of people who saw a noticeable difference. Too bad the rest of America isn't in your pool.
How much of a game changer is an extra $40/week for a family? You think they're singing Trump's praises for funding a date night for two?
Had they gotten that extra $2k in their refund check instead of spread out across paychecks they'd be dancing in the streets. The biggest mistake they made with the tax cut was changing the withholding tables. It was a serious political miscalculation to think the general public would prefer more money in each check versus a larger refund.
Then I guess you and your wife are in that rare pool of people who saw a noticeable difference. Too bad the rest of America isn't in your pool.
How much of a game changer is an extra $40/week for a family? You think they're singing Trump's praises for funding a date night for two?
You are obviously in a different pool also...many people will love that $40 a week...
Remember GEICO runs a good many of their ads that states they can save you $600 every 6 months or a year....which would be about $25 a week and people love GEICO because of that savings....
When the new tax law came into effect, last Jan. I called my accountant and she told me the following, which had also been reported on the news....
Take extra out of your pay, on the form, just to be on the safe side, b/c as of yet, we don't know how it is going to effect our income tax returns.
So, I did...and didn't have a problem, actually got more back.
Here's the thing....
if your living over your means and you need every red cent, when we all received that raise, and you didn't have any extra taken out, you were going to probably loose a nice tax return.
Pretty self explainitory....
They tried to figure out a way to give people more money in their pay check, without losing any themselves...but in the end, they really were not giving anyone anything if you didn't prepare for it...and a lot of people didn't.
Those who are complaining, and say they didn't know, are not paying attention, they didn't talk to an accountant, they were not listening to the news....and the dem lawmakers who went a long with it, certainly didn't tell their voters...they wanted to blame Trump...
"Less than one in five registered voters say they paid less in taxes during the first year of President Trump's landmark tax law, a Hill-HarrisX poll released Monday finds.
Only 18 percent of respondents say they are paying less in federal taxes for 2018 compared to 2017 in the survey, which was taken ahead of the April 15 tax deadline."
I guess all those Republicans can't count since only 28% of GOP registered voters claim they pay less - while our "resident experts here" seem to claim that EVERYONE pays less except some Bad Blue People.
Your Mr. Trump made a bad calculation here. Lots of Republicans in Blue States are paying more and won't be donating as much to the election funds.
There's a popular cable channel that only broadcasts shows to people who believe bigfoot exists and that aliens built the pyramids. Truth exists outside of beliefs. As they say "Nobody ever went broke underestimating the intelligence of the American people."
I'd also point out that many of the people who saved the most probably filed yesterday, so polling a thousand people before the filing deadline is a bit disingenuous to begin with.
I received more in my paycheck every week, and that is the money I reallocated to take more out, and I received back just as much if not a little more than I paid in....my paycheck was most certainly larger.
No matter how you bicker back and forth, I called my accountant and said,
"I'm receiving more in my paycheck every week....what should I do, I'm worried I won't get as much back in my return?"
She said, Have them take that increase back, just like you always do, (as I always always took out $20.00 more, and got a nice return every year)
She continued to say, "no one at this point in time, knows what's going to happen so, just to be on the safe side, have them take out the total additional amount you are getting, so I did...I surely didn't miss it.
Yes it would have been nice that extra money at the end of the year, however, it was even nicer getting a bigger return.
Nothing changed about my tax basis, other than my wife worked less.
Our household income went down by $9k.
Our total taxes paid went down $11k.
All of my paychecks were larger.
My refund was actually a bit larger.
My effective tax rate went from 27% to 21.5%.
Bottom line - I got a tax cut, I didn't have to "strategize" or anything, and my household NET income went up even though our gross went down.
I make a solid 6 figure salary, have a mortgage and pay state and local taxes, and still couldn't come close to itemizing beating that $24k standard deduction.
Oh yeah, and doing my taxes was easier than any year in the last ten. Took me maybe 30 minutes for federal and state.
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