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A smaller refund does impact those living paycheck to paycheck in a significant way.
If they have a smaller refund but their effective federal income tax rate is lower, that means they're keeping more of their paycheck rather than waiting for a refund after filing the next year. If they're living paycheck to paycheck, it's better to have the extra money in each paycheck.
This is the problem. WAY too many Americans simply have NO clue that racking up a refund after the end of the tax year is extremely foolish. It's nothing but giving the Fed Gov an interest free loan. If one is really living paycheck to paycheck, it's far better to get to keep more of each paycheck than to wait for a refund on the interest free loan you've given the Fed Gov.
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And yes, local and state taxes high in California (much higher than 10k for many) but write offs capped at 10k die to SALT cap.
As I've already shown, the avg California real estate tax rate is ridiculously low. And California's income tax is highly progressive, so low-/middle-income earners don't pay a high state income tax rate, either.
It's funny...even the talking heads on conservative radio, the conservative websites, etc....nobody can figure out what they are hoping to achieve. It literally baffles everyone's minds.
I cannot get Pelosi's play here. Been trying to figure it for weeks, and cannot figure out what she or the party are hoping to achieve. I don't buy for a single second her crap about the reluctant Constitutional duty blah blah. There's a political game being played, but damned if I (or anyone) can figure their strategy, when every roads arrives at 2020 loss for the Democrats, and the only real question is the score of that loss.
Pelosi made a deal with the devil (AOC and the like) to retain speakership. She is paying up now.
You really think the Democratic party platform is pro-2nd amendment? If they ever did say it, it's an outright lie... I am a bit confused as to how anyone who feels strongly about guns would even talk about supporting a Democrat at any point in time....
I've never been under that illusion. I support the democrats' positions on several other major issues though (healthcare, environmental issues, and some others). If the democrats had dropped the gun control issue I think they'd be unbeatable in the rural states the GOP dominates.
I've never been under that illusion. I support the democrats' positions on several other major issues though (healthcare, environmental issues, and some others). If the democrats had dropped the gun control issue I think they'd be unbeatable in the rural states the GOP dominates.
If the Republicans would drop the abortion issue, they'd win in a landslide...every election.
You won't say this if Nancy loses the house and Trump has both branches of Congress.
Or when RBG needs to be replaced.
If a Dem acted like Trump, I would want them impeached as well. Nobody should get to abuse their oath of office and treat the presidency like their own personal money maker.
If a Dem acted like Trump, I would want them impeached as well. Nobody should get to abuse their oath of office and treat the presidency like their own personal money maker.
Yet, you can observe what elder Biden did in connection with Hunter in Ukraine and vote for him with a straight face. You guys are just fascinating.
tax cut and tax table adjustments really burned us. We did not know about the tax table adjustment and if our paychecks got any bigger, it was not a noticeable amount. Get to April and we figure our taxes. Almost all of the normal deductions are limited or gone. Instead of a $3000 return to pay our property taxes with, we owe the IRS $2700. Surprise.
Now both the IRS debt and the property taxes had to go on payment plans with interest and penalties added to both. then I had to tell my employer to take out an additional S400 a month so we do not get burned on our 2019 taxes. That reduced my net check well below what it was in 2018 before the tax cut. In the long run the "tax cut" will cost us about $10,000.It pretty much eliminates all of our spending money for the next two years.
If republicans dropped the abortion issue, a lot of people i know just would not vote. That is the core issue that gets them out to the polls every two years. In two instances it is the sole reason they vote Republican rather than Democrat.Not sure how widespread that is, but it is a substantial number of people in our community. Not sure it is something they would want to drop without some serious studying.
The best strategy is gridlock. If you live in a deeply red state, vote democrat. If you live in a deeply blue state, vote republican. Human nature dictates when a herd gets too strong they become oppressive. What you want is to shake up the status quo in your respective states.
We have lots of anti-growth, anti competition good ole boys out here who end up on city councils and stifle growth and competition despite the fact they vote red. You can't get them out because a blue candidate doesnt stand a chance. No party is immune to human nature, which is why the more gridlock the better. It forces both parties to come together and pass common sense legislation.
tax cut and tax table adjustments really burned us. We did not know about the tax table adjustment and if our paychecks got any bigger, it was not a noticeable amount. Get to April and we figure our taxes. Almost all of the normal deductions are limited or gone. Instead of a $3000 return to pay our property taxes with, we owe the IRS $2700. Surprise.
Now both the IRS debt and the property taxes had to go on payment plans with interest and penalties added to both. then I had to tell my employer to take out an additional S400 a month so we do not get burned on our 2019 taxes. That reduced my net check well below what it was in 2018 before the tax cut. In the long run the "tax cut" will cost us about $10,000.It pretty much eliminates all of our spending money for the next two years.
How did you end up in a higher tax bracket, and which tax deductions did you lose?
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