Trump tax a bust

Yes, my refund was less, yet my weekly take home was more. In the end, paid at least $1200 less tax last year.

Since I'm not a dummy, I see this as an over all increase in my earnings.

I would rather keep the money I earn in the first place than have to play games every year for that alleged "bonus".

If people honestly would prefer to pay more to get a bigger return they deserve to be poor but I don't.

a reply to: toolgal462

People are so hung up on their returns. It is hilarious to me. If you want a bigger return, let the federal government withhold more as an interest free loan until they cut you check at tax time. Meanwhile, I'll just be happy that they end up with less of my money than before.

If someone takes $500 from you every month and gives you back $2000 at the end of the year, they took $4000 from you that year. If they take $300 from you every month and give you back $1000 at the end of the year, they took $2600 from you that year.

The fact you "only" got back $1000 instead of $2000 does not mean you taxes went up 100% or did not go down.

How do these people survive in the wild?

a reply to: RadioRobert
What really sucks is how these people ruin everything for the rest of us.

These are people who would vote for tax increases for you and me so they could go back to getting their bigger "bonus" at tax time.

Too many stupid people voting and living among the rest of us. Unfortunately.

a reply to: toolgal462

Because they've conditioned people to think of the refund as a gift from Uncle Sam instead of their overpaid tax money. Probably the same people who don't know how to budget and "count on that refund money every year".

originally posted by: Xtrozero

originally posted by: OccamsRazor04

I made more money this year, and still paid 25% less in taxes.

Lets throw one more thing in the mix. Child tax credit was moved up to 400k from like 130k... 2500 per kid is not bad...

Standard deduction went up, too. If it wasn't for a one-time substantial charitable arrangement, it wouldn't have been worth it to itemize this year in our household.

Here's a little math exercize.....With gas now at $4, how long will it take to eat up that pitiful tax rebate for the middle class? And....how long will trump allow the taxpayer grants to the energy companies, already making obscene profits?

originally posted by: olaru12
Here's a little math exercize.....With gas now at $4, how long will it take to eat up that pitiful tax rebate for the middle class? And....how long will trump allow the taxpayer grants to the energy companies, already making obscene profits?

How much would the gas price increases hurt the middle class in absence of that tax cut?

a reply to: olaru12

If you want lower gas prices, start with the state and federal taxes. Then move on to your state legislature where they probably passed a law mandating one of our ~40 unique blends in the US be sold there...

Also, Trump doesn't control the tax code. Congress does...

Is it your position that middle class families would be better off handling rising gas prices without the tax cuts? What is your evidence of that?

originally posted by: olaru12
Here's a little math exercize.....With gas now at $4, how long will it take to eat up that pitiful tax rebate for the middle class? And....how long will trump allow the taxpayer grants to the energy companies, already making obscene profits?

Here's another math exercise ... let's go back to the old system. How well does that same middle class family do holding out for their annual tax bonus to help them pay for $4/gal gas?

The long and the short of it is that if $4/gal gas is sinking you, it's sinking you under either system.

originally posted by: ketsuko

originally posted by: olaru12
Here's a little math exercize.....With gas now at $4, how long will it take to eat up that pitiful tax rebate for the middle class? And....how long will trump allow the taxpayer grants to the energy companies, already making obscene profits?

Here's another math exercise ... let's go back to the old system. How well does that same middle class family do holding out for their annual tax bonus to help them pay for $4/gal gas?

The long and the short of it is that if $4/gal gas is sinking you, it's sinking you under either system.

Try this math on for size...I have a company credit card and get to write all my gas off on my expense account, having a small LLC has it's advantages.

And on union gigs we get a gas bump on the rentals and personal vehicles, paid for by the production. They write it off as well....

I love capitalism!

a reply to: olaru12

My point still stands. If $4/gal gas was sinking you before, then it's going to sink you now. The two systems aren't appreciably different to make a major difference for anyone who cannot tolerate gas at $4/gal. A thriving LLC means that $4/gal is hardly a threat to you under either system.

a reply to: ketsuko

You don't have to own your own company to deduct business expenses either. Though I wouldn't admit openly that I fraudulently write off all my gas expenses to my business account on an open forum, so what do I know?

I get slightly more on my check, and I didn't owe as much this year, actually got some back from the state!

originally posted by: scraedtosleep
a reply to: interupt42

Don't worry just like with healthcare I'm sure he'll make up a reason why he can't get it done and promise to work harder if you only vote for him again in 2020.

i just dont get why its sooo hard for him to get things done. I mean its not like the left is sabotoging every single thing he tries to do. I mean we wasted millions on a lie because you cant accept the fact you got beat fair and square and that people are tired of the same ole #. we want change and not a more of the same and he gives us that. if the left would stop blocking him it would be amazing the things he would get done , instead he has to be on guard 14/7 because a bunch of babies cant handle the truth..

a reply to: olaru12

Gas is 2.59 in Florida. Wanna try that math again?

a reply to: interupt42

The vast majority of my clients had a net savings between with the Trump Tax cuts. They had less taxes withheld and paid less in taxes, all things being equal to the previous year.

Without knowing the specifics of your taxes, we can't take your assertion without a whole container of salt.

Give a breakdown of your taxable income, standard or itemized deductions, actual tax, withholding and credits compared to last year. Then I could see what happened with your taxes.

Most of my clients got to keep from $1,800 to $2,400 more in their pockets this year over last year. Even my Democratic Clients had to admit it........

originally posted by: sligtlyskeptical

originally posted by: Lumenari
a reply to: interupt42

It may because you can't do basic math.

Before the tax cuts with what I pay myself I paid 9,000 a year in Federal taxes and received back about $400.

So my taxes were roughly $8,600.

After the tax cuts, I paid $260 a month less in taxes, my taxes paid were 7,500 a year and I got 600 back.

The difference...

9000 paid and 400 back is 8,600 to the Feds.

After the tax cuts were a little different.

2016 = 8600 to the feds.
2017 = 7500 - 3100 + 600 = 5000 paid to the feds.

Perhaps you didn't realize that when the tax cuts came in, you got a raise.

Personally, I am paying 3,600 less a year.

But hey.. maybe I'm the 1% now?

LOL

You must not have kids. Every middle class family with 3 or greater kids paid more tax on the same income this year. So basically they are paying more so you can pay less.

That's is not accurate. The Child Tax Credit doubled. Depending on the ages of the kids, that would make a big difference.

a reply to: truthnlies

i just dont get why its sooo hard for him to get things done. I mean its not like the left is sabotoging every single thing he tries to do

That's american politics happens on both sides all the time.
Your saying that he's to weak to get things done because the dems are just to strong?

Then what use is he?

originally posted by: scraedtosleep
a reply to: truthnlies

i just dont get why its sooo hard for him to get things done. I mean its not like the left is sabotoging every single thing he tries to do

That's american politics happens on both sides all the time.
Your saying that he's to weak to get things done because the dems are just to strong?

Then what use is he?

He's the President. America has checks and balances.

originally posted by: OccamsRazor04

originally posted by: scraedtosleep
a reply to: truthnlies

i just dont get why its sooo hard for him to get things done. I mean its not like the left is sabotoging every single thing he tries to do

That's american politics happens on both sides all the time.
Your saying that he's to weak to get things done because the dems are just to strong?

Then what use is he?

He's the President. America has checks and balances.

Ayup, and the president's main functions are to stand between the US and the rest of the world and to head up the bureaucracy. He checks the legislative branch with his veto power and his bully pulpit.