LadySkinsFan

Tax Bill

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Funny. It's almost like some of us have said this all along. Their was no tax cut for the middle class. Especially home owners with dual incomes.

 

**** the Trump apologists and extra **** his supporters. 

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Been saying this all along. It was meant to be a 2018 talking point for the GOP because 2019 tax season is the first real tax cut season. No one on Twitter even mentioining the gamed withdrawal tables.

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If you used the schedule A in the past and make less than about 400-500K a year this tax bill screws you. 

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If I was a petty person, I would be overjoyed with schadenfreude at the reaction of Trumpers who finally wised up to the disastrous trump tax plan. 

....

Turns out I'm very petty.

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Part of me sympathizes, the other part makes me wonder if they seek out anything other than Fox News for information......?

 

The GOP already admitted late last year the middle class would not see any kind of tax cuts from the bill and that it was "not a priority" to visit that issue.

 

"Cut taxes on the wealthiest Americans and it will help YOU!"  has always been a scam.

 

Welcome to the real world. 

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Went from getting $1,200 back last year to owing $4,000 this year. 

 

Now, the fact that my pay doubled, and then I moved to a job that doesn't withhold taxes might have been a factor. But I thought I'd throw it in here anyway. 

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52 minutes ago, bearrock said:

If I was a petty person, I would be overjoyed with schadenfreude at the reaction of Trumpers who finally wised up to the disastrous trump tax plan. 

....

Turns out I'm very petty.

 

Turns out I'm very self-centered, because my thought process is, "oh ****, if dirt farmers are getting hosed, I am just totally ****ed."  

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yeah, but remember how funny it was to watch the faces turn all red when they tried to explain to you that this is EXACTLY what would happen?

Goddam hilarious. Hey. Trump is your president now, like it or not.

 

Dear Rank and File GOP

You ****ing idiots. Aren't you TIRED of being the ****ing marks that keep our society getting hauled down by con men and grifters who STEAL your money and give it to themselves?

Aren't you TIRED of having your ignorance and fear exploited until the entire nation's ass bleeds?

 

Of course not. **** eating vermin never do.

try to learn this time. try to not be so ****ing stupid. try not to be so ****ing EASY that such an OBVIOUS con man and traitor has you licking his boots while he robs you.

If you had any sense, you'd be humiliated..  but you're just ready for the next spoon full of ****.

 

it is truly disgusting how easily you fell for all of this, and continue to swallow it.

 

~Bang

 

Edited by Bang
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6 hours ago, tshile said:

The best part is our “tax cut” expires

 

theirs doesnt

I mean, the threat that the lower classes might snap and just, y'know, like, EAT the rich never expires, and is such a burden to live with and they should get ALL the money for having to live in that fear,

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21 hours ago, BenningRoadSkin said:

https://www.rawstory.com/2019/02/trusted-trump-voters-seethe-realizing-theyre-getting-screwed-gops-tax-plan/

 

Trump and the GOP  destroyed the middle class with this bill.

 

Trump supporters are unhappy.

 

This was the largest wealth transfer in American history from the middle class to the top 1%. Anyone who wasn’t drunk on MAGA koolaid knew this was happening. 

 

All of us entering the prime years of our working life will have to suffer the consequences of this. As if the financial crisis wasn’t enough to **** the millennials, this tax bill will ensure that we don’t even get to have a well funded government with good programs for the middle class.

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I haven’t done my taxes yet, so I’ll withhold judgement until I wrap that up.  I’m expecting to get more back than last year though.

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I think this article is useful: https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump

 

Executive Summary: Most people, even the middle class, actually ARE paying less in taxes, but the IRS withheld too little, probably because Trump's political appointee wanted to make the tax cuts look bigger than they actually are, and now people that don't understand the difference between total tax bill and total withheld are enraged (and honestly, if it gets them to vote out Trump, you won't find me rushing to educate them). And of course, long term, the middle class gets screwed without something being changed.

 

Some relevant excerpts:

 



The truth is somewhat more complicated.

 

The new tax law does result in some people paying higher taxes (especially over the long term), but the specific issue here is tax refunds rather than total taxes paid. Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but also of how much tax is withheld from your paycheck by your employer on paydays. And the big story here is that as a result of the new tax law, the Treasury Department tweaked things so that on average taxpayers’ withholdings fell by more than their actual taxes owed.

 

and

 

In the aggregate, this means higher taxes for a few people but lower taxes for the vast majority of Americans. It also means that virtually everyone’s tax situation is a little bit different from before, often in complicated ways related to the ins and outs of lost and gained deductions and credits. So everyone’s withholdings had to be calculated anew.

 

and

 

It’s actually the case that in the long run TCJA will raise many working- and middle-class people’s taxes. To conform to budget reconciliation rules, Republicans made it so the nonregressive tax cuts largely expire after 10 years while the revenue-raisers and the business tax cuts are permanent. But while this is an important (and telling) part of the tax policy debate, it doesn’t represent anything that’s happening this winter. People hit with a surprise request to pay extra to the IRS may feel like Trump surprisingly raised their taxes, but in most cases that’s not what’s happening.

 

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The caveat would be that calculus would be different for people who were on the losing end of the deduction battle.  High SALT, high mortgage, home equity loans, these were selectively targeted and people will feel the pain on that before 2025.  Of course one of the biggest whoppers, the elimination of the alimony deduction for new divorces is still waiting in the pipeline.  

 

I do think the increase in taxes for the middle class (now or down the road) would be less galling if it wasn't being used to fund the massive tax cut for the top earners and corporation.  

3 hours ago, Springfield said:

I haven’t done my taxes yet, so I’ll withhold judgement until I wrap that up.  I’m expecting to get more back than last year though.

 

Self owned business?

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I set my deductions last year so I would be as close to zero as possible. Didnt want to owe anything and wanted as much in my paycheck as opposed to just getting a chunk back. I ended up getting a good amount in my return despite that, partially due to the child tax credit change.

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I knew that my tax withholding was less because of the new tax bill i just didn't realize exactly how much it would screw me.

I will say this the difference in my withholding to what I owe in taxes this year isn't even close to equal.

 

Between reducing salt and getting rid of college deductions and child deductions for certain earners and the biggest screw job of all was removing my ability to deduct work related expenses, that one really ****ed me hard.

 

I knew I'd be getting back less than usual but didn't adjust my withholding because I had no idea just how many itemized deductions the bill eliminated. 

 

My only solace is in knowing somewhere cletus is in his double wide cursing trump because he can't afford to run down to Walmart for ammo to get him a possum for dinner.

 

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47 minutes ago, bearrock said:

 

Self owned business?

 

Nah but I do own stocks and sold a bit of a loss last year so that will help.

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Doing my taxes as we speak.  Feel like I've been raped.

 

Got a $2,082 refund last year, got a $845 refund this year.  I made about $6,000 more this year than last for my family, but my "taxable income" is nearly $30,000 more.  I guess there's no such thing as exemptions any more so it's all taxable now.  What a ****ing rip.

 

Going over my ACTUAL tax rate (tax due/gross income) over the last 6 years, which is all that HR Block shows, I get the following:

 

2013:  8.86%

2014:  9.12%

2015:  10.02%

2016:  7.51%

2017:  9.92%

2018:  11.95%

Edited by Springfield
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1 hour ago, Springfield said:

 

On the bright side, I got nearly double back from the great state of VA.  So all is not lost there.

 

You must be itemizing. VA isn't actually processing returns yet because the legislature has to deal with the fact that the federal change is going to balloon VA income tax receipts due to a variety of VA rules, including the one that says if you take the standard deduction on Federal (which mist people will now do), you have to take it on State, where it is MUCH lower. We got hit on VA taxes, because we switched to standard, so we could no longer itemize.

 

It also means you fall into the relatively small group of "well off, but not rich enough to make out" people that got screwed right away, instead of later, i.e. professionals in high cost of living areas, like DC, NY/NJ and San Francisco/So Cal.

 

It looks like we will be getting an extra refund in October from VA as part of the response, though.

 

https://wtop.com/virginia/2019/02/deal-reached-for-virginia-tax-plan/

 

I'm just wondering if we'll have to file an amended return. It sounds like not, but we'll see.

 

 

 

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Fed still gave me a refund, but MD went from owing $200 last year to $1000 now. Maryland, where we tax the rain.

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