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Tax "Cuts" now really turning into more owed?  Rate Topic 
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 Posted: Thu Feb 21st, 2019 02:36 am
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Principal_Raditch



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I'm paying $2500 more in taxes in 2018 than I did in 2017 on the same income earned. Even if I witheld more during the year in still down more than $2500 overall. That's a tax increase, not a cut.

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 Posted: Fri Mar 1st, 2019 08:14 pm
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chrob61



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Principal_Raditch wrote: I'm paying $2500 more in taxes in 2018 than I did in 2017 on the same income earned. Even if I witheld more during the year in still down more than $2500 overall. That's a tax increase, not a cut.
I'm in the same boat- just did my Turbo Tax and with about the same income I owe even more this year.  I did have quite a few capital gains to pay tax on.  I also checked my payroll stubs- around the week of 1/14 I did see a small bump in my take home, but not enough saved over the course of the year to offset my taxes!!  I'll probably have to pay that penalty for underpayment, something like 10%!

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 Posted: Mon Mar 4th, 2019 02:40 pm
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Ultimark



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Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.

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 Posted: Mon Mar 4th, 2019 06:38 pm
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Kriss
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Ultimark wrote: Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.


The middle class tax cut was some bullshit he pulled out of his ass on the way to the helicopter. It was debunked literally immediately by the journalists who were there and was never mentioned again.

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 Posted: Mon Mar 4th, 2019 06:43 pm
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Ultimark



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Kriss wrote: Ultimark wrote: Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.


The middle class tax cut was some bullshit he pulled out of his ass on the way to the helicopter. It was debunked literally immediately by the journalists who were there and was never mentioned again.
I agree.  I really don't understand why anyone would think he really cares.  He had a decades long history of screwing small businesses, in many cases leaving them no choice but to declare bankruptcy.  He didn't care for one simple reason - he cares about himself only.  The tax bill was a Ryan special.  Trump just wanted the win.  Many did benefit - some did not.  I do know that the deficit is out of control and the tax bill did nothing to make it better.  It actually made it worse.  
I am old enough to remember when R's gave 2 shits about the deficit.  Like in 2015.  Gosh, wonder what changed?

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 Posted: Mon Mar 4th, 2019 11:07 pm
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srossi

 

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Ultimark wrote: Kriss wrote: Ultimark wrote: Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.


The middle class tax cut was some bullshit he pulled out of his ass on the way to the helicopter. It was debunked literally immediately by the journalists who were there and was never mentioned again.
I agree.  I really don't understand why anyone would think he really cares.  He had a decades long history of screwing small businesses, in many cases leaving them no choice but to declare bankruptcy.  He didn't care for one simple reason - he cares about himself only.  The tax bill was a Ryan special.  Trump just wanted the win.  Many did benefit - some did not.  I do know that the deficit is out of control and the tax bill did nothing to make it better.  It actually made it worse.  
I am old enough to remember when R's gave 2 shits about the deficit.  Like in 2015.  Gosh, wonder what changed?

Republicans never gave a shit about the deficit. What changed is they got into power again and there are no Democrats around to blame it on. That’s what they do, complain about the other side screwing something up, then doing the same thing when they’re in power. Remember the anti-war left of the Bush years?  Me neither. It’s been a long time. 



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 Posted: Sun Mar 10th, 2019 09:06 am
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Arnold_OldSchool

 

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My boss gave me a heads up on itemization I had not done previously, which may have aided in me getting around 200 more back this year than last.

The mortgage interest claim that was taken away nationally stayed at a state level, so I only was jipped a little bit on that part of the new deal.

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 Posted: Sun Mar 10th, 2019 09:55 pm
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Blazer
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Absolutely destroyed this year. Unreal.



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 Posted: Sun Mar 10th, 2019 11:12 pm
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srossi

 

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In the job I had I didn’t make one extra cent all year. Paycheck was exactly the same. I’m on a salary scale. And I’m paying about an extra $2,500 between reduced refund and more estimated quarterly taxes that I have to pay in 2019. I was keeping an open mind about at least his tax policy, but yeah, he fucked this up royally too. Or did exactly what he intended, which was to fuck over the middle class. Either way, that was the effect. I find it hilarious that so many Trump supporters are now in a position where there have to lie about their tax returns, which are black and white numbers, to continue to defend him. They’re like the “Leaving Neverland” guys who defended MJ even after they realized he had abused them. BT must be curled in the fetal position right now thinking about where Trump touched him but refusing to admit it.



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 Posted: Mon Mar 11th, 2019 01:02 am
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Blazer
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I had a small raise. Wife did too. Two working parents. Well over the standard deduction here of $24k. Between charitable contributions, property taxes, dental work due to wife getting wisdom teeth out, we had like a $40k deduction. Broke even last year, this year owe $1800. This is with me claiming zero deductions and actually putting extra money towards taxes every paycheck. We're not attorneys or doctors. We're doing ok, but solid middle class. Total bs.

Last edited on Mon Mar 11th, 2019 03:10 am by Blazer



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"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Mon Mar 11th, 2019 01:52 am
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Principal_Raditch



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At this point, to prevent this happening next year, I'm witholding $125 more per paycheck, and bumped up my 403b contribution to 25% of my paycheck. We're also middle class, and I fail to see how this has me better off? Just gives me more incentive to use illegals to keep costs down.

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 Posted: Mon Mar 11th, 2019 02:00 am
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Qaenos

 

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Taxes went down for us. Middle class. Taxes went down slightly on the paychecks and our refund was slightly bigger.  We did better in 2018 tax wise than 2017.  Things changed too, though so it's not apples to apples. For example we added another family member (my son was born this past July).

Last edited on Mon Mar 11th, 2019 02:01 am by Qaenos

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 Posted: Mon Mar 11th, 2019 03:12 am
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Blazer
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You get the extra child credit, so that’s huge. Twinks must just be getting destroyed though.



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"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Tue Mar 19th, 2019 02:21 am
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Blazer wrote: You get the extra child credit, so that’s huge. Twinks must just be getting destroyed though.
One thing that kills couple with kids is losing personal exemptions. That was $4000 a pop.
I lost $16k in exemptions and $9k in mortgage interest write offs. 

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