MILLIONS will be hit with TAXES due to UNDERPAYING for 2018 TAX CUT (TOLD YAH!)

PS

Historically those who itemized were most likely to have higher incomes for obvious reasons. The OP is not borne out by facts


Itemized_Deductions-21.png
 
Earl said:
We hear that the Yankees leaving NY and NJ in droves are being soaked with crazy high prices for homes and condos.
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generally Fl real estate is stable but not booming.

The Miami mansions are specifically tied to the rich where the SALT deduction limit hits them harder
Of course we are always building and expanding - lot of international market sales as well
 
noise said:
good post.
I work from home so do not have a lot of deductions - the 2x of standard deductions means ( im sure) i'll just file a 1040A/1040EZ

I also got a decent raise at the beginning of 2018 -fisrt time in 12 years
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Congrats on the raise. My son is president of a company with 85 employees and 50 million in revenue and his income is 500K annually...250K in salary and 250K in bonus. I asked him how he received such a high bonus and he said that he set his own bonus but that it could not be higher than his salary. True story.

The doubling of the Standard Deduction from 12K to 24K for married filing jointly will result in approximately 90% of taxpayers filing the short form. This is from FBC.
 
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Earl said:
Yes, in Fayetteville, about 40 miles south of Atlanta.We dodged a bullet last week.

Investor's Business Daily

Based on calculations by the Senate Finance committee, the median family of four earns $73,000. That family, middle class by any standard, will get a $2,000 tax cut this year, with their total tax liability dropping from about $3,558 to around $1,499. That's a 58% tax cut.

And the tax reductions were broad enough to hit everyone. They included not just lower tax rates, but a near-doubling of the standard deduction from $6,500 to $12,000 for individuals, and from $13,00 to $24,000 for married couples. Meanwhile, for those with kids, the child tax credit went from $1,000 to $2,000.

Moreover, the cuts in corporate tax rates have been an enormous boon to middle-class workers, with millions getting bonuses of thousands of dollars thanks to the tax cuts, along with hundreds of thousands of new jobs as companies ramp up investments. This, too, was a middle-class benefit of tax cuts."

I don't believe that we will know enough to evaluate the tax cuts until taxpayers submit their tax forms this year.
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Yeah, but the OP posted a link to an OP ED and everything. They say they have done the math

Because you know people who make $50,000 a year have way more than $24,000 in itemized deductions right? I mean who doesn't?

The median home price in the US as of November 2018 is $302,400

https://www.census.gov/construction/nrs/pdf/uspricemon.pdf

Let's assume a 30 year mortgage with 20% down at prevailing interest rates of 3.875% comes out to a mortgage payment of $1128/month with your first year total interest being $9233. Now remember, the interest deduction decreases over time as you pay down your mortgage

Let's also assume you live in a state with HIGH property taxes like New Jersey where the average annual property tax is $3,971

https://www.cbsnews.com/media/the-9-states-with-the-highest-property-taxes/


Thus far using MATH and easily obtainable data, we have a someone paying $13,204 in property taxes and interest on their mortgage. Now, I know it takes a special kind of genius to be a leftist, but I am pretty sure that $13,204 is much less than $24,000

That leaves $11,000 for other deductions like charity, non reimbursed business expenses and healthcare

Based on these numbers, I would suspect that the OP and his followers are completely full of shit and don't know what they are talking about. But, I don't expect them to concede as they are too steeped in their ignorance
 
reagansghost said:
right wing kooks fall for that 'tax cut' shit every time, never realizing lower/middle class earners ALWAYS get stiffed

f'in chumps
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How is someone getting stiffed when the standard deduction for a married couple with two kids going to $28,000?

Explain that? How many people do you know with deductions greater than $28,000/year that are lower middle class. I will wait while you ponder the math.

I don't expect much from you though so don't worry
 
#MAGA said:
Yeah, but the OP posted a link to an OP ED and everything. They say they have done the math

Because you know people who make $50,000 a year have way more than $24,000 in itemized deductions right? I mean who doesn't?

The median home price in the US as of November 2018 is $302,400

https://www.census.gov/construction/nrs/pdf/uspricemon.pdf

Let's assume a 30 year mortgage with 20% down at prevailing interest rates of 3.875% comes out to a mortgage payment of $1128/month with your first year total interest being $9233. Now remember, the interest deduction decreases over time as you pay down your mortgage

Let's also assume you live in a state with HIGH property taxes like New Jersey where the average annual property tax is $3,971

https://www.cbsnews.com/media/the-9-states-with-the-highest-property-taxes/


Thus far using MATH and easily obtainable data, we have a someone paying $13,204 in property taxes and interest on their mortgage. Now, I know it takes a special kind of genius to be a leftist, but I am pretty sure that $13,204 is much less than $24,000

That leaves $11,000 for other deductions like charity, non reimbursed business expenses and healthcare

Based on these numbers, I would suspect that the OP and his followers are completely full of shit and don't know what they are talking about. But, I don't expect them to concede as they are too steeped in their ignorance
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Excellent post. The crunching of the numbers is greatly appreciated.

I do believe that it is past time to stop listening to Democrats. Pay attention to what they do, not what they say.
 
Earl said:
Congrats on the raise. My son is president of a company with 85 employees and 50 million in revenue and his income is 500K annually...250K in salary and 250K in bonus. I asked him how he received such a high bonus and he said that he set his own bonus but that it could not be higher than his salary. True story.

The doubling of the Standard Deduction from 12K to 24K for married filing jointly will result in approximately 90% of taxpayers filing the short form. This is from FBC.
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wow! congrats to your son!
~~
ya. what the libs fail to understand is the rich already pay most of the taxes ( not going to look up the figures)
and if you tax them to death they will just leave the country ( like rich NE are leaving for Florida)
or simply not invest in business start ups, where their imcome tax would be 70&
 
#MAGA said:
How is someone getting stiffed when the standard deduction for a married couple with two kids going to $28,000?

Explain that? How many people do you know with deductions greater than $28,000/year that are lower middle class. I will wait while you ponder the math.

I don't expect much from you though so don't worry
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here ya go stupid:

By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.

That's a significantly different pattern than in the bill's early years.

So the tax bill -- at its start -- does come close to providing tax relief for all income groups, and for most members within each income group. But it's doesn't give a tax cut to "everybody," and by 2027, most taxpayers, including those in the "middle class," will actually be paying more than they would have under the previous law.

~ Polifact
 
reagansghost said:
here ya go stupid:

By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.

That's a significantly different pattern than in the bill's early years.

So the tax bill -- at its start -- does come close to providing tax relief for all income groups, and for most members within each income group. But it's doesn't give a tax cut to "everybody," and by 2027, most taxpayers, including those in the "middle class," will actually be paying more than they would have under the previous law.

~ Polifact
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that assumes the individual tax cuts won't be extended. they always are
 
noise said:
wow! congrats to your son!
~~
ya. what the libs fail to understand is the rich already pay most of the taxes ( not going to look up the figures)
and if you tax them to death they will just leave the country ( like rich NE are leaving for Florida)
or simply not invest in business start ups, where their income tax would be 70&
Click to expand...
The real money was made when he and his partner sold their company for 27.5 million. His partner retired a few months ago at age 43, my son is 42 and is retiring in March. The conglomerate that bought their company owns 30 other companies. They asked my son and his partner to stay on for a while. His partner retired but agreed to work two days a week at FULL salary. They both are engineers and worked 16 hour days for several years.

The 70% marginal tax proposal by the Socialist Democrats is an abomination. I don't believe that it will ever pass.
 
Earl said:
Yes, in Fayetteville, about 40 miles south of Atlanta.We dodged a bullet last week.

Investor's Business Daily

Based on calculations by the Senate Finance committee, the median family of four earns $73,000. That family, middle class by any standard, will get a $2,000 tax cut this year, with their total tax liability dropping from about $3,558 to around $1,499. That's a 58% tax cut.

And the tax reductions were broad enough to hit everyone. They included not just lower tax rates, but a near-doubling of the standard deduction from $6,500 to $12,000 for individuals, and from $13,00 to $24,000 for married couples. Meanwhile, for those with kids, the child tax credit went from $1,000 to $2,000.

Moreover, the cuts in corporate tax rates have been an enormous boon to middle-class workers, with millions getting bonuses of thousands of dollars thanks to the tax cuts, along with hundreds of thousands of new jobs as companies ramp up investments. This, too, was a middle-class benefit of tax cuts."

I don't believe that we will know enough to evaluate the tax cuts until taxpayers submit their tax forms this year.
Click to expand...

You lowered the tax rate, for a short period of time (those cuts expire in a couple years), but by removing itemized deductions and exemptions, the doubling of the standard deduction is less for many families than what they had been able to deduct and exempt before.

That's the point.

That's why those families are seeing higher tax liabilities, and are getting smaller refunds or owing more.
 
reagansghost said:
here ya go stupid:

By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.

That's a significantly different pattern than in the bill's early years.

So the tax bill -- at its start -- does come close to providing tax relief for all income groups, and for most members within each income group. But it's doesn't give a tax cut to "everybody," and by 2027, most taxpayers, including those in the "middle class," will actually be paying more than they would have under the previous law.

~ Polifact
Click to expand...

but that isn't true.....everybody got a cut in the first year.......oh wait, I see......you think this is 2027!......
 
Earl said:
The real money was made when he and his partner sold their company for 27.5 million. His partner retired a few months ago at age 43, my son is 42 and is retiring in March. The conglomerate that bought their company owns 30 other companies. They asked my son and his partner to stay on for a while. His partner retired but agreed to work two days a week at FULL salary. They both are engineers and worked 16 hour days for several years.

The 70% marginal tax proposal by the Socialist Democrats is an abomination. I don't believe that it will ever pass.
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wow.. wow wow..that's awesome -again congrats. This is what is really uniquely American.
Inventing, marketing, engineering really can make you retire at 42 with no more money cares.

the 70& may not happen ( but recall the kidz are more wanting socialism then capitalism)
so us adults have to to speak up for capitalism (not unfettered capital;ism) -or ignorance will eventully get us there
 
btw Trump's $1,500,000,000 addition to the nation debt to benefit his corporate donors is VERY unpopular with the voters

yet another backfire for GOP pirates, another nail in the nation's coffin

fuck Republicans
 
LV426 said:
You lowered the tax rate, for a short period of time (those cuts expire in a couple years), but by removing itemized deductions and exemptions, the doubling of the standard deduction is less for many families than what they had been able to deduct and exempt before.

That's the point.

That's why those families are seeing higher tax liabilities, and are getting smaller refunds or owing more.
Click to expand...
I believe that the tax cuts can't be properly evaluated until all returns are in this year.

What part of Georgia are you located?
 
Who really benefits from Trump's $1.5T tax give-a-way to the corporations???

In December 2017, Congress cut government revenues by passing a $1.5 trillion tax cut. Congress claimed the corporate tax cuts would benefit everyone because businesses would invest or use the tax cut to raise wages. Donald Trump tweeted “TAX CUTS will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more JOBS!” (Emphasis in his original tweet.) The promise hasn't materialized. Even Fox News, in an August 2018 poll, found Obamacare to be more popular than the tax cuts.

Here is the Fox News poll.

But so far, the cuts have not been linked to an increase in labor share or more investments. The Federal Reserve Bank of Chicago’s current capital spending index indicates private business investment plans have remained in negative territory since 2015. The most certain effect of the tax cuts has been to help fuel a massive increase in the federal deficit and debt.

So where is all the money saved from corporate tax cuts going? First, to companies’ bottom lines and second to stock buybacks, which were recently at a record high. So far, in 2018, the 500 corporations in the S&P Index have received $30 billion from the corporate rate cut, which in turn accounts for over 40 percent of S&P equity earnings growth. When economies are strong, equity values rise because the issuing corporations are engaged in innovation and other fundamental strategies to raise the real performance of the company. However, innovation and fundamental performance do not seem to be the cause of the rise in equity values. The Shiller PE ratio, which compares share prices to earnings, is now over 30, the highest since the expansion began mid 2009.


https://www.forbes.com/sites/teresa...rom-the-tax-cut-10-months-later/#63d07f5126bb
 
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