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

[canceled.2021.3]

Right, but most families of four itemized more than just mortgage interest and personal exemptions (even with that extra $4k).

All the charitable contributions, student loan interest, medical expenses, work expenses, SALT deduction, you've ignored or not considered.

The average amount of student loan interest a family deducted in 2017 was $2,500.
The average amount of charitable giving a family deducted in 2017 was $3,356.
The average amount of medical expenses a family deducted in 2017 was $7,988
The average SALT deduction was $6,241

So that's a total of $20K.

So now, add that $20K to the $25,200 a family of four, that pays a mortgage, deducted and you find the total at what? About $45K.

Yet, you've capped it at $24K + $4K for two kids.

Which means the liability for the average family of four, that owns a home, is $17K higher in 2018 than it was in 2017.

You are making a critical mistake in your analysis. And that is that EVERY taxpayer or even your AVERAGE taxpayer took advantage of ALL of those deductions. They do not. So while those numbers may be correct, you didn't provide links like I did so I can't validate them. You are still assuming that EVERY tax payer is doing that every year. That is not even close to being correct

Please try again and come better prepared next time

 

[evince]

I knew mathematically (and intuitively) this was going to HAPPEN!! If you haven't filed your taxes yet, keep your fingers crossed. It also happened with the BUSH TAX CUTS! All you were doing is using YOUR own refund you usually get in the next year! Now you don't get that and/or you owe more.


This wasn't hard to understand even then.


Why millions of people are getting hit with a surprise tax bill this year

An effort to make the tax bill look better ended up making it look worse.

By Matthew Yglesias@mattyglesiasmatt@vox.com Feb 6, 2019, 2:10pm EST

Paul Ryan in 2016, then the House speaker and an architect of the tax bill. Darren Hauck/Getty Images

Americans who are accustomed to receiving an income tax refund tend to file their taxes early — often in late January or early February when all the paperwork becomes available — but this year many early filers are finding to their surprise that they actually owe money to the IRS.

A tweet rounding up other tweets from displeased early filers went viral because the user, @smarxist, deliberately singled out people who are mad at President Donald Trump for raising their taxes.

PLS CLICK AND READ THE TWITTER SAMPLINGS. THERE ARE SO MANY, I COULDN'T C&P the chunk here, I got an error message.
​

https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump​

and the republicans will try to blame the Democratic party for this in some mindless lie filled way

 

[LV426]

List those deductions that will impact your average voter?Back it up or STFU

Sure thing:

SALT: $6,201
Charitable Contribution: $2,990
Medical Expenses: $7,988
Student Loans: $2,500

So right there, is a total of $19,679.

That's before the average mortgage interest deduction ($8,300) and the four personal exemptions ($16,200).

So the total average is $44,179.

Yet, you capped all deductions at $24,000 + $2K credit per kid = max of $28,000 for family of four.

Now, I'm no Calculus professor, but I know that $44K is more than $28K.

 

[LV426]

You are making a critical mistake in your analysis. And that is that EVERY taxpayer or even your AVERAGE taxpayer took advantage of ALL of those deductions. They do not. So while those numbers may be correct, you didn't provide links like I did so I can't validate them. You are still assuming that EVERY tax payer is doing that every year. That is not even close to being correct

Please try again and come better prepared next time

Even if they didn't take advantage of all of those things, they took advantage of most. These are the average amounts people in the $50K-$100K income bracket paid.

Here's the source for the numbers.

 

[Centerleftfl]

Moron, your Russia Tax Cut replaced itemized deductions (and personal exemptions) with a standard deduction. The standard deduction was less than what many of these people (including many Trump voters) typically deduct and exempt when they do their taxes.

That's why the middle class' liability increased...you fucked with deductions and exemptions so Sheldon Adelson could save $670M on his taxes.

Well done, idiot.

Irony on steroids. Too fucking stupid to VOTE. Now too fucking stupid to figure out their own ECONOMIC LIABILITY for their vote. Let's hope they ALL have great IRA accounts! (You believe they all do, don't you?)

And more irony. I actually feel sorry for them! They got fucked.

 

[LV426]

You are making a critical mistake in your analysis. And that is that EVERY taxpayer or even your AVERAGE taxpayer took advantage of ALL of those deductions. They do not. So while those numbers may be correct, you didn't provide links like I did so I can't validate them. You are still assuming that EVERY tax payer is doing that every year. That is not even close to being correctPlease try again and come better prepared next time

Way to try and red herring your way through this discussion.

I was just taking the average deducted amount.

Obviously, it changes on a case-by-case basis, but on average, a middle class family of four that makes between $50K-$100K a year took about $45K in deductions before 2018.

 

[LV426]

Irony on steroids. Too fucking stupid to VOTE. Now too fucking stupid to figure out their own ECONOMIC LIABILITY for their vote. Let's hope they ALL have great IRA accounts! (You believe they all do, don't you?)

And more irony. I actually feel sorry for them! They got fucked.

I don't feel sorry for them.

In fact, this is exactly why we need a Second Reconstruction to reduce representation in government for the states full of dumb, stupid, easily conned, racist fuckheads.

 

[LV426]

You are making a critical mistake in your analysis. And that is that EVERY taxpayer or even your AVERAGE taxpayer took advantage of ALL of those deductions.

OK, so let's just say then that it's just the SALT deduction they took.

Even the SALT deduction pushes the total deducted amount above your $28K threshold for a family of four that pays a mortgage, and here's the math:

Four personal exemptions x $4,050 = $16,200
Mortgage interest deduction average = $8,300
SALT deduction average = $6,241

So...

$16,200 + $8,300 + $6,241 = $30,741

Is $30,741 > or < $28,000?

 

[signalmankenneth]

Thanks To The GOP Tax Law, Fewer Households Might Get Refunds

The rush to write and carry out the new tax law could have bad consequences for millions.

I did not not get a refund?!!

Most Americans got a tax cut thanks to the new Republican tax law, but it’s possible that millions of households will get a surprise bill from the IRS in the coming weeks.

Ben Williams, a lawyer in New York City, said he earned the same amount of money last year as he had the year before, but wound up with a totally different tax situation.

“Last year I got a $750 refund,” Williams said. “And this year I owe $4,600.”

There are two reasons for Williams’ predicament. The 35-year-old lost his refund both because Republicans targeted wealthy (and heavily Democratic) metropolitan areas for tax hikes and also because of how President Donald Trump’s administration implemented the law.

The Tax Cuts and Jobs Act cut rates for taxpayers at every income level and simplified the tax code for most filers. Part of that simplification meant getting rid of a lot of deductions, which people use to reduce the amount of their taxable earnings.

https://www.huffingtonpost.com/entry/gop-tax-law-refunds_us_5c5b4885e4b00187b557d1fb

 

[Callinectes]

So this is what the defense of the Russia Tax Cut has become...

I'll defend it because I'm paying less taxes

Can't defend its economics.

I'll defend it because I'm paying less taxes

Can't defend its fiscal solvency.

You can't conceive of an America where government doesn't have to worry about "solvency" because it has to constantly think up new shit to spend money on to buy votes

Can't defend its corruption.

If I'm paying less taxes, how is it corrupt?

Can't defend its transfer of wealth to the rich.

Defend that? You can't even explain that!

If you usually deduct and exempt more than $24K when you do your taxes, your liability will increase.

If you deduct more than $24K when you do your taxes just to get a refund, it's probably time for a wake up call as to just how fucked up the tax system is and maybe you won't look at April 15th like it's Christmas anymore

 

[LV426]

I'll defend it because I'm paying less taxe

Your tax rate may have went down, but your liability increased because of the dumb cap on deductions.

 

[LV426]

I'll defend it because I'm paying less taxes

Ah, but you said yesterday that you hadn't done your 2018 taxes yet. So what the fuck?

 

[LV426]

You can't conceive of an America where government doesn't have to worry about "solvency" because it has to constantly think up new shit to spend money on to buy votes

Don't you know? Deficits only matter to Republicans when Democrats are in charge.

You're the ones who sold this piece of shit under the lie that it would pay for itself.

2018 revenue was less than 2017, according to Treasury.

 

[LV426]

If I'm paying less taxes, how is it corrupt?

Your tax rate may be lower (and it will return to what it was before because these cuts expire), but your liability increased because of capping deductions.

Defend that? You can't even explain that!

Sheldon Adelson, who spent $35M to help elect Republicans in 2016, saved $670M a year on his taxes for 2018 thanks to the Russia Tax Cut.

Meanwhile, your liability increased so you have to pay more.

f you deduct more than $24K when you do your taxes just to get a refund, it's probably time for a wake up call as to just how fucked up the tax system is and maybe you won't look at April 15th like it's Christmas anymore

Or, you don't know what the fuck you were doing and you stupidly supported a tax cut because you thought it might benefit you. Guess what? It won't and it doesn't.

The average amount a family of four deducted and exempted prior to 2018 was in excess of the standard deduction you imposed.

And now, alllllllllllll these dumb Trumptards are feeling it.

Since you're such an easy mark, I have some wetland condos in Florida I'd like to pitch you...

 

[LV426]

I'll defend it because I'm paying less taxes
I'll defend it because I'm paying less taxes
You can't conceive of an America where government doesn't have to worry about "solvency" because it has to constantly think up new shit to spend money on to buy votes
If I'm paying less taxes, how is it corrupt?
Defend that? You can't even explain that!
If you deduct more than $24K when you do your taxes just to get a refund, it's probably time for a wake up call as to just how fucked up the tax system is and maybe you won't look at April 15th like it's Christmas anymore

Also, total bitch move not to tag me in this post so I get a notification you responded.

 

[Centerleftfl]

Hey, Bourbon.

Most knowledgeable taxpayers do not want to get tax refunds because they know that the government is using their money as an interest free loan for the entire year, if they do so.

It’s best to break even or at least have withheld 90% of the tax liability. Withholding less than 90% of your tax liability will result in a fine.

My tax person hasn’t done my taxes yet so I don’t know the results of the tax cuts. I will look at the gross income vs. taxes paid as a percentage and compare it to last year.

It was 79 degrees here at this moment.

Same here. Why let the govt use it, I can. As for my taxes, when you are retired, you don't have the variables though I did take some out of a 401k last year but it was from my ROTH. So there should be no liability on that. Still won't know till the #'s are final.

It is 78degrees here today.

 

[Adolf_Twitler]

You still have to file a tax return ass fuck. Everyone does. I assume by your last statement that you are living solely on socialist security? That is a meager existence and explains your anger. You should have saved more

Idiot! No, not everyone has to file taxes.

And I have all the money I need before Social Security and so I use that for savings and mad money!

But that ain't none of your business is it asshole?

 

[Callinectes]

Also, total bitch move not to tag me in this post so I get a notification you responded.

Sorry, can’t defend that

 

[LV426]

Love it...when faced with the facts that their dumb Russia Tax Cut increased their own liabilities, their response is..."See how fucked up the system is if by fucking with it as we did resulted in deductions and exemptions higher than the cap we set?"

So....you had to break the system and increase everyone's liability just to prove a point?

Second Reconstruction is needed; we have to reduce the influence and representation these petty, stupid people have in politics.

Abolish the Senate, remove power of state legislatures to draw federal congressional district lines, and eliminate campaign contributions and replace it with a publicly financed campaign system.

This Russia Tax Cut was it...

 

[LV426]

Sorry, can’t defend that

Exactly, because you're a little bitch.