Another Trump/Repugnant Failure

[Old Trapper]

We told you so:

https://www.vox.com/policy-and-poli...hV-NzG-yJMRPyXj1pAHnXIT2910BkWZLtGybqN6FDy8g0

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.

inject this shit directly into my fucking veins pic.twitter.com/XIH43gzZHq
— Direct Action Bronson (@smarxist_) February 4, 2019

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.

This was all explained in a Government Accountability Office report last summer, but it turns out that many people are not regular readers of GAO reports and did not take the GAO’s official advice to check their withholding status. The result? Surprise tax bills!

 

[MAGA MAN]

Good economy means more personal income means more tax revenue, duh.

 

[CFM]

We told you so:

https://www.vox.com/policy-and-poli...hV-NzG-yJMRPyXj1pAHnXIT2910BkWZLtGybqN6FDy8g0

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.

inject this shit directly into my fucking veins pic.twitter.com/XIH43gzZHq
— Direct Action Bronson (@smarxist_) February 4, 2019

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.

This was all explained in a Government Accountability Office report last summer, but it turns out that many people are not regular readers of GAO reports and did not take the GAO’s official advice to check their withholding status. The result? Surprise tax bills!

Unlike you that thinks getting back a big return is a good thing, I have my tax situation set up to where if I get back more than a few dollars, it's corrected. You do know that getting a big return means you let the government borrow money for no interest?

Why do any of you lefties get a return at all. Don't you believe the government needs more money. Why don't you voluntarily give them your return?

Let's not forget the EITC freeloaders. They're not concerned about getting back a huge amount. The money they get is someone else's money that was taken so the freeloading EITC recipient could get another handout.