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

[Centerleftfl]

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​

 

[LV426]

We tried to tell them this.

We tried to be reasonable about it.

We tried to be academic about it.

We tried to warn them about it.

They didn't want to listen.

So now we can burn their lifeboats.

 

[Bourbon]

What a Big Surprise

 

[Centerleftfl]

We tried to tell them this.

We tried to be reasonable about it.

We tried to be academic about it.

We tried to warn them about it.

They didn't want to listen.

So now we can burn their lifeboats.

You got it! This wasn't and isn't partisan in the end. THIS IS ARITHMETIC!

I absolutely knew this was going to happen. I just had no idea to how many taxpayers.

(Did you click on the link? They included so many ganged TWITTER RESPONSES, this site couldn't accept and error'd out when I tried to post deeper into the article).

 

[countryboy]

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.

​

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

That doesn't even make any sense. If taxes went down, and your withholding stayed the same, why would you owe more? Libs really are some stupid mother fuckers.

Fake news alert.

 

[LV426]

You got it! This wasn't and isn't partisan in the end. THIS IS ARITHMETIC!

I absolutely knew this was going to happen. I just had no idea to how many taxpayers.

(Did you click on the link? They included so many ganged TWITTER RESPONSES, this site couldn't accept and error'd out when I tried to post deeper into the article).

Yeah, I've seen the link and many more on Twitter.

None of those people can be trusted with representation.

We need a new Reconstruction...only this time, we don't stop halfway through.

I think that US Troops need to be deployed across the South during elections to ensure fair voting. If Ike could send in the 101st to protect the Little Rock 9, President Harris or Warren or Booker or whoever, should deploy them again to protect voting rights.

 

[LV426]

That doesn't even make any sense. If taxes went down, and your withholding stayed the same, why would you owe more? Libs really are some stupid mother fuckers.

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.

 

[Legion]

That's the key to understanding the difference between a conservative and a patriot. Those of us who love our country want to see things go well for the American people. Conservatives, by comparison, can only get hard when they see Americans suffering.

 

[Earl]

What a Big Surprise

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 80 degrees here yesterday.

 

[CFM]

We tried to tell them this.

We tried to be reasonable about it.

We tried to be academic about it.

We tried to warn them about it.

They didn't want to listen.

So now we can burn their lifeboats.

You don't pay income taxes at all. Get back to us when you start contributing to society.

 

[LV426]

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

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

Can't defend its economics.
Can't defend its fiscal solvency.
Can't defend its corruption.
Can't defend its transfer of wealth to the rich.

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.

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

It was 80 degrees here yesterday.

You in Georgia? So am I. It got to 81 in Atlanta yesterday. A week ago it was 28 and the city shut down because of a threat of ice.

 

[Earl]

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

Can't defend its economics.
Can't defend its fiscal solvency.
Can't defend its corruption.
Can't defend its transfer of wealth to the rich.




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




You in Georgia? So am I. It got to 81 in Atlanta yesterday. A week ago it was 28 and the city shut down because of a threat of ice.

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.

 

[Legion]

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.

You lost the faux Negro when you mentioned "knowledgeable taxpayers."

 

[reagansghost]

right wing kooks fall for that 'tax cut' shit every time, never realizing lower/middle class earners ALWAYS get stiffed

f'in chumps

 

[dukkha]

SALT states.
Florida rich real estate is booming.
Mansions being sold in Miami to the snow birds -new construction of million dollar condos.

 

[Earl]

You lost the faux Negro when you mentioned "knowledgeable taxpayers."

Lol.

 

[Legion]

I love the phased elimination of SALT.

Blue states won't get to to shift the burden of their high taxes on to the federal Treasury anymore.

 

[dukkha]

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.

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

 

[canceled.2021.3]

So how many of you left wingers on JPP have had this happen to you this year?

If it is such a big problem, I would suspect you all are victims of it. Willing to step up and be counted?

I will understand if you won't

 

[Earl]

SALT states.
Florida rich real estate is booming.
Mansions being sold in Miami to the snow birds -new construction of million dollar condos.

We hear that the Yankees leaving NY and NJ in droves are being soaked with crazy high prices for homes and condos.