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

LV426 said:
It's not an underpayment issue...it's the fact that the doubling of the standard deduction ended up being less than what many families deduct and exempt.
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I was quoting from the OP which specifically said it was an OP issue........and this may come as a shock, but if the families can deduct more than the standard deduction they can still deduct by itemizing their deductions.......
 
HAHAHAHAHAHAHAHAHAHA...blue-state denizens can't deduct all of their high state & local taxes from their federal taxes anymore...HAHAHAHAHAHAHAHAHAHA
 
LV426 said:
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.
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I didn't run the #'s last year having gone into semi-retirement but that sounds about right. I think MOST families have at least $24k if they own house and have state income taxes to book.

This is 2015 and the total of AVERAGE total deductions is smacking up $23K. (Personally, I think that mortgage interest deduction is low and charitable is HIGH but I'll take their word for it). Add exemptions for yourself and kids and you are well over $24k...

From MOTLEY FOOL...

INCOME ---------------------- MEDICAL/INS State & LOCAL Mortgage Charitable
[TABLE="width: 691"]
[TR]
[TD]50,000 to $100,000
[/TD]
[TD]$9,426
[/TD]
[TD]$3,195
[/TD]
[TD]$7,007
[/TD]
[TD]$3,244
[/TD]
[/TR]
[/TABLE]
 
PostmodernProphet said:
I was quoting from the OP which specifically said it was an OP issue........and this may come as a shock, but if the families can deduct more than the standard deduction they can still deduct by itemizing their deductions.......
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You can't itemize your deductions anymore.

What. The. Fuck. Dude?

Look, I took you clowns through the math of how your stupid Russia Tax Cut ended up increasing the average family of four's tax liability.

Before the Russia Tax Cut you support, a family of four could deduct/exempt:

$16,200 Personal Exemptions
$8,300 Mortgage Interest
$6,241 SALT
$7,998 Medical
$2,500 Student Loan Interest
$3,356 Charitable contribution
=$44,595

Yet, your standard deduction is just $24,000 (+$4K for Child credit for two kids).

So in what world is $28,000 > $44,595????
 
PostmodernProphet said:
I was quoting from the OP which specifically said it was an OP issue........and this may come as a shock, but if the families can deduct more than the standard deduction they can still deduct by itemizing their deductions.......
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Only about 5% of taxpayers are expected to itemize deductions starting in 2018. In recent years, about 30% of all tax returns contained itemized deductions.

https://www.fool.com/taxes/2018/08/02/are-my-property-taxes-still-deductible-in-2018.aspx
 
Adolf_Twitler said:
Traditionally, roughly 30% of taxpayers have itemized deductions each year. In 2018, early forecasts predict that this will drop to just 5%. In other words, 25% of the U.S. population will no longer be able to itemize deductions, and therefore won't be able to use the mortgage interest deduction in 2018.
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ROFL......I wonder if that's because most of them will be able to deduct MORE through the standard deduction.......no, that isn't true....I don't have to wonder that.......its actually obvious......
 
Centerleftfl said:
I didn't run the #'s last year having gone into semi-retirement but that sounds about right. I think MOST families have at least $24k if they own house and have state income taxes to book.

This is 2015 and the total of AVERAGE total deductions is smacking up $23K. (Personally, I think that mortgage interest deduction is low and charitable is HIGH but I'll take their word for it). Add exemptions for yourself and kids and you are well over $24k...

From MOTLEY FOOL...

INCOME ---------------------- MEDICAL/INS State & LOCAL Mortgage Charitable
[TABLE="width: 691"]
[TR]
[TD]50,000 to $100,000
[/TD]
[TD]$9,426
[/TD]
[TD]$3,195
[/TD]
[TD]$7,007
[/TD]
[TD]$3,244
[/TD]
[/TR]
[/TABLE]
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Yup.

Even if my numbers are a little off, it's still far in excess of the standard deduction these goonbats imposed.

It's going to be ironic that trickle down economics is ultimately what will kill the Republican Party.
 
LV426 said:
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.
Click to expand...

I didn't run the #'s last year having gone into semi-retirement but that sounds about right. I think MOST families have at least $24k if they own house and have state income taxes, child care, etc. etc.

This is 2015 and the total of AVERAGE total deductions is smacking up $23K. (Personally, I think that mortgage interest deduction is low and charitable is HIGH but I'll take their word for it). Add exemptions for yourself and kids and you are well over $24k...

From MOTLEY FOOL... (I'm rounding the chart of deductions won't c&p)

INCOME - $50- $100K

Medical/H. INS - $9200
State & LOCAL taxes - $3200
Mortgage - $7100
Charitable - $3200
 
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LV426 said:
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.
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The standard deduction was doubled, meaning that most people are taking it over itemized deductions as a result. Pretty simple stuff.
 
Centerleftfl said:
I think MOST families have at least $24k if they own house and have state income taxes to book.
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Ideal end result? They'll vote high-taxing DEMOCRATS out of office in every blue state in the country now that they have to start paying their fair share. :rofl2:
 
PostmodernProphet said:
ROFL......I wonder if that's because most of them will be able to deduct MORE through the standard deduction.......no, that isn't true....I don't have to wonder that.......its actually obvious......
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If you take an average deduction of the five most popular and widely used deductions, you already exceed the Standard Deduction cap WITH two Child credits of $2K each:

$8,300 Mortgage Interest
$6,241 SALT
$7,998 Medical
$2,500 Student Loan Interest
$3,356 Charitable contribution

Your Russia Tax Cut was a total scam and you fell for it because you're a fucking moron with piss poor judgment.
 
Howard the Duck said:
The standard deduction was doubled, meaning that most people are taking it over itemized deductions as a result. Pretty simple stuff.
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Right, and they don't realize that when they file their taxes until after they learn what their refund/payment would be.

The average amount of each of the five most popular and widely used deductions is $4K in excess of the Standard Deduction cap:

$8,300 Mortgage Interest
$6,241 SALT
$7,998 Medical
$2,500 Student Loan Interest
$3,356 Charitable contribution

That's not counting personal exemptions, which were $4,050 each.

THe Russia Tax Cut was a con that brain-dead morons fell for because their judgment sucks, their instincts are piss-poor, their morals are foul, and their characters are rotten.
 
LV426 said:
Right, and they don't realize that when they file their taxes until after they learn what their refund/payment would be.

The average amount of each of the five most popular and widely used deductions is $4K in excess of the Standard Deduction cap:

$8,300 Mortgage Interest
$6,241 SALT
$7,998 Medical
$2,500 Student Loan Interest
$3,356 Charitable contribution

That's not counting personal exemptions, which were $4,050 each.

THe Russia Tax Cut was a con that brain-dead morons fell for because their judgment sucks, their instincts are piss-poor, their morals are foul, and their characters are rotten.
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So, you're saying that some people don't know how to do their taxes. Did this just start for 2018?
 
Legion said:
HAHAHAHAHAHAHAHAHAHA...blue-state denizens can't deduct all of their high state & local taxes from their federal taxes anymore...HAHAHAHAHAHAHAHAHAHA
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Isn't that something that conservatives also living in those states get fucked, too.
 
LV426 said:
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.
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WOW, honestly I didn't know it was that high BUT then with new house prices NATIONWIDE over $390,000 with commensurate property taxes, I could see how that is very likeLY. Add in childcare, personal exemptions, medical, yada yada, I can see it see that # much easier.
 
DEMOCRAT domer76 said:
Isn't that something that conservatives also living in those states get fucked, too.
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No, DEMOCRAT, it means that the majority of liberals who for years voted for high local and state taxes because they knew they could write them off with the IRS are fucked. It means they are finally paying their fair share, and I suspect they will either move to a red state or stay and throw the DEMOCRATS out when they get the chance.

Loser.

:rofl2:
 
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