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

[LV426]

they probably shouldn't have underpaid.....

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.

 

[Earl]

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 eventually get us there

Thanks, I helped with the seed money for their company and they were very generous with me when they sold the company.

These opportunities are available to those who get a good education, work hard and never give up when the going gets tough. People from Central America and Mexico and all around the world are coming to take advantage of these opportunities.Socialism does not provide these opportunities. They must come legally though.

 

[Legion]

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

"Polifact?"

LINK

 

[canceled.2021.3]

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

First of all, your post has nothing to do with the OP which is talking about this year, not 2027

The fact that you are reaching into 2027 is a concession that I have fisted all of you leftists with math and facts.

Secondly, no moron can try to predict what anyones tax burden is going to be 8 years from now. Only a fucking moron would try to do that. Are you a fucking moron? Are you?

It would have been easier for you to just admit I was right and my analysis was spot on.

The fact remains that many people will get a tax cut this year and that scares democrats

 

[reagansghost]

Who told you that?

Was it...

Spoiler

a POLL, poll sucker?

here ya go, enjoy

NBC News Exit Poll: Most U.S. voters say Trump tax cuts have not helped personal finances

Despite President Donald Trump's promise that tax cuts passed last year would positively affect the personal finances of Americans, only 29 percent of voters say the changes have helped them, according to the NBC News Exit Poll. Nationwide, 45 percent of voters report that the tax changes have not impacted their personal finances, while 22 percent say their finances have been hurt by the changes.

The exit poll also shows that voters in higher-income households are twice as likely as voters in lower-income households to report that tax law changes have helped their personal finances. Seventeen percent of voters with annual household incomes under $30,000 said their personal finances had benefited, compared to 34 percent of those with annual household incomes of $100,000 and higher.

https://www.nbcnews.com/card/nbc-news-exit-poll-most-u-s-voters-say-trump-n933301

 

[Legion]

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

I'll understand, too.

 

[LV426]

I believe that the tax cuts can't be properly evaluated until all returns are in this year.

Well, then you're clinging to a fantasy. The Russia Tax Cut was a massive policy failure, just like the Bush Tax Cuts were. 2018 revenues are down from 2017. Treasury collected less revenues in the calendar year of 2018 than they did in 2017. That's because of the Russia Tax Cut.

What part of Georgia are you located?

East Atlanta Village.

 

[Legion]

here ya go, enjoy NBC News Exit Poll: Most U.S. voters say Trump tax cuts have not helped personal finances Despite President Donald Trump's promise that tax cuts passed last year would positively affect the personal finances of Americans, only 29 percent of voters say the changes have helped them, according to the NBC News Exit Poll. Nationwide, 45 percent of voters report that the tax changes have not impacted their personal finances, while 22 percent say their finances have been hurt by the changes. The exit poll also shows that voters in higher-income households are twice as likely as voters in lower-income households to report that tax law changes have helped their personal finances. Seventeen percent of voters with annual household incomes under $30,000 said their personal finances had benefited, compared to 34 percent of those with annual household incomes of $100,000 and higher. https://www.nbcnews.com/card/nbc-news-exit-poll-most-u-s-voters-say-trump-n933301

So I was right. You believed another poll, poll sucker.

 

[Adolf_Twitler]

Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes.

That was about the only real break middle class America really had going for them!

Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!

 

[reagansghost]

First of all, your post has nothing to do with the OP which is talking about this year, not 2027

yeah I know, you love sugar highs, can't see down the road past the end of your nose

the tax cuts openly favored the corporations, remember?.........capex to rise, jobs along with it?

 

[Legion]

First of all, your post has nothing to do with the OP which is talking about this year, not 2027

The fact that you are reaching into 2027 is a concession that I have fisted all of you leftists with math and facts.

Secondly, no moron can try to predict what anyones tax burden is going to be 8 years from now. Only a fucking moron would try to do that. Are you a fucking moron? Are you?

Of course he is.

 

[LV426]

First of all, your post has nothing to do with the OP which is talking about this year, not 2027

The tax cuts are in effect for that long.

The fact that you are reaching into 2027 is a concession that I have fisted all of you leftists with math and facts.

What the fuck are you talking about? This was your tax plan.

Secondly, no moron can try to predict what anyones tax burden is going to be 8 years from now. Only a fucking moron would try to do that. Are you a fucking moron? Are you?

So then there was no need to cut taxes since you couldn't predict they would pay for themselves.

The fact remains that many people will get a tax cut this year and that scares democrats

Their taxes might be cut, but their deductions are capped...and many families, including Trumpanzees, deduct and exempt far in excess of the $24K you've capped the standard deduction.

 

[Legion]

Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes. That was about the only real break middle class America really had going for them! Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!

So you say.

 

[tinfoil]

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.

Yep. Liberals think it's a tax cut for the rich, but they only get a cut if their itemized deduction was less than 24K, otherwise they are paying more taxes on a greater taxable income. So the so called middle class who are harmed by this are people who are loaded compared to the median income. Boo Hoo!

 

[cawacko]

Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes.

That was about the only real break middle class America really had going for them!

Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!

If you’re middle class your aren’t deducting more than $10K in property taxes.

But i’m sure the rich who have to limit their deductions appreciate your compassion.

 

[LV426]

If you’re middle class your aren’t deducting more than $10K in property taxes

Right, but add to that $10K two personal exemptions for husband & wife ($4K x 2 = $8K), and two exemptions for two kids ($4K x 2 = $8K), and you're at $26,000 in exemptions...but you've capped deductions and exemptions at $24,000. That's without any other exemptions or deductions including charitable exemptions, student loans, medical bills, etc.

So that means $2K more you were able to exempt before, for a family of four, versus now. Because $26,000 > $24,000

 

[LV426]

Yep. Liberals think it's a tax cut for the rich, but they only get a cut if their itemized deduction was less than 24K, otherwise they are paying more taxes on a greater taxable income. So the so called middle class who are harmed by this are people who are loaded compared to the median income. Boo Hoo!

Nope.

Wrong.

A family of four would take about $16K in personal exemptions right off the bat.

If your mortgage interest deduction was about $10K, which is about the average, that puts you above the $24K threshhold, doesn't it?

2 Adults x $4,050 exemption = $8,100
2 Kids x $4,050 exemption = $8,100
Total: $16,200 in personal and dependent exemptions under the 2017 tax code.

So take that $16,200 and add to it the average mortgage interest deduction of $10K, and you end up with $26,200 you could exempt in 2017 vs. $24,000 you can exempt for 2018.

Is $26,200 less or more than $24,000?

 

[canceled.2021.3]

Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes.

That was about the only real break middle class America really had going for them!

Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!

First of all, financially deducting interest only advantages the banks. Let's say you are in the 25% tax bracket. You are paying $1 to get $0.25 back

If you think that is a good deal, then by all means give me a $1 and I will give you a $0.25 back. It is the same concept

And they didn't scrap the mortgage deduction. You can still do it if the interest you pay on your home is >$24,000

What don't you understand? How many ways does this need to be explained to you? I guess when you file a 1040EZ these complicated topics are too difficult for you

 

[Adolf_Twitler]

If you’re middle class your aren’t deducting more than $10K in property taxes.

But i’m sure the rich who have to limit their deductions appreciate your compassion.

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.

 

[canceled.2021.3]

How many left wingers on JPP will see their tax bill go up for 2018?