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

[PostmodernProphet]

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...

you are really confused......the standard deduction has been doubled, but if your itemized deductions are higher, you can still itemize, except that mortgage interest and state and local taxes are capped (child care is a separate deduction not an itemized
deduction)........then the tax rate on the first $25k income (which would be AFTER the standard/itemized deduction) is zero..... THEN you take the exemptions for yourself and kids and calculate the tax at a reduced rate from before the tax cuts.......and finally, the child tax credit is doubled.......

 

[Centerleftfl]

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.




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.




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...

HONEST TO GOD, THEY MAY BE TOO STUPID TO UNDERSTAND THIS!!! The variables admittedly are MANY! But this is one pitiful clueless bastard on a board who MAY be paying less. (Or not and know the difference or hasn't FILED YET).

And he shouldn't count on his savings (if) for long. He's one broken bone or local property tax hike away from PAYING MORE in FEDERAL TAXES!

 

[Callinectes]

[

QUOTE=LV426;2877339]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.

I have never made enough to take deductions other than the standard. Completely eliminate ALL deductions for all I care

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.

My liability did NOT increase, as I said before, and anyone who gets over on the fucking IRS is a hero to me

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.

It benefited me last year, and my paychecks are higher this year, and I’m not getting a refund this year, so i’m Thinking you might be wrong about this

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

Not my problem

And now, alllllllllllll these dumb Trumptards are feeling it.

I actually listened to the president explain this, and I’m pretty sure all us “dumb trumptards” know the ramifications. And I’m sure some are upset. I take comfort in the fact that according to you lefties here, democrats make MUCH more money than we do, and 3 million more of you voted for hillary, so I understand the great weeping and gnashing of teeth on your side, but I don’t feel your pain

Since you're such an easy mark, I have some wetland condos in Florida I'd like to pitch you...[/QUOTE]
Sorry house is paid for (no deductions, but no mortgage payments either), and I hate condos, HOAs suck ass

 

[Legion]

HONEST TO GOD, THEY MAY BE TOO STUPID TO UNDERSTAND THIS!!! The variables admittedly are MANY! But this is one pitiful clueless bastard on a board who MAY be paying less. (Or not and know the difference or hasn't FILED YET). And he shouldn't count on his savings (if) for long. He's one broken bone or local property tax hike away from PAYING MORE in FEDERAL TAXES!

 

[Ralph]

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​

Funny thing.....I like hundreds of millions of actual tax payers filled my taxes and was pleased to find some 12 hundred dollars more in my expected refund this year than last. There is the reality of objective facts and then is the hypothetical BS found in left wing SUBJECTIVE PROPAGANDA. Reality: Those "thousands" of people that live in large liberal states that milk every penny they can from the feds/THE PEOPLE from all other states.....are just now finding out that they cannot deduct their own states outrages state, county and local taxes from their federal returns. LMAO Sounds like you demonrats have a LOCAL/STATE problem rather than a NATIONAL PROBLEM..

Why is it that liberal promote HIGH TAXES directed at OPM (other peoples money) but bitch and whine like crybabies when they have to pay higher taxes because of socialism?

 

[LV426]

So, you're saying that some people don't know how to do their taxes. Did this just start for 2018?

What I'm saying is that they played a shell game...they lowered the tax rate, but increased the tax liability.

 

[LV426]

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.

Yeah, that's what most people who supported it didn't realize or chose to ignore.

 

[LV426]

I have never made enough to take deductions other than the standard. Completely eliminate ALL deductions for all I care

It's not just about you.

 

[canceled.2021.3]

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?

You are still wrong, because taxpayers don't pay "averages". Average mortgage interest rate deduction is the wrong statistic to use, median is more applicable here. But, I suspect you know that right?

 

[LV426]

My liability did NOT increase, as I said before, and anyone who gets over on the fucking IRS is a hero to me

Well, you said yesterday you hadn't done your taxes yet, so how would you know?

And while it may not have affected your tax liability, it certainly did for millions of other families who were led to believe that they would come out ahead.

It was a con from the beginning, and Trumpanzees fell for it. So rather than own up to being conned, you take the selfish position of "well, it didn't affect me"...except you don't know that, and this isn't about just you.

 

[canceled.2021.3]

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?

Well, you are right. I misspoke. I should have qualified and said "everyone who makes any real money needs to file"

If you don't need to file, you are essentially admitting you are poor which I suspected all along

https://www.forbes.com/sites/kellyp...ed-to-file-a-tax-return-in-2019/#2a535d8e6106

 

[canceled.2021.3]

So not one leftist on JPP is willing to tell us that their individual taxes are going to go up due to the new tax law?

If you refuse to answer then I can only assume that you received a tax cut

 

[canceled.2021.3]

Well, you said yesterday you hadn't done your taxes yet, so how would you know?

And while it may not have affected your tax liability, it certainly did for millions of other families who were led to believe that they would come out ahead.

It was a con from the beginning, and Trumpanzees fell for it. So rather than own up to being conned, you take the selfish position of "well, it didn't affect me"...except you don't know that, and this isn't about just you.

Did your taxes go up or down after the new tax law was passed?

 

[LV426]

It benefited me last year, and my paychecks are higher this year, and I’m not getting a refund this year, so i’m Thinking you might be wrong about this

Well, back up for a second, because yesterday you said that the Russia Tax Cut affected your 2017 taxes, which it didn't because it didn't take effect until 2018. And while your paychecks might be nominally higher -the average after-tax increase was just $351 FOR THE YEAR, a far cry from the $4K-$9K wage increases that were promised- your tax liability is also higher.

That's why millions of Trumpanzees are furious over their lack of refund or tax bills...they had been conned into thinking they would come out ahead. You can't deny that conjob; just look at all the angry tweets from Trumpanzees!

 

[LV426]

Not my problem

It is your problem because you support this dumb Russia Tax Cut and are defending it here.

Suddenly your position went from "this tax cut benefited everyone" to "I don't care if it didn't benefit anyone because they're not me".

Weak sauce, bruh...weak fuckin' sauce.

 

[LV426]

I actually listened to the president explain this, and I’m pretty sure all us “dumb trumptards” know the ramifications.

No they don't. Take a trip to Twitter and see for yourself.

Also, don't listen to Trump. He's a fucking idiot, liar, and conman.

 

[LV426]

I take comfort in the fact that according to you lefties here, democrats make MUCH more money than we do, and 3 million more of you voted for hillary, so I understand the great weeping and gnashing of teeth on your side, but I don’t feel your pain

Well, here's the problem...you were part of an effort to con people into supporting this dumb thing by making promises you either knew you couldn't keep, or you stupidly thought you could. These included; wage increases of $4K-$9K, the tax cut paying for itself, the tax cut growing the market, the tax cut savings families money. None of it was true. It was all bullshit that you and others like you pushed on everyone in an effort to cut taxes according to your ideology, even if the economics aren't sound.

And migrating from that "Tax cut benevolence" to "I don't actually care about the effects" just shows you were never serious about this policy proposal in the first place; you just wanted a win no matter the consequences. Now that those consequences are laid bare, suddenly you don't care about the benevolence of this thing that you were pushing before.

Total fucking fraud.

 

[LV426]

Funny thing.....I like hundreds of millions of actual tax payers filled my taxes and was pleased to find some 12 hundred dollars more in my expected refund this year than last. There is the reality of objective facts and then is the hypothetical BS found in left wing SUBJECTIVE PROPAGANDA. Reality: Those "thousands" of people that live in large liberal states that milk every penny they can from the feds/THE PEOPLE from all other states.....are just now finding out that they cannot deduct their own states outrages state, county and local taxes from their federal returns. LMAO Sounds like you demonrats have a LOCAL/STATE problem rather than a NATIONAL PROBLEM..

Why is it that liberal promote HIGH TAXES directed at OPM (other peoples money) but bitch and whine like crybabies when they have to pay higher taxes because of socialism?

 

[LV426]

You are still wrong, because taxpayers don't pay "averages". Average mortgage interest rate deduction is the wrong statistic to use, median is more applicable here. But, I suspect you know that right?

Jesus fucking Christ, are you going to exercise sophistry or what?

As I said, this is the average since that's the only stats we can use with support and certainty.

Sure, there probably are some people for whom the standard deduction is greater than what they used to deduct/exempt, but that's not the con that was sold to everyone. You all said there would be all this magic prosperity from the tax cut and none of it came to pass.

This was sold as a net positive for all middle class workers. It's not.

 

[LV426]

So not one leftist on JPP is willing to tell us that their individual taxes are going to go up due to the new tax law?

If you refuse to answer then I can only assume that you received a tax cut

Tax rates may have declined temporarily (they expire in a couple years), but tax liability rose.