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Is anyone else paying a lot more in Taxes due to "The Tax Cuts"?

Yes!
About the same.
Less!

Author Topic: The Trump Tax Cuts (Merged)  (Read 2827 times)

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Re: The Trump Tax Cuts (Merged)
« Reply #60 on: March 25, 2019, 10:04:56 PM »

Offline mobilija

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Ooof.

I paid almost 10% of my income in taxes this year, compared to about 6.5% last year.

That’s kinda huge

Counting or not counting payroll taxes?

I don’t own a business. Not self-employed. Just me and my wife’s income and dividends from investment. Total earnings vs taxes paid and owed.

We all get stuck with payroll taxes.  Around 7.5% for Social Security and Medicare.

If you’re only paying 10% after accounting for payroll taxes, you’re making out pretty well.

Just federal tax. Not including FICA or Medicare, that’s about 7.2%

And after looking closer.... I exaggerated it’s 9.4%
« Last Edit: March 25, 2019, 10:12:29 PM by mobilija »

Re: The Trump Tax Cuts (Merged)
« Reply #61 on: March 26, 2019, 01:18:15 PM »

Online slamtheking

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taxes done.  while clearing as much per pay cycle after payroll deductions this past year as the previous year, my federal return is half of what it was last year.   a serious chunk of money lost -- and that's with almost an extra $2400 applied to federal withholding over and above the tax rate (which is set to take as much out as possible).  would have owed a lot if not for that extra money taken out.

If the Dems have any brains they'll use this fiasco to hammer Reps in the next election now that the results of Ryan/Trump/Mcconnell's screwing of the average taxpayer are tangible.

Re: The Trump Tax Cuts (Merged)
« Reply #62 on: March 26, 2019, 02:30:23 PM »

Offline Csfan1984

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taxes done.  while clearing as much per pay cycle after payroll deductions this past year as the previous year, my federal return is half of what it was last year.   a serious chunk of money lost -- and that's with almost an extra $2400 applied to federal withholding over and above the tax rate (which is set to take as much out as possible).  would have owed a lot if not for that extra money taken out.

If the Dems have any brains they'll use this fiasco to hammer Reps in the next election now that the results of Ryan/Trump/Mcconnell's screwing of the average taxpayer are tangible.
Not sure they will attack this one as it was pushed from big money. They don't /won't risk campaign funding.
« Last Edit: March 26, 2019, 02:46:50 PM by Csfan1984 »
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Re: The Trump Tax Cuts (Merged)
« Reply #63 on: March 28, 2019, 01:58:16 PM »

Online slamtheking

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taxes done.  while clearing as much per pay cycle after payroll deductions this past year as the previous year, my federal return is half of what it was last year.   a serious chunk of money lost -- and that's with almost an extra $2400 applied to federal withholding over and above the tax rate (which is set to take as much out as possible).  would have owed a lot if not for that extra money taken out.

If the Dems have any brains they'll use this fiasco to hammer Reps in the next election now that the results of Ryan/Trump/Mcconnell's screwing of the average taxpayer are tangible.
Not sure they will attack this one as it was pushed from big money. They don't /won't risk campaign funding.
if they truly want to win back the votes of blue collar workers/middle-and-lower class America, this is an easy one to go after provided they can research the impacts and it shows that many people took a hit (or spin it like Reps would to get people ignoring any boost in take-home pay to focus on lower refunds or having to pay the IRS)

Re: The Trump Tax Cuts (Merged)
« Reply #64 on: March 28, 2019, 03:26:21 PM »

Offline liam

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My taxes are way up and now I'm going lose my insurance. Thanks republicans!

Re: The Trump Tax Cuts (Merged)
« Reply #65 on: March 28, 2019, 04:37:09 PM »

Online Roy H.

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My taxes are way up and now I'm going lose my insurance.

Why so? 


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Re: The Trump Tax Cuts (Merged)
« Reply #66 on: March 28, 2019, 06:18:05 PM »

Offline Celtics4ever

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Are the people paying more due to the SALT change?

Quote
More specifically, anyone who itemizes can deduct property taxes, but must choose between deducting their income taxes and sales taxes. Most choose to deduct their income taxes because those payments generally exceed sales tax payments. Residents of states with high income taxes (California, New York, New Jersey and Maryland, to name a few) generally opt to deduct their state and local income taxes if they itemize. Residents of states with high sales taxes (Louisiana, Texas and others) and low or nonexistent income taxes generally opt to deduct their sales taxes if they itemize. However, property taxes and income taxes – not sales taxes – are the primary drivers of the SALT deduction.

Starting with the 2018 tax year, the maximum SALT deduction is $10,000. There was previously no limit. This will leave some high-income filers with a higher tax bill. The limit is also important to know because the 2018 standard deduction is $12,000 (for single filers). So you need to have another $2,000 of itemized deductions, beyond the SALT deduction, in order to itemize. This changes who should itemize their 2018 taxes.

Re: The Trump Tax Cuts (Merged)
« Reply #67 on: March 28, 2019, 06:44:11 PM »

Offline deadtired

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I file an extension every year, so the jury is still out for me. That said, I haven't seen anyone here discussing the sunset on these cuts. I completely understand why you can't put a sunset on business tax cuts (although it was pretty naive for the government to think businesses would pass the savings on to employees, rather than buying back stocks and shareholders - like, pick up a history book gentlemen), but why not create tax cuts individuals could enjoy permanently?   
yes, and...

Re: The Trump Tax Cuts (Merged)
« Reply #68 on: March 28, 2019, 06:53:22 PM »

Offline Donoghus

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I file an extension every year, so the jury is still out for me. That said, I haven't seen anyone here discussing the sunset on these cuts. I completely understand why you can't put a sunset on business tax cuts (although it was pretty naive for the government to think businesses would pass the savings on to employees, rather than buying back stocks and shareholders - like, pick up a history book gentlemen), but why not create tax cuts individuals could enjoy permanently?

I'm not entirely sure the government was being naive......


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Re: The Trump Tax Cuts (Merged)
« Reply #69 on: March 28, 2019, 06:56:20 PM »

Offline deadtired

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I file an extension every year, so the jury is still out for me. That said, I haven't seen anyone here discussing the sunset on these cuts. I completely understand why you can't put a sunset on business tax cuts (although it was pretty naive for the government to think businesses would pass the savings on to employees, rather than buying back stocks and shareholders - like, pick up a history book gentlemen), but why not create tax cuts individuals could enjoy permanently?

I'm not entirely sure the government was being naive......

I'm trying to be generous. I just ate, so I'm in a good mood.
yes, and...

Re: The Trump Tax Cuts (Merged)
« Reply #70 on: March 28, 2019, 06:58:29 PM »

Offline liam

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Re: The Trump Tax Cuts (Merged)
« Reply #71 on: March 28, 2019, 06:59:55 PM »

Offline LarBrd33

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My tax bill was over $50,000 this year. 

Not really Trump's fault, though.  Just felt like whining.  Actually, it's probably lower than it would have been.  So uh... thanks, Trump.

Re: The Trump Tax Cuts (Merged)
« Reply #72 on: March 28, 2019, 08:03:49 PM »

Offline Rosco917

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Yeah, I hate to pay fewer taxes.

Re: The Trump Tax Cuts (Merged)
« Reply #73 on: March 28, 2019, 08:35:15 PM »

Online nickagneta

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Yeah, I hate to pay fewer taxes.
Yeah, I think everyone hates to pay taxes but I think the point is, the Trump tax cuts didn't really cause a very large portion of this country to pay less taxes.

And the financial benefits of the tax cut definitely didn't trickle down to that portion of taxpayers through raises and bonuses by the corporations that saved billions and billions. Those corporations did stock buy backs and gave their corporate officers bonuses.

Re: The Trump Tax Cuts (Merged)
« Reply #74 on: March 28, 2019, 08:51:22 PM »

Offline Donoghus

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