Wondering about after April 15th.....................

[ABikerSailor]

I haven't done my taxes yet, gonna probably head out next week or so and get them done, but I'm kinda nervous about it. I've been hearing stories all over the news over the past few days about people who are now finding out that Trump's tax plan wasn't as good as he said it was.

Many of them are getting smaller refunds than what they got last year, and others are finding that they are having to pay more this year.

Gonna be interesting to see what Trump's popularity is like after April 15th.

https://www.vice.com/en_us/article/...ople-are-now-paying-more-under-trumps-tax-cut

 

[ABikerSailor]

Anyone else make out in their taxes this year? How many have done worse this year than they did last? How many made the same amount as last year, but are paying more in tax?

 

[JGalt]

Is this another "Orange Man Bad" thread?

Geez, you guys and girls sure are hungry for some validation of your lives.

 

[Moonglow]

Refund down $800 dollars, state taxes up, SS taxes up....

 

[HenryBHough]

Refund down $800 dollars, state taxes up, SS taxes up....

Feel proud!

You're doing your part to fight inequality!

 

[Dekster]

I haven't done my taxes yet, gonna probably head out next week or so and get them done, but I'm kinda nervous about it. I've been hearing stories all over the news over the past few days about people who are now finding out that Trump's tax plan wasn't as good as he said it was.

Many of them are getting smaller refunds than what they got last year, and others are finding that they are having to pay more this year.

Gonna be interesting to see what Trump's popularity is like after April 15th.

https://www.vice.com/en_us/article/...ople-are-now-paying-more-under-trumps-tax-cut

Taxes are so specific to the individual it is impossible to really know what yours will be. Here in Virginia it is more sketchy on the state side because of competing pending legislation and some flow through issues like if you have to do on your state what you did on your federal when it might now be better to itemize on one and take standard deductions on the other. I can't do mine yet as I am still waiting for some k-1's and 1099's to get done.

 

[Moonglow]

Refund down $800 dollars, state taxes up, SS taxes up....

Feel proud!

You're doing your part to fight inequality!

Considering I pay nothing in I am damn proud.

 

[Crixus]

I haven't done my taxes yet, gonna probably head out next week or so and get them done, but I'm kinda nervous about it. I've been hearing stories all over the news over the past few days about people who are now finding out that Trump's tax plan wasn't as good as he said it was.

Many of them are getting smaller refunds than what they got last year, and others are finding that they are having to pay more this year.

Gonna be interesting to see what Trump's popularity is like after April 15th.

https://www.vice.com/en_us/article/...ople-are-now-paying-more-under-trumps-tax-cut

If you aren’t considered poor you may not like it. This year I actually got alitrle something back, like $600 bucks. New gun or some bling for my bike. My brother and his gal got like $3,000+, but he gets the EIC I think.

 

[HenryBHough]

Refund down $800 dollars, state taxes up, SS taxes up....

Feel proud!

You're doing your part to fight inequality!

Considering I pay nothing in I am damn proud.

Read your own quoted post about your refund going down and state taxes going up - then retract.

(In order to get a refund one must first pay some taxes on a paycheck-by-paycheck basis)

 

[task0778]

Maybe those who won't be getting a bigger refund will realize their take home pay was bigger cuz they didn't pay as much withholding. Paying in less during the year means less refund. Tell you what, when you've done your taxes, how about you compare it to last year's tax withheld and tell us about it. My guess is, your previous return will show you paid in less, which means you got to keep more of YOUR money.

 

[task0778]

From the OP's link:

VICE: Under what circumstances might someone be paying more this year?

Vanessa Williamson: The Tax Cuts and Jobs Act, on average, cut taxes for all income groups, especially for very high earners. But a certain percentage of households at all income levels were likely to see a tax increase. Overall, our estimates at the Tax Policy Center were that about 5 percent of taxpayers would see an average federal tax increase of about $2,800, and that is clearly happening.

For instance, the people in the middle quintile of earners, something like 90 percent of them saw a tax cut under the TCJA, and about 7 percent saw a tax increase of about $900 on average. But people in the quintile below that, about 5 percent of them saw a tax increase. And in the quintile above [the middle], about 7 percent saw an increase too. So, it's not just earners at a particular income level that saw that will see a tax increase this year. It's something that a small percentage of people at all income levels will have seen.


What are some specific factors that could cause these individuals to experience this increase?

There are a couple of major provisions that will have mattered. Most obviously, the SALT deduction—the amount of your state and local taxes that you can deduct from your federal income taxes—is now capped at $10,000. So, for people who pay a lot of state and local taxes, that is going to cost them money. It was obviously an issue in certain electoral districts, particularly purple districts in blue states, places like California and New Jersey, New York. If you're a high earner in those states, you make enough money that you pay a lot in taxes at the state level and now you also make enough money that itemizing your federal return makes sense. So, if you're in that category, you may have a lost out on the TCJA.

The home mortgage interest deduction was also capped, although I'm not sure how much of those effects should really be felt at this point since it hasn't been very long. There was a change for alimony. I think you probably would have had to get a divorced in the last two months for it to matter. But still, it is a change.

New York Governor Andrew Cuomo recently attributed a dip in state revenue to the changed tax policy and claimed that the wealthier taxpayers of those states are changing home addresses or moving to avoid paying at the new rates. Do you think there’s merit to those claims, and do you believe the TCJA was designed in part to hurt blue states?
Was it a political consideration that the people they were going to be raising taxes on were wealthy people in blue states and therefore more likely to be Democrats? I mean, we certainly heard all throughout the process that that was a consideration. Now, the idea that rich people move when taxes go up—that is simply not borne out by the facts, frankly. If you think about where very, very rich people are, they're in places like New York and California. Sometimes they move to Florida when they retire. But, beyond that, there has been very comprehensive research looking at whether wealthy people move because tax rates are high and the canonical work on this is literally called The Myth of Millionaire Tax Flight .


Here's the real deal: as stated in the link, if you're one of those affected by the SALT deduction or the cap on home mortgage interest, then you sure as hell are not a middle class income earner. Otherwise, your taxes were lowered, unless you are living in a very expensive neighborhood.

 

[Dekster]

Here's the real deal: as stated in the link, if you're one of those affected by the SALT deduction or the cap on home mortgage interest, then you sure as hell are not a middle class income earner. Otherwise, your taxes were lowered, unless you are living in a very expensive neighborhood.

My understanding is that they cannot just pool it all in. They have to elect a specific type of tax to deduct and that is all they can deduct. For instance if you claim your property tax, you cannot claim your local/state income or sales taxes so people get the biggest one but can lose the other deductions without hitting the $10K ceiling.

 

[william the wie]

Since it has been 26 years since I have had any debt including mortgage, Gail retired from Mayo before the Obamanation kicked in and I don't want to lend the feds any money interest free I'm just blown away by this thread. What kind of idiot wants a refund so they can brag about how they wouldn't know tax efficiency if it bit em on the ass?

 

[Toddsterpatriot]

Here's the real deal: as stated in the link, if you're one of those affected by the SALT deduction or the cap on home mortgage interest, then you sure as hell are not a middle class income earner. Otherwise, your taxes were lowered, unless you are living in a very expensive neighborhood.

My understanding is that they cannot just pool it all in. They have to elect a specific type of tax to deduct and that is all they can deduct. For instance if you claim your property tax, you cannot claim your local/state income or sales taxes so people get the biggest one but can lose the other deductions without hitting the $10K ceiling.

My understanding is that they cannot just pool it all in. They have to elect a specific type of tax to deduct and that is all they can deduct.

No. Add all your state and local taxes together, $10,000 is the maximum you can deduct.

 

[TNHarley]

My coworker was whining about it until i reminded her she paid a lot less in last year. Then she understood.
Those people are either ignorant or entitled

 

[danielpalos]

I haven't done my taxes yet, gonna probably head out next week or so and get them done, but I'm kinda nervous about it. I've been hearing stories all over the news over the past few days about people who are now finding out that Trump's tax plan wasn't as good as he said it was.

Many of them are getting smaller refunds than what they got last year, and others are finding that they are having to pay more this year.

Gonna be interesting to see what Trump's popularity is like after April 15th.

https://www.vice.com/en_us/article/...ople-are-now-paying-more-under-trumps-tax-cut

i plan on keeping a low profile for the entire month of April.