11 Million Tax Payers Lose $323 Billion In Deductions In Trump Tax Hit

[danielpalos]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

So more wealthy people are paying more in taxes and we taxpayers are not subsidizing the out of control spending in states run by democrats. More money? Isn’t that what you all have wanted all along?

we should raise the minimum wage to raise tax revenue.

 

[percysunshine]

Let's watch how many Republicans campaign on the Trump tax cuts/reform in 2020.

They will probably only need to campaign on being the least stupid party in Washington DC.

 

[danielpalos]

Let's watch how many Republicans campaign on the Trump tax cuts/reform in 2020.

They will probably only need to campaign on being the least stupid party in Washington DC.

socialism is about equality not capitalism.

 

[Denizen]

Give till it hurts.

Billionaire's families need to eat too.

 

[caddo kid]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

Make Giving Up Your Taxes Great Again

 

[Lesh]

Laughable.

Liberals, so despising of upper income groups weep, whine, gnash teeth when those are folks who are suddenly paying what the left calls their "fair share".

If you live in a high-tax state and have a McMansion; a 6 or 7 figure income you Goddamn well can afford your fair share. Even (especially?) if you're a fat-cat Democrat.

Give it up....you're getting what you wanted and now you don't want it anymore.....

Kiss that rich ass. Maybe they'll give you a reach around

 

[Butch_Coolidge]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

^
Enough to win. Wait til next time!
The government steals more than they should out of your paycheck, then begrudgingly gives some back to you.
President Trump is putting a stop to that. Which means that instead of the government taking too much, you get to keep more of your paycheck. Apparently, you can't figure that out, so, take the excess on pay day and put it into your savings acc. Then when your tax return comes back, add the savings to your refund check and voila. Go buy something.

skew is a good name...

I’m getting about 2k more in my paycheck this year.


Sent from my iPhone using Tapatalk

 

[Butch_Coolidge]

Let's watch how many Republicans campaign on the Trump tax cuts/reform in 2020.

They will probably only need to campaign on being the least stupid party in Washington DC.

socialism is about equality not capitalism.

It’s about complete government control.


Sent from my iPhone using Tapatalk

 

[percysunshine]

Let's watch how many Republicans campaign on the Trump tax cuts/reform in 2020.

They will probably only need to campaign on being the least stupid party in Washington DC.

socialism is about equality not capitalism.

We are talking about the stupidity olympics here...not any isms

 

[busybee01]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

So more wealthy people are paying more in taxes and we taxpayers are not subsidizing the out of control spending in states run by democrats. More money? Isn’t that what you all have wanted all along?

Besides that 323 billion is 10% of overall tax receipts. I don’t think so.

No they are not. The rich with a lot of excess cash have a number of loopholes they can exploit. If they can't they can create one.
"While wealthy people buying airplanes is nothing new, the Republican-led tax overhaul provided a new incentive.

It’s not clear whether any of these money managers had this in mind when they bought their jets, but a provision in the new tax law caps deductions of so-called “excess business losses,” meaning that some investors can face sizable tax bills on personal income that they previously would have offset.

So some tax experts have found a way around the excess business loss cap, which was projected to raise $150 billion over 10 years -- by advising their clients to buy private planes. It’s an expensive purchase that can cost as much a $67 million but can arguably be used principally for work -- unlike, say, a yacht or a mansion in the Hamptons."

Tax law gives Wall Street a break when buying private jets

The losers are ordinary people who are middle class in their states and are losing deductions. They are not able to play games because they do not have the spare cash. Deduction of state taxes does not affect other states. This is essentially a prosperity tax. These blue states have higher per capita incomes and apparently Republicans are about getting even with their political enemies than fairness.

 

[Lesh]

Anyone check their tax returns yet?

Get that big tax cut did ya?

 

[AntonToo]

The size of the refund is irrelevant, it's a question of paying less federal taxes year over year. Which we did, my wife and I, to the tune of about $1100 for about the same adjusted income (we're retirees on a fixed income). I got to keep and spend more of my money in 2018, just like about 80-90% of the rest of the taxpayers.

It's true that overall personal tax liability is down a little bit with these tax-cuts (in lower SALT states and only until 2027, when they expire), but if it wasn't for HUGE tax cuts bussiness and corporations got INDEFINETLY your tax-cuts could've been easily around $3000.

Meanwhile these tax cuts will put us as a country a trillion dollars more in debt, at time when when we already have an ocean of red ink as far as the eye can see.

It's exactly the wrong policy at exactly the wrong time.

 

[airplanemechanic]

Fake news.

And yet not one word of your post refutes it. Do you plan to back up your claim that the information in the OP is "fake"? I doubt it.

Apparently you didn't read my post. I backed up my claim with a link from a real news source.

 

[airplanemechanic]

Fake news. Quit using the huffington puffington post. Get a real ******* news source for once.

Tax refunds are larger by an average of $40 after fourth week of filing season

Refunds are higher this year than last year.

This is not the Huffington Post that is making this claim. It is the government which is run by Trump.

Wrong. The gov't says that they're higher than last year.

Tax refunds are larger by an average of $40 after fourth week of filing season

 

[HenryBHough]

Nobody will ever lose when betting against Democrat intellect.

Imagine a flock of sheep conditioned to having $4,000 LESS in week-to-week take home pay so as to get an interest free loan to gubbmint bring back $1,000 in a tax refund.

Out of pocket $3,000 and loving it!

No, that's NOT a "special kind of" stupid.

It's just Democrat stupid. The sort of stupid that doesn't come naturally - it has to be indoctrinated.

 

[danielpalos]

Nobody will ever lose when betting against Democrat intellect.

Imagine a flock of sheep conditioned to having $4,000 LESS in week-to-week take home pay so as to get an interest free loan to gubbmint bring back $1,000 in a tax refund.

Out of pocket $3,000 and loving it!

No, that's NOT a "special kind of" stupid.

It's just Democrat stupid. The sort of stupid that doesn't come naturally - it has to be indoctrinated.

tax cut economics is Worthless if it doesn't balance the budget. the right wing loves their indoctrination.

 

[Shrimpbox]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

So more wealthy people are paying more in taxes and we taxpayers are not subsidizing the out of control spending in states run by democrats. More money? Isn’t that what you all have wanted all along?

Besides that 323 billion is 10% of overall tax receipts. I don’t think so.

No they are not. The rich with a lot of excess cash have a number of loopholes they can exploit. If they can't they can create one.
"While wealthy people buying airplanes is nothing new, the Republican-led tax overhaul provided a new incentive.

It’s not clear whether any of these money managers had this in mind when they bought their jets, but a provision in the new tax law caps deductions of so-called “excess business losses,” meaning that some investors can face sizable tax bills on personal income that they previously would have offset.

So some tax experts have found a way around the excess business loss cap, which was projected to raise $150 billion over 10 years -- by advising their clients to buy private planes. It’s an expensive purchase that can cost as much a $67 million but can arguably be used principally for work -- unlike, say, a yacht or a mansion in the Hamptons."

Tax law gives Wall Street a break when buying private jets

The losers are ordinary people who are middle class in their states and are losing deductions. They are not able to play games because they do not have the spare cash. Deduction of state taxes does not affect other states. This is essentially a prosperity tax. These blue states have higher per capita incomes and apparently Republicans are about getting even with their political enemies than fairness.

Get real. How many people can afford a jet or further how many jets are bought by corporations. Once again, the democrats keep screaming that the wealthy need to pay more to make it fair. The wealthiest are paying more and you are complaining about it. What is your complaint? That the law doesn’t apply equally to everyone or that poorer states should keep subsidizing the rich states. Who doesn’t think that the federal govt is going to step in and bailout Illinois or California when they go bankrupt with our taxpayer money

 

[Lesh]

Wow...that's some incoherent rants there.

You folks are really melting down over this.

Apparently those tax cuts are doing much if anything for middle class folks huh?

 

[Ray From Cleveland]

Anyone check their tax returns yet?

Get that big tax cut did ya?

My tax preparer told me to expect a much larger refund check this year. Part of the tax cuts were to lower the amount of taxable income for everybody. For people with dependents, even better.

 

[Ray From Cleveland]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

So more wealthy people are paying more in taxes and we taxpayers are not subsidizing the out of control spending in states run by democrats. More money? Isn’t that what you all have wanted all along?

Besides that 323 billion is 10% of overall tax receipts. I don’t think so.

No they are not. The rich with a lot of excess cash have a number of loopholes they can exploit. If they can't they can create one.
"While wealthy people buying airplanes is nothing new, the Republican-led tax overhaul provided a new incentive.

It’s not clear whether any of these money managers had this in mind when they bought their jets, but a provision in the new tax law caps deductions of so-called “excess business losses,” meaning that some investors can face sizable tax bills on personal income that they previously would have offset.

So some tax experts have found a way around the excess business loss cap, which was projected to raise $150 billion over 10 years -- by advising their clients to buy private planes. It’s an expensive purchase that can cost as much a $67 million but can arguably be used principally for work -- unlike, say, a yacht or a mansion in the Hamptons."

Tax law gives Wall Street a break when buying private jets

The losers are ordinary people who are middle class in their states and are losing deductions. They are not able to play games because they do not have the spare cash. Deduction of state taxes does not affect other states. This is essentially a prosperity tax. These blue states have higher per capita incomes and apparently Republicans are about getting even with their political enemies than fairness.

Utter bull. If you are paying $15,000 in state and local taxes, you can still deduct the largest amount which is the 10K. It's the fault of blue states for letting their cost of living get so out of hand. All these taxes, social programs, support of unions and higher minimum wage all play a part.

They did this to themselves.