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Adjusted gross income for the year in question was $96,000. Taxable after deductions was $89,000.The whole cut amounted to half that for your income.
The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises | Center on Budget and Policy Priorities
Policymakers and the public should understand that the 2017 Trump tax law was skewed to the rich, was expensive and eroded the U.S. revenue base, and failed to deliver promised economic benefits. A 2025 course correction is needed.www.cbpp.org
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I ain't a billionaire.Your income is other than wages .. so the same / similar scenario as the "ultra rich" who aren't paying their fair share.
it's not "extra".Why do I need to give the fed .gov a extra near $1800.00?
You make $90K and have no deductions.I'm my own tax preparer, and I have no write-offs except the standard deduction.
Sunsetting the tax cut will not add $2k to you tax bill.Adjusted gross income for the year in question was $96,000. Taxable after deductions was $89,000.
You mean the people who pay all the taxes, might benefit from a tax cut the most?The whole cut amounted to half that for your income.
The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises | Center on Budget and Policy Priorities
Policymakers and the public should understand that the 2017 Trump tax law was skewed to the rich, was expensive and eroded the U.S. revenue base, and failed to deliver promised economic benefits. A 2025 course correction is needed.www.cbpp.org
View attachment 938524
I now make $110,000/yr. and still no 'loophole' or business deductions. The only tax-deferred income is from some annuities. I hope to be retired when they mature so I'll be in a much lower tax bracket. But if not, I'll just have to pay the taxes.You make $90K and have no deductions.
Sure, that's likely.
YOu need a new accountant.I now make $110,000/yr. and still no 'loophole' or business deductions. The only tax-deferred income is from some annuities. I hope to be retired when they mature so I'll be in a much lower tax bracket. But if not, I'll just have to pay the taxes.
You make $90K and have no deductions.
Sure, that's likely.
That's not uncommon at all. My parents had the same thing. No deductions at all.You make $90K and have no deductions.
Sure, that's likely.
So I guess you like paying taxes?Pretty common i would bet.
My wife and I made more than 250k last year and took the standard deduction
No, if we could take more deductions we would.So I guess you like paying taxes?
So I guess you like paying taxes?
No, if we could take more deductions we would.
I have enough money. I don't need to chase after more. In fact, I stopped renting the 2nd floor flat because I got tired of advertising, showing, cleaning, the place every year (I'm in a student area). The rental value is $700/month.YOu need a new accountant.
Then why were you complaining to start with?I have enough money. I don't need to chase after more.
Not complaining, just stating a fact. A small tax increase is chickenfeed compared to the money I've lost in other ways.