How's that tax cut working out?

[ElMonoDelMar]

Whether you agree with TrumpTax or not, all those deductions needed to go. Taxpayers shouldn't be subsidizing your employers businesses expenses.
Both Reps and Dems have been arguing for a simple progressive tax code without deductions, and that was needed regardless.

That's fine, I only wish they'd stop subsidizing Amazon's business expenses while they're at it. Going after the working stiffs has always been the path of least resistance for taxation.

 

[RamIt]

As a single dad with a wife that left me with 3 daughters I got $7667 back from the feds this year.
I made $15k and have a mortgage to pay for and no child support.

 

[s0me0nesmind1]

Corporate entities have an amazing array of ways to avoid taxation. These two, for example-

https://www.investopedia.com/terms/e/earnings-stripping.asp

https://www.investopedia.com/terms/d/double-irish-with-a-dutch-sandwich.asp

Personal income taxes don't work that way because Americans pay taxes on all their earnings at home or abroad. I'm sure there are still ways for the insanely wealthy to game the system at that level, if to a lesser degree. Taxing LTCG's at a flat 20% is the best scam of all.

The key difference being that in one you are taxing the net profits. There is a reason for that - If the company invests that money back into the company - which then reduces their profits via increased costs - it is overall better for the economy.

It makes complete sense - but yes, loopholes and such are something that needs to be closed.


In the other, you are taxing every dollar that is earned regardless of how its spent.

 

[s0me0nesmind1]

As a single dad with a wife that left me with 3 daughters I got $7667 back from the feds this year.
I made $15k and have a mortgage to pay for and no child support.

No child support? Damn that sucks, she just doing under the table jobs her whole life or something to avoid having to pay it?

 

[fskimospy]

Whether you agree with TrumpTax or not, all those deductions needed to go. Taxpayers shouldn't be subsidizing your employers businesses expenses.
Both Reps and Dems have been arguing for a simple progressive tax code without deductions, and that was needed regardless.

That is not what Republicans have been arguing for, at all. If that’s what Republicans wanted, after all, they could have just done it. Instead, they decided to raise taxes on regular people to give money to the rich.

 

[glenn1]

That is not what Republicans have been arguing for, at all. If that’s what Republicans wanted, after all, they could have just done it. Instead, they decided to raise taxes on regular people to give money to the rich.

You could start actually addressing the POV made by the poster instead of what politicians in DC do. This is a forum of users that are expressing their own opinions and I presume it's not your paid job to echo the talking points of one political party against its enemies in this forum. Yes we get it the GOP has been shite about fixing this and that has nothing to do with whether it's a good idea or not. If all you care about is keeping score of political points for "your side" then why are you even here?

 

[fskimospy]

You could start actually addressing the POV made by the poster instead of what politicians in DC do. This is a forum of users that are expressing their own opinions and I presume it's not your paid job to echo the talking points of one political party against its enemies in this forum. Yes we get it the GOP has been shite about fixing this and that has nothing to do with whether it's a good idea or not. If all you care about is keeping score of political points for "your side" then why are you even here?

My view IS the view of the OP, that they raised taxes on regular people to give money to the rich. Who cares what 'side' that idea is from, it's factually true. Republicans have no interest in eliminating the deductions used by the ultra rich and they have no interest in a progressive tax code. Their only meaningful legislative goal is to lower the tax burden on rich people and we all know it.

So my point is simple - conservatives lie about caring about this all the time and we should stop believing them. The proof is in their actions.

 

[glenn1]

My view IS the view of the OP, that they raised taxes on regular people to give money to the rich. Who cares what 'side' that idea is from, it's factually true. Republicans have no interest in eliminating the deductions used by the ultra rich and they have no interest in a progressive tax code. Their only meaningful legislative goal is to lower the tax burden on rich people and we all know it.

So my point is simple - conservatives lie about caring about this all the time and we should stop believing them. The proof is in their actions.

You responded to this post below, not the OP post. This poster said we should eliminate deductions for stuff like business expenses and you completely disregard that to spin some more about "they raised taxes on regular people to give to the rich." You can't even stay on topic within your single post in response to someone's post YOU QUOTED. @sao123 is not the national GOP and you should address what HE SAID, his opinion is completely independent of whatever the politicians in DC do or do not do.

Whether you agree with TrumpTax or not, all those deductions needed to go. Taxpayers shouldn't be subsidizing your employers businesses expenses.
Both Reps and Dems have been arguing for a simple progressive tax code without deductions, and that was needed regardless.

That is not what Republicans have been arguing for, at all. If that’s what Republicans wanted, after all, they could have just done it. Instead, they decided to raise taxes on regular people to give money to the rich.

 

[fskimospy]

You responded to this post below, not the OP post. This poster said we should eliminate deductions for stuff like business expenses and you completely disregard that to spin some more about "they raised taxes on regular people to give to the rich." You can't even stay on topic within your single post in response to someone's post YOU QUOTED. @sao123 is not the national GOP and you should address what HE SAID, his opinion is completely independent of whatever the politicians in DC do or do not do.

You need to work on your reading comprehension, haha.

Both Reps and Dems have been arguing for a simple progressive tax code without deductions, and that was needed regardless.

The bolded is the statement I took exception to as it is false. Before policing my posts maybe you should bother to read them and the posts they are responding to.

Please acknowledge that I explicitly addressed what he said?

 

[glenn1]

You need to work on your reading comprehension, haha.



The bolded is the statement I took exception to as it is false. Before policing my posts maybe you should bother to read them and the posts they are responding to.

Please acknowledge that I explicitly addressed what he said?

It was a progressive tax code before and it still is a progressive tax code, one with less deductions and simpler for most filers. Which is what @sao123 said. You OTOH seem to be attempting to imply eliminating deductions Should not be done unless you can get concessions on your pet idea of raising tax rates at the top end. For once maybe you can stop being a hack and address ideas independently on their own merits. For example unlike you I can say that eliminating deductions is a good idea regardless of what you do with tax rates; whether the top rate goes up, down or stays the same it’s an unequivocally good thing to reduce or eliminate deductions. That you have to first check and see if eliminating a deduction hurts the rich first before deciding whether you support it says everything there is to know about your politics.

 

[fskimospy]

It was a progressive tax code before and it still is a progressive tax code, one with less deductions and simpler for most filers. Which is what @sao123 said. You OTOH seem to be attempting to imply eliminating deductions Should not be done and less you can get concessions on your pet idea of raising tax rates at the top end. For once maybe you can stop being a hack and address ideas independently on their own merits. For example unlike you I can say that eliminating deductions is a good idea regardless of what you do with tax rates; whether the top rate goes up, down or stays the same it’s an unequivocay good thing to reduce or eliminate deductions. That you have to first check and see if eliminating a deduction hurts the rich first before deciding whether you support it says everything there is to know about your politics.

That is not what he said, he said that Republicans are arguing for a simple, progressive tax code. Republicans are not in fact arguing for a progressive tax code, as their actions show every chance they get they make it more regressive and the single most popular tax idea among Republicans is a flat tax.

I'll address whatever ideas I feel like. If you don't like it that's unfortunately a problem you will have to grapple with yourself. What I am sure of though is that raging at me isn't going to help.

 

[glenn1]

That is not what he said, he said that Republicans are arguing for a simple, progressive tax code. Republicans are not in fact arguing for a progressive tax code, as their actions show every chance they get they make it more regressive and the single most popular tax idea among Republicans is a flat tax.

I'll address whatever ideas I feel like. If you don't like it that's unfortunately a problem you will have to grapple with yourself. What I am sure of though is that raging at me isn't going to help.

Making it more regressive still leaves it as a progressive tax code. Stop pretending you care about eliminating deductions if you are mentally incapable of delinking deductions from marginal rates.

 

[fskimospy]

Making it more regressive still leaves it as a progressive tax code. Stop pretending you care about eliminating deductions if you are mentally incapable of delinking deductions from marginal rates.

Great, so by your logic when your football team advances the ball from their own ten yard line to their own twenty, twenty-five, and then own thirty-five both teams are really arguing to keep the ball on your side of the field because that’s where it is.

Hmm.

 

[Jhhnn]

Making it more regressive still leaves it as a progressive tax code. Stop pretending you care about eliminating deductions if you are mentally incapable of delinking deductions from marginal rates.

So what? It's regressive at the tippy top, very regressive. The GOP just made it more so, and they took more out of the hides of people who already pay high total taxes.

 

[glenn1]

Great, so by your logic when your football team advances the ball from their own ten yard line to their own twenty, twenty-five, and then own thirty-five both teams are really arguing to keep the ball on your side of the field because that’s where it is.

Hmm.

No it’s more like arguing that “refs should call less ticky-tac penalties like pass interference because it will make the sport better to watch” rather than arguing to keep the ball on your side of the field. Those countless deductions are akin to those phantom penalties that make the game worse for everyone and limiting them isn’t the same as changing the game score to benefit a specific team like the Patriots.

 

[local]

Well, finally did mine. It was annoying that they eliminated the mileage deduction but not because it made my taxes worse but the stupid tax program didn't let me know it was useless until AFTER I had put all the info in, at least I know I can strop tracking it now. But that being said I'm loving the new tax stuff, about doubled my refund while taxable income went up over $20k from last year. I paid a total of $444 in income tax last year on $81k income and only used the standard deduction, LOL. Finally my kids are pulling their own weight.

 

[Jhhnn]

Well, finally did mine. It was annoying that they eliminated the mileage deduction but not because it made my taxes worse but the stupid tax program didn't let me know it was useless until AFTER I had put all the info in, at least I know I can strop tracking it now. But that being said I'm loving the new tax stuff, about doubled my refund while taxable income went up over $20k from last year. I paid a total of $444 in income tax last year on $81k income and only used the standard deduction, LOL. Finally my kids are pulling their own weight.

Another patriotic American doing his part to support the Government of the People, the implement of Democracy.

 

[local]

Another patriotic American doing his part to support the Government of the People, the implement of Democracy.

Just like how I did literally nothing to reduce my tax burden I am not going to do anything to voluntarily increase it either. Don't like what I paid then change the law, it is what it is.

 

[s0me0nesmind1]

in, at least I know I can strop tracking it now. But that being said I'm loving the new tax stuff, about doubled my refund while taxable income went up over $20k from last year. I paid a total of $444 in income tax last year on $81k income and only used the standard deduction, LOL. Finally my kids are pulling their own w

How many kids do you have, 20?

I will say that $2,000 tax credit is pretty good.

 

[local]

How many kids do you have, 20?

I will say that $2,000 tax credit is pretty good.

Three, gonna spend some of the extra I am getting back on them. If it wasn't for them I would be owing $2,500 instead of receiving $3,500.

 

[Thebobo]

Just did my taxes same thing every year nothing has changed and I am getting about 1k less back on fed. I will have to check my pay to see what's going on there.

 

[Jhhnn]

Just did my taxes same thing every year nothing has changed and I am getting about 1k less back on fed. I will have to check my pay to see what's going on there.

They front loaded the tax cut into people's paychecks to make them look bigger at the time. Even if your witholding & rate didn't change your refund will be smaller on the same income.

 

[Indus]

Ok just did taxes today. Went from $900 refund last year from Federal to owing $540.

 

[Lanyap]

Ok just did taxes today. Went from $900 refund last year from Federal to owing $540.

Did you get more on your paycheck because of the lower withholding tables? If not, where did the increase come from?

 

[Indus]

Did you get more on your paycheck because of the lower withholding tables? If not, where did the increase come from?

I think its SALT deductions most likely coupled with the fact I can't claim a dependent who has alzheimers and is bed ridden in my family anymore.