How's that tax cut working out?

[TheVrolok]

Had been waiting on my 1099-DIV/B. Finally filed. MAGI went up by about 56%, paid 0.06% less than last year, effective rate of 18.58%. 🙁 Too much!

 

[s0me0nesmind1]

Had been waiting on my 1099-DIV/B. Finally filed. MAGI went up by about 56%, paid 0.06% less than last year, effective rate of 18.58%. 🙁 Too much!

Apparently you need to pay more 🙂 So says the left.

 

[Jhhnn]

Apparently you need to pay more 🙂 So says the left.

Not at all. He actually paid a higher rate than people making more than $60M/ yr. I doubt he falls into that category.

As the rich become super-rich, they pay lower taxes. For real. - The Washington Post

Which was before the most recent GOP tax cut which boosts their incomes with lower corporate taxes & provides more loopholes than ever.

We should all see that as egregious & vote for people who will fix it. It's actually a matter of economic self defense for the middle class.

My taxes? Dunno yet. If they went up, we'll just pay it. If they went down we were doing fine w/o it.

 

[s0me0nesmind1]

@Dulanic are you able to see who voted in the poll? I honestly want to call out the 6 people that are completely full of shit that voted for "Tax Rate Went Up - Income $0-50K"

Because that is literally impossible. There is zero situations that it is possible for that to occur

 

[Indus]

@Dulanic are you able to see who voted in the poll? I honestly want to call out the 6 people that are completely full of shit that voted for "Tax Rate Went Up - Income $0-50K"

Because that is literally impossible. There is zero situations that it is possible for that to occur

Did you overlook the fact that Obama had a 10% bracket which Trump made 12%.

 

[s0me0nesmind1]

Did you overlook the fact that Obama had a 10% bracket which Trump made 12%.

Did you overlook the fact that you're retarded ? Like... completely...seriously... mentally retarded ?

Don't answer that, it's rhetorical because we all know the answer you immaterial incompetent fool.

 

[Indus]

Ok ok I was misinformed. I saw a sheet last year that said it starts at 12%. And I haven't done my taxes yet, will do em next month.

 

[s0me0nesmind1]

Ok that's the first I've seen that they haven't done away with the 10% bracket. Saw a sheet last year that said it starts at 12%.

It doesn't - and thanks for having the balls to admit it. There are plenty here that are too ignorant to admit that - so I commend you.

All tax brackets went down.
The standard deduction was doubled for everyone.
Although exemptions were eliminated, the Child Tax Credit was set to $2,000 (way more than a $4,050 deduction) and it is refundable.

There is literally zero possible ways that someone making <= $50k could have paid more in taxes.

 

[Indus]

/shrug I've said many times I drink facts, not kool-aid.

Though I did go to irs to make sure before admitting. 😛

 

[sao123]

If anyone thought the tax cut was for the average working man, you are a complete idiot.

<---- Average Middle Class working man. Combined family income ~ AGI: $140K, Taxable income $120K
Paid $2000 less in taxes this year than last, and this years AGI was 10K more than last years.

Yes my refund was smaller this year BECAUSE THEY ADJUSTED THE WITHHOLDINGS TABLE, but I still kept MORE of our salaries.

 

[s0me0nesmind1]

<---- Average Middle Class working man. Combined family income ~ AGI: $140K, Taxable income $120K
Paid $2000 less in taxes this year than last, and this years AGI was 10K more than last years.

Yes my refund was smaller this year BECAUSE THEY ADJUSTED THE WITHHOLDINGS TABLE, but I still kept MORE of our salaries.

Lol, I hate to be the bearer of bad news, but you aren't "Average Middle Class working man"... Far from it. The average middle class household income is ~$60k - so less than half of yours.

Just simply saying - you're clearly in the... well... "above average" middle class.

 

[MooseNSquirrel]

<---- Average Middle Class working man. Combined family income ~ AGI: $140K, Taxable income $120K
Paid $2000 less in taxes this year than last, and this years AGI was 10K more than last years.

Yes my refund was smaller this year BECAUSE THEY ADJUSTED THE WITHHOLDINGS TABLE, but I still kept MORE of our salaries.

You still got screwed.

"The Act doubles the estate tax exemption to $11.2 million for singles and $22.4 million for couples. That helps the top 1 percent of the population who pay it. These top 4,918 tax returns contribute $17 billion in taxes. "

Non rich lose again.

"High Income: If you have a very high income, the tax plan helps you the most. The Tax Foundation said those who earn more than 95 percent of the population would receive a 2.2 percent increase in after-tax income. Those in the 20 to 80 percent range would receive a 1.7 percent increase. The Tax Policy Center said those in bottom 20 percent would only receive a 0.4 percent increase."

Once again I'd like to thank Republicans for a tax cut I didn't need that won't impact how I spend my money...like everyone else in my category. Every American should thank Trump for a more regressive tax system!

 

[s0me0nesmind1]

You still got screwed.

"The Act doubles the estate tax exemption to $11.2 million for singles and $22.4 million for couples. That helps the top 1 percent of the population who pay it. These top 4,918 tax returns contribute $17 billion in taxes. "

Non rich lose again.

"High Income: If you have a very high income, the tax plan helps you the most. The Tax Foundation said those who earn more than 95 percent of the population would receive a 2.2 percent increase in after-tax income. Those in the 20 to 80 percent range would receive a 1.7 percent increase. The Tax Policy Center said those in bottom 20 percent would only receive a 0.4 percent increase."

Once again I'd like to thank Republicans for a tax cut I didn't need that won't impact how I spend my money...like everyone else in my category. Every American should thank Trump for a more regressive tax system!

What the fuck did ANY of what his post say have to do with estate taxes you fucking retard? Not that estates should be taxed in the first place, since it's essentially taxed dollars that pieces of shit think should pay taxes again just for handing it over to someone else....

Don't do something crazy like get some brain cells.

 

[TheVrolok]

Apparently you need to pay more 🙂 So says the left.

I'd be happy to pay a little more, if those wel above me were paying more as well, but they aren't.

 

[dank69]

What the fuck did ANY of what his post say have to do with estate taxes you fucking retard? Not that estates should be taxed in the first place, since it's essentially taxed dollars that pieces of shit think should pay taxes again just for handing it over to someone else....

Don't do something crazy like get some brain cells.

Most money has "already been taxed." The whole system operates by taxing when money changes hands. Why should windfall inheritances be exempt? Hell, our system is so fucked that people are already starting to talk about wealth taxes, which would be taxing money that has already been taxed and it's not even changing hands.

 

[sao123]

Lol, I hate to be the bearer of bad news, but you aren't "Average Middle Class working man"... Far from it. The average middle class household income is ~$60k - so less than half of yours.

Just simply saying - you're clearly in the... well... "above average" middle class.

Lol @ you using pew research unofficial figures.

Anyone single or multi income who falls in the 22% and 24% brackets are "middle class".

That's where the biggest tax cuts were and where it was needed most.

Even Obama considered his 25% and 28% brackets middle class up to a family income of 200K

 

[Dulanic]

@Dulanic are you able to see who voted in the poll? I honestly want to call out the 6 people that are completely full of shit that voted for "Tax Rate Went Up - Income $0-50K"

Because that is literally impossible. There is zero situations that it is possible for that to occur

No I cannot, and I kept it that way so we don't get into name calling. I could see a possible scenario.... co habitants /w a house under one persons name in a high property tax state. This would likely cause their rate to rise, even significantly. The SALT deduction cap has a big impact on some. There may be other, but I'm not a tax professional and don't know all scenarios, nor do you. I don't disagree it seems more unlikely though.

 

[Dulanic]

<---- Average Middle Class working man. Combined family income ~ AGI: $140K, Taxable income $120K
Paid $2000 less in taxes this year than last, and this years AGI was 10K more than last years.

Yes my refund was smaller this year BECAUSE THEY ADJUSTED THE WITHHOLDINGS TABLE, but I still kept MORE of our salaries.

I can tell you /w my combined income within 5% of yours, mine went up. Not just paid amount, but also tax rate. My RATE went up > 1%. The 20% passthrough helped a tiny bit, but not much as that is just a side gig, otherwise it may had been closer to 2%.

So far from the result, it seems the 100+ got hurt the most as that is closest and I think that is expected due to the SALT cap. It's why I don't agree that is was a tax cut for the middle class, or upper middle class... at least depending on where you live.

I think the witholding tables are fucked if you live in higher SALT states. I didn't change mine and claim 1 even having a kid. I got back around 1K from state but owe over 2K federal.

 

[glenn1]

No I cannot, and I kept it that way so we don't get into name calling. I could see a possible scenario.... co habitants /w a house under one persons name in a high property tax state. This would likely cause their rate to rise, even significantly. The SALT deduction cap has a big impact on some. There may be other, but I'm not a tax professional and don't know all scenarios, nor do you. I don't disagree it seems more unlikely though.

Let’s say this situation is true; you’re in the military living in the barracks and eating in the chow hall and all your $45k of income goes towards paying for some land you bought where the SALT taxes are $20k. Even presuming this situation, there is no reasonable justification for other federal taxpayers to subsidize the state tax costs for your land.

 

[Dulanic]

Let’s say this situation is true; you’re in the military living in the barracks and eating in the chow hall and all your $45k of income goes towards paying for some land you bought where the SALT taxes are $20k. Even presuming this situation, there is no reasonable justification for other federal taxpayers to subsidize the state tax costs for your land.

Totally outside the topic. But if you want to get into a pissing match, is it right for me to subsidize corporations that haven't reinvested anything back to the employees? In fact my company made a record profit thanks to this tax cut, yet I got my lowest increase in 7 years. I got a $1000 bonus "for the tax cut"... which didn't even offset my increase in taxes. Oh my, $1000... I should be so grateful.... even though they took it more than back with the shit raise.

But this tax cut was going to raise wages right? Oh that didn't happen either? Hmmmm but they would pay for themselves right? Oh that didn't happen either?

So we can bicker about the tax cut and who and what should had happened. But back on topic, the simple fact is Trump RAISED my taxes period, while cutting corporations and the ultra wealthy. That is bad policy IMO, how many times will we go over the game of trickle down DOESN'T WORK.

 

[MooseNSquirrel]

What the fuck did ANY of what his post say have to do with estate taxes you fucking retard? Not that estates should be taxed in the first place, since it's essentially taxed dollars that pieces of shit think should pay taxes again just for handing it over to someone else....

Don't do something crazy like get some brain cells.

The ad-hominem - refuge of the intellectually lazy and those with reading comprehension issues.

But thanks for your passionate defense of inherited plutocracy! Current estate tax policy - like much Republican tax policy - is based on fallacy and lies with the sole purpose of making the wealthy even wealthier. Like our recent fake tax reform!

 

[s0me0nesmind1]

Totally outside the topic. But if you want to get into a pissing match, is it right for me to subsidize corporations that haven't reinvested anything back to the employees? In fact my company made a record profit thanks to this tax cut, yet I got my lowest increase in 7 years. I got a $1000 bonus "for the tax cut"... which didn't even offset my increase in taxes. Oh my, $1000... I should be so grateful.... even though they took it more than back with the shit raise.

But this tax cut was going to raise wages right? Oh that didn't happen either? Hmmmm but they would pay for themselves right? Oh that didn't happen either?

So we can bicker about the tax cut and who and what should had happened. But back on topic, the simple fact is Trump RAISED my taxes period, while cutting corporations and the ultra wealthy. That is bad policy IMO, how many times will we go over the game of trickle down DOESN'T WORK.

He didn't raise taxes so much as cut deductions - which IMO needed to be done. We shouldn't be rewarding people who live in HCOL states - that's the price you pay for living in HCOL.

I'm honestly fine with capping or eliminating mortgage interest deduction as well. Why are we subsidizing people to take debt? It's absurd.

 

[s0me0nesmind1]

Lol @ you using pew research unofficial figures.

Anyone single or multi income who falls in the 22% and 24% brackets are "middle class".

That's where the biggest tax cuts were and where it was needed most.

Even Obama considered his 25% and 28% brackets middle class up to a family income of 200K

Using Pew research wut? It's not hard or complex - Google average household or average income, there is plenty of sources outside of Pew.

The vast majority say the average income is somewhere in the ball-park of $45 -- 65k (depending on if it's by household, or by person, etc...)


I'm really just telling you to... check your privilege heh. You're not middle class. Not by a LOOOOOOOOOONG shot. You're very much in the top 10% @ $140k. Snap back to reality for half a second.

If you want to cross the top 10% mark, you’ll still need a six-figure income but the numbers aren’t quite as high. Wages for the top 90% to 95% group are $118,400, according to the EPI analysis.

https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

 

[MooseNSquirrel]

Totally outside the topic. But if you want to get into a pissing match, is it right for me to subsidize corporations that haven't reinvested anything back to the employees? In fact my company made a record profit thanks to this tax cut, yet I got my lowest increase in 7 years. I got a $1000 bonus "for the tax cut"... which didn't even offset my increase in taxes. Oh my, $1000... I should be so grateful.... even though they took it more than back with the shit raise.

But this tax cut was going to raise wages right? Oh that didn't happen either? Hmmmm but they would pay for themselves right? Oh that didn't happen either?

So we can bicker about the tax cut and who and what should had happened. But back on topic, the simple fact is Trump RAISED my taxes period, while cutting corporations and the ultra wealthy. That is bad policy IMO, how many times will we go over the game of trickle down DOESN'T WORK.

This fake tax reform had 3 purposes:

1. Reward the Republican donor class

"“My donors are basically saying, ‘Get it done or don’t ever call me again,” Rep. Chris Collins ", "Q: What happens if GOP isn't able to pass tax reform? Graham: "The party fractures, most incumbents in 2018 will get a severe primary challenge, a lot of them will probably lose, the base will fracture, the financial contributions will stop, other than that it'll be fine!" "

2. Punish wealthy Blue states that will never vote Republican but also happen to be the economic engines of the country, doubling down on the stupid
3. Prove just how bad, since Reagan, Republicans have been at managing our nations budget and overall financial health

And Americans still dont like it. Popularity is at Trump's level.

https://www.realclearpolitics.com/epolls/other/trump_republicans_tax_reform_law-6446.html

 

[glenn1]

Totally outside the topic. But if you want to get into a pissing match, is it right for me to subsidize corporations that haven't reinvested anything back to the employees? In fact my company made a record profit thanks to this tax cut, yet I got my lowest increase in 7 years. I got a $1000 bonus "for the tax cut"... which didn't even offset my increase in taxes. Oh my, $1000... I should be so grateful.... even though they took it more than back with the shit raise.

But this tax cut was going to raise wages right? Oh that didn't happen either? Hmmmm but they would pay for themselves right? Oh that didn't happen either?

So we can bicker about the tax cut and who and what should had happened. But back on topic, the simple fact is Trump RAISED my taxes period, while cutting corporations and the ultra wealthy. That is bad policy IMO, how many times will we go over the game of trickle down DOESN'T WORK.

Heck yes get rid of the corporate subsidies also, get rid of them first. I want to remove basically all subsidies and have said here repeatedly including ones like SALT which I have benefited from (and still do to a lesser extent since it's capped, but I do still itemize). Hell I'd say the ones I benefit from should be the biggest ones to get rid of. All these one off deductions, credits, and cross subsidies are exactly what's wrong with our tax code.