Who has done their taxes? FED Tax Liability change?

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CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: CADkindaGUY
I just received my last W-2 today and promptly entered it into TaxAct and finished my taxes. Seems I must be "rich" since my Federal tax liability went down by over $1000 - which is just over a 17% reduction from last year.

My exemptions and deductions were also increased this year due to the marriage penalty tax being taken away.
Also my tax credits(after tax liability) went up by a few hundred. The child tax credit doesn't really show up in the numbers since it is taken away internally so basically my credits were $800 more than what the software and numbers show since I got the check last fall.

But yeah, my "rich" household income of ~60K (give of take a few K;)) didn't get anything from the Bush tax cut - it must have gone to all the "rich" 70+K incomes
rolleye.gif



Anyone else figured their taxes yet? I'm curious to see peoples change in FEDERAL TAX LIABILITY numbers from last year. Now I should state that if you saw an increase in salary your numbers will be skewed a tad, but my household income numbers stayed approx the same this year. Anyone wish to share numbers or Federal tax liability % change?

CkG

Final results are in:D

Federal Tax liability went down $1195.:D
And add to that an extra $800 in child tax credit - my taxes were lowered almost $2000.:)

Then looking at the state side - My state taxes(liability) went up a grand total of $20.

Now all of this is comparing incomes within $500 of last year.

Anyway, I e-filed them both and should be getting what I overpaid back in no time.

CkG
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: Jhhnn
Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.:)

I would, and gladly, if there were some way that payment could be credited to my account and interest accrued so as to count against the inevitable tax hikes and interest payments I'll be making along with a lot of short-sighted folks who seem to like borrowing money they don't need, and co-signing on really big notes for others who can easily buy citizenship in some tax haven, like Bermuda...

The wife and I did quite well on the tax break- two kids, ~$90K total income, near the lower end of Dubya's target income group... We have no illusions, however, that we're the recipients of some beneficience from the Republicans, or that this whole thing is actually connected to fiscal responsibility in any way whatsoever...

Just keep your snouts in the trough, there's a reason you're being fed so well...

No - you can't put it in some acct. - according to you, it's money you are supposed to be paying.;)

Seems that me with my measely ~60K+ household income was targeted as I had around a 20% reduction in fed tax liability. But keep thinking the tax-cuts were only for the "rich".:)

CkG
 

amok

Golden Member
Oct 9, 1999
1,342
0
0
Originally posted by: CADkindaGUY
Originally posted by: Jhhnn
Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.:)

I would, and gladly, if there were some way that payment could be credited to my account and interest accrued so as to count against the inevitable tax hikes and interest payments I'll be making along with a lot of short-sighted folks who seem to like borrowing money they don't need, and co-signing on really big notes for others who can easily buy citizenship in some tax haven, like Bermuda...

The wife and I did quite well on the tax break- two kids, ~$90K total income, near the lower end of Dubya's target income group... We have no illusions, however, that we're the recipients of some beneficience from the Republicans, or that this whole thing is actually connected to fiscal responsibility in any way whatsoever...

Just keep your snouts in the trough, there's a reason you're being fed so well...

No - you can't put it in some acct. - according to you, it's money you are supposed to be paying.;)

Seems that me with my measely ~60K+ household income was targeted as I had around a 20% reduction in fed tax liability. But keep thinking the tax-cuts were only for the "rich".:)

CkG

When you can find someone who isn't in the top bracket that can top my 31% I'll believe they weren't heavily weighted for the more affluent. To be honest with you though, I've quit caring beyond occasionally speaking up about disinformation.

Originally posted by: charrison
I dont think very many liberals are going to take that offer.

You're probably right, but sarcasm may be wasted on that subject. I no longer agree with most of our government's fiscal decisions, so I'll put the savings to use in my own way. At least I'll feel comfortable knowing its not being wasted.
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: amok
Originally posted by: CADkindaGUY
Originally posted by: Jhhnn
Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.:)

I would, and gladly, if there were some way that payment could be credited to my account and interest accrued so as to count against the inevitable tax hikes and interest payments I'll be making along with a lot of short-sighted folks who seem to like borrowing money they don't need, and co-signing on really big notes for others who can easily buy citizenship in some tax haven, like Bermuda...

The wife and I did quite well on the tax break- two kids, ~$90K total income, near the lower end of Dubya's target income group... We have no illusions, however, that we're the recipients of some beneficience from the Republicans, or that this whole thing is actually connected to fiscal responsibility in any way whatsoever...

Just keep your snouts in the trough, there's a reason you're being fed so well...

No - you can't put it in some acct. - according to you, it's money you are supposed to be paying.;)

Seems that me with my measely ~60K+ household income was targeted as I had around a 20% reduction in fed tax liability. But keep thinking the tax-cuts were only for the "rich".:)

CkG

When you can find someone who isn't in the top bracket that can top my 31% I'll believe they weren't heavily weighted for the more affluent. To be honest with you though, I've quit caring beyond occasionally speaking up about disinformation.

Originally posted by: charrison
I dont think very many liberals are going to take that offer.

You're probably right, but sarcasm may be wasted on that subject. I no longer agree with most of our government's fiscal decisions, so I'll put the savings to use in my own way. At least I'll feel comfortable knowing its not being wasted.

Your Federal tax liability was lowered by 31% over last year making approx the same salary with no major filing changes? If so - good:D You deserve to keep more of your money instead of the gov't spending it for you.

Anyway - you seem to miss the point. Many here seem to think that Bush's tax-cuts only favored the "rich". Well I can prove they didn't. Reducing my tax liability ~20% is quite substantial considering my household income.

CkG
 

rbV5

Lifer
Dec 10, 2000
12,632
0
0
Originally posted by: alchemize
Originally posted by: CADkindaGUY
Originally posted by: alchemize
Just my rough numbers, last year vs. this year. I'm in the "rich" according to the dems because my family of 4 takes in about 115K per year...

14% this year. 16% last year. A reduction of about $1,800.

That's Liability/AGI - right?

CkG

Exactly :) Haven't finished honing my deductions yet, just an estimate :)

Helped my son was born December 30, 2002 ;)

My daughter was born December 30th, 1989:) I'll be doing my taxes this week.

 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
Originally posted by: rbV5

My daughter was born December 30th, 1989:) I'll be doing my taxes this week.

Now that she is a teen-ager, hair pulling is not deductible.

Remember what/how you were. that may be what she will start searching for :evil:
 

rbV5

Lifer
Dec 10, 2000
12,632
0
0
Originally posted by: EagleKeeper
Originally posted by: rbV5

My daughter was born December 30th, 1989:) I'll be doing my taxes this week.

Now that she is a teen-ager, hair pulling is not deductible.

Remember what/how you were. that may be what she will start searching for :evil:

I know, my gawd what have I done?:) And of course she's the spittin' image of her knockout mother (still a babe after more than 20 years of dealing with me) Her 17 year old big brother and I have managed to hold the multitudes at bay, through severe intimidation (I wonder if those "tools" are deductable?) I don't know how long the gun collection tour is going to work though:)

 

amok

Golden Member
Oct 9, 1999
1,342
0
0
Your Federal tax liability was lowered by 31% over last year making approx the same salary with no major filing changes? If so - good You deserve to keep more of your money instead of the gov't spending it for you.

Anyway - you seem to miss the point. Many here seem to think that Bush's tax-cuts only favored the "rich". Well I can prove they didn't. Reducing my tax liability ~20% is quite substantial considering my household income.

CkG

Cad, my "salary" is the same, and constitutes a whopping 4% of my income for 2003. Its an insignificant aspect of my tax preparation. The real issue for me is dividends and capital gains. My savings would have been even more substantial if I hadn't decided to take a tax hit by taking profits on some short-term gains, but my confidence in most markets was down due to my feelings regarding overvaluation.

And no, I didn't miss the point. I didn't say "only", I said that its loaded way more for the top end, to benefit people like myself who make a significant percentage of their earnings through dividends and gains.

As for it being good to get to keep my money, under the circumstances I agree. If our government made a significant effort to pay down our debt, improve national infrastructure, etc, I wouldn't mind them keeping it.
 

wirelessenabled

Platinum Member
Feb 5, 2001
2,190
41
91
Originally posted by: CADkindaGUY

Your Federal tax liability was lowered by 31% over last year making approx the same salary with no major filing changes? If so - good:D You deserve to keep more of your money instead of the gov't spending it for you.



CkG



CAD, the government has already spent the money for me. Bush just decided it would be better to borrow the money to spend instead of taxing.:frown:

Have you heard the US has a $500 billion deficit?
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: wirelessenabled
Originally posted by: CADkindaGUY

Your Federal tax liability was lowered by 31% over last year making approx the same salary with no major filing changes? If so - good:D You deserve to keep more of your money instead of the gov't spending it for you.



CkG



CAD, the government has already spent the money for me. Bush just decided it would be better to borrow the money to spend instead of taxing.:frown:

Have you heard the US has a $500 billion deficit?

Have you heard the US has a 2.3+ Trillion budget? Why is that? Why does our gov't need that much money(actually more than that) to run? That's right - it doesn't need that much to run.

CkG
 

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,681
136
From CkG-

Have you heard the US has a 2.3+ Trillion budget? Why is that? Why does our gov't need that much money(actually more than that) to run? That's right - it doesn't need that much to run.

Funny, the Republican leadership in Congress and the Whitehouse seems to think so. According to them, "Deficits don't matter." Your argument, or lack thereof, is a complete non-sequiter. The issue is one of balance, and of sustainability, and of planning for our financial future as a Nation.

As for the distribution of benefit from the tax "cuts", it's not just for the wealthy, but it's definitely very much in their favor- another application of the fairy-tale "trickle-down" theory. Tax "cuts" only benefit those who receive them, the rest being pure misdirectional advertising.

CTJ

Looks like a lot of benefit for the upper echelons, no matter how you spin it. Their share of wealth and income has grown enormously since the beginning of the Reagan era, and these changes promise to accelerate that trend.

As the complete acceptance by many shows, the Repubs deal a helluva game of three card monty. They won't quit winning until the suckers realize that they can't win... or go broke...
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
Originally posted by: rbV5
Originally posted by: EagleKeeper
Originally posted by: rbV5

My daughter was born December 30th, 1989:) I'll be doing my taxes this week.

Now that she is a teen-ager, hair pulling is not deductible.

Remember what/how you were. that may be what she will start searching for :evil:

I know, my gawd what have I done?:) And of course she's the spittin' image of her knockout mother (still a babe after more than 20 years of dealing with me) Her 17 year old big brother and I have managed to hold the multitudes at bay, through severe intimidation (I wonder if those "tools" are deductable?) I don't know how long the gun collection tour is going to work though:)

I used a machete with some rustolean on the blade as a determent method with respect to our youngest girl.

Invited prospective problems over to assist in cracking open coconuts using the machete
Casually mentioned that the color of the blade was from others that got fresh with the girl. :evil:
 

NesuD

Diamond Member
Oct 9, 1999
4,999
106
106
Originally posted by: amok
Originally posted by: NesuD
Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

Actually, I tend to think that after a couple of days of dancing around in circles, they will realize part of the reason we have a half trillion dollar deficit ;).

No actually the reason fot the alleged half trillian dollar deficit was Mr Clintons recession and the resulting economic slowdown. Takes a little time to get an economy as large as ours back into high gear in those conditions. The deficit is more a result of lost tax revenue due to the economic slowdown than it is a result of overspending. Economically speaking it is perfectly acceptable to run a deficit in these conditions. Fact is as a percentage of the total budget the deficit isn't really out of line compared to similar economic conditions over the past 35-40 years be it Republican or Democratic administrations in power.
 

NesuD

Diamond Member
Oct 9, 1999
4,999
106
106
Originally posted by: dmcowen674
Originally posted by: NesuD
Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

Woo Hooo a whole whopping 2% when the cost of of everything was raised way more than that 2% to make up for the supposed "Cut".

You know Dave when you had your troubles with Georgia's wonderful legal system I was one of the members here that supported you. I had been doing RC5 along with you and many others right from the beginning with Anandtech. When they left you swinging in the wind as a thank you for participating I walked away from RC5 as a form of protest and sent Nugget several emails voicing my displeasure with their treatment of you. I am simply amazed what a bitter man you have become. You have a right to your own opinion and I respect that whether I agree with it or not. What I do not appreciate is the way you belittle and insult those with differing opinions. The fact that my Taxes went down over 12%(not 2%) from last years may not seem like much to you but for people like us who have had to bear an unfair portion of the tax burden for the past 20 years just because we are married think it is long overdue. If you wish to contribute more than your fair share of the taxes then by all means be my guest. Do not however think that it is ok to ridicule and belittle those of us who are finally getting some fairness after years of being abused by the tax man.

 

NesuD

Diamond Member
Oct 9, 1999
4,999
106
106
Originally posted by: CADkindaGUY
Originally posted by: Jhhnn
Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.:)

I would, and gladly, if there were some way that payment could be credited to my account and interest accrued so as to count against the inevitable tax hikes and interest payments I'll be making along with a lot of short-sighted folks who seem to like borrowing money they don't need, and co-signing on really big notes for others who can easily buy citizenship in some tax haven, like Bermuda...

The wife and I did quite well on the tax break- two kids, ~$90K total income, near the lower end of Dubya's target income group... We have no illusions, however, that we're the recipients of some beneficience from the Republicans, or that this whole thing is actually connected to fiscal responsibility in any way whatsoever...

Just keep your snouts in the trough, there's a reason you're being fed so well...

No - you can't put it in some acct. - according to you, it's money you are supposed to be paying.;)

Seems that me with my measely ~60K+ household income was targeted as I had around a 20% reduction in fed tax liability. But keep thinking the tax-cuts were only for the "rich".:)

CkG
Marriage penalty was eliminated on the first 57,000 of taxable income so looks like you fell right in the sweet spot Cad. Liberals accusing us of having our snouts in the trough just because we don't have to pay more than anyone because we happen to be married. Guess they would be experts on having their snouts in the trough though.

rolleye.gif