Tax returns are on average $500 less this year..

The trumptards will be in here explaining the tax code and how people are better off and mistaken.

Trump supporters that haven't done their taxes yet don't think this is a problem. Every Trump supporter this had to pay more is pissed off and posting online and Twitter they feel suckered.

I for the record am enjoying my tax cut because I have a LLC. So sad to all the trailer park walmart employees who voted for Trump though..

Nice!

I heard the W2 truckers are severely fucked because Trump took away their itemized deductions for 2018 and beyond.

Company drivers will take a hit from new tax law

"All totaled, the average company driver was entitled to about $18,000 in deductions. This disappears under the new tax law. "

You understand that there was less money being taken out so people were getting bigger paychecks, right?

Another DNC shill thread easily debunked!

I wish my taxes were $500 less this year. Paying in $50k sucks.

You understand that less money being taken out of their checks was due to a tax cut that they were promised? Which means they would have received the same refund. But there was no tax cut for them so it instead came out of their refund. Are you able to comprehend simple math?

What I understand is you are clueless and believe any Democrat talking points. You are gullible.

Also, many common deductions were erased by Trump for 2018.


The standard $6,350 deduction.

Personal exemptions.

Unlimited state and local tax deductions.

A $1 million mortgage interest deduction.

An unrestricted deduction for home equity loan interest.

Deductions for unreimbursed employee expenses.

Miscellaneous itemized deductions.

A deduction for moving expenses.

Unrestricted casualty loss deduction.

Alimony deduction.

Deductions for certain school donations.

Deductions from tax extenders.

Let me put this in terms you *might* understand.

Lets say I rent you a trailer for $1000 a month with a $2000 deposit. I send you a letter and say "Good news! I'm reducing your rent to $900!" Then when you move instead of getting your $2000 back I tell you "I took $100 a month out of your deposit to cover the reduced rent". The reality is you got no reduced rent. Understand dumbass?

What the Republicans did was brilliant. They gave the rich a huge massive tax cut, while making it look like everyone got it. But the reality is they just moved some numbers around to make it look like we were getting a tax cut but they changed the deductions so we in fact pay more.

People like Robbie are like "Well, you should have made adjustments"... Such as what - Have them pull more money out of my paycheck so... I am paying more in taxes?

Ass.

Sucks for the 9 to 5ers. No diss, it really does suck for you guys. Trump & co should have been more forthright. I know a lot of you guys depend on them refunds.

I guess they all like loaning money to the government for free!!

This will fuck Trump in 2020

So, in other words , all the big hoopla about having more to spend a week ( some had enough for a coffee ) was all smoke & mirrors, as not a result of tax cuts but of reduced deductions ....

I see .... MAGA !!!!!!!!

Nice one

A bit like when they advertise car rentals : low monthly but a big down payment up front ....


Asspimple will not understand, but you have to excuse him : he lacked air while underwater at his job at the waterpark ....

Yes, the Robbie's will always have a excuse to make it your fault because the Robbie's can never be the one who was wrong..

Yea he fucked over all the company drivers real good. Sucks for them.

You can say the same thing to people putting a couple of hundred bucks in a savings account every month. They're loaning money to the bank for free, is that a bad idea in your mind??

We already have a thread about this at https://m.gfy.com/fucking-around-and...x-break-2.html

The median household income is $50k to $70k, varying by state. Average standard deduction is now $24k, right? That IRS link from the other thread caps the itemized deduction for state and local taxes at $10k. So that means there are mathematically zero middle income households getting taxed higher. For example, in order to pay $10k+ in taxes in California, a household would have to earn more than $107k in income. So, at $107k, that is still fully deductible.

The median home price is $200k. The most likely so-so interest rate is approximately 5%. That means the interest rate deduction on an average home is less than $10k. As $10k is less than $24k, that indicates that middle class Americans have no need to itemize and pay less in taxes with this plan. For it to be worth itemizing, a home would have to cost like half a mill and be owned for less than 3 years for this to be a minus.

So, did some people lose under the new plan? Possibly yes for people who are high income and do not make their income from business and do not make their income from sales and who own very expensive houses that they have only owned for a short time.

So are folks really crying for people with six figure cubicle jobs, which have none of their compensation tied to performance, and who recently purchased super expensive homes in high income tax states?

Do the math.

Abandon all logic ye who enter the leftie mindsphere.

From the article you linked:

"Because of tax rule changes to itemizations, W-2 drivers will no longer be able to itemize expenses. But there is a workaround..."

The article explains that both companies and company drivers will do better raising per diem and states they are doing this:

"It's literally reimbursement pay. Then the company writes that reimbursement payoff as part of their expense. Everybody wins in that respect if the company chooses to do that."

Then the article says how, with no changes in what they are doing, indie truck drivers and small trucking businesses will do better:

"That will be a big savings for the owner-operator or lease operator, the guy who has his own authority or a small trucking company. All of those guys will benefit from this new tax law. It's only the company driver that's going to take the hit unless his company raises his per diem."

From the article you linked:

"Because of tax rule changes to itemizations, W-2 drivers will no longer be able to itemize expenses. But there is a workaround..."

The article explains that both companies and company drivers will do better raising per diem and states they are doing this:

"It's literally reimbursement pay. Then the company writes that reimbursement payoff as part of their expense. Everybody wins in that respect if the company chooses to do that."

Then the article says how, with no changes in what they are doing, indie truck drivers and small trucking businesses will do better:

"That will be a big savings for the owner-operator or lease operator, the guy who has his own authority or a small trucking company. All of those guys will benefit from this new tax law. It's only the company driver that's going to take the hit unless his company raises his per diem."

^^ Another hysterical Crockett thread debunked!

Come on, in 2050 there are 50 metres high waves thay will kill you anyway according to the environmental 'specialist'. Better to make as much debts as you can.

Oh Look, Crockette was WRONG AGAIN.

Newsrooms that rushed to report tax refunds were smaller this year go silent on IRS data showing refunds have increased

Tax refunds have increased by 1.3 percent from last year following the fourth week of the 2019 filing season, according to new Internal Revenue Service data.

To be more specific, the average tax refund has increased to $3,143 from $3,103 last February, according to cumulative statistics comparing the 2018 and 2019 filing seasons.

Oddly enough, certain newsrooms have responded to this development with total silence. I say “odd” because it was just a few weeks ago that these same newsrooms covered the initial filing data, which showed the average tax refund this year has been smaller than in 2018. These news organizations also suggested (both implicitly and explicitly) that the decrease is tied to the Republican Party’s tax reform bill.

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“Millions of Americans could be stunned as their tax refunds shrink,” read a headline published on Feb. 10 by the Washington Post. The story reported, "Many Americans may confuse their meager refunds as a sign that they paid more in taxes as a result of the Tax Cuts and Jobs Act. Generally, that is not true." On Feb. 14, the Post ran a story titled, “IRS says average tax refund is down nearly 9 percent so far this year.”

That story included a line that reads, "Many early filers are still upset about getting a smaller refund or unexpectedly owing money, even if they did pay lower taxes overall as a result of the Republican tax bill that passed in December 2017."

As of March 2, the Post has published nothing showing the average refund is now greater than it was at this point in 2018.

Then, there’s the New York Times, which reported on Feb. 12, “Smaller Tax Refunds Surprise Those Expecting More Relief.” (The clear but false implication, contrasting "Smaller Tax Refunds" to tax "Relief," is that the law didn't really cut taxes.) That story reported: "The tax overhaul that took effect last year promised relief, but now that returns are being filed, some people are baffled. They’re getting smaller refunds — or sometimes having to write a check — even though nothing in their situation seems to have changed."

On Feb. 14, the Times also published a story titled, “As Refunds Shrink, Treasury Dept. Reminds Workers of Bigger Paychecks.” On Feb. 22, the paper published a report titled, “Why a Tax Cut Might Not Mean a Bigger Refund.”

As of March 2, the Times has published nothing detailing the new IRS data.

“Anger, Confusion Over Dwindling Refunds. Is Trump's Tax Plan To Blame?” National Public Radio asked on Feb. 14. The Associated Press reported on Feb. 19, “I owe how much? Americans shocked by impact of new tax law.”

As of March 2, you guessed it, neither NPR nor the AP has published anything about the new refunds statistics.

To be fair, there are a couple of important points that need be made.

First, not all newsrooms have ignored the latest information from the IRS. USA Today, Yahoo News, CBS News, and CNN have been diligent. Good on them. Also, though the Post has yet to report on the new data, its fact-checking team did a good job last month dismantling Sen. Kamala Harris’, D-Calif., nonsense claim that the smaller refunds were the fault of the GOP tax cuts.

Secondly, tax returns are still incoming, and it has been slower going this year than it was in 2018. We’ve still a way to go, and it’d be premature to suggest now that the latest IRS data prove newsrooms and pundits were wrong to highlight the initial numbers. It’d be premature to suggest that the new data prove anything.

But that’s kind of the entire point here: If the first round of refund numbers was enough to spark a feeding frenzy of media coverage suggesting tax-cut were to blame, why aren't these same newsrooms jumping all over these new IRS figures with similarly premature analysis? And why did newsrooms even bother to cover the average figures (as opposed to the median) in the first place?

I think we can guess why. I just want to hear them say it.

-------------------

Can we restrict threads from hysterical nutjobs to one per week????

Why do Americans constantly whine about no tax returns whan their country is spiraling into debt? https://en.wikipedia.org/wiki/Nation..._United_States

U.S. National Debt Clock : Real Time

You would think as loyal Americans you would want to pay more taxes and see the debt reduced.

"All totaled, the average company driver was entitled to about $18,000 in deductions. This disappears under the new tax law. "

Yes I read the article I linked to thanks

Hoping the company you work for changes it's structure so you're not fucked on your taxes wasn't a winning strategy for company drivers they are screwed unfortunately. Trump will take a big hit for this.

You know, cause.... facts.

So you are championing companies paying more money out of pocket so their drivers dont get screwed on taxes..


Ummm since I have a bit of experience in this I'll let you know..Everyone in the industry knows company drivers got fucked..

The company's didnt pay them the difference they got fucked.

The LLC guys like me, yes we got a nice tax cut due to the changes in the LLC taxes, but company guys got fucked.