Where is my REFUND ? Where is that tax break ?
 

Not that you were not warned ! Tax breaks do not mean tax rebate. Just withholding were lowered to make you feel richer and spend more !

But if you have lots of rental property, you probably made out the best in all of this.

https://www.nbcnews.com/business/tax...refund-n969366

Trump supporters have been posting online how pissed they are saying that they make the same amount of money last year and they're paying $1,300 in taxes and no refund, most have seen huge reductions in their refunds etc etc.

Trump Voters Are Turning On Him After Realizing That They’re Being Screwed By The GOP Tax Plan

My taxes are $2800 higher than last year. Glad I could make billionaires richer.

Damn that's sucks!

I have a friend who is a big Trump supporter and has been talking about the extra money he has been getting from the tax cut all year. With the tax law changes, his refund will be about half as much as it was last year. Turns out his tax cut wasn't nearly as much as he thought.

A lot of people are complaining about this on FB. I am guessing the complaints will get louder the closer we get to tax time.

You guys so full of shit lol i just did my daughters and all of my family members taxes and they all are getting more money back then the did last year.

It depends on your situation. My friend and his wife had a lot of write-offs in the past that are no longer allowed because they were replaced by a bigger standard deduction. The new deduction isn't as big as the itemized deductions were. Also they both did make a little more during the year because of the tax cut which put them in a slightly higher bracket.

In the end, when all the math is done, my buddy and his wife will end up bringing in about 2% more than they did last year. So they will see a slight increase, but in my state inflation was about 3% last year, so they really just broke even at best.

I just read that so far, as filing gets under way, the average refund this year is about 8.5% less than last year. Of course, it is still very early in the tax season.

I need a tax break

The structure of this was the same as any other break.
It has been done 3 times in my lifetime and you would think by now folks would not buy it. They pass this stuff so fast, nobody really has a chance to review it for true implications.
And the deviling details are always written after the bill has past while in some sub-committee where words meet the deed. That is where the hocus-pocus is done.

Those that are making out better will be in a minority. Mainly those with little income where the standard deduction discounts more taxable income.

But, we know the top 3% made out pretty well. Many saved more than I make. Think about that.

I'm sure this will bring out a mess of new proposals, it has in the past.
Watch out for the catch phrases of FAIR TAX etc, where they eliminate corporate ITX with sales tax (corp don't pay sales tax, you do)

I have had it in my head for 20 years now that the only fair thing to do is make the personal income tax rate the same for everyone. Anything less is discrimination.
Nobody should be able to have a tax break on personal taxes that everyone can't have the possibility of.

Lets say the rate is 18%
To help those at the lower end of the scale without discriminating the top, everyone gets a standard deduction of 15k and 4k for dependents, blind, etc.

Everyone gets the same qualifying rates and deductions.

You should not get a rate discount for the volume of money you made. We are all the same here and should be treated as such.

That's it. Postcard size just like Trump promised ! When is that coming anyhow ?

i think, what you need is a break from the tax break.

i am not american and not really familiar with the tax laws there but even for me it was clear from the start that the small ones, that take care their properties will pay the bill.

the guys that rent and do nothing (slum owners) will benefit on the short term but even they can not prevent years with higher costs on the long term.

but this is what trump supporters are well known for. they vote for things that they do not understand.

So the middle class is going to pay more taxes, the rich get a huge tax cut, businesses got a huge tax cut, the economy has not done what Trump hoped, and our deficit went through the roof for no reason.

Are we tired of this winning yet?

TampaToker did his daughter's taxes with the 2016 version of eztax..

:thumbsup:thumbsup:thumbsup:thumbsup:thumbsup ...LOL...

This thread needs a manga hat

https://i.imgflip.com/2tbwfi.gif

Average tax refund down 8% so far this season

(CNN)Tax season is off to a slower start this year, with early filers seeing smaller average refunds.

"The average refund is down about 8% under the first full year of the overhauled tax code, according to data released by the IRS on Friday. Refunds averaged $1,865 compared to $2,035 for tax year 2017."

https://www.cnn.com/2019/02/09/polit...ata/index.html

https://foreignpolicymag.files.wordp...6322.jpg?w=957

Guys...tax "refunds" only happen because you paid too much tax in the first place from withholding taxes.

The govt. took your money and kept it for a year interest free.

The LESS "tax refund" you get at the end of the year...the better off you did that year.

Getting a lump sum at the end of the year makes you "feel" good.
But those of us who actually own their own business and PAY taxes by writing a big ass check to the govt. every quarter know better.

There goes my porn collection

paul-markham-o-nomics...rearrange the seats on the titanic and focus on the passengers that got the window seats...kinda like trumps china tarrifs...china will buy more but others will buy less...but focus just on china buying more :1orglaugh:1orglaugh:1orglaugh:1orglaugh

pathetic magic beaners believing in a populists magic beans :1orglaugh:1orglaugh:1orglaugh

Why am I not surprised.....

Do not forget for a second your paying the extra tariff tax as well ;)

:1orglaugh:1orglaugh

Probably going to take some time.... perhaps until late April...
To find out what the 'effective tax rate' has been for those around 200k 1M & 10M of personal income.

I might give odds that most at 1M & up have a ETR of 13% or less.

Poor girl, she needs more practice..:upsidedow

Republicans fuck 99% of the people over whenever they're in office. It's astounding how stupid their voter base is.

No shit captain cuckold.

https://media.makeameme.org/created/...ock-5b2d30.jpg

So, now, our national debt grows 10% in just one year 2018!
https://www.usatoday.com/story/news/...er/2849978002/

I wonder how close that is to the amount of savings to some in those tax cuts ?

My guess is that it's not much.

By the way, tax revenues ROSE in 2017 and 2018.
But the problem is spending. The Federal Govt. needs to stop spending. They are bringing in historically high revenue...but spending it even faster and running up a trillion dollar deficit.

We don't NEED to spend even more money on the freakin' military. 1.4 TRILLION in just 2 years.
We need to bring all that military home and close all the bases around the world that cost us so much money.

Why do Americans expect a tax break? Your country is sinking into further debt because you don't pay enough taxes.

Where in the hell do you get your info from?


It’s Official: The Trump Tax Cuts Didn’t Pay for Themselves in Year One

Federal tax revenues declined in 2018 while economic growth accelerated, undercutting the Trump administration’s insistence that the $1.5 trillion tax package would pay for itself.

I agree.
The only problem with this is a Focal one.
Those on the right are always accusing those on the left of being the spenders.
OK... I'll go with that, but it is really a question of what they want to spend it on.
Those on the right use the issue to choke the FDA, EPA and any regulatory body the ability to enforce rules that they have no guts to repeal.

To give those on the right a bit of credit for actual Mil Spend need...
That is the fact that they have suddenly decided we are playing the wrong war game for the future and want to catch-up on that change instantly. Since the war in Iraq, things everywhere are changing rapidly.

I hate to say it in a way that sounds like politics, but if we had never went into Iraq, this would be such a different picture right now.
Be that as it may be, this is where we are.

Then again, we should have went into Syria much sooner, it would have made everything much easier. The right in congress were screaming for it and when POTUS started to make those moves, the right failed to support him on it and wanted him to hang from it.
So it became a larger mess requiring more money to fix.

In any case, this is where we are.
We need infrastructure spending. It's good for jobs and business needs and even the cost of business benefits from it. It's a no-brainer.
But I want it to be 'SMART SPENDING' NOT just just a bunch of money thrown around that end-up in some corrupt contractors hands.

But it's not going to happen till someone can figure out how to politically capitalize on the issue or it would have already because both sides know we need it.

I don't mind spending if it is a true investment in the future and I doubt many can make the case for some of this spending the last 4 years. Those tax breaks are a form of spending.

Revenue is up but spending is up much more.
I'm sorry to say that the current politics will not make a good new TAX PLAN for the future, but everyone knows we need it.

Perhaps they need to get on a good spending plan and get those priorities right first to determine a better tax plan.

If you have ever been around a government entity when they say the cost of a project is all this red tape....
It is true...
But most of that red-tape was put in place to avoid corruption of the money.
So when they take it off... guess what you get.
Those that police spending have no budget to do so.
How can anyone think this will turn out well.

Actually, the new December numbers are in with a $14B deficit.

https://www.cnbc.com/2019/02/13/us-p...-tax-cuts.html

I can see this getting progressively worse as the economy has little room to grow under the circumstances it is in.
So it will be more taxes for someone but who ?
It will mean spending cuts but for who ?

We know the incentive has been there to CUT those Socialist programs like Social Security...
perhaps that is where they will head.... I doubt it, but I'm sure they will manufacture a crisis to make a case for it.
History shows us twice that this is the path they take.

Mitch McConnell says it out loud: Republicans are gunning for Social Security, Medicare and Obamacare next

Great. Then stop spending money. This is simple math. In the absolutely dumbest move ever done by a president, Trump manged to raise taxes for the average American, slashed taxes for the rich and big companies, spent more money and more money on our military, which means... He fucked the average American and shot our deficit through the roof.

How this good for anyone?

Fox News is trying to spin the tax increase....

https://www.foxnews.com/politics/har...n-middle-class

They are saying "But, as fact checkers quickly pointed out, the size of one’s refund has more to do with how much was withheld for taxes over the course of the year rather than one’s overall tax burden." And they are right. In order to cover the tax increase, they would need to withhold more money because.... They need to pay more tax.

Chump ordered them to lower the % with held from pay checks so that paychecks looked bigger and people would think that the tax cuts were helping them. Chickens have come home to roost at tax return time