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Trump's Full Court Press on Tax Reform

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Chaz
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Re: Trump's Full Court Press on Tax Reform

Post by Chaz » Thu Feb 28, 2019 5:03 pm

pr0ner wrote:
Tue Feb 26, 2019 10:05 am
Chaz wrote:
Tue Feb 26, 2019 4:20 am
This year, it wound up that our federal refund went down by more than half. That's with owning a house, having two kids, and both of us having 0 exemptions on our payroll taxes. That's way better than owing money, but still not the big big raise the GOP promised. The state refund wound up being three times more than federal, and basically in line with what we got from state last year.
What was the difference in federal income taxes withheld from your paychecks between 2017 and 2018? That's where the "big big raise" you might have been expecting came from. As I previously mentioned, my tax withholdings for 2018 went down approx. $570 while my taxable income went up $15k between 2017 and 2018. By my rough math, I paid $6k LESS in withholdings (without changing the exemptions) in 2018 than I would have on that same amount of money in 2017. There's a good chance that's where your "big big raise" was, and you just missed it.

Also, the exemption calculations were allegedly changed to try to make people actually get smaller refunds.
Chaz wrote:
Tue Feb 26, 2019 4:20 am
It'll be hilarious and awful to watch when, in a few years the Dems inevitably try to roll these "tax cuts" back, and the GOP will try to argue that no, really, they've been great for "real Americans."
The tax cuts for the middle class end on January 1, 2026. The Democrats won't have to try to roll them back - they'll roll themselves back, and middle America will get slammed. The GOP House tried to make them permanent last year, but the Senate wouldn't take up the bills.
I just went back and looked at my paychecks to see how much of a raise I missed. I wound up getting about an extra hundred bucks in my net pay per paycheck. I guess if I was to do the math out, I'd probably wind up coming out slightly ahead? But since I'd only know that by doing the math out, it sure didn't feel like I came out ahead.
I can't imagine, even at my most inebriated, hearing a bouncer offering me an hour with a stripper for only $1,400 and thinking That sounds like a reasonable idea.-Two Sheds

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LordMortis
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Re: Trump's Full Court Press on Tax Reform

Post by LordMortis » Thu Feb 28, 2019 5:33 pm

Chaz wrote:
Thu Feb 28, 2019 5:03 pm
I just went back and looked at my paychecks to see how much of a raise I missed. I wound up getting about an extra hundred bucks in my net pay per paycheck.

Me too. That resulted in a smaller refund. Put the two together and it amounted to a lowering for my federal tax percentage. Not by much, but I did a see break, a 00.8% rate braek. If I had that break four years in a row it would advance my retirement plans by a month. It's not Jesus or anything but I'll take what I can get. Also, I don't know how much is from that tax break and how much is from the increased 401k tax deferments I elected to take and how much is from huge increases in my payroll with holdings to pay for healthcare. My COL/Merit increases for 2018 did not cover my payroll deductions for health care increases much less that combined with my electing to cover the increases in allowed 401k contributions.

edit: That finally was wrong so I deleted it after looking at my virtual pay stub.

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LordMortis
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Re: Trump's Full Court Press on Tax Reform

Post by LordMortis » Tue Apr 16, 2019 8:05 pm

Started to put this in EBG but knew it dint' belong there before I reply so this quote was from EBG
LawBeefaroni wrote:
Thu Apr 11, 2019 2:01 pm
Guy at the bar paid $18K less this year so of course he's like, "God bless Trump!" (He was of the "Trump is a Nazi" opinion last week).
How the hell is that possible and how much money does he pull in that he can take $18000 a year tax cut, especially with this code?

My old man is going to through a cognitive re-alignment right now. He made 20% less in his retirement taxable monies in 2019. He saw drastic cuts to his retirement bennies including medicare across the board which should have at least mitigated some more of tax burden and he somehow saw a 20% increase in tax liability. Trying hard not be an ass about it when I'm telling him I warned him when I did my tax to brace for the lie and that this is what he stood behind even when he doesn't agree with where the GOP is going. This is your promised estimated 4,000 a household middle class tax cut. This is your GOP delivered promise. I heard the gears grinding through the phone. The pocketbook is often quickest way to at least a temporary wake up call.

(I don't doubt that by hearing very round percentages that this exaggeration but knowing how my dad rounds to make an extreme a 20% increase mean somewhere between 16 and 20% and a 20% decrease means somewhere between 16% and 20%. 15% would have been a round enough number to use if it was less than 16%)

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Max Peck
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Re: Trump's Full Court Press on Tax Reform

Post by Max Peck » Sat Jun 15, 2019 10:04 am

Good news, everyone! The tax reforms are working as intended.
Federal tax payments by big businesses are falling much faster than anticipated in the wake of Republicans’ tax cuts, providing ammunition to Democrats who are calling for corporate tax increases.

The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected to rebound sharply this year, but so far they’ve only continued to fall, down by almost 9 percent or $11 billion.

Though business profits remain healthy and the economy is strong, total corporate taxes are at the lowest levels seen in more than 50 years.

At the same time, overall taxes paid by individuals under the new tax law are up so far this year by 3 percent, thanks to higher wages and salaries, according to the Congressional Budget Office. Last year tax payments by individuals went up 4 percent.

The drop comes even as some Republicans, such as Treasury Secretary Steven Mnuchin, have claimed, dubiously, that the law will pay for itself.
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LawBeefaroni
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Re: Trump's Full Court Press on Tax Reform

Post by LawBeefaroni » Sat Jun 15, 2019 11:14 am

LordMortis wrote:
Tue Apr 16, 2019 8:05 pm
Started to put this in EBG but knew it dint' belong there before I reply so this quote was from EBG
LawBeefaroni wrote:
Thu Apr 11, 2019 2:01 pm
Guy at the bar paid $18K less this year so of course he's like, "God bless Trump!" (He was of the "Trump is a Nazi" opinion last week).
How the hell is that possible and how much money does he pull in that he can take $18000 a year tax cut, especially with this code?

Just saw this. He doesn't make anything. His wife is the income earner and he just fishes and drinks and eats all day. And goes on vacations and sometimes visits the kids at college.


My guess is that is was some slick move made by their accountant or a change from year to year that he is unaware. It's possible that his effective rate didn't change or even went up but all he sees is the bottom line.

I mean his previous tax strategy was to buy hockey jerseys at charity actions. Mostly he gets to play with some money while his wife and the accountant take care.of business. Last year he bought a $50K pontoon boat and rebuilt their lakehouse in Michigan. I'm wondering if they some how worked that in? No idea.

Point is, based on one single (and possibly misleading) data point, he went from again' to fer.
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Jeff V
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Re: Trump's Full Court Press on Tax Reform

Post by Jeff V » Sat Jun 15, 2019 1:13 pm

I would suggest if you have a summer lake house then you most likely were a targeted beneficiary of Trump's tax cut.

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