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      03-20-2019, 02:05 PM   #45
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I changed nothing when the new tax laws went into effect. Chose the standard deduction this time since it was better than itemizing. Iím divorced and claim one kid and own one home. I actually got more back this year than last year.
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      03-20-2019, 03:06 PM   #46
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Quote:
Originally Posted by SoCal_NSX View Post
Just found this article that help explains why some are getting hit harder than others.

https://www.msn.com/en-us/money/tax-...BqZ?li=BBnbfcN
if you would read your thread, youd know this has already been beaten to death
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      03-20-2019, 03:25 PM   #47
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Originally Posted by Run Silent View Post
None of this really means anything without additional specifics.

2) What did you have that you were deducting last year for $17,000 that you couldn't get above $12K this year, in OK of all places?
$4,050 in personal exemption deduction
Plus
PMI deduction (hasn't been re-upped yet)

My current itemized deductions is like right under the $12k standard
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      03-20-2019, 03:29 PM   #48
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Dual income, pure W-2, mortgage, two kids, high SALT state - 2018 is so much better than 2017 I should be kissing the orange clown's ass. But I also know who's now paying the taxes I'm not: friends with lower incomes or who don't have kids.

(And ultimately all of us because wtf is the deal with the $1T annual deficit for the foreseeable future?)
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      03-20-2019, 04:52 PM   #49
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Compared to last year's I got around 15% back of the return, amazing tax law indeed
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      03-20-2019, 05:20 PM   #50
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Quote:
Originally Posted by ynguldyn View Post
Dual income, pure W-2, mortgage, two kids, high SALT state - 2018 is so much better than 2017 I should be kissing the orange clown's ass. But I also know who's now paying the taxes I'm not: friends with lower incomes or who don't have kids.

(And ultimately all of us because wtf is the deal with the $1T annual deficit for the foreseeable future?)
I knew the clown was going to save me a lot of money last year. Not to say I won't take the money, but I was perfectly fine under the old tax plan and a smaller deficit. This is only helping the upper class, this trickle down BS has been proven to be snake oil in the 80's, not sure why the same trick is working on us again.
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      03-20-2019, 05:56 PM   #51
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As an independent contractor who pays my own taxes every quarter, I was neither impacted positively nor negatively this year. I made roughly the same amount of money in 2018 as I did in 2017, and my taxable percentage was identical.

The bad news however, is that neither myself nor my accountant expected this. We figured with my income (let's say somewhere between 100-150), I should have benefited nicely from the new tax laws. Independent contractors such as myself were supposed to be in really good shape as well with the 20% pass through, but none of that came to fruition. My accountant ran everything three times, because he couldn't imagine what was wrong, and came up with the same results each time.

My accountant also mentioned to me that many people who came to see him were surprised, shocked, dismayed by their lack of returns this year. Some even owed MORE than prior years due to the loss of many deductions.

Trump is going to have a real problem with this in 2020. People aren't going to forget this easily.
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      03-20-2019, 06:26 PM   #52
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Quote:
Originally Posted by NickyC View Post
As an independent contractor who pays my own taxes every quarter, I was neither impacted positively nor negatively this year. I made roughly the same amount of money in 2018 as I did in 2017, and my taxable percentage was identical.

The bad news however, is that neither myself nor my accountant expected this. We figured with my income (let's say somewhere between 100-150), I should have benefited nicely from the new tax laws. Independent contractors such as myself were supposed to be in really good shape as well with the 20% pass through, but none of that came to fruition. My accountant ran everything three times, because he couldn't imagine what was wrong, and came up with the same results each time.

My accountant also mentioned to me that many people who came to see him were surprised, shocked, dismayed by their lack of returns this year. Some even owed MORE than prior years due to the loss of many deductions.

Trump is going to have a real problem with this in 2020. People aren't going to forget this easily.
Not really, what the alternative vote for someone to raise your taxes further to pay for illegals?
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      03-20-2019, 06:30 PM   #53
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Quote:
Originally Posted by jmg View Post
This is only helping the upper class, this trickle down BS has been proven to be snake oil in the 80's, not sure why the same trick is working on us again.
Yup. I certainly don't trickle anywhere.
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      03-20-2019, 06:32 PM   #54
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Quote:
Originally Posted by NormanConquest View Post
Not really, what the alternative vote for someone to raise your taxes further to pay for illegals?
What a perfect non sequitur
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      03-20-2019, 06:37 PM   #55
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Quote:
Originally Posted by NickyC View Post
As an independent contractor who pays my own taxes every quarter, I was neither impacted positively nor negatively this year. I made roughly the same amount of money in 2018 as I did in 2017, and my taxable percentage was identical.

The bad news however, is that neither myself nor my accountant expected this. We figured with my income (let's say somewhere between 100-150), I should have benefited nicely from the new tax laws. Independent contractors such as myself were supposed to be in really good shape as well with the 20% pass through, but none of that came to fruition. My accountant ran everything three times, because he couldn't imagine what was wrong, and came up with the same results each time.

My accountant also mentioned to me that many people who came to see him were surprised, shocked, dismayed by their lack of returns this year. Some even owed MORE than prior years due to the loss of many deductions.

Trump is going to have a real problem with this in 2020. People aren't going to forget this easily.
Nicky, are you in a blue state? In general, the folks in states that didn’t vote for Trump the last time are the ones most adversely affected by his tax plan... the blue states. They weren’t going to vote for him next time come hell or high water anyway, so there’s no real loss to him there. Middle income Americans in states without extremely high property taxes and/or state income tax rates are really benefitting from the new tax laws. I don’t think Trump is in trouble over this.
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      03-20-2019, 06:39 PM   #56
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Quote:
Originally Posted by ****** View Post
Nicky, are you in a blue state? In general, the folks in states that didnít vote for Trump the last time are the ones most adversely affected by his tax plan... the blue states. They werenít going to vote for him next time come hell or high water anyway, so thereís no real loss to him there. Middle income Americans in states without extremely high property taxes and/or state income tax rates are really benefitting from the new tax laws. I donít think Trump is in trouble over this.
I'm stuck in Missouri, so unfortunately not the case for me.
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      03-20-2019, 06:39 PM   #57
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Quote:
Originally Posted by Jockey View Post
What a perfect non sequitur
Please inform me of the alternative, because that what the Democrats are lining up and it doesn't seem any Republican are running against trump. The third party are still a joke.
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      03-20-2019, 06:48 PM   #58
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Quote:
Originally Posted by ynguldyn View Post
Yup. I certainly don't trickle anywhere.
I trickle late at night, but that's more of an annoyance.
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      03-20-2019, 06:53 PM   #59
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Quote:
Originally Posted by NormanConquest View Post
Not really, what the alternative vote for someone to raise your taxes further to pay for illegals?
This reply is just basic fiscal and political incompetence.

First, the taxation. Even if somehow TCJA is repealed, most people will either benefit or won't see any major difference. The big winners of TCJA are the top 1-2 percent. I'm guessing people like jmg and myself are seeing the crumbles of that juicy pie. Personally, I have no doubt those people will survive.

But let's be real: the chances of that happening are zero. The near-term demographic situation in the country guarantees that the Senate will be under Republican control for at least the next decade. Only a major party realignment or the mass migration of Democratic voters (read: non-whites) to rural states will change that. This is not going to happen any time soon. So TCJA is safe until it expires. The real fight will be in 2025 when lots of income tax changes revert to pre-TCJA by default. There will be a lot of political energy to do something about taxes at that time, and the only way for the 2020 election to have an effect on that fight is for the clown to fulfill the dreams of his Reddit sycophants and become an actual God Emperor.

Now, looking at the spending side. It's much easier to explain.

Things that matter:
- Military
- Social Security
- Medicare
- Interest on federal debt

Things that don't matter:
- Everything else, including DHS.

Last edited by ynguldyn; 03-20-2019 at 07:04 PM..
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      03-20-2019, 07:10 PM   #60
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Quote:
Originally Posted by NormanConquest View Post
Quote:
Originally Posted by Jockey View Post
What a perfect non sequitur
Please inform me of the alternative, because that what the Democrats are lining up and it doesn't seem any Republican are running against trump. The third party are still a joke.
Because all the Democrats want to do is raise taxes to pay for illegals. According to you.

Have you ever thought of being a Breitbart contributor?
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      03-20-2019, 07:11 PM   #61
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Originally Posted by ****** View Post
Nicky, are you in a blue state? In general, the folks in states that didnít vote for Trump the last time are the ones most adversely affected by his tax plan... the blue states. They werenít going to vote for him next time come hell or high water anyway, so thereís no real loss to him there. Middle income Americans in states without extremely high property taxes and/or state income tax rates are really benefitting from the new tax laws. I donít think Trump is in trouble over this.
I'm in a blue state, and I certainly didn't vote for Trump. Despite heavily benefitting thorough my corporate taxes, I would't vote for him unless it was for prison time.

Quote:
Originally Posted by NickyC View Post
I'm stuck in Missouri, so unfortunately not the case for me.
Trump is in real trouble, because a lot of red states thought he was in their corner. They didn't see what a lot of us did: he wasn't in the red state's corner as much as he was in the upper class and corporate corner. How do you think a liberal-ish upper-middle class democrat-leaning Californian like me can pay SIGNIFICANTLY less taxes for '18? The Red states have been duped.
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      03-20-2019, 07:15 PM   #62
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Originally Posted by NormanConquest View Post
Not really, what the alternative vote for someone to raise your taxes further to pay for illegals?
We're either paying for the illegals or the wall. Either way, we're paying.
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      03-20-2019, 07:17 PM   #63
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Not me. getting more per pay period and got a bit more back in refund. Im in CA.
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      03-20-2019, 07:27 PM   #64
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Basically the new tax laws penalize people in states with state taxes, especially high state taxes like CA & NY. Maybe if enough people in those states are upset, they will lobby for lower state taxes but I haven't seen it in CA yet. For some reason, people continue to vote for tax increases here?
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      03-20-2019, 07:30 PM   #65
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Quote:
Originally Posted by jmg View Post
I'm in a blue state, and I certainly didn't vote for Trump. Despite heavily benefitting thorough my corporate taxes, I would't vote for him unless it was for prison time.



Trump is in real trouble, because a lot of red states thought he was in their corner. They didn't see what a lot of us did: he wasn't in the red state's corner as much as he was in the upper class and corporate corner. How do you think a liberal-ish upper-middle class democrat-leaning Californian like me can pay SIGNIFICANTLY less taxes for '18? The Red states have been duped.
I live in a red state and I paid substantially less in taxes this year. I don't feel duped.

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      03-20-2019, 07:32 PM   #66
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OMG, some folks are unhappy and some folks are happy.

Trump is toast.
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