Official. Tax Cuts are a bust for Middle Income taxpayers


#41

Everyone should reduce the tax withholding. This will make the government more frugal and save our tax dollars


#42

Government has so much interest-free loans?


#43

x


#44

I think you’ve got the general gist right but the details might need tweaking.
I believe the safe harbor is:

If you’ve paid the smaller of :

  • 90% of current year tax liability [changed to 85% for 2018]
  • 110% of previous tax year liability

then there is no penalty for underpayment.


#45

Really not a big deal penalty is pretty low.


#46

#47

#48

I love how the hypocrite wallnuts dissect anything to avoid taking responsibility or admitting Americans were conned.

The rich class, which you aren’t, otherwise you wouldn’t be here wasting your time, got a nice discount with a tweak of the tax code.

Then the liars said that who wouldn’t be happy to have a nice tax refund to buy a brand new car or remodeling your kitchen. It’s out there, don’t be lazy, Google it. They didn’t tell us that many deductions would be thrown off.

For those hypocrite enough, this liar promised to the American people, right before the midterm elections that they would get “another round or tax cuts” and they swallowed it whole.

Anyway, plenty of democrat voters for the next round of elections. Congratulations wallnuts. :laughing::laughing::laughing:


#49

Though I am surprised that I like Trump’s job performance on many areas. I am very happy as it appears we are not starting wars all over the world like Obama did. The price of oil is much lower etc. From what I can tell only about half of those who itemize will save money under the new plan. It really was a bit tax cut for lower income people higher income people lost ground as their real estate write off on loans over $750,000 went down. You would think that Liberals everywhere would be cheering. The way it is structured for those who itemize, in the different income brackets, it appears that the lower half of the income brackets save a little money, the higher half of each bracket pays a little bit more. So I am actually a bit disappointed in tax bill. People who do not itemize will be saving a lot of money, but to write off the interest on your house you have to itemize.


#50

:laughing::laughing::laughing::laughing:


#51

I missed this one. Thanks for being an amicable person, not like me. (as if I give a damn!) :laughing::laughing:

Whatever I do is not taxable, you know, tax free. Nothing to do with being stupid and giving my wife’s money away in a mumble jumble stupid tax cuts hurting many Americans right now.

The stock market is down. People are not buying as they used to. Why? That’s a stupid question after seeing this topic about people not getting enough tax refunds or broke after not being paid by the government for a month or so, right? :sweat_smile::sweat_smile::sweat_smile:

MAGA! :laughing::laughing:


#52

#53

“We have filters to try to detect fraudulent refunds and claims, but there are the ones that get through and get paid,” said Eric Smith, a spokesman for the IRS.

Yeah, you might want to make your filters more effective.


#54

The voice of reason:

“We rammed through a massive tax bill. Whatever you think about that tax bill, it shouldn’t have been rammed through Congress without any debates at midnight on Dec. 31,” Volcker said.

“It sounds terrible but I respond more favorably to what the president of China is saying than the president of the United States,” Volcker said. “The president of China, at least, says he’s looking forward to a harmonious relationship over time…But looking for peaceable outcomes, where we are all threats and demands, so it’s a different story being told.”


#55

Okay I finished my taxes (and I did my dad’s as well); here’s the verdict:

Standard deduction (my dad’s): tax went down ~$800
Itemized (mine): tax went up ~$300

Numbers above assumed same income but under different tax structures (2018 vs 2017 tax tables plus with/without personal exemptions).


#56

At least in your family, rich people got a tax increase and poor people got a tax reduction. Was your $300 increase due to 10k SALT limit?


#57

That makes since for a high income single person and the SALT limit.


#58

18.1% last year.
13.8% this year

Buying a primary home definitely helped.


#59

Average tax rate for federal?


#60

Thanks. How are you calculating this? (Meaning what’s in the denominator)? AGI? Or AGI adding back deductions? How about depreciation? And are you itemizing or taking standard deduction? AMT?