Economy Tax Cuts come home. 25% less getting a refund.

[MikeMcMann]

Filing Season Statistics for Week Ending February 1, 2019

25% LESS people getting ANY money

Of the 75% left

They're getting nearly 10% less than last year !!

More people than ever having to pay.

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President Trumps promise to close loopholes is one of the only promises he kept. The middle class now find many of the right offs that were targeted at them are gone while none of the loopholes for the very rich were touched.

Tax Reform

• IRS Publication 5307, Tax Reform: Basics for Individuals and Families

In December 2017, Congress cut government revenues by passing a $1.5 trillion tax cut. Congress claimed the corporate tax cuts would benefit everyone because businesses would invest or use the tax cut to raise wages. Donald Trump tweeted “TAX CUTS will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more JOBS!” (Emphasis in his original tweet.) The promise hasn't materialized. Even Fox News, in an August 2018 poll, found Obamacare to be more popular than the tax cuts.
...
So where is all the money saved from corporate tax cuts going? First, to companies’ bottom lines and second to stock buybacks, which were recently at a record high.
...
Buybacks are attractive because most CEO pay is directly linked to stock values and not to productive capital expansion. Increasing pay for the wealthiest Americans and reducing their taxes will boost equity values, but America’s inequality will get worse. ..



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Millions of Americans could be stunned as their tax refunds shrink

Millions of Americans filling out their 2018 taxes will probably be surprised to learn that their refunds will be less than expected or that they owe money to the Internal Revenue Service after years of receiving refunds.

People have already taken to social media, using the hashtag #GOPTaxScam, to vent their anger.

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And make no mistake this is not solely on Trump. You can see clearly below how the middle class is being gutted over time in favour of the super rich. Sad because it ultimately hurts the economy and country long term reducing over all wealth even for the super rich. But I guess most only care about today or their life time and not what they leave behind.

this really puts the lie to the statement 'how can the US afford healthcare for all'.



America’s getting $10 trillion in tax cuts, and 20% of them are going the richest 1%

 

[Hognoxious]

Most people filing their tax returns this early don't pay taxes anyway.

 

[Seano]

I'd like to know more about who the people are that claim to be losing out because I'm not hearing similar stories when I ask around about people's taxes. I haven't heard one person say they are losing out like this.

Granted, I haven't really heard of anyone hitting the jackpot either.

 

[TeTe]

Pay less in taxes throughout the year, get smaller refunds if any. Probably the way it should be, no reason to loan the government money throughout the year and wait to get paid back.

Most of the people griping don't know how to save money and rely on getting one lump sum every year. Then when they don't get it, they don't know what to do with themselves and claim they're getting screwed.

 

[Ophydian]

I'd like to know more about who the people are that claim to be losing out because I'm not hearing similar stories when I ask around about people's taxes. I haven't heard one person say they are losing out like this.

Granted, I haven't really heard of anyone hitting the jackpot either.

You must hang out with a lot of millionaires

 

[MetalGearTrump]

I'd like to know more about who the people are that claim to be losing out because I'm not hearing similar stories when I ask around about people's taxes. I haven't heard one person say they are losing out like this.

Granted, I haven't really heard of anyone hitting the jackpot either.

I recieved more of my check all year. Naturally my refund was slightly less. People dont understand taxes. Not saying I do 100% but there is an obvious correlation between those 2 things

 

[EradiatedHaggis]

There is already a thread on this topic. Even though your OP actually contains a link, and an argument...its been done. and put in its place.

https://forums.sherdog.com/threads/...-of-trumpnomics.3908217/page-6#post-149101985

 

[SBJJ]

What a joke of a thread.

They paid less during the year. TS didn't even understand what he was posting

 

[Seano]

You must hang out with a lot of millionaires

Most people I know are lower middle class, like me. The people this was intended to help.

I'm not saying the stories aren't true, I'm just wondering what else about their situation changed. For example, when I broke out of lower class into middle, it was pretty shocking the difference I saw in my tax return. I'm wondering if this might be what happened to these people. Maybe they earn enough to be in a higher tax bracket.

 

[Seano]

I recieved more of my check all year. Naturally my refund was slightly less. People dont understand taxes. Not saying I do 100% but there is an obvious correlation between those 2 things

The child tax increase worked for me but not dramatically. Honestly, the tax break was OK for me.

 

[Limit Smasher]

I don't think TS understands how taxes work...

 

[xcvbn]

The people this was intended to help.

Wait, do you really believe that?

 

[all caps]

Pay less in taxes throughout the year, get smaller refunds if any. Probably the way it should be, no reason to loan the government money throughout the year and wait to get paid back.

Most of the people griping don't know how to save money and rely on getting one lump sum every year. Then when they don't get it, they don't know what to do with themselves and claim they're getting screwed.

You described me to a T.

I am bad with money. I'm much better off with someone else holding on to it for me. Money has never done me any good, ever.

 

[TeTe]

You described me to a T.

I am bad with money. I'm much better off with someone else holding on to it for me. Money has never done me any good, ever.

I have faith you can change that bud. You need to follow that @Solidasfok school of miserly living.

 

[all caps]

I have faith you can change that bud. You need to follow that @Solidasfok school of miserly living.

He keeps trying to get me to buy a $5,000 computer and games off steam. I dont think I can trust him anymore

 

[PEB]

Most people I know are lower middle class, like me. The people this was intended to help.

I'm not saying the stories aren't true, I'm just wondering what else about their situation changed. For example, when I broke out of lower class into middle, it was pretty shocking the difference I saw in my tax return. I'm wondering if this might be what happened to these people. Maybe they earn enough to be in a higher tax bracket.

This really was not intended to help people in the lower income levels this is the problem many are finding out. They look at the extra 10.00 to 20.00 a week in their check but then think they are going to pay less at the end of the year. A lot of people where sold this idea.

They where convinced that these breaks where going to help them at the end of the year also that's why President Trump before the end of the year pushed for an additional middle class tax cut. Washington was realizing how unpopular the tax cut was becoming especially for the very wealthiest. FOX poll found that over 70 percent of Americans wanted to raise taxes on the people earning over 10 million a year and 65 percent of people with over 1 million a year. This is also the first time in a Fox poll that over 50 percent of self identified Republicans supported a tax increase.

Most of my friends are paying more taxes and many of them are strong President Trump supporters but they don't seem to budge on leaving him.

 

[MikeMcMann]

Most people filing their tax returns this early don't pay taxes anyway.

I'd like to know more about who the people are that claim to be losing out because I'm not hearing similar stories when I ask around about people's taxes. I haven't heard one person say they are losing out like this.

Granted, I haven't really heard of anyone hitting the jackpot either.

click the first link. the data is from the IRS.

25% less people will get any refund and of the 75% remaining they will, on average get nearly 10% less than last year.

The super rich however got a pretty huge boon from the tax cuts. All of the loopholes focused on in his 'promise to close tax loopholes' were the ones typical middle class families typically use the most.

 

[Headkicktoleg]

I'd like to know more about who the people are that claim to be losing out because I'm not hearing similar stories when I ask around about people's taxes. I haven't heard one person say they are losing out like this.

Granted, I haven't really heard of anyone hitting the jackpot either.

Most people get more in their checks and expecting a return come tax day

 

[John Mabrey]

He keeps trying to get me to buy a $5,000 computer and games off steam. I dont think I can trust him anymore

 

[Kitafuji]

my net federal tax payout in 2018 is less this year than the past 9 years.
I don't rely on the Fed Gov to hold my money until the end of the year and give part of it back to me.