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

[Hognoxious]

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.

Most investment 1099's are just now being sent out. It is only the lower economic class filing this early. They don't pay taxes anyway.

 

[SBJJ]

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.

Christ.

How do posters like this survive?

 

[Satsui Ryu]

My sister was telling me her taxes were very different this year and not for the better. Nothing changed since last year to cause such a dramatic impact.

Anectdotal I know, but that was the case.

 

[SBJJ]

The lack of common sense by a great number of posters when it comes to how taxes work and are paid is downright disturbing

 

[Seano]

My sister was telling me her taxes were very different this year and not for the better. Nothing changed since last year to cause such a dramatic impact.

Anectdotal I know, but that was the case.

Sounds like she wasn't middle class. Taxes went up for people making over like 200K per year.

 

[Seano]

The lack of common sense by a great number of posters when it comes to how taxes work and are paid is downright disturbing

To be fair, the upper tax brackets actually changed pretty dramatically, by like 100's of 1000's.

 

[nostradumbass]

Doesn't sound like a lot of these people know how taxes work, or what the word refund means.

 

[Falsedawn]

Most investment 1099's are just now being sent out. It is only the lower economic class filing this early. They don't pay taxes anyway.

Middle class people don't pay taxes?

 

[MikeMcMann]

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

The OP is year over year data. Comparisons of that are valuable regardless of what others are trying to pretend. Year over year comparisons are always valuable.

...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.

 

[Satsui Ryu]

To be fair, the upper tax brackets actually changed pretty dramatically, by like 100's of 1000's.

They hover in the vicinity of $200K if not just below. The only thing that stands as being a big change is their state taxes are no longer deductible. But even that did not explain the huge swing.

 

[Rational Poster]

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.

You should join a susu.

 

[PRIDEWASBETTER]

I never have anything withheld on my paycheck and I'm getting a bigger refund this year. I don't make crazy money, though.

 

[Hognoxious]

Middle class people don't pay taxes?

You sound poor.

 

[SBJJ]

I never have anything withheld on my paycheck and I'm getting a bigger refund this year. I don't make crazy money, though.

Exactly

It's mind boggling people are still not understanding this.

PEOPLE GETTING SMALLER REFUNDS PAID LESS TAXES THROUGHOUT THE YEAR!!

 

[Falsedawn]

You sound poor.

You sound retarded.

 

[MikeMcMann]

The impact on take home pay, which is directly related to people year over year tax returns and filings is very real.

I do not know who is calling this a win other than the top percent earners.



-----------------



Here's what Trump's tax plan means for people at every income level from $20,000 to $269,000 a year

• The GOP has reached an agreement on their enormous tax overhaul.

• Congress is expected to pass the new plan, as early as this week.

• Career site Zippia broke down how the final tax bill could affect take-home pay in 2018 for people in various occupations.

Congressional Republicans are touting the new plan as a wage-boosting, job-creating boon to the middle class, as well as a means of simplifying the tax system. But the tax reform efforts have earned harsh criticisms from the public and experts. The conservative Tax Foundation found Republicans also overpromised on how much the bill would boost the economy, according to Business Insider.

----------------


The GOP tax plan just got another brutal review

• The Tax Policy Center released an analysis on Monday of the Tax Cuts and Jobs Act.
• The report found that the bulk of the benefits from the GOP tax bill would go toward wealthier Americans.
• The report also found that by 2027, 28% of Americans would see their taxes increase, relative to current law.

The new analysis from the Urban Institute and Brookings Institution's Tax Policy Center found that by 2027, 28% of Americans would see an increase in their tax burden due to the tax-code overhaul proposed in the bill.

 

[SBJJ]

Lol.

Now TS is doing the taxes go up in 2027 schtick. Duh, some of the cuts were temporary.

TS did not fucking understand that when you pay less taxes throughout the year your refund can be affected

TS is literally one of the guys you see interviewed on the street on late night shows.

 

[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.

-------------

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. ..



---------------------------

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.

---------------------------

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%

Again this is key.

this is IRS data. this is for this year compared to last year. Very real changes in a year over year look. Very real loss of very real money in the pockets of average Americans.

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.

 

[PubliusVentidius]

Right wing populists always get the working class and the middle class to vote against their interests with a mix of empty nationalism, fear-mongering and xenophobia while they favour the upper class, it's nothing new and it happens in every country. This popped up on my twitter feed today and it's pretty illustrative:

 

[SBJJ]

People are dumb, gov should just take a extra magical 10% from their cheque and give it back at the end of the year and they would celebrate their "refund"

Gov forced savings might be a way to go.

TS is one of those people

He can not grasp the simple concept of how taxes are paid