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

[Revolver]

Lmao @ everyone itt thinking they’re accountants. Higher AMT limits benefitted me. Thanks poor people.

 

[ScottE]

The swing is partly that the govt withheld less money even if the number of dependents did not change. This was an intentional decision by he IRS to reduce the number of refunds and in the best interest of the taxpayers because they did not give the govt an interest free loan and instead got a little extra in each paycheck.

It was not an intentional choice by the IRS to reduce the number of refunds, it was a directive from the Trump administration to try and bolster support for the tax cuts leading up to the mid term. Didn't work and is now backfiring as their idiot constituents only look at their tax refund as indication of what they paid in taxes.

 

[ScottE]

So wait did the gamble away his signature guy really just hide out until the terms of the bet were over? That's pretty weak.

 

[waiguoren]

Lmao @ everyone itt thinking they’re accountants. Higher AMT limits benefitted me. Thanks poor people.

You're a bad liar.

 

[MASShole]

Lmao @ everyone itt thinking they’re accountants. Higher AMT limits benefitted me. Thanks poor people.

AMT is so antiquated and ridiculous anyway. It really needs to go away.

 

[Bobby 3 Sticks]

So wait did the gamble away his signature guy really just hide out until the terms of the bet were over? That's pretty weak.

Yep should be grounds for a ban from subforum for amount of time he ducked bet

 

[Bobby 3 Sticks]

Because they paid less during the year. They still paid LESS taxes

And yet some supporters of the potus don't understand that and are claiming they won't vote for potus in 2020 comical really.

Though these tax cuts are temporary and will expire but that's a different conversation for a different thread

 

[AtomicPanther]

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 went from $3,300 last year to $2,800 this year. I do standard deduction, so pretty much identical. Granted, $500 won't change anyone's life, but it is less.

 

[PEB]

 

[lilelvis]

Wow! This thread says a lot about sherdog.

I can’t tell if it’s desperate partisanship, or if this many folks really don’t understand taxes and think that getting a refund is a good thing.

I thought most of you were smarter than this.

 

[woodguyatl]

The upper tax brackets also changed pretty dramatically.

Agreed, but I think the high percentage of lower returns being reported is because of the sheer volume of returns at the lower end.

 

[bobgeese]

Wow!

I thought most of you were smarter than this.

 

[fordman7795]

I went from $3,300 last year to $2,800 this year. I do standard deduction, so pretty much identical. Granted, $500 won't change anyone's life, but it is less.

Is this your refund amount or taxes paid in?

 

[JonesBones]

I thought I was ignorant of tax code. This thread. Damn. You people have no clue. How do you live? Shameful ignorance. You know what taxes being taken out of your pay are? A loan to the government. If you loaned them less you will get less in return.

 

[leto1776]

It’s amazing how many people don’t understand that a tax refund is THEIR MONEY to begin with.

Many think it’s just the government giving them money.

 

[west42]

One can actually fault trump on this. Judging by this thread, most people are too dumb to understand a lower rate will result in a smaller refund (which is good unless you wish to loan the govt money at zero percent). He should have RAISED the withholding rate in order to give out a larger year end refund.

 

[west42]

Let's start on page 1 and do a shot for every poster that doesnt get this. Winner is whomever gets farthest without blacking out/dying

It’s amazing how many people don’t understand that a tax refund is THEIR MONEY to begin with.

Many think it’s just the government giving them money.

 

[SBJJ]

I fucking give up. There are still posters in here looking dumb as bricks even after having this all explained.

I can't believe some posters are able to survive. I mean, what the fuck

 

[kpt018]

As I said in the other thread looking at the number/size of tax refunds is a terrible way to look at the results of the TCJA. Look at taxes paid last year vs taxes paid this year for the real comparison.

If you want to get angry (or celebrate if you're a high income earner and like the policy) at the bill have a look at these.

This table doesn't include corporate taxes for large and profitable companies, who are the biggest winners (their cuts are permanent too). But if you're upset at the bill now just wait until 2025 and 2027.

It's objectively true to say that high income earners and large corporations and pass-through entities received the bulk of the tax cuts by a wide margin. It's not valid to look at your refund this year vs last year and claim you're worse off.

 

[Jack V Savage]

It's objectively true to say that high income earners and large corporations and pass-through entities received the bulk of the tax cuts by a wide margin. It's not valid to look at your refund this year vs last year and claim you're worse off.

I don't think the point is that they're objectively worse off. People are surprised and disappointed to see that their refund is lower. It's funny because I actually discussed this right after the cuts were enacted with a Trump supporter here who claimed that his check had expanded by an unrealistic amount. I told him that if he was telling the truth, it just meant he'd get a smaller refund at the end of the year or owe more--that most of his "raise" was not him owing less taxes but just paying less upfront.