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

good
people shouldn't be getting credits for producing kids they can't afford and other ridiculous things
with the raise in standard deduction, if you're single you clearly make out better under the new plan (since you don't take hits from losing certain child based deductions and credits)
 
Jack V Savage said:
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.
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I am seeing articles and folks online present it that way though. I'm seeing articles with headlines like "man gets a much smaller refund than previous year and is pissed he got screwed by the TCJA".

I think your example here is something that should be legitimately pissed about the bill (it sounds like he's really not better off).

I certainly have some sympathy for people who are bummed out by the smaller refund. If that's their only gripe, fine. But they very likely received higher net pay checks during the year which if they managed their finances accordingly they're better off than waiting for the refund.
 
MikeMcMann said:
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

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%


Tax_cuts_savings_estimates_2001_2018.png
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I despise fluff agenda pieces like this.

Why doesn't the last jpeg also have a chart that shows what percent of taxes is paid by each of those groups?

Oh, because we are attempting to dupe dumb poor people into thinking the government is giving them money rather than not taking away as much.
 
Jack V Savage said:
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.
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I paid less taxes and got a larger refund also paid less into state this year and I made about 500 dollars less than the previous year. Thats what things like child tax credits do for you. I really don't care of you believe it or not.
 
Mine went up.

<DC-Champ>


The first question that should be asked for anyone saying they had a smaller return is what state are you in how did the change in being able to deduct all your state taxes impact your federal tax return.
 
the same people that say we don't pay enough tax are upset that their income tax return is going to be much smaller this year.

if their total withholding was $5000 and they would get a $2000 refund. They were happy.

now their total withholding was $3000 and they are only getting a $1000 refund and they are angry that they are getting $1k less.

idiots
 
here's a great idea, lets loan the government our money interest free all year and at the end of the year they can give us back the money we loaned them....interst free
 
lilelvis said:
Nice.

“That’s because it’s a lot easier for the government to pay out refunds to people who overwithheld than to run around trying to collect cash from people who underwithheld.”

Fucking Vox. Not partisan.
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I meant the quotes from Twitter not the article itself.

Though it is easier for government to pay back than it is to collect that much is factual . Now if everyone owed and was due 0 that's ideal but never going to happen .

Think about what is easier from your own point of view... Giving your friends money back they owe you or hunting a motherfucker down for the $100 you loaned him a decade a go . Exaggerating obviously but you get the idea. Better to owe someone money if you're a government than hunting someone down
 
second sight said:
the same people that say we don't pay enough tax are upset that their income tax return is going to be much smaller this year.

if their total withholding was $5000 and they would get a $2000 refund. They were happy.

now their total withholding was $3000 and they are only getting a $1000 refund and they are angry that they are getting $1k less.

idiots
Click to expand...

Buddy, it's Trump own supporters blowing up the internet over this as well. He underestimated their stupidity.
 
I mean this is the third time this strategy has been debunked. Liberals were screaming we know this doesn't work cause the wealthy invest their money and aren't just richer consumers the way people pretend they are. It was ignored and if Republicans get the White House and Congress again in twenty years they'll do this shit again the way they have the last 3 times. So what's the point of arguing if you win and they are still going to just ignore you give you some "broaden the base" bs that came from a time when AOC's tax rates were in place and steal your money to give to billionaires.

Then to get even a modest repeal before reverse robin hood round 4 you will have to go through living hell.
 
Jack V Savage said:
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.
Click to expand...


Let's never forget this gem lol

TQxuRix.jpg
 
kpt018 said:
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.

tpc1.png


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.
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But why do you hate success?
 
 
Bobby 3 Sticks said:
I meant the quotes from Twitter not the article itself.

Though it is easier for government to pay back than it is to collect that much is factual . Now if everyone owed and was due 0 that's ideal but never going to happen .

Think about what is easier from your own point of view... Giving your friends money back they owe you or hunting a motherfucker down for the $100 you loaned him a decade a go . Exaggerating obviously but you get the idea. Better to owe someone money if you're a government than hunting someone down
Click to expand...
Apple to armadillos, but I get your point. It is easier for them, but it’s not a loan and they’re not being “payed back”.
 
No one cares that the middle class is paying more in taxes and the millionaires are getting all the tax breaks. Not surprising, but I'd thought that there were at least some principle voters out there. Laughable how easy it is to get people voting against their own interests.
 
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