Trump and the GOP Tax Plan Screwed Middle Class Parents Out of a Refund

They can deduct up to 10k they are fine. With that said I do highly encourage them to vote out the libs that raise the state taxes so much

 

State taxes included?

 

Nonsense and BS, with all the rest equal your tax liability cannot mathematically be greater, you are saving $3,000 or more in federal tax this year.

- You're not affected by the SALT and mortgage caps, the only two factors of the tax reform that may increase tax liability.

- You're getting an immediate $2,000 tax cut due to the doubling of your child tax credit.

- And you're saving at least $1,000 in federal tax due to the doubling of the standard deduction and the significant decrease of tax rates for ALL income brackets.

Say "thank you Mr. President", it's well deserved.

 

Yet you can even explain what about the "tax cuts" made your tax liability go up or what about them made it happen in your unsupported claim about "millions of taxpayers". But then you admitted you don't know anything about the tax system anyway so pretty pointless for you to try and discuss it.

 

I have and still waiting for your answer. What about the "tax cuts" made your tax liability go up?

 

Asinine strawman ignored for obvious reasons.

 

How are they being screwed prey tell?

They are now paying the same federal income tax as the rest of the nation versus being able to deduct the absorbent taxes imposed by your local government. If your state taxes the bajesus out of you, it's your states issue, not the federal government. You should vote a fiscal conservative into your state government and pay lower local taxes.

 

How are my federal taxes being subsidized?

 

No, it hasn't. You've argued this for pages but you still have NO idea what you're talking about. You're still worried about your refund amount.

 

Red states receive MORE federal dollars than they submit in taxes ergo they are being subsidized by blue states.

 

And it is your belief that if you cut your standard deduction in half and your child credit in half as it was the prior year, you'd pay less taxes? I've asked you this repeatedly and you won't answer. You still have no idea how this works but you continue to look foolish.

 

ok then your refund is directly related to the taxes you paid.

 

hey read the article. those same people are on social media complaining about the lost revenue.

 

I asked you about my federal taxes, how are my federal taxes being subsidized by blue states?

 

no kidding, again taxes paid is in direct relationship to refund.

 

People, quit being brainwashed by liberal/progressive propaganda telling you your taxes went up and trying to use your tax refund as "proof". Your "refund" is based on multiple factors ---- like withholdings, tax credits, contributions to health and education savings plans, etc ---- YOUR TAX REFUND, ALONE, DOES NOT TELL YOU IF YOU PAID MORE OR LESS IN TAXES COMPARED TO PREVIOUS YEARS.

The people who are most likely to see their taxes go up under "Trump's tax plan" are not the middle class or working class. The people who are the most likely to see their taxes go up under "Trump's tax plan" are higher income taxpayers, especially in states with high state and local taxes (SALT).


"High-income filers are much more likely to itemize and therefore more likely to take the SALT deduction. The higher your income, the more valuable tax deductions are to you in general because you’re taxed at a higher rate.

With the deduction for state and local taxes, the federal government is effectively subsidizing high earners in high-productivity states and cities. (Any deduction the federal government offers is a subsidy.) As you might expect, wealthy residents of wealthy states are most likely to pay state and local taxes [SALT]. They also tend to have the highest average SALT deductions. According to the Tax Foundation, people with incomes over $100,000 receive more than 88% of SALT deduction benefits."
https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained


"One such provision is the $10,000 cap on the state and local tax (SALT) deduction. The benefits of the SALT deduction overwhelmingly go to high-income taxpayers, particularly those in high-income and high-tax states. In 2016, 77 percent of the benefit of the SALT deduction accrued to those with incomes above $100,000; only 6.6 percent went to taxpayers with incomes below $50,000."
https://taxfoundation.org/salt-deduction-benefit/



If you're considered an average taxpayer, you may pay less. The average taxpayer – that is, someone who has a conventional job and files a W-9 in their taxes, without a lot of property and foreign investments – probably won't see their taxes rise, according to Mark Luscombe, a principal analyst at Wolters Kluwer Tax & Accounting, based in Chicago. "In general, most individual taxpayers should see at least a modest reduction in federal income taxes this year due to the combination of lower tax rates, increased standard deduction and [an] increased child tax credit," he says.
https://money.usnews.com/money/pers...ll-your-taxes-increase-under-the-new-tax-code



I think my head may explode if I read one more idiot who is hysterical that their taxes "went up" when it is mathematically impossible and/or they are basing the claim entirely on the amount of their tax refund.

 

Most of the folks on social media complaining about their tax refunds are brainwashed and/or dumbasses and/or higher income taxpayers who are boohooing because they can't have their SALT subsidized by the rest of us anymore. See post #266.

 

Sorry, but myself and millions of others have had an increased tax burden, thanks to this president.

 

I'm worried about my refund amount, and the increased taxes I am having to pay. Just like millions of other middle class americans.

 

Who are these "millions" of others you know?

 

yeah right. keep making excuses.

 

You're ignorant about taxes and you're content not educating yourself. You're not paying higher taxes.

 

The tax rate for middle america is lower, the standard deduction has doubled and the child tax credit has doubled. Most people were then able to take home more of their pay with their paychecks throughout the year, which may cause their refunds to be lower than the previous year. That does NOT mean they paid more/higher taxes. However, as per this thread, it's obvious that common sense isn't very common.

Geez people, it's match. It's a fact.

 

Anyone who fails to manage his tax with holding and is upset that they don't receive a significant refund is a fool who has loaned the US government their money for a year at zero interest rate.

 

Sure it's related to how much you overpaid....but your liability is how much you paid. If you overpaid what you liability is then you get a refund. likewise if you underpaid, you'll owe. That's the same for federal and state taxes.