DawgTalkers.net Forums DawgTalk Palus Politicus Its Tax Time

The best part about being a single issue voter is shooting yourself in the foot. Enjoy this win.

Quoted for truth.

What they are trying to say GM is this:



I know because I'm living that "didn't vote for Hillary" hell myself.

I didn’t vote for Hillary but did so knowing Oregon’s electoral college votes would go to Hillary anyway. I trusted my sane state to carry my ‘lost’ vote. I wrote in Bernie in protest of what the DNC did to him.

I will when Roe V Wade gets overturned

I will gladly pay more in taxes if it saves babies

Grossed $5k more in 2018 than 2017, paid $2k less in taxes, and got $1.5k more back on my tax return. No significant life changes. Double standard deduction for a married couple is nice!

So let me ask you, since the court is already heavily stacked in your favor, how is continuing to vote on a single issue going to help you at this point?

Bless your heart.

For people who pay no income taxes at all, what is their issue(s) in voting?

Getting freebies??

The biggest corporations and the super rich pay no taxes bro and they are all about the freebies and government handouts, that's the problem.

I want to see the court stacked more heavily because you never know whats going to happen for sure down the road.

Now as far as who, and how I will vote next time that is yet to be determined.

Not for me.

Last year, I had $62K in deductions. This year? The $24K standard deduction was better because of all of the things they took out and capped from itemizing.

Without changing anything, my Adjusted Gross Income just went up $38,000.

So I'm owing about $9k more this year when filing. But wait...I paid $3k less in income tax this year! That means these new tax laws are only costing me an extra $6,000!

SO. MUCH. WINNING for the middle class!!!

If only I had a personal jet to write off maybe this would all even out.

You must be rich. If so, the poor want to tax the hell out of you.

uh, no.

You show how much the new tax plan cost you and arch tries to put some spin on it to poke at the left. I'm not surprised.



Trump cost you thousands but somehow it turned into, "Well yeah, but."

Can you MAGA hatters please tell your trash ass president to stop criticizing his own federal reserve chair on Twitter?

Well they can't do that. Now that Trump has said he's doing bad things they all must feel the same way. That's how this whole thing works.

Bro, I’m legit worried about what’s gonna happen if trump doesn’t get this trade deal done with China.

Part of the stock markets rally this year is the slim hopes coming out of those talks. But right now we got a record number of farmers filing for bankruptcy. And more and more companies are showing their earnings report, and it isn’t good.

And then selfishly, I don’t want to see my money tank on the market if this deal doesn’t go through. This is not the kind of crap we need amongst a global slowndown in growth.

With any luck Trump's ego will get the best of him like it did when he overhauled NAFTA. Not much was changed with only one thing I can think of that actually helped American auto makers. It actually did more for Mexican auto workers by insuring that auto manufacturers in Mexico pay a minimum of 15$ an hour to their workers. Otherwise is was pretty much a publicity stunt to make it look like he did something.

Maybe it will end up being pretty much the same thing and he'll put his ego first. It won't address what all of his supporters claimed he would fix but it will keep the economy stable and protect American workers retirement by keeping those investments in tact.

So when the next tax reform bill comes up to relieve your tax burden you’ll be fine that the conservative stacked SC will make sure that the middle class will get stuck with the tax bills once again? Oh yeah almost forgot, you’re pro birth not pro life.

You need to buy a vow, or maybe ask somebody to get you this for Christmas

Hmmm, seems like the tax plan worked. For someone with 62K JUST IN DEDUCTIONS - they can afford to pay the extra tax, and should. No?

If DIEHARD is a SBO I think it would be rather simple to both have 62K in deductions and also be in the middle income brackets.

What I do know is that in many cases the limits and cancellations of deductions wiped out any tax saving some people thought they would get.

It didn't hit everyone that way. But many it did. So you can make snide comments if that makes you feel better about what actually transpired.

I don't think that one particular case is the norm (at least that's how I read your comment).

I saved over 2K over the year in taxes. I know many that saved more, and many that saved less. There are always going to be people that do not benefit and do.

But my point is, that if you have enough to deduct 62K from your AGI and still live a comfortable life, you made enough to pay more in taxes.

Just from the limit of interest you can deduct on homes and property, combined with the limit on medical deductions has hurt a lot of people. There are more examples but those two happen to be the one's that have hurt the people I know the most.

I'm not sure I actually understand your point. I do know that if you extrapolate that out, it has certainly benefited those at the very top far more than it's helped the average tax payer that it was advertised to help.

But I am glad you saw a savings in your taxes.

I have paid for 40 years.


Good for you. It means you are making some money and have to pay for folks sucking up tax dollars.

It's what we do. We are the folks with backbones, not wishbones.

Yet when Dems say tax the rich and make them pay more or their fair share, you and the right have a cow. smh

You mean hungry kids, the elderly, the disabled, the working poor who put in 40 hours and still need help? Because that's who you are talking about.

It's stupid comments like this one that makes working tax payer feel they are being taken advantage of over social safety nets that are there when they fall. I know you are not a bad guy peen, I've read and respected your non-political post and opinions for years. But I do think you buy into or parrot the right wing radical extremist claims far to often.

Show me where I have said that. Ill wait. Or are you just making things up again.

Middle Class Homeowners screwed by Tax laws

Middle-class homeowners smacked by new tax law
Aimee Picchi 6 hrs ago

As taxpayers sort through the new regulations signed into law by the Tax Cuts and Jobs Act, one demographic is feeling particularly hard-hit: Middle-class homeowners who live in high-tax areas. Many are just now learning they owe thousands this year rather than getting the refunds they usually received.

Their problem sits with the new deduction cap on state and local taxes, which the law caps at $10,000. Before 2018, taxpayers were allowed to deduct their total combined state and local taxes from their federal taxes, softening the blow of high property and income taxes in states like New Jersey and California.

The impact is keenly felt by middle-class homeowners who live in towns with high property taxes, which some told CBS MoneyWatch they choose for their great public schools. Getting slammed by higher taxes under the new tax law has prompted some to rethink their plans, even mulling moving after their kids graduate from high school.

Making it worse, they say, is a perception that the SALT deduction cap is only hitting wealthy families, which they say isn't accurate.

"The rest of the country thinks it's only affecting people who are wealthy and who can afford it, but we know it's not just the case," said Kate Fawcett, who lives with her family in Glen Ridge, New Jersey. "This is just going to wipe us out."

11 million taxpayers hit
Fawcett isn't alone. Almost 11 million taxpayers in high-tax states like New Jersey will lose out on $323 billion in deductions because of the SALT deduction cap, the Treasury Department estimated last month.

About 80 percent of the full SALT deduction had benefited Americans earning more than $100,000 per year, according to the Tax Foundation. But families in high-tax states like New York and New Jersey have a higher cost of living, where $100,000 doesn't stretch as far. For instance, a taxpayer earning $50,000 in Fort Lauderdale, Florida, would need to earn $101,000 to have the equivalent quality of life in Manhattan, according to financial site NerdWallet.

Some filers who have their SALT deductions capped this tax year may see little to no refund this spring yet still benefit from lower effective tax rates on their take-home pay. But overall, the Tax Cuts and Jobs Act, which was signed into law by President Donald Trump at the end of 2017, isn't viewed favorably by most taxpayers. Only one in five taxpayers say they expect to pay less in taxes because of the overhaul, according to a recent Reuters poll. About one in three say they expect to pay more in taxes.

Among Democrats, fewer than one in 10 say they believe they'll come out ahead, while almost half say they believe their taxes will rise this tax filing season. Many of the taxpayers hit by the SALT deduction cap live in high-tax states that tend to vote Democratic, such as California and New York.

Property tax
In Fawcett's case, her family has combined annual property and local taxes of about $27,000. She describes her house as modest, with two bathrooms and three bedrooms, and located on a small piece of property.

The new tax law means they are paying $17,000 in taxes they can't deduct from their federal return filed with the Internal Revenue Service.

"Last year we had a refund of about $1,000 from federal," she said. "Our accountant said we definitely will owe $5,000, minimum, but it could be more than that."

While Fawcett said they will have the money on hand to pay the tax bill, she said they are considering refinancing their house to ensure they have money socked away in savings in case of an emergency. In the long-term, she said she has thought about moving once their youngest child graduates from high school.

"It's a huge impact," she said. "It really changed how we think about staying in this town."

Recalculating the real estate math
Some taxpayers said the deduction cap is hurting middle-class families who moved to high-tax areas for good public schools. Others said they were seeking a better quality of life and moved into a more expensive home, only to get walloped by the deduction cap.

"All the exact numbers don't really hit you until you're there," said Ryan Mills, 30, of Vero Beach, Florida, about moving from a $400,000 house to one valued at $1.1 million. He concedes it's "a first world problem," but said owing taxes was "a little disheartening."

As for Fawcett, the New Jersey homeowner, she said she understood the law meant she'd pay more, and that people who live in low-tax states aren't likely to commiserate. "But it was still hard to swallow," she added.

No, that's not the case at all. We are smack dab in the middle 24% bracket as a married couple both with decent jobs. An extra $9,000 to pay every year now is no joke.

Yeah, they don't want to see or admit this......



https://www.barrons.com/articles/what-the-new-tax-law-means-for-you-1514004991

Wait. I thought the left was all happy with people paying taxes. I mean, we want medicare for all. Single payer health care. We want to give more and more to those that don't have, etc.

It takes money. Gov't. gets money from where?






I just find it odd and ironic that we all know gov't. spending needs to go down, yet when a cut is brought up, the people affected by that cut scream "NO, NOT MY BENEFITS. Tax someone else."

What most of the public doesn't like is being lied to. Trump said he wouldn't cut medicare. He said he wouldn't cut social security or medicaid. He said he would give out big tax cuts.

With all of the limits in deductions his tax cuts weren't near what he said they would be for many. His budget now call for huge cuts in all of the programs he said he would not cut.

So maybe it's actually about expecting this guy to tell the truth...... for once.

Nah. It's about everyone wanting the gov't. to cut expenses, yet gripe when THEY are affected. Cut something else.

It's about taxes. Everyone wants them cut for THEM, but tax someone else more.

No, the extra money I'm paying is going to offset the savings that the really rich and corporations are getting. I would feel different if my extra money was going to actually help people in need but that's not the case here at all.

They are robbing the middle class to make the upper tier even wealthier. And it's not just Dems or Reps. Its all of us.

I had my taxes done yesterday. I paid $286 less in taxes this year than last. On pretty close to the same income.
Thanks trump. My life is forever changed by my $23 a month financial windfall. I can finally afford to buy a boat and go on that two week vacation to Australia I’ve always wanted to take... or not. But at least those poor multi billion dollar companies are paying less this year... and according to the tax plan, next year and beyond too. Hey, at least they’ll reinvest that tax savings. GM has proven that!...oh, wait....

Yeah, expecting Trump to do what he said he would has nothing to do with it. I mean all of his supporters talk about "promises made, promises kept", yet when you prove to them that he made promises he's not keeping, people like you want to blame it on something else.