Jump to content
OILERMAN

The tax windfall that wasn't: A troubling new IRS report suggests many Americans may be giving money right back to the government

Recommended Posts

ctm   
3 hours ago, IsntLifeFunny said:

As Carlin would say, fuck em’.

 

I’m not saying the Dems don’t own some of this, because in actuality they own a lot of it by putting Clinton up there amid a major investigation, but the rubes who thought Trump was actually looking out for them deserve every bit of the pain they’re experiencing. Hopefully this will bitch slap them into reality. If you’re going to pay more in taxes then what do you have to show for it except for a government shutdown and the rich people paying less while you cover the margin? 

Giving tax money to the rich is the tariff for keeping racism alive.

Share this post


Link to post
Share on other sites

I just finished entering in all my info. I made basically the same amount as last year — my wife and I, That is. We got back $800 last year. This year we bought a house and had a baby. We owe $3800 this year. I’m extremely middle class — my wife and I are in the $77k to $165k tax bracket. Someone dare to tell me how this tax bill was supposed to benefit me again? 

Share this post


Link to post
Share on other sites
9 Nines   
41 minutes ago, ChesterCopperpot1 said:

I just finished entering in all my info. I made basically the same amount as last year — my wife and I, That is. We got back $800 last year. This year we bought a house and had a baby. We owe $3800 this year. I’m extremely middle class — my wife and I are in the $77k to $165k tax bracket. Someone dare to tell me how this tax bill was supposed to benefit me again? 

You and your wife work for the money. Rich people, who got the tax breaks have to check financial pages to see the money they are passively making.    For some reason, republicans think the former should pay more taxes. 

Share this post


Link to post
Share on other sites
abenjami   

Last year, I paid 3% more in taxes to the IRS on my taxable income and it was only 80% of what it was this year. 

 

For those of you who are mathematically challenged, that means I made more money this year and paid less in taxes on every dollar I made. 

 

LOL at all the lower and middle class idiots who voted for Trump and are now upset at having to pay more in taxes.

 

I remember posting about this around election time and saying this day would come for us high earners. 

Edited by abenjami

Share this post


Link to post
Share on other sites
OILERMAN   

My taxes were pretty close to the same, we made 13k more overall than 2017, paid 1300 more overall in taxes and for 2017 I got a 2900 refund, this year I got slightly more than 2300 back. 

 

I basically get no extra deductions aside from our 401ks

Share this post


Link to post
Share on other sites
ctm   
50 minutes ago, OILERMAN said:

My taxes were pretty close to the same, we made 13k more overall than 2017, paid 1300 more overall in taxes and for 2017 I got a 2900 refund, this year I got slightly more than 2300 back. 

 

I basically get no extra deductions aside from our 401ks

1300 more paid in plus 600 less in refund is $1900 net increase paid.  That's about 14.5% of 13K.  Considering this is marginal income on top of 2017, this looks like a small net tax cut.  Voting for Trump?

Share this post


Link to post
Share on other sites
Cyrus   
17 hours ago, ChesterCopperpot1 said:

I Got a $500 credit because of my daughter. That was it. I got back more last year, and I didn’t own a house or have a kid. 

Should be $2,000, $1,200 of which is fully refundable even if your tax basis is $0. 

 

I think net-net were receiving more back this year due to the increase in the child tax credit. ($2000 vs $4000 with two children). We also had more HSA deductible expenses as well. The cost of our sons birth was fully deductible because we passed all the expenses, $3,500 worth, through our HSA. (Which comes off the top line of your income before any standard deduction - so not impacted by the new law). We’ve got some other tax favorable set ups too. 

 

@ChesterCopperpot1 if you’re only seeing $500 you’ve inputted it improperly. This deduction is for a limited category of adult dependents.

Edited by Cyrus

Share this post


Link to post
Share on other sites
53 minutes ago, Cyrus said:

Should be $2,000, $1,200 of which is fully refundable even if your tax basis is $0. 

 

I think net-net were receiving more back this year due to the increase in the child tax credit. ($2000 vs $4000 with two children). We also had more HSA deductible expenses as well. The cost of our sons birth was fully deductible because we passed all the expenses, $3,500 worth, through our HSA. (Which comes off the top line of your income before any standard deduction - so not impacted by the new law). We’ve got some other tax favorable set ups too. 

 

@ChesterCopperpot1 if you’re only seeing $500 you’ve inputted it improperly. This deduction is for a limited category of adult dependents.

Yeah, I think I’ve input something wrong. I’ve not completed my file yet. Nevertheless, I go from owing 3800 to possibly 2300. Better, but it still sucks. 

Share this post


Link to post
Share on other sites
Cyrus   
55 minutes ago, ChesterCopperpot1 said:

Yeah, I think I’ve input something wrong. I’ve not completed my file yet. Nevertheless, I go from owing 3800 to possibly 2300. Better, but it still sucks. 

Are you using TurboTax? I'd highly recommend it. Hard to input things wrong like that.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...