AARP’s "Prepare to Care: A Resource Guide for Families" can help make the job more manageable. Here’s how to receive a free copy.

Reply
Valued Social Butterfly
0
Kudos
147
Views

Re: What Happened To Our Tax Refunds ?

147 Views
Message 1 of 58

@TxGrandpa2 wrote:

@Olderscout66 wrote:


How you managed to get lower taxes with lil donny's scam is a wonder, but the TRILLIONS he's adding to the deficit because of his scam will fuel the inflation that will eat every dime you got by this time next year. By the way, that bit when lil donny promised his tax cut would not benefit "people like him at the top of income"? Seems everyone with an income above $600,000 (the 1%) will receive at least $24,820 in reduced taxes compared to 2017. You really think the ones getting that extra money will dribble it down on you?


Not sure who this 'lil donny' you keep referring to,


 That would be our fake president Donald Trump Tex .....  Your coy response doesn't fool anybody!

DUMP TRUMP AND MAKE AMERICA GREAT AGAIN!!!
Report Inappropriate Content
0
Kudos
147
Views
Respected Social Butterfly
0
Kudos
162
Views

Re: What Happened To Our Tax Refunds ?

162 Views
Message 2 of 58

@ManicProgressive wrote:

I owed. But I expected that. In blue states, a $10,000 cap on deducting state and local taxes is a joke.


I'm laughing too. 


*Liberals are Jusse Smollett's waiting to happen
Report Inappropriate Content
0
Kudos
162
Views
Treasured Social Butterfly
0
Kudos
176
Views

Re: What Happened To Our Tax Refunds ?

176 Views
Message 3 of 58

@Olderscout66 wrote:


How you managed to get lower taxes with lil donny's scam is a wonder, but the TRILLIONS he's adding to the deficit because of his scam will fuel the inflation that will eat every dime you got by this time next year. By the way, that bit when lil donny promised his tax cut would not benefit "people like him at the top of income"? Seems everyone with an income above $600,000 (the 1%) will receive at least $24,820 in reduced taxes compared to 2017. You really think the ones getting that extra money will dribble it down on you?


Not sure who this 'lil donny' you keep referring to, but I filled out my federal tax return and filed on-line on January 28 when the IRS started accepting them.  Took 10 days to when my refund was deposited in my bank.  I adjusted my withholding so my money would be in my savings drawing interest rather than the government holding it until next year.

 

No, extra money isn't dribbling down to me, but it is staying in my savings drawing interest this coming year.

Report Inappropriate Content
0
Kudos
176
Views
Valued Social Butterfly
3
Kudos
184
Views

Re: What Happened To Our Tax Refunds ?

184 Views
Message 4 of 58

@TxGrandpa2 wrote:

@ChasKy53 wrote:


Gail, you can spin all of this any way you want but the tax cuts were a scam that benefits the 1% and the very upper incomes and earners.


Chasky, I'm not in the very upper incomes and earners but it benefits me.  And others like me.  I'm not in the 1%.


How you managed to get lower taxes with lil donny's scam is a wonder, but the TRILLIONS he's adding to the deficit because of his scam will fuel the inflation that will eat every dime you got by this time next year. By the way, that bit when lil donny promised his tax cut would not benefit "people like him at the top of income"? Seems everyone with an income above $600,000 (the 1%) will receive at least $24,820 in reduced taxes compared to 2017. You really think the ones getting that extra money will dribble it down on you?

Report Inappropriate Content
3
Kudos
184
Views
Treasured Social Butterfly
0
Kudos
190
Views

Re: What Happened To Our Tax Refunds ?

190 Views
Message 5 of 58

@ChasKy53 wrote:


Gail, you can spin all of this any way you want but the tax cuts were a scam that benefits the 1% and the very upper incomes and earners.


Chasky, I'm not in the very upper incomes and earners but it benefits me.  And others like me.  I'm not in the 1%.

Report Inappropriate Content
0
Kudos
190
Views
Valued Social Butterfly
2
Kudos
208
Views

Re: What Happened To Our Tax Refunds ?

208 Views
Message 6 of 58

@TxGrandpa2 wrote:

@ChasKy53 wrote:



There ya' go again, erroneously assuming you know all about the situations of "the average person".  Then dismissing them with "have a good day pardner".

 

Well .............. have a good evening.


Like you posted in another topic, was I posting to you? Your post had nothing to do with my answer.

 

And yes, the standard deduction includes the personal deduction that was done away with. 

No it doesn't. The standard deduction IS a separate deduction in lieu of itemizing deductions as it always has been!

 

And from what I understand, the new taxes didn't eliminate being able to itemize. 

And nobody ever stated otherwise Tex. But certain itemized deductions have now been capped or eliminated.

 

 

I doubt many complaining here itemized in the first place.

That does not change the fact that many who did itemize will now be hit with a tax hike .... a fact that you continually evade!


 

DUMP TRUMP AND MAKE AMERICA GREAT AGAIN!!!
Report Inappropriate Content
2
Kudos
208
Views
Valued Social Butterfly
3
Kudos
234
Views

Re: What Happened To Our Tax Refunds ?

234 Views
Message 7 of 58

@GailL1 wrote:

@ChasKy53 wrote:

@GailL1 wrote:

ChasKy53 wrote  

It screwed me too. I'm not talking in reference to a tax refund check either, I'm talking about an increase in the percentage I pay.

 

-----------------------

Do you know why?  Limit on SALT ?

Having to pay some more in could be due to many things unrelated to tax reform.

 

I always have to pay more in - mainly due to tax on SS benefit, higher than normal royalties - usually in the last quarter or higher investment dividends - usually account for most of these higher amounts on the taxes which I file quarterly. 

 


Of course I know why, but it is really none of your business. I did lose deductions under this new tax plan.


I didn't ask you to share the reason(s)  ONLY that YOU know why.  

But it is nice that now some of these deductions on the FEDERAL return have equalized on a national basis.

 

Who pays the most in State taxes - the ones that make the most.  

Who pays the most in Property taxes - the ones that have the property that is worth the most.

By placing a limit on these (2) types of deduction on the Federal return, we have taxed those who have greater assets in these areas based on how their own state measures them.


Gail, you can spin all of this any way you want but the tax cuts were a scam that benefits the 1% and the very upper incomes and earners.


"The only thing man learns from history is man learns nothing from history"
Report Inappropriate Content
3
Kudos
234
Views
Treasured Social Butterfly
5
Kudos
253
Views

Re: What Happened To Our Tax Refunds ?

253 Views
Message 8 of 58

@GailL1 wrote:

@mandm84 wrote:

Simply put , those who pay the most is all relative and 99% of us are getting skrewed !!


I don't understand most of your post especially if you don't give some reference to the comment.

Why are 99% of "us" getting "skrewed" ???

You might know something - I don't - please share.

 


I believe the comment is in reference to the inequality of the tax cut between the  top 1% of wealthy and the remaining 99%,  It may also be a reference to the huge deficits the GOP has created with these tax cuts for the rich.  Last, it may be because we now have a moron for president who keeps making very bad decisions. 

Report Inappropriate Content
5
Kudos
253
Views
Valued Social Butterfly
0
Kudos
247
Views

Re: What Happened To Our Tax Refunds ?

247 Views
Message 9 of 58

@mandm84 wrote:

Simply put , those who pay the most is all relative and 99% of us are getting skrewed !!


I don't understand most of your post especially if you don't give some reference to the comment.

Why are 99% of "us" getting "skrewed" ???

You might know something - I don't - please share.

 

* * * * * * * * *
MY SIGNATURE: "It’s Always something" - Roseanne Rosannadanna
Report Inappropriate Content
0
Kudos
247
Views
Valued Social Butterfly
0
Kudos
214
Views

Re: What Happened To Our Tax Refunds ?

214 Views
Message 10 of 58

@lk152 

 

I have always been self-employed, no company pension / 401K match - saved every bit of my retirement money a dollar at a time through the years - protected and invested it myself.

 

Yes, I pay taxes on my benefit - but you will be happy to know that you only pay taxes on 50% of that income eligible amount- THE part the EMPLOYER didn't pay.  Employers don't pay taxes on the half of the payroll tax which they pay.  That is one of our biggest Tax expenditures..  Of course, as you and I both know - most people paid taxes on their payroll withholdings - but in our case, being self-employed, we paid both the employer and employee parts - but we have to know which hat we were wearing at the time - Employer / Employee - and how these payroll withholding FICA taxes were taxed at the time.  Did you forget that as the Employer, you got this break too?

 

Of course you are still having to pay withholding - YOU ARE STILL WORKING.  But remember - your benefit is also increasing as you do this.  Your current benefit will rise when recomputed with more contributions.

 

You will probably also like the Social Security 2100 Act recently passed by the House of Representatives.  We have talked about it here in detail in the Politics and Current Events Board and also on the Social Security Board.  It raises the income limits on the taxation of benefits.

but I wouldn't hold my breath for passage.

 

In your self employment profession (IRS business description / business classification ) were you eligible for the 20% reduction in business income which passed-through to your personal return?  That is how the tax cut is happening for these type of pass-through business entities.  NICE.

 

I don't think some people would know a tax cut if it hit you in the face - must just be the complicated nature of taxes.  Course, some deductions also went away to make the Federal return more "federal" but it also limited what "rich" (?) people were getting to deduct too.

 

 

* * * * * * * * *
MY SIGNATURE: "It’s Always something" - Roseanne Rosannadanna
Report Inappropriate Content
0
Kudos
214
Views