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Re: Where did your tax refund go?

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Message 51 of 58
Plus the fact that the Trump administration put pressure on the IRS to make the withholding tables more liberal in order to make the tax cuts look bigger to the average wage earner. A stupid idea which is coming home to roost. .....................................Man, I am shaking my head in total disbelief on this.
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Re: Where did your tax refund go?

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Message 52 of 58

@TxGrandpa2 wrote:

@ManicProgressive wrote:

Any change we see is paltry in comparison.


Of course comparison is relative to one's income.  The significant amount for those of a lower level would be nothing for a millionaire, but to the average person would mean being able to afford extras.  No doubt the outlook is mostly based on partisanism.

 

I have already adjusted our withholding based on anticipated income and taxes.  I will be able to invest the difference monthly in order to receive interest and dividends instead of it being held by the government without interest until next year.

 

The 2018 tax refund didn't start earning interest until the first week of this month.


Plus the fact that the Trump administration put pressure on the IRS to make the withholding tables more liberal in order to make the tax cuts look bigger to the average wage earner.  A stupid idea which is coming home to roost. 

 

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Re: Where did your tax refund go?

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Message 53 of 58

@ManicProgressive wrote:

Any change we see is paltry in comparison.


Of course comparison is relative to one's income.  The significant amount for those of a lower level would be nothing for a millionaire, but to the average person would mean being able to afford extras.  No doubt the outlook is mostly based on partisanism.

 

I have already adjusted our withholding based on anticipated income and taxes.  I will be able to invest the difference monthly in order to receive interest and dividends instead of it being held by the government without interest until next year.

 

The 2018 tax refund didn't start earning interest until the first week of this month.

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Re: Where did your tax refund go?

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Message 54 of 58

If you didn't quite get the refund you are used to getting, you are probably in a blue state and itemizing deductions. In an effort to streamline the tax code and also give ALL tax payers some relief, Trump's tax cut did do that and doubled the standard deduction. So, if you lived in one of the blue states that gouge you for real estate, income, and sales taxes and your total state taxes exceeded $10K and you itemized on the federal form, you are not a happy camper. On the other hand, if you didn't ever itemize (even in a blue state) or you live in a red state, you are most likely a happy camper.

 

This nonsense about returning some money to the highest income is just that - nonsense. If giving a tax reduction, who would most likely get a bigger refund? Obviously, those that put in the most unless you want redistribution which is the left's goal.

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Re: Where did your tax refund go?

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Message 55 of 58

@TxGrandpa2 wrote:

@ManicProgressive wrote:

Absolutely. Redistribution of wealth to the top 0.1%.


I'm not in the top 0.1% but my refund was a healthy one compared to previous years.  I can't understand why anyone would be as concerned about refunds as the taxes.  I would rather my money be drawing interest rather than being held by the government as long as there is adequate withholding.

 

 

 

 


That meme is more than just changes in refunds. It’s about the new tax structure as a whole and how the wealthy benefit much more than middle class and lower income people.  The refund is just a concrete reflection of the tax changes that people can relate to.  The top 0.1% make most of their income from investments, or capital gains. So they aren’t even working to make their money; their money works for them. And they get a lower capital gains tax rate than working folks do getting taxed on wages.  

 

Any change we see is paltry in comparison.

 

 

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Re: Where did your tax refund go?

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Message 56 of 58

@ManicProgressive wrote:

Absolutely. Redistribution of wealth to the top 0.1%.


I'm not in the top 0.1% but my refund was a healthy one compared to previous years.  I can't understand why anyone would be as concerned about refunds as the taxes.  I would rather my money be drawing interest rather than being held by the government as long as there is adequate withholding.

 

 

 

 

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Re: Where did your tax refund go?

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Message 57 of 58

Absolutely. Redistribution of wealth to the top 0.1%.

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Where did your tax refund go?

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Message 58 of 58

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