About that whole "Trump tax cut"....

[Stratovarious]

,,,duplicate delete

[EBounding]

The tax cut was pretty substantial for me. I adjusted my withholding accordingly.

Unfortunately the tax cut is more than offset by tariffs from the Awesome Trade War. My bonus this year would have been much larger without the tariffs.

[Stratovarious]

Gut the IRS? Shirley you can't be serious.

A bit testy today are we , bless your heart....


-
-
https://www.youtube.com/watch?v=sBltrX4gCbk

- ''Tax simplification will be a major feature of the plan''
- ''...our tax code is so burdensome and complex, that we waste
9 billion hours a year in tax code compliance.''
''My plan will Reduce brackets from 7 to 3 , ...dramatically streamline
the process.''


https://www.youtube.com/watch?v=Dw2TpI7zLjs
''25k and less pays nothing ''
''They get a new 1-page form to send the IRS,
saying I pay nothing.''
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Forbes:
https://www.newsmax.com/Politics/Don.../03/id/751454/
Donald Trump said America's tax code is "broken," and because of his experience using it to his advantage in his business dealings, he knows how to fix it.
"Fixing our broken tax code is one of the main reasons I'm running for president," the Republican presidential nominee said during a campaign rally Monday in Pueblo, Colo.
"It is unfair and so complex that very few people understand it. Fortunately, I understand it."
xxxxxxxxxxxxxxxxxxxxxx
https://duckduckgo.com/l/?kh=-1&uddg...tax-reform.pdf

25k and less single ; 1 page form , pay nothing.
Approx 40% + or the work force would send in a 1 page
form and pay nothing.
-

https://seekingalpha.com/article/410...rcentiles-2017



xxxxxxxxxxxxxxxxxx












xxxxxxxxxxxxx

[Zippyjuan]

A bit testy today are we , bless your heart....


-
-
https://www.youtube.com/watch?v=sBltrX4gCbk

- ''Tax simplification will be a major feature of the plan''
- ''...our tax code is so burdensome and complex, that we waste
9 billion hours a year in tax code compliance.''
''My plan will Reduce brackets from 7 to 3 , ...dramatically streamline
the process.''


https://www.youtube.com/watch?v=Dw2TpI7zLjs
''25k and less pays nothing ''
''They get a new 1-page form to send the IRS,
saying I pay nothing.''
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Forbes:
https://www.newsmax.com/Politics/Don.../03/id/751454/
Donald Trump said America's tax code is "broken," and because of his experience using it to his advantage in his business dealings, he knows how to fix it.
"Fixing our broken tax code is one of the main reasons I'm running for president," the Republican presidential nominee said during a campaign rally Monday in Pueblo, Colo.
"It is unfair and so complex that very few people understand it. Fortunately, I understand it."
xxxxxxxxxxxxxxxxxxxxxx
https://duckduckgo.com/l/?kh=-1&uddg...tax-reform.pdf

25k and less single ; 1 page form , pay nothing.
Approx 40% + or the work force would send in a 1 page
form and pay nothing.
-

https://seekingalpha.com/article/410...rcentiles-2017



xxxxxxxxxxxxxxxxxx












xxxxxxxxxxxxx

Actually they got rid of the "one page form" the 1040ez. Now you have to use the 1040.

https://www.irs.gov/forms-instructions

For Tax Year 2018, you will no longer use Form 1040A or Form 1040EZ, but instead will use the redesigned Form 1040. Many people will only need to file Form 1040 and no schedules.

https://www.forbes.com/sites/beltway.../#41c2a9c37bbc

The New Tax Law's Really, Really Big Postcard


The Trump Administration continues to tout the idea that, thanks to the Tax Cuts and Jobs Act (TCJA), Americans will be able to fill out their individual income tax returns on a post card—or what the president calls “a single, little beautiful sheet of paper." I can’t speak to its beauty, but the tax year 2018 Form 1040 won’t make it on a single page.

The 2017 IRS Form 1040, the basic document most taxpayers use to file, includes 98 lines and boxes for calculating tax payments. For 2018, the TCJA is likely to eliminate a grand total of five (or maybe six) of those lines. And the new law will likely require at least one new one.

That would make for a really big postcard (or really tiny type).

Then there are the additional worksheets and schedules, some of which will get more complex. Owners of pass-through businesses, for instance, will have to do multiple new calculations in exchange for a chance to deduct 20 percent of their business income. Millions more households will have to file a Schedule 8812 that will allow them to take the expanded Child Tax Credit. These may be sweet new tax breaks, but they’ll mean more work, not less.

Treasury Secretary Steven Mnuchin notes that many more filers will take the standard deduction. And he is right. The Tax Policy Center estimates that about 27 million fewer taxpayers will itemize under the new law. But that won’t get them a postcard.

[fedupinmo]

Gee, Zip... full 'o $#@! again. Looks substantially reduced to me...

[devil21]

It is very pretty, almost everyone is getting a cut and the high tax states aren't being subsidized by everyone else nearly as much.

Your propaganda is pitiful.

Cool story, bro.

You do understand that personal federal income taxes go primarily to pay interest on the debt and dividends to Fed shareholders (6% per year), so there's not much "subsidizing" going on from income taxes, except subsidizing bankers and other debt holders. The rest of the tax and fee structure, along with new debt, is what funds federal operations.

[Swordsmyth]

Cool story, bro.

You do understand that personal federal income taxes go primarily to pay interest on the debt and dividends to Fed shareholders (6% per year), so there's not much "subsidizing" going on from income taxes, except subsidizing bankers and other debt holders. The rest of the tax and fee structure, along with new debt, is what funds federal operations.

The subsidy consists of allowing the residents of high tax states to pay less federal taxes than the rest of us, that allows those states to keep residents that would otherwise leave and/or high tax politicians to keep voters while passing the costs on to the rest of the country through higher taxes/debt/printing.

[nobody's_hero]

It's been the biggest tax cut out of all republicans who ever promised me a tax cut. Maybe that ain't saying much, but I ain't gonna scalp the man for it.

[devil21]

The subsidy consists of allowing the residents of high tax states to pay less federal taxes than the rest of us, that allows those states to keep residents that would otherwise leave and/or high tax politicians to keep voters while passing the costs on to the rest of the country through higher taxes/debt/printing.

It took me a few to sort out that mental gymnasium of justification. You're suggesting that someone paying less federal income tax means higher federal spending and debt?

It's been the biggest tax cut out of all republicans who ever promised me a tax cut. Maybe that ain't saying much, but I ain't gonna scalp the man for it.

What was the result of your tax return?

[Swordsmyth]

It took me a few to sort out that mental gymnasium of justification. You're suggesting that someone paying less federal income tax means higher federal spending and debt?

If we spend the same amount and they are allowed to pay less than the rest of us that increases the debt unless we tax someone else more or just directly print the money.
None of those options is good or fair to the rest of the country, residents of high tax states should have to play by the same rules as everyone else and then either enjoy their higher taxes or move to another state or vote in politicians who will lower their taxes.

[Zippyjuan]

Cool story, bro.

You do understand that personal federal income taxes go primarily to pay interest on the debt and dividends to Fed shareholders (6% per year), so there's not much "subsidizing" going on from income taxes, except subsidizing bankers and other debt holders. The rest of the tax and fee structure, along with new debt, is what funds federal operations.

Personal federal income tax revenue were $1.7 trillion. https://www.thebalance.com/current-u...evenue-3305762

Did most of that go to paying interest on the debt? Interest on the debt was $364 billion. That means that 21% of income tax revenues went to interest on the debt (still a high number and likely to rise as we face $1 trillion deficits with the tax cuts and higher spending as well as rising interest rates) but certainly not "most income taxes").

Did the money go to the Federal Reserve to pay shareholders? No. The Fed is self funding- they don't get any taxpayer money. In fact, they turn over their profits (after expenses including the dividend to stock holders) to the US Treasury. They collect fees for services as well as interest on loans and securities they hold. I haven't seen figures for this year, but last year they gave the US Treasury over $80 billion. https://www.marketwatch.com/story/fe...ear-2018-01-10

[devil21]

If we spend the same amount and they are allowed to pay less than the rest of us that increases the debt unless we tax someone else more or just directly print the money.
None of those options is good or fair to the rest of the country, residents of high tax states should have to play by the same rules as everyone else and then either enjoy their higher taxes or move to another state or vote in politicians who will lower their taxes.

Well, it's nice to have you on record that you like higher taxes and liberal stuff like paying "fair share" and whatnot.

[Swordsmyth]

Well, it's nice to have you on record that you like higher taxes and liberal stuff like paying "fair share" and whatnot.

I want low spending and low taxes but everybody should have to play by the same rules until we get them.

You like high state taxes and high deficits?

[devil21]

I want low spending and low taxes but everybody should have to play by the same rules until we get them.

You like high state taxes and high deficits?

I like seeing anybody's taxes lower, regardless of what state they live in or what their political affiliation may be.

[Swordsmyth]

I like seeing anybody's taxes lower, regardless of what state they live in or what their political affiliation may be.

Then you like turning liberals into an aristocracy and conservatives into serfs.

Everyone should have to play by the same rules and suffer the consequences of their own actions, they should not be allowed to get a discount on the costs of their state and local big governments by picking everyone else's pockets.

[devil21]

Then you like turning liberals into an aristocracy and conservatives into serfs.

Everyone should have to play by the same rules and suffer the consequences of their own actions, they should not be allowed to get a discount on the costs of their state and local big governments by picking everyone else's pockets.

Reinforcing again that you like higher taxes, just as long as they are against people you don't personally like. I like lower taxes wherever they may be.

[Stratovarious]

Then you like turning liberals into an aristocracy and conservatives into serfs.

Everyone should have to play by the same rules and suffer the consequences of their own actions, they should not be allowed to get a discount on the costs of their state and local big governments by picking everyone else's pockets.

''You must spread some Reputation around before giving it to Swordsmyth again.''

[Stratovarious]

Reinforcing again that you like higher taxes, just as long as they are against people you don't personally like. I like lower taxes wherever they may be.

Dribble, or Gibberish?
Are you seriously claiming this post as a response to SS?

[Swordsmyth]

Reinforcing again that you like higher taxes, just as long as they are against people you don't personally like. I like lower taxes wherever they may be.

No, your propaganda is terrible, I want EVERYBODY to pay less in taxes and I want Spending cut to the bone.

But I will not allow the creation of a class of people who are "more equal" in the name of reducing taxes.

[devil21]

No, your propaganda is terrible, I want EVERYBODY to pay less in taxes and I want Spending cut to the bone.

But I will not allow the creation of a class of people who are "more equal" in the name of reducing taxes.

So yes, you want some people to pay higher taxes, instead of reductions wherever they may occur.


Let's get back to the original point of the thread. How are the tax returns looking compared to last year?

[Swordsmyth]

So yes, you want some people to pay higher taxes, instead of reductions wherever they may occur.

No, I want a cut for everyone, it will just cut more for those who aren't being treated as "more equal" right now, you want some people to be "more equal".

Let's get back to the original point of the thread. How are the tax returns looking compared to last year?

For most taxpayers they are looking better.

[specsaregood]

I like seeing anybody's taxes lower, regardless of what state they live in or what their political affiliation may be.

It is quite reasonable to put a cap on the state tax deductions and honestly it is going only effect a few. The tax cut was billed as a middle class tax cut and that is exactly what it is. Only those in the very-upper middle class and wealthy are going to hit that 10k state tax deduction. In No state is the average person paying over 10k a year in property or income taxes. (https://www.cnbc.com/2018/04/05/aver...ery-state.html) And if they are, its not going to be by much.

[kona]

The SALT deduction is absolutely a subsidy, no longer is the federal government paying a substantial portion of your state tax liability.

If the fort holds (a big if), it won't be long before socialist states will begin to cut taxes. They'll have no choice.

[Wooden Indian]

I'll be your huckleberry.

I want 100% tax rates for people that demand a cut of my labor's fruits; zero for those that will leave me and mine in peace. I'm a real jerk.

[Swordsmyth]

I'll be your huckleberry.

I want 100% tax rates for people that demand a cut of my labor's fruits; zero for those that will leave me and mine in peace. I'm a real jerk.

That's certainly better than the reverse.

[UWDude]

I see about an extra $1,800 a year.

Very happy for the tax cut.

[brushfire]

Gut the IRS? Shirley you can't be serious.

He is serious, and dont call him Shirley.

[Wooden Indian]

That's certainly better than the reverse.

Crazy talk. Why would we want equality among free men when we can have elitists in ivory towers? You're like... such a socialist nazi, bruh.

[Brian4Liberty]

Fake news.

I'd say at least 80% of the country saved money, 99% of standard deduction filers saved money, and itemized deduction filers saved money (from non-leftist states). The itemized deduction filers in NY, CA, NJ, OR, HI got murdered (many have an effective tax rate between 50%-55%).

If you are in a high-tax state and make a lot of money, nothing from the Trump cut can help you. The Federal government is not subsidizing the states' taxes anymore. That is a good thing.

Yeah, itemized deductions is where it might hurt people. Mostly in high income, high cost areas like NY and SF.

Mortgage deductions have always been nothing more than a government subsidy to the home loan and real estate industry. They should be reduced to zero. State tax deductions from Federal taxes is an incentive for States to tax more. Eliminate those too.

It is quite reasonable to put a cap on the state tax deductions and honestly it is going only effect a few. The tax cut was billed as a middle class tax cut and that is exactly what it is. Only those in the very-upper middle class and wealthy are going to hit that 10k state tax deduction. In No state is the average person paying over 10k a year in property or income taxes. (https://www.cnbc.com/2018/04/05/aver...ery-state.html) And if they are, its not going to be by much.

Only in places where the average home costs over a million, and the average salary is over $100k...

[Swordsmyth]

Crazy talk. Why would we want equality among free men when we can have elitists in ivory towers? You're like... such a socialist nazi, bruh.