Trump tax cut turns out to be another Trump lie

I knew that this was going to happen when I saw the deductions they were limiting and the removing of personal exemptions. This was a big win for everyone but the worker.

Do you save money by taking cash advances on credit cards?

Damn New Yorkers! *shakes fist

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Well that includes the corporate tax cut too, which was the largest part of the tax bill.

Once I finish mine this weekend hopefully I’ll compare my effective rates from this year and last. I expect it’s about a wash. Minor reduction in tax rate mashed up against a pretty substantial net loss of deductions due to the SALT cap.

While refunds have nothing to do really with actual taxes paid, the administration probably did themselves a disservice by front loading the benefit of the tax bill through reduced withholdings, to the point where some folks have simply not contributed enough through the year or see their refunds substantially reduced.

It’s hard to buy goodwill 25 bucks a week when it “feels” like it comes at a cost of over a thousand bucks at the end of the year.

Everyone i know has less deducted from their weekly income check from work. Could it be that with less taken away, people were not overtaxed as they may have been in the past? If you have more withheld from each paycheck during the year, then when you file your income taxes you would either pay in less, or get a larger return.

the anecdotal comments in the article don’t fill in any blanks, and this seems to be all you base your comments on.

Good point. I’ll have to look at the breakdown for CY2018. For FY2018, individual income taxes were up slightly as a percentage of GDP, but there was a net decrease (small) in November and December. It’ll be close to a wash, if not slightly lower.

Hey there is nothing wrong with us… mostly :slight_smile:

Return was withing a couple hundred dollars of what I was expecting. No issues for me. Got to keep more of my money during the year. Credit line on both my electric and natural gas bill each month. My insurance company showed a decrese attributed to the tax cut . . .

I’m betting the majority of American’s will be like me.

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What, you mean meager savings at best, while most of the actual cuts go to stock buybacks, dividends, and not your average Joe etc…?

I personally paid more this year; CA.

Donald Trump is not responsible for your state and local taxes. Enjoy.

The stats show that the vast majority of people got a tax cut year over year.

Which is why so many people don’t care we are running huge deficits and why so many people don’t seem to care that they got a small increase in their after tax inconr while the wealthy and corporations saw much increases.

Basically it’s hush money.

Of course it was the ridiculous NY state taxes that are his problems. No state income tax in Texas, I did fine.

State taxes in NY didnt go up.

No reason to share federal income to a state just because they decide to tax their own peoples income.

The guys main issue was withholding tables were poorly written but I get your point.

Then we should also get rid of deductions for home owners and those who have kids too. And while we are at it, medical expenses, charitable donations and many more.

Write your congressperson regarding the ones you believe should not be there.
Or add deductions for food. Why should we pay taxes when we have to have food, anyway?

I agree 100%.

There should be one person per tax form, and one single deduction that is 80% of what the federal minimum wage is (that deduction would be 12,064 per tax form).

It almost seems as if you agree everything in the tax code is arbitrary? Including the SALT deduction.

I could almost get behind this. There should be no difference between earned and unearned income either.