Doesn’t change the fact that our State taxes went up by 1,126% (yes I calculated it, over 11 thousand percent) wiping out a big chuck of the “tax cut”.
You are conflating two entirely different issues. Federal taxes are federal taxas. State taxes are state taxes. Never the twain shall meet.
I’m not conflating anything. I understand the difference. Taxes are taxes, not an entirely different issue.
I’m simply pointing out that a big chunk of the federal “tax cut” ended up going to the state.
Taxes are taxes, a large portion of the Federal tax cut was used to pay for the State tax increase over previous years.
In VA, this may not have been an issue in other States.
State taxes and federal taxes are two completely different issues.
One does not pay for the other.
So you’re saying that Trump’s tax plan was deeply flawed, because it exploded the deficit by not raising taxes on the lower class to pay for its tax cuts on the rich and corporations?
This is splitting hairs. Do tax deductions pay for your mortgage?
GOP doubling the Standard Deduction immediately put a whole lot more people under the umbrella of paying zero in federal tax.
Taxes are taxes.
If you have a checking account with $5,000 in it.
Previously you paid $4,000 in Federal taxes but get a tax cut to now pay $2,000.
State taxes that were previously $75 went up to $800 because of changes in the Federal tax law.
So your tax savings went from $2,000 to about $1,200 because the Federal savings were offset by in increase in State taxes.
The Federal cut sure as hell paid for the increase in State taxes.
Because the top 20% doesnt pay ■■■■ for wages. Strange how the GOP complains about being over taxed, then complains about the common man not being taxed enough.
Trump and the Republicans are going to lose a whole bunch of their voters because of their tax “reform.”
They knew a lot of people were going to be extremely unhappy when they go to file their income tax. That’s why it didn’t go into effect immediately for 2017. They didn’t want the voters pissed before the midterms.
But a lot of people knew what the outcome would be and that’s why the only legislation they passed in two years wasn’t touted by R’s or Donald in campaigns in the run up to the midterms elections.
Their signature legislation and they couidn’t run on it.
Most people, especially “the forgotten man” doesn’t know and doesn’t care what their effective tax rate is.
They only know last year they got a refund when they filed and this year they are going to owe. They thought the extra bump in the paycheck they could spend. Now they have to come up with a lot of cash to pay the IRS and/or that refund check they were relying on they aren’t going to get or is way less then they got last year.
Actually, it’s time for the government to spend less.
But neither your suggestion nor mine will happen.
Don’t dig this hole.
Your state is screwing you because of its tax laws. It has nothing to do with federal taxes.
Vote to get your state’s tax laws changed. It’s what high state-tax states need to do now that federal tax laws have exposed them.
PS: Virginia is not the only state with that state tax provision. I think Kansas has it, and I’ll bet others do too.
@WorldWatcher post is pretty clear. Federal taxes have been historically used in some cases to offset state taxes. In the end, taxes are taxes at the end of the year. Whatever name you sign on the check, its still money going out to government.
My H’s paycheck went up $200 per pay period in January 2018. Of course, that was before he changed his witholding so that an extra $500 was taken out each pay period. It would have been a wee bit less if the new withholding calculator was out before mid February 2018.
No, because we understood the ramifications of the tax reform and changed the witholdings.
If we were dumb and didn’t understand we needed to do that, probably would be pissed. There are going to be a lot of Trump supporters who didn’t change their witholdings. Do you think they are going to be mad? I do.
Oh, I’m sure there will be.
And so they’ll be mad about it.
Maybe some of them will start supporting Kamala because of it. Or something.
The beef has been squashed. Talk about taxes.
Maybe. But I am sure a lot won’t be voting for Trump again because this is something tangible that is directly effecting their pocketbooks.
Trump mainly got elected by razor thin margins in the midwest. A sort of blue collar manufacturing promise about jobs. Im not convinced their lives have significantly improved by the tax reform. So the novelty of Trump is probably long gone. Democrats would be wise to pay attention to who does well in the midwest during the primaries. Not ignore it like they did Bernie