Trump tax cut turns out to be another Trump lie


#138

Their lives have not improved and now they are going to be hit with owing the IRS or a getting a much smaller refund.

It’s going to piss them off, big time.


#139

Its also an inconsistent message. You want your life to improve? Dont rely on government. Oh, your life improved? Thanks Trump. An extra $1000 a year tax cut isnt enough to change the inertia of the last 40 years.


#140

This will be interpreted as the tax cuts were not aggressive enough.


#141

My effective tax rate is lower. My return isn’t comparable to last years because we sold my wife’s home from before we were married in 2017 and took a loss on that property. Minus that, my wages were taxed at a lower rate than years past.


#142

Oh, the irony! :slight_smile: Do you see the irony of repeatedly slamming and broadbrushing New Yorkers while supporting Donald Trump? Does that fit your definition of irony?


#143

They weren’t for the middle/ lower class.

The only thing they will be interpreting is that they owe $$ to the IRS or their refund, which they count on getting every year, disappeared.

And I think those voter are going to be pissed off.


#144

Exactly like trickle down. You know, that thing all of the suckers on the right keep believing in over and over and over again that never happens.


#145

You mean like this happy customer?


#147

It’s splitting governments.

What do you mean?


#148

Everybody “predicted” this as its clearly stated in the law:

Under the new tax reform bill for 2018 the deduction for State and Local taxes (SALT) relating to property and sales taxes, on federal IRS tax returns is being limited to $10,000 versus the previous “no limit” amount.

Those hurting from SALT in their wounds need to take up the issue with their State Legislatures. State and local taxes affect everybody in the State including the 1%!


#149

No they didn’t for that reason.


#150

Yeah i am good with that as well.


#151

The subject isnt ownership of the tax. The subject is about how taxes are used to offset other taxes. Everyone knows that state taxes and federal taxes are handled by different governments.


#152

So what stopped the VA legislature from altering their tax structure after the fed tax system was revamped? I know in Utah the legislature met and changed some state stuff to be more of a match with the federal so people didn’t get dinged. This year they are making a couple more changes from some things they didn’t work out the first time.


#153

Well, I first did my taxes as usual, and since we no longer itemize, that doubled standard deduction is a gift. People also need to realize that that alone will dramatically increase the number of lower income people who will pay nothing in federal taxes. I opposed that because I think we need to keep having as many as possible having some skin in the game.

Anyway, initially doing taxes, everything else comparable to last year, looks like we came out saving a few hundred dollars over last year. No big deal.

However, we put in solar panels last year. After inputting that info—huge refund. We owe zero in taxes for 2018, every cent taken out will be refunded. Plus we make about $500 extra due to some education refundable tax credit for daughter’s schooling.

Plus, we weren’t able to use the whole solar credit we qualify for this year, since we didn’t owe enough in taxes, so it rolls over to next year. So the same will happen next year.

Thanks for helping pay for our solar panels, everyone!


#154

How you “offset” taxes in the past is irrelevant and not very interesting, frankly.

Much like a woman rationalizing a new purse.


#155

So Trump helped poor people and green energy!


#156

That might be true if you ignore that federal government subsidizes state governments through various means, such as state grants.

So don’t ignore the details. They’re important.


#157

You’re again missing the point. The point is that “tax cuts” at the fed level, from the taxpayers perspective, are just getting swallowed/offset by state taxes.


#158

And thank you.