Trump voters getting tax shock and regretting their votes

[Anonymous]

Anonymous wrote:Why didn't they figure it out earlier? We ran the withholding calculator and adjusted accordingly last year.

I work in finance and it was not easy to figure it out. I don't expect others - especially blue collar and working class folks - to know how to do this. Plus, not all employers adequately publicized the change.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why didn't they figure it out earlier? We ran the withholding calculator and adjusted accordingly last year.

I work in finance and it was not easy to figure it out. I don't expect others - especially blue collar and working class folks - to know how to do this. Plus, not all employers adequately publicized the change.

NP. I didn't figure it out. I just aimed to pay about the same as last year. Last year we got a refund and this year we owe. What's worse is our state tax bill is really big this year, because of the change in itemizing. Double whammy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why didn't they figure it out earlier? We ran the withholding calculator and adjusted accordingly last year.

I work in finance and it was not easy to figure it out. I don't expect others - especially blue collar and working class folks - to know how to do this. Plus, not all employers adequately publicized the change.

I have an LLC, and I spoke to my tax cpa in sept 2018. They said they haven't gotten clarification on all of the rules yet. The tax cut bill was shoved through without much guidance. It's a hot mess. The shutdown has made it worse.

[Anonymous]

My accountant says it's a nightmare and may retire rather than deal with it. The uncertainty of the current rules and the shutdown have made a mess of things.

[Anonymous]

Wait until April rolls around and all of the people who wait until the last minute to file find out they owe $ because they have underwithheld.

[Anonymous]

The funny thing is that you think this story is true. The Democrats have been pushing the false line that the tax cuts were only for the rich. Nothing like getting a little compliant media to go along with their narrative.
We are solidly middle class. And, we are doing much better, tax wise.

[Anonymous]

Anonymous wrote:The funny thing is that you think this story is true. The Democrats have been pushing the false line that the tax cuts were only for the rich. Nothing like getting a little compliant media to go along with their narrative.
We are solidly middle class. And, we are doing much better, tax wise.

Where do you live? Are you a salaried worker?

[Anonymous]

Anonymous wrote:The funny thing is that you think this story is true. The Democrats have been pushing the false line that the tax cuts were only for the rich. Nothing like getting a little compliant media to go along with their narrative.
We are solidly middle class. And, we are doing much better, tax wise.

Then why did the Rs stop touting the tax cuts during the midterm? HINT: it was because most Americans didn't like it.

https://www.washingtonexaminer.com/policy/economy/tax-law-falls-flat-for-republicans-in-midterm-elections

https://www.politico.com/story/2018/10/22/tax-cuts-republicans-midterms-921903

Republicans thought their massive tax overhaul would be the centerpiece of their midterm strategy. But it turns out they were so wrong they’ve been barely mentioning the $1.5 trillion tax cut on the campaign trail.

With polls showing Americans are more likely to disapprove of the tax law than to approve of it, GOP candidates have been changing the subject to other issues like immigration and health care. Some of the lawmakers who wrote the Tax Cuts and Jobs Act are even struggling to hang onto their seats.

“I would have bet you a lot of money going into this year that, if you cut people’s taxes by thousands of dollars per year, that would be politically popular,” said Ryan Ellis, a prominent Republican consultant. “But it has not worked out that way.”

The main way millions of taxpayers have seen the most direct impact of the law is through changes in their withholding that produces bumps in their paychecks. It’s a roughly $30 increase for the average person paid biweekly and earning between $50,000 and $75,000, according to the nonpartisan Tax Policy Center.

Republicans believed voters would appreciate any increase, even if it wasn’t eye-popping, but polls show most didn’t even notice a change. Sixty-four percent said they have not seen an increase in take-home pay, according to the Gallup poll.

[Anonymous]

Anonymous wrote:The funny thing is that you think this story is true. The Democrats have been pushing the false line that the tax cuts were only for the rich. Nothing like getting a little compliant media to go along with their narrative.
We are solidly middle class. And, we are doing much better, tax wise.

My anecdote cancels yours out. I'm solidly middle class, too, and I'm NOT getting a tax cut. Definitely not doing better this year than in the past.

[Anonymous]

[Anonymous]

Too bad, so sad.

[Anonymous]

“Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget -- as the industry benefited more than many others from the Republican tax overhaul.

By year-end, most of the nation’s largest lenders met or exceeded their initial predictions for tax savings. On average, the banks saw their effective tax rates fall below 19 percent from the roughly 28 percent they paid in 2016. And while the breaks set off a gusher of payouts to shareholders, firms cut thousands of jobs and saw their lending growth slow.”

https://www.bloomberg.com/amp/news/articles/2019-02-06/banks-reaping-21-billion-tax-windfall-cut-staff-ease-off-loans?__twitter_impression=true

[Anonymous]

Thanks to @realDonaldTrump and @GOP tax bill, my family was just hit with the largest tax increase in our lives by them getting rid of itemized deductions like mortgage interest on federal taxes.

I’ve been a loyal conservative, voting Republican since I could vote.

What a joke!
https://twitter.com/dennismjordan/status/1092524338899832832?s=21

[Anonymous]

Anonymous wrote:Wait until April rolls around and all of the people who wait until the last minute to file find out they owe $ because they have underwithheld.

Yep. The people who file in February are the ones who have their finances together (relatively speaking.)

[Anonymous]

Wait til you file your taxes. Middle class just lost half their return. Lowest refund I have ever had and I am 50yrs old. No wall and now this tax reform sucks too!! Starting to doubt Trump. I voted for him and trusted him too.
https://twitter.com/speciale3886/status/1089627517772881925?s=21