Trump voters getting tax shock and regretting their votes

[Anonymous]

Anonymous wrote:Loving my tax cut! Thank you Potus

I wonder if any of these homeowners got a tax cut. I'm sure it would be most helpful to them for keeping their homes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're paying $10k less after making $40k more.

401k and 529 funds are 35% up since 2016.

What's not to like.

What’s your HHI?

In the four hundred k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

We live in moco. We used to get back $8k which we used for summer camp and vacation. This year we owed money.

If you got an $8k tax refund, you did something terribly wrong when calculating your withholdings.

I've never understood the people who get these huge refunds. The ideal situation is to owe just under $1k--low enough to avoid the penalty, but as high as possible to avoid giving any more of a free loan to the government than would be necessary.

People use it as a mechanism for forced savings. But the point of the PP has gone completely over your head, which is that they are paying 8K more this year than they had in the past.

DP. You still don't understand basic math.

Tax refund =/= Total tax tax obligation. Having a huge tax refund year after year means you are giving the government an interest free loan and too lazy to adjust your withholding.

IRS published a new withholding table after the tax cut. PP's withholding decreased in 2018 meaning they paid less tax throughout the year. PP's total tax obligation could be the same or even less in 2018 even though you owe IRS money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're paying $10k less after making $40k more.

401k and 529 funds are 35% up since 2016.

What's not to like.

What’s your HHI?

In the four hundred k.

So yes, if you’re wealthy, which 400k annually most certainly is, you are getting a great deal from the tax cuts. Actual middle class people are getting screwed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're paying $10k less after making $40k more.

401k and 529 funds are 35% up since 2016.

What's not to like.

What’s your HHI?

In the four hundred k.

So yes, if you’re wealthy, which 400k annually most certainly is, you are getting a great deal from the tax cuts. Actual middle class people are getting screwed.

Screwed how?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just got our #s from our accountant. We will pay $50k less under the new system compared to the old. $50k! Which is great. But we are not the people who need to pay less. This is not good on a macro level.

45% people pay zero or even negative income tax. It's really tough to help them pay less...

Not sure of your point. My point, since it blew over your head, is that we are high income and got a pretty big benefit from the changes. Which is great on an individual level. But terrible on a macro level where people like us need to pay more (or at least the same) to support government programs. A huge and growing deficit is not good. It is pure stupidity that we are paying $50k less.

At a macro level, the best government program ever is to have a great economy and full employment -- which we have as a consequence of this tax reform, smartly primarily aimed at corporations, not individuals.

Now, if you want to spend that $50k, nothing prevents you from hiring a publicist and launching a coalition of folks who want to donate more to good causes.

We already had that with Obama, but without the massive additional debt and deficit.

I'm an educator. Under Obama's administration, our school system reduced our salary across the board by over 2%, no raise in 6 years, and health insurance premium went up $100/month.

Truth be told. Thank you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're paying $10k less after making $40k more.

401k and 529 funds are 35% up since 2016.

What's not to like.

What’s your HHI?

In the four hundred k.

So yes, if you’re wealthy, which 400k annually most certainly is, you are getting a great deal from the tax cuts. Actual middle class people are getting screwed.

Screwed how?

If you are under about 290k, and you live in a high tax blue state, you are getting crushed.

But I am glad you are enjoying your windfall, along with the rest of the .1%

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just got our #s from our accountant. We will pay $50k less under the new system compared to the old. $50k! Which is great. But we are not the people who need to pay less. This is not good on a macro level.

45% people pay zero or even negative income tax. It's really tough to help them pay less...

Not sure of your point. My point, since it blew over your head, is that we are high income and got a pretty big benefit from the changes. Which is great on an individual level. But terrible on a macro level where people like us need to pay more (or at least the same) to support government programs. A huge and growing deficit is not good. It is pure stupidity that we are paying $50k less.

At a macro level, the best government program ever is to have a great economy and full employment -- which we have as a consequence of this tax reform, smartly primarily aimed at corporations, not individuals.

Now, if you want to spend that $50k, nothing prevents you from hiring a publicist and launching a coalition of folks who want to donate more to good causes.

We already had that with Obama, but without the massive additional debt and deficit.

I'm an educator. Under Obama's administration, our school system reduced our salary across the board by over 2%, no raise in 6 years, and health insurance premium went up $100/month.

Truth be told. Thank you.

I didn't realize the Federal Government, much less the President, set salaries for state and county employees. Do tell.

[Anonymous]

Retired here.

Our income was greater, and our taxes were just a little more. Overall, we came out ahead with the tax cuts. And, our income is not anywhere near the $400K range. Definitely in the middle class range.

[Anonymous]

Anonymous wrote:Retired here.

Our income was greater, and our taxes were just a little more. Overall, we came out ahead with the tax cuts. And, our income is not anywhere near the $400K range. Definitely in the middle class range.

Funny how op was allowed to lie in his thread title.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're paying $10k less after making $40k more.

401k and 529 funds are 35% up since 2016.

What's not to like.

What’s your HHI?

In the four hundred k.

So yes, if you’re wealthy, which 400k annually most certainly is, you are getting a great deal from the tax cuts. Actual middle class people are getting screwed.

Screwed how?

SALT does not equal AMT for those I'm the $150-300(?)k range.


And lowering the price withholding made it worse. We also get to pay a penalty now because of an underpayment caused by the changed schedules.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're paying $10k less after making $40k more.

401k and 529 funds are 35% up since 2016.

What's not to like.

What’s your HHI?

In the four hundred k.

So yes, if you’re wealthy, which 400k annually most certainly is, you are getting a great deal from the tax cuts. Actual middle class people are getting screwed.

Screwed how?

SALT does not equal AMT for those I'm the $150-300(?)k range.


And lowering the price withholding made it worse. We also get to pay a penalty now because of an underpayment caused by the changed schedules.

[Anonymous]

Anonymous wrote:Retired here.

Our income was greater, and our taxes were just a little more. Overall, we came out ahead with the tax cuts. And, our income is not anywhere near the $400K range. Definitely in the middle class range.

Effective tax rate compared to last year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Retired here.

Our income was greater, and our taxes were just a little more. Overall, we came out ahead with the tax cuts. And, our income is not anywhere near the $400K range. Definitely in the middle class range.

Funny how op was allowed to lie in his thread title.

Nothing new on dcum

Anyway, I am curious to see when IRS releases actual data later in the year -- main estimates were that only 7% people would end up paying more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Retired here.

Our income was greater, and our taxes were just a little more. Overall, we came out ahead with the tax cuts. And, our income is not anywhere near the $400K range. Definitely in the middle class range.

Funny how op was allowed to lie in his thread title.

Have you read the Money & Finances forum? It’s not a lie.