Anonymous
04/14/2019 20:17
Subject: Face It: You (Probably) Got a Tax Cut
I’m extending our taxes so I don’t know for sure. But I did my parents’ taxes for them, and yes, their tax rate went down from 2017. Their taxable income was $130k in 2017 and they were in the 25 percent bracket (lowest). Their taxable income in 2018 was $180k and they were in the 24 percent bracket (second lowest). Deductions changed a bit, but overall 2018 was better for their bottom line. My husband and I make more so we’ll see.
Anonymous
04/14/2019 20:06
Subject: Face It: You (Probably) Got a Tax Cut
Anonymous wrote:We paid $95 more in tax then last year. But our taxable income went up @40k while our actual income went up 0k. That’s going to hurt when the tax rate cuts phase out. HHI 185k, 3 kids.
Our HHI was 178k, only 1k more than last year but our "taxable income" also was like 30k more, so we ended up paying $215 more than last year. I had to run the calculations both ways in turbo tax-ended up being way better on state taxes to itemize even though it was slightly worse on the federal side.
Anonymous
04/14/2019 19:35
Subject: Re:Face It: You (Probably) Got a Tax Cut
Did not happen. The rate reduction did not offset the deductions loss so my effective rate went up. And my local and property taxes went up so I was doubly screwed.
Anonymous
04/14/2019 19:34
Subject: Re:Face It: You (Probably) Got a Tax Cut
We’re paying $52,000 more with approximately same income. High HHI and not complaining, but true.
Anonymous
04/14/2019 19:32
Subject: Face It: You (Probably) Got a Tax Cut
We stopped paying almost all our AMT penalty but lost almost all our savings in SALT penalty. So yes we got a tax cut, but in the low 4 figures on a 250kish total tax bill.
Anonymous
04/14/2019 19:28
Subject: Re:Face It: You (Probably) Got a Tax Cut
Anonymous wrote:OP, let's assume that you are right and only 1 out of 10 got a tax increase.
Let's assume there are 100 million taxpayers. That is 10 million taxpayers that are paying more in taxes.
I am one of them and there are many in the DC area.
OK, let's continue that line of thought.
90 million taxpayers are paying LESS in taxes.
Have a nice day.
Anonymous
04/14/2019 19:24
Subject: Face It: You (Probably) Got a Tax Cut
Yeah, at the expense of the country’s budget deficit. It will catch up with us at some point.
Anonymous
04/14/2019 19:09
Subject: Face It: You (Probably) Got a Tax Cut
We paid $95 more in tax then last year. But our taxable income went up @40k while our actual income went up 0k. That’s going to hurt when the tax rate cuts phase out. HHI 185k, 3 kids.
Anonymous
04/14/2019 19:02
Subject: Re:Face It: You (Probably) Got a Tax Cut
OP, let's assume that you are right and only 1 out of 10 got a tax increase.
Let's assume there are 100 million taxpayers. That is 10 million taxpayers that are paying more in taxes.
I am one of them and there are many in the DC area.
Let's assume there are 100 million taxpayers. That is 10 million taxpayers that are paying more in taxes.
I am one of them and there are many in the DC area.
Anonymous
04/14/2019 18:19
Subject: Face It: You (Probably) Got a Tax Cut
The OP said that 1 out of 10 got a tax increase. Well, we happen to live in an area where it was probably more like 5 out of 10.
Anonymous
04/14/2019 18:15
Subject: Face It: You (Probably) Got a Tax Cut
Anonymous wrote:Right. We get a tax cut early on. Remind us what happens by 2027, please.
We're SOL then, sadly.
Save what you can?
Anonymous
04/14/2019 17:53
Subject: Face It: You (Probably) Got a Tax Cut
Anonymous wrote:Face It: You (Probably) Got a Tax Cut
https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html
If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it.
Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey conducted in early April for The New York Times by the online research platform SurveyMonkey found that just 40 percent of Americans believed they had received a tax cut under the law. Just 20 percent were certain they had done so. That’s consistent with previous polls finding that most Americans felt they hadn’t gotten a tax cut, and that a large minority thought their taxes had risen — though not even one in 10 households actually got a tax increase.
To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.
...
The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.)
We certainly saw the benefit.
But let's wait to see actual numbers, not old estimates.
Anonymous
04/14/2019 17:52
Subject: Face It: You (Probably) Got a Tax Cut
Right. We get a tax cut early on. Remind us what happens by 2027, please.
Anonymous
04/14/2019 17:51
Subject: Face It: You (Probably) Got a Tax Cut
Maybe the tax went down but the cutting of the deductions made us pay more.
Anonymous
04/14/2019 17:49
Subject: Face It: You (Probably) Got a Tax Cut
Face It: You (Probably) Got a Tax Cut
https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html
If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it.
Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey conducted in early April for The New York Times by the online research platform SurveyMonkey found that just 40 percent of Americans believed they had received a tax cut under the law. Just 20 percent were certain they had done so. That’s consistent with previous polls finding that most Americans felt they hadn’t gotten a tax cut, and that a large minority thought their taxes had risen — though not even one in 10 households actually got a tax increase.
To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.
...
The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.)
https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html
If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it.
Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey conducted in early April for The New York Times by the online research platform SurveyMonkey found that just 40 percent of Americans believed they had received a tax cut under the law. Just 20 percent were certain they had done so. That’s consistent with previous polls finding that most Americans felt they hadn’t gotten a tax cut, and that a large minority thought their taxes had risen — though not even one in 10 households actually got a tax increase.
To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.
...
The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.)