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Message
re: Anyone else see a big difference in tax returns this year?
Posted on 2/6/19 at 8:14 am to mmmmmbeeer
Posted on 2/6/19 at 8:14 am to mmmmmbeeer
quote:
Don't worry, we've been hearing for 39 years that that money you're giving to the rich will eventually trickle back down...I'm sure it will happen any year now. Be a little more patient.
LINK
I swear they don't teach history in school anymore. Since it's inception in 1913, the top earners have ALWAYS had a higher tax rate. frickING ALWAYS. So, maybe, just maybe, the progressive tax rate is ineffective in wealth distribution? Maybe a flat tax or zero income tax would help to stratify the Upper, Middle, and Lower classes. After 100 years of penalizing people for making more money than other people, we have the largest wealth gap in history. Only retards would continue to think this is a good idea.
1
Posted on 2/6/19 at 8:14 am to JudgeHolden
quote:good
The SALT limit is gonna hurt.
Posted on 2/6/19 at 8:25 am to MontyFranklyn
I would be lying if I said I could sit here and spew out all the exact things that are going on, but the CPA who does my taxes explained it to me (in shop talk) what is going on. Because in years past, I've been able to legitimately muster together enough donations and medical bills and interest, etc. to go over the standard deduction. I would collect my $1,500 or so refund and use it towards our vacation savings.
Not this year. The way it's set up, your standard deduction goes up to $24,000 for married filing jointly, and there are other things (this is where she lost me) that offset that. And for noncash donations, it tops off at $500. So good luck going over $24,000.
Of course, this all anecdotal and not cool enough to be in a "think tank" of highly educated professionals.
Not this year. The way it's set up, your standard deduction goes up to $24,000 for married filing jointly, and there are other things (this is where she lost me) that offset that. And for noncash donations, it tops off at $500. So good luck going over $24,000.
Of course, this all anecdotal and not cool enough to be in a "think tank" of highly educated professionals.
Posted on 2/6/19 at 8:57 am to MontyFranklyn
quote:
My gross wages went up by $15k, but my taxable income went up by $30k
Many people have higher taxable incomes this year, but that's an irrelevant number.
What's your tax liability as a percentage of your gross income? That's all that matters.
Posted on 2/6/19 at 9:04 am to fishfighter
quote:
Haven't even started taxes. Dam shame I have to pay every year, the last 10 years that I been retired.
If you're having to pay while on a fixed income, and you've had to do it for 10 years straight, you need a new CPA.
I'm assuming you're having to pay more than just a couple hundred dollars.
Posted on 2/6/19 at 9:12 am to RealityTiger
quote:
Not this year. The way it's set up, your standard deduction goes up to $24,000 for married filing jointly, and there are other things (this is where she lost me) that offset that. And for noncash donations, it tops off at $500. So good luck going over $24,000.
If you have children, you're getting a $2k tax credit for each one of them under 18 or 19, I forget what the age limit is.
That's the bulk of the savings for most people with kids.
Posted on 2/6/19 at 9:16 am to Lakefront-Tiger
quote:
Yeah, looks like I’m no longer middle class, and I lost big deductions this year.
This... Income went up and pushed us up... good news is the amount owed on federal is negated by amount received by state (LA). So, break even on taxes...which is a good thing.
Posted on 2/6/19 at 9:25 am to JudgeHolden
quote:
They hit you for 8 for lapsed health insurance?
I thought they got rid of that penalty
Posted on 2/6/19 at 9:31 am to slackster
quote:
Many people have higher taxable incomes this year, but that's an irrelevant number.
What's your tax liability as a percentage of your gross income? That's all that matters.
This right here. This world truly is ignorant to so many basic facets of life.
You made more money throughout the year, you paid less in taxes throughout the year --- yet you assumed you would get more money back as a refund?
All of you who get refunds are doing it wrong anyway. A tax refund is LITERALLY a 12 month - interest free loan, to our inefficient government.
The goal (for middle class) is to basically break even.
Posted on 2/6/19 at 9:35 am to mmmmmbeeer
quote:
No, you subsidized much larger tax cuts for folks who make millions of dollars per year. Oh, and corporations.
Don't worry, we've been hearing for 39 years that that money you're giving to the rich will eventually trickle back down...I'm sure it will happen any year now. Be a little more patient.
If you don't think things have trickled down then there is nothing that will satisfy you. Look around. We are living in the best of times. Being poor in America is being rich in most other places.
What is poverty in the USA?
The link above is from 2011 and things have only improved since then for people here in the USA.
Posted on 2/6/19 at 9:37 am to Korkstand
You people forget that in the 'good ole days' the highest marginal tax rate was over 90%. For every dollar the richest group earned over a certain threshold, they only received $0.10.
While many tax shelters were used, this limited the "wage gap" i.e. CEO only earned 20 times more than what his average employee made, as compared to today where the average is closer to 300 times.
This is the strangest part to me, as the Great American we all reference had the highest taxes on tye richest.
Maximum wage vs min wage.
I don't see real harm in maximum wage.
While many tax shelters were used, this limited the "wage gap" i.e. CEO only earned 20 times more than what his average employee made, as compared to today where the average is closer to 300 times.
This is the strangest part to me, as the Great American we all reference had the highest taxes on tye richest.
Maximum wage vs min wage.
I don't see real harm in maximum wage.
Posted on 2/6/19 at 9:39 am to Kujo
quote:
I don't see real harm in maximum wage.
because it doesn't apply to you
Posted on 2/6/19 at 9:40 am to Kujo
quote:
While many tax shelters were used, this limited the "wage gap" i.e. CEO only earned 20 times more than what his average employee made, as compared to today where the average is closer to 300 times.
lolwut?
quote:
I don't see real harm in maximum wage.
You see no harm with creating an arbitrary number at which point all of your earnings are confiscated by the government?
That's mighty statist of you there baw.
This post was edited on 2/6/19 at 9:42 am
Posted on 2/6/19 at 9:41 am to Kujo
quote:
You people forget that in the 'good ole days' the highest marginal tax rate was over 90%. For every dollar the richest group earned over a certain threshold, they only received $0.10.
The 90% thing just isn't true. They used many methods to avoid taxes. The true taxes paid was only slightly higher than today.
Taxes on the Rich Were Not Much Higher
This post was edited on 2/6/19 at 9:45 am
Posted on 2/6/19 at 9:41 am to Salmon
So,for example, you won't try to make 20 million per year because you can never make 100 million per year?
Posted on 2/6/19 at 9:41 am to Kujo
...what?
Posted on 2/6/19 at 9:43 am to Kujo
quote:
So,for example, you won't try to make 20 million per year because you can never make 100 million per year?
What is your yearly income? Whatever it is, I think the government should take anything you make over...hmm...35k sounds good.
You don't need any more than that.
Posted on 2/6/19 at 9:45 am to Centinel
When a system allows people to become as rich as kings, they buy the government.
Posted on 2/6/19 at 9:47 am to Kujo
quote:
When a system allows people to become as rich as kings, they buy the government.
Laws against lobbying the government would be much more effective if that is your major problem. Limiting campaign contributions, limiting former politicians from becoming lobbyists. There are many ways that could be fixed. Instead you want to do the most unamerican thing possible. You want to tax and tax. Our very existence was because we were against taxes.
Posted on 2/6/19 at 9:49 am to Kujo
quote:
When a system allows people to become as rich as kings, they buy the government.
so instead of the people buying the government, the government should just take the money instead
so in both systems the government still gets the money
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