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Started By
Message
re: 30 million people will have to find money to pay income taxes next spring
Posted on 8/1/18 at 7:53 am to BugAC
Posted on 8/1/18 at 7:53 am to BugAC
quote:
The GAO’s assessment came as news emerged that the Trump administration is considering bypassing Congress to give a big tax break to wealthy Americans by reducing taxes levied on capital gains.
God the AP is fake news.
0
Posted on 8/1/18 at 7:53 am to TBoy
quote:
As I noted right after the passage of the tax cut bill, that extra money in your pocket was not from a tax cut, but from revised withholding tables
So, are you saying that people aren't paying less taxes...or just that too much was withheld?
Posted on 8/1/18 at 7:53 am to TBoy
So an advocate for the party that wants to raise taxes and government fund everything is now starting threads concerned people will have to pay taxes?
You're such a caricature.
You're such a caricature.
Posted on 8/1/18 at 7:53 am to TBoy
So people shouldn't take responsibility for the accuracy of their W-2s?
Posted on 8/1/18 at 7:54 am to TBoy
I am a sole proprietor. I got an actual tax cut as did many, many more small business owners. The percentage of people you are talking about is miniscule.
Sometimes life is hard. Sometimes you need to plan for the future. Perhaps these folks will learn how to do that instead of buying a bigger boat, or a new plasma TV, or whatever.
Perhaps if we pared down the welfare state and other social programs which are the bulk of our federal budget, people wouldn't need to pay so much of their hard earned money in taxes.
Sometimes life is hard. Sometimes you need to plan for the future. Perhaps these folks will learn how to do that instead of buying a bigger boat, or a new plasma TV, or whatever.
Perhaps if we pared down the welfare state and other social programs which are the bulk of our federal budget, people wouldn't need to pay so much of their hard earned money in taxes.
Posted on 8/1/18 at 7:58 am to TBoy
quote:Good!
30 million people will have to find money to pay income taxes next spring
I have to "find money to pay income taxes" every quarter. Tends to raise one's cognizance as to what we are actually paying. That is a very good thing.
Posted on 8/1/18 at 8:01 am to TBoy
quote:
TBoy
More unbiased reporting from your stellar AP article you linked.
quote:
The $1.5 trillion package provides generous tax cuts for corporations and wealthy Americans while offering more modest reductions for most low- and middle-income individuals and families. No Democrats voted for the legislation.
Posted on 8/1/18 at 8:01 am to golfntiger32
quote:
I think this is going to apply to people on the West Coast and NE. They will not get a huge deduction for property taxes. Most people will not have this problem since the standard deduciton was doubled. I know personally the doubling of the standard deduction makes up for my property tax deduction.
This. if you are using the withholding tables, they do not know what state taxes or other deductions are available. In fact, i bet the same 30 million people had an issues using the old withholding tables, lees credit back for the high stat taxes
But didnt everyone, including republicans, from blue states cry that they would have to pay more in taxes?
Posted on 8/1/18 at 8:03 am to TBoy
Pay up, bitch.
Posted on 8/1/18 at 8:04 am to TBoy
MAGA in action folks!
Posted on 8/1/18 at 8:07 am to TBoy
and over 30 million people lost their health coverage cause they could not longer afford it thanks to the "affordable" care act...but you didn't care about that did you?
This post was edited on 8/1/18 at 8:08 am
Posted on 8/1/18 at 8:14 am to TrueTiger
quote:
Withholding should be abolished
If I ever got to Congress, that would be my first bill.
Make people stroke a quarterly check to the feds and state and just see how their perspective on tax policy changes.
Posted on 8/1/18 at 8:14 am to LSURulzSEC
Democrats
"the tax cuts are not fair, those who pay tens of thousands in taxes each year got bigger cuts than those that pay hundreds or tens"
They have the economic understanding of a child.
"the tax cuts are not fair, those who pay tens of thousands in taxes each year got bigger cuts than those that pay hundreds or tens"
They have the economic understanding of a child.
Posted on 8/1/18 at 8:20 am to TBoy
quote:This shows your utter stupidity and lack of knowledge on this subject.
that extra money in your pocket was not from a tax cut, but from revised withholding tables
Taxes were reduced and withholding were adjusted for that reduction so that you were not "loaning" the government money each paycheck and waiting until your refund to realize that tax savings. Time value of money son. Feel free to educate yourself
ETA: Since i knew you wouldnt google it,
The time value of money (TVM) is the concept that money available at the present time is worth more than the identical sum in the future due to its potential earning capacity. This core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received
This post was edited on 8/1/18 at 8:26 am
Posted on 8/1/18 at 8:23 am to TBoy
quote:
To determine the amount you should either consult your accountant or put pencil to paper to estimate your actual tax liability.
Talked to my accountant in January, but thanks for the suggestion.
Posted on 8/1/18 at 8:35 am to TBoy
quote:
TBoy
I thought your ilk would be happy about increased taxes?
Posted on 8/1/18 at 8:43 am to TBoy
Newsflash there low info... working people have been having to come up with money to pay income taxes for a century.
And if the withholding tables are off.. it’s due to the IRS’s usual incompetence and not the tax cuts.
But higher insurance bills?? Quit yer freeloading!!! Amirite??
And if the withholding tables are off.. it’s due to the IRS’s usual incompetence and not the tax cuts.
But higher insurance bills?? Quit yer freeloading!!! Amirite??
Posted on 8/1/18 at 8:46 am to TBoy
Your link says 27 million taxpayers would have been expected to pay additional taxes when they filed their returns next April even if the new tax law wasn't passed.
Only 3 million filers, NOT 30 million, are impacted by the new withholding tables to the point of having to pay additional taxes next April.
Of course your thread title makes it sound like the new tax law is responsible for 30 million taxpayers underwithholding their taxes.
That proves once again that you have to resort to deception to make a point.
Only 3 million filers, NOT 30 million, are impacted by the new withholding tables to the point of having to pay additional taxes next April.
Of course your thread title makes it sound like the new tax law is responsible for 30 million taxpayers underwithholding their taxes.
That proves once again that you have to resort to deception to make a point.
This post was edited on 8/1/18 at 10:13 am
Posted on 8/1/18 at 8:46 am to TBoy
quote:
About 27 million taxpayers would have been affected even if the new law hadn’t been enacted.
Uh... what are you prattling on about?
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