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Started By
Message
My personal 2018 tax experience
Posted on 4/8/19 at 2:13 pm
Posted on 4/8/19 at 2:13 pm
Ignoring the useless refund comparison, let's look at actual taxes paid compared to earnings. My results are in:
In 2017, my wife and I paid 18.11% in Fed and 2.00% in State taxes (total 20.11%) off of gross earnings.
In 2018, we paid 15.27% in Fed and 3.13% in State taxes (total 18.40%) off of gross earnings.
Now the real kicker is that we earned 27% more in 2018 than in 2017, but our effective tax rate still went down by 1.71%
Thank you, President Trump!
In 2017, my wife and I paid 18.11% in Fed and 2.00% in State taxes (total 20.11%) off of gross earnings.
In 2018, we paid 15.27% in Fed and 3.13% in State taxes (total 18.40%) off of gross earnings.
Now the real kicker is that we earned 27% more in 2018 than in 2017, but our effective tax rate still went down by 1.71%
Thank you, President Trump!
14
Posted on 4/8/19 at 2:15 pm to NaturalBeam
Something I have noticed in this board
A) trump opponents claim their taxes are up
B) trump fans claim their taxes are down
Considering 80% got a cut, I’m guessing the libs on here are lying
A) trump opponents claim their taxes are up
B) trump fans claim their taxes are down
Considering 80% got a cut, I’m guessing the libs on here are lying
This post was edited on 4/8/19 at 2:32 pm
Posted on 4/8/19 at 2:17 pm to NaturalBeam
Did your state income tax rate go up because of increase income or did it go up because of a change in state law?
Posted on 4/8/19 at 2:21 pm to HubbaBubba
Not real sure, I'm in Louisiana. I'll have to look through it in greater detail to see the difference.
Posted on 4/8/19 at 2:22 pm to NaturalBeam
WE had pretty much same thing. Made mo money paid less to taxes!!
Posted on 4/8/19 at 2:29 pm to HailHailtoMichigan!
quote:
Considering 80% got a cut, I’m guessing the libs on here are lying
Trump colluded with Russia!
Hundreds of thousands of illegals coming across the border is a manufactured crisis!
Trump lies! CNN said so...
Posted on 4/8/19 at 2:33 pm to HailHailtoMichigan!
quote:
A) trump opponents claim their taxes are up
They're also the ones who can't grasp the fact that if you got a refund, you basically gave the government an interest-free loan.
Posted on 4/8/19 at 2:33 pm to HailHailtoMichigan!
The majority of the liberals on here also claim they didn’t vote for Hillary
Posted on 4/8/19 at 2:35 pm to HailHailtoMichigan!
quote:
Considering 97% got a cut,
FIFY
Posted on 4/8/19 at 2:36 pm to NaturalBeam
quote:
I'm in Louisiana
Kind of.
Posted on 4/8/19 at 2:36 pm to HubbaBubba
quote:
Did your state income tax rate go up because of increase income or did it go up because of a change in state law?
Probably it has to do with the way the LA tax code is linked to the federal. For example, you can deduct the federal taxes paid from your state income tax. So if your federal taxes go down, you pay more in state taxes.
Posted on 4/8/19 at 2:39 pm to NaturalBeam
2 haterz downvoting lulz
Posted on 4/8/19 at 2:41 pm to NaturalBeam
Please let this be the case for my wife and I. I don't have my taxes back for 2018 yet, but we got raped in 2016 and 2017.
Posted on 4/8/19 at 2:41 pm to HailHailtoMichigan!
quote:
Something I have noticed in this board A) trump opponents claim their taxes are up B) trump fans claim their taxes are down Considering 80% got a cut, I’m guessing the libs on here are lying
IT IS THE EXACT SAME THING that after Obamacare went into effect. All the libs here saw massive savings!
Posted on 4/8/19 at 2:47 pm to NaturalBeam
My CPA sent my info back to me last week, and I was pleasantly surprised. Here are my stats from 2017 to 2018:
Adjusted Gross Income: up 36%
Taxable Income: up 21%
Total Federal Tax: up 5%
2017 Federal Tax Rate: 33% Actual Tax Rate: 27.5%
2018 Federal Tax Rate: 35% Actual Tax Rate: 23.9%
MAGA
Adjusted Gross Income: up 36%
Taxable Income: up 21%
Total Federal Tax: up 5%
2017 Federal Tax Rate: 33% Actual Tax Rate: 27.5%
2018 Federal Tax Rate: 35% Actual Tax Rate: 23.9%
MAGA
This post was edited on 4/8/19 at 2:48 pm
Posted on 4/8/19 at 2:49 pm to NaturalBeam
Same boat as you, I earned more and tax rate went DOWN!!
Thanks TRUMP.
Thanks TRUMP.
Posted on 4/8/19 at 2:51 pm to NaturalBeam
I did mine last week and was surprised also. tax rate was about 3% less this year. First time in forever not having to stroke a check. I am gonna enjoy my crumbs.
Posted on 4/8/19 at 2:52 pm to BBONDS25
quote:
BBONDS25
Posted on 4/8/19 at 2:57 pm to HailHailtoMichigan!
quote:
I’m guessing the libs on here are lying
Of course they are lying.
Posted on 4/8/19 at 3:01 pm to NaturalBeam
The standard deduction for married couples went from 12 grand to 24 grand if I remember correctly. Both me and the wife are retired and basically our income has been the same the last three years. The two years befor 2018 we wrote a check for about 2 grand and mailed it in. This year - the govt. is writing us a check for 1,976.
I'm am content as hell with that. Thank you Teflon Don.
I'm am content as hell with that. Thank you Teflon Don.
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