- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Trump's Tax Breaks Question (settling an argument)
Posted on 12/12/18 at 12:30 pm
Posted on 12/12/18 at 12:30 pm
In an argument with a couple of my liberal buddies and need some help. I remember when Trump's tax breaks first went through I relieved additional money on my paycheck for about 2-5 weeks, but then some Louisiana tax bs kicked in and evened it out. Can someone explain to me what it was and was Edwards involved in getting it passed? I remember vaguely reading about it on here, but can't find anything in the search feature or google.
1
Posted on 12/12/18 at 12:34 pm to bleedpurplengold
are you an itemizer? for itemizers there is a deduction on state taxes for fed taxes paid. fed taxes got cut, so that deduction got smaller, although state-taxable income doesn't
smaller deduction --> some percentage of fed tax cut goes to state
nothing needed to be changed at the state level for this; it was automatic. but the revenue dept did change the withholding rates so there wouldn't be big surprises on amounts owed come tax time. that doesn't affect anything except the time at which these taxes get collected (in theory)
smaller deduction --> some percentage of fed tax cut goes to state
nothing needed to be changed at the state level for this; it was automatic. but the revenue dept did change the withholding rates so there wouldn't be big surprises on amounts owed come tax time. that doesn't affect anything except the time at which these taxes get collected (in theory)
This post was edited on 12/12/18 at 12:35 pm
Posted on 12/12/18 at 12:50 pm to 90proofprofessional
quote:
change the withholding rates so there wouldn't be big surprises on amounts owed come tax time.
I don't think we'll know how much of a tax break, if any, we received until after we file for this year. The rate may have gone down, but then deductions have been reduced as well.
Posted on 12/12/18 at 12:54 pm to WildTchoupitoulas
quote:
but then deductions have been reduced as well.
Which are tax breaks also so I really have a hard time understanding why people bitch about tax breaks for the rich. We all get them.
Posted on 12/12/18 at 1:01 pm to Homesick Tiger
I think it's because it more negatively affects poorer people, regardless of wealth or status. The argument that is being made by more left-leaning people is that taxing the rich more and decreasing the tax breaks even a little bit would ultimately benefit more people. Hopefully that helps some!
Posted on 12/12/18 at 2:09 pm to Homesick Tiger
quote:
Which are tax breaks also so I really have a hard time understanding why people bitch about tax breaks for the rich. We all get them.
Well, if you own a home and pay interest on your mortgage, you get to keep your deduction (up to $750,000 of the loan), but you'll lose your deduction on the kids.
If you rent, you never had that interest deduction, but you won't get the deduction on the kids either.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News