Author Topic: Future US tax policy  (Read 23883 times)

Online avromie7

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Re: Future US tax policy
« Reply #100 on: October 25, 2019, 10:24:02 AM »
Is that an airplane flying over your head?
Way to avoid an honest discussion.
Great for you, mine tripled!!!

Which part of the new tax code caused your tax bill to go up? Was it the SALT limit on your IL property taxes?
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Future US tax policy
« Reply #101 on: October 25, 2019, 10:24:52 AM »
Way to avoid an honest discussion.  Which part of the new tax code caused your tax bill to go up? Was it the SALT limit on your IL property taxes?
or
Did that coincide with retirement or other life changes?
Feelings don't care about your facts

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Re: Future US tax policy
« Reply #102 on: October 25, 2019, 10:42:06 AM »
Way to avoid an honest discussion. 
Not avoiding any discussion. My point was the average middle class worker does not look at it that way. They claimed single/1 dependent and they got money back. The tax cut happens and then they owe. That is all they look at.
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Re: Future US tax policy
« Reply #103 on: October 25, 2019, 10:43:22 AM »
Which part of the new tax code caused your tax bill to go up? Was it the SALT limit on your IL property taxes?
I am just stating what happened in my situation. People don't care about the why.
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Re: Future US tax policy
« Reply #104 on: October 25, 2019, 10:44:16 AM »
Did that coincide with retirement or other life changes?
Yes retirement. You would think being on a small fixed income I would not owe anything.
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Online avromie7

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Re: Future US tax policy
« Reply #105 on: October 25, 2019, 10:45:40 AM »
Not avoiding any discussion. My point was the average middle class worker does not look at it that way. They claimed single/1 dependent and they got money back. The tax cut happens and then they owe. That is all they look at.
Anyone who looks at it that way is stupid.
I am just stating what happened in my situation. People don't care about the why.
The why is very important.
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Future US tax policy
« Reply #106 on: October 25, 2019, 10:58:42 AM »
Anyone who looks at it that way is stupid. 
I am just telling you how it is.
Did they mess/change with the withholding tables.
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Re: Future US tax policy
« Reply #107 on: October 25, 2019, 10:59:27 AM »
The why is very important.
Not to the average Joe who votes.
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Re: Future US tax policy
« Reply #108 on: October 25, 2019, 11:12:51 AM »
I am just telling you how it is.
Did they mess/change with the withholding tables.
They did change the withholding tables, the way it was that people overpay by thousands of dollars is ludicrous. Ideally everyone should have their exact tax liability withheld (+ or - a few hundred dollars)
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Future US tax policy
« Reply #109 on: October 25, 2019, 11:36:33 AM »
Not to the average Joe who votes.
If you fall under a small subset of taxpayers who end up paying more, you're not the average Joe who votes. IME the ones who generally end up paying more are those with a high ratio of deductions to income, otherwise the loss of any deductions is made up for by the lower tax rate mostly due to the expanded tax brackets.
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Future US tax policy
« Reply #110 on: October 25, 2019, 11:48:11 AM »
They did change the withholding tables, the way it was that people overpay by thousands of dollars is ludicrous. Ideally everyone should have their exact tax liability withheld (+ or - a few hundred dollars)
That is not the reason why and you know it. They did it to make it look like you were getting more back each paycheck from the tax cut until it came time to pay the piper. Now they got burned!!!
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Re: Future US tax policy
« Reply #111 on: October 25, 2019, 11:49:50 AM »
If you fall under a small subset of taxpayers who end up paying more, you're not the average Joe who votes. IME the ones who generally end up paying more are those with a high ratio of deductions to income, otherwise the loss of any deductions is made up for by the lower tax rate mostly due to the expanded tax brackets.
Everyone got screwed except the rich and big corporations. Someone needs to pay for these giveaways to them and in the long run it will be the middle class!!!
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Re: Future US tax policy
« Reply #112 on: October 25, 2019, 11:53:27 AM »
That is not the reason why and you know it. They did it to make it look like you were getting more back each paycheck from the tax cut until it came time to pay the piper. Now they got burned!!!
That's not true.
Everyone got screwed except the rich and big corporations. Someone needs to pay for these giveaways to them and in the long run it will be the middle class!!!
I'm the middle class, and I definitely came out ahead. Did you calculate what your tax burden is vs what it would have been under the old tax code?
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Future US tax policy
« Reply #113 on: October 25, 2019, 12:04:22 PM »
That's not true. 
Don't start drinking the Kool-Aid now.
That is why most middle class is pissed. They were expecting the chunk at the end of the year. There was no reason to change the withholding table.
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Re: Future US tax policy
« Reply #114 on: October 25, 2019, 12:05:23 PM »
Don't start drinking the Kool-Aid now.
That is why most middle class is pissed. They were expecting the chunk at the end of the year. There was no reason to change the withholding table.
The withholding table was dumb. There is no reason people should be giving the government an interest free loan.
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Future US tax policy
« Reply #115 on: October 25, 2019, 12:09:52 PM »
I'm the middle class, and I definitely came out ahead.
In the short term probably but in the long term, no way unless nutcase Warren gets elected.
This needs to be paid for. There is no free money. It is simple math.
You owe $100. Right now A pays 80 and B pays 20. With the tax cut A pays 40 and B pays 10. 50 is still owed. That will likely be paid with a new tax or raising another tax where you both pay 1 to 1. Little guy gets screwed. That is you but you just don't see it.
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Re: Future US tax policy
« Reply #116 on: October 25, 2019, 12:12:20 PM »
The withholding table was dumb. There is no reason people should be giving the government an interest free loan.
You just proved my point. Thank you!!!
No way would the government not accept that interest free loan. They did to make the tax cut seem bigger which cost the government more money.
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Re: Future US tax policy
« Reply #117 on: October 25, 2019, 01:07:35 PM »
Yes retirement. You would think being on a small fixed income I would not owe anything.
Not so as @ExGingi has pointed out many times. If your income is now entirely ordinary income from retirement accounts that can drastically change your tax profile from one based on earned income which can be eligible for EIC and more. In addition to that, you do not have the same withholding requirements on the retirement funds as you had on your paycheck. This can cause it to seem like someone is paying more even if they are really paying less (I doubt you would make such a mistake). There are other factors which change as well. This makes the 2 years of your returns not comparable.

I don't know who else you may be speaking to, but the only ones I have seen with higher taxes are those who heavily utilized SALT deductions.

Maybe one of us needs to get out more?  :)
:P
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Re: Future US tax policy
« Reply #118 on: October 25, 2019, 01:15:59 PM »
In addition to that, you do not have the same withholding requirements on the retirement funds as you had on your paycheck. This can cause it to seem like someone is paying more even if they are really paying less (I doubt you would make such a mistake). There are other factors which change as well. This makes the 2 years of your returns not comparable.

I don't know who else you may be speaking to, but the only ones I have seen with higher taxes are those who heavily utilized SALT deductions.
:P

https://www.irs.gov/individuals/international-taxpayers/pensions-and-annuity-withholding
I've been waiting over 5 years with bated breath for someone to say that!
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