It's tax season- did the Trump tax cut help you?

I paid $4000 less in taxes. Not sure on the exact amount I paid, but it was well, well south of $40,000.

Did anyone else do the math or is everyone just going to complain with no numbers???

Paid a little more then.last year. Pretty disappointed.


Not a yuge tax cut. Only corporate got that...and they didn't increase wages.


Look into the Trump job creation...wages are actually falling.

That's why I started this thread. I was really mad when I saw our refund cut in half, then did some research and resized we came out $4000 ahead due to Trump (then Illinois took some in a rush job income tax hike to offset the gains).

If you gotta 'crunch the numbers' and 'really get into the math' then I can assure you the tax cutis bullshit.


Aka..it did NOT help people.

I got a bigger bonus, large raise and my 401k exploaded but my personal tax was about same.

Hey- this is pinned! Thanks to whomever did that!!

Yeah! Math is for suckers!

It didn't help the middle class..


Nobody gives a shit about a couple bucks per week more and paying more end of year..

Im willing to bet Trump netted MORE taxes from middle class by eliminating the state deduction alone.

Bullshit

Point is you usually don't have to try so hard to convince people they have more money...they usually know money when they see it.

This tax year was the most amazing year for me. They added QBI which let’s business owners deduct an addition 20% of income on top of all of our regular deductions. Let me deduct an additional $37,500 out of 229k income I only paid 16% federal tax. I had no idea about this new QBI deduction which is apparently just a gigantic handout to business owners.

My percentage of taxes I have to pay went up but so did my income

If I compared 2017 vs 2018 it’s 1% higher

I got a little money back on both state and federal but I plan it that way, to break even or as close to it

Did not help.

A bit higher on a percentage of income basis. Small but still an increase.

Owed more in federal taxes than ever before (almost $4,000) due to the updated withholding. I also had a salary cut around same time and missed the extra withholding. So had to adjust withholding for 2019.

Became a 'standard deduction' couple for the first time since being married in 1988.

Being house poor is no longer good as the mortgage interest and real estate taxes no longer make a difference. And the $10,000 limit on local and state taxes really hurts upper middle income earners - especially working couples.

As expected - they did not reduce taxes on upper middle class. They can't. We are the group that provides the bulk of government income. There are no enough rich people to collect from, regardless how much they are taxed. And the lesser income just simply do not have taxable income to fund the government. So its the middle and the upper middle W2 earners that will never really get a break.

That is the mathematical reality.

Since the cut was designed to create jobs, yes it helped me bc it sent many fellow Americans to work and off the “Democrat Free Shit Army”.

Nice fail OP

yyyyyuge!

How is more people working a fail?

I got more money each paycheck. The company I work for, because their taxes were lower, gave me a $2 an hour raise in January. I got back $150 less in a federal refund nut got back $100 more in state? Don't really know why or how I got back close to $1,200 but that is why I use an accountant.

It’s not. I assumed you were another American hating Democrat trying to reposition what the tax cut was meant to be. If not, my apologies. However you still seem to misunderstand what the tax cuts were all about.

Turns out I’m still getting a pretty nice return for both federal and state.

Last Edited by Twayjay on 04/06/2019 01:11 AM

We were very impressed with the tax cut and got more $$ back then expected.

Yup got more income in total less withholding back. A good thing.

The tax cuts appeared designed to target democratic votes. NY and California will feel the burn. Home owners.

If you're retired and not working, how do you have withholding for a refund?

Most of the sheep can’t do math. They just say “I didn’t get as much back”. First off, if you’re getting money back you screwed up. You should alway shoot for owing them about a grand. It’s an interest free loan to you instead of a you giving them an interest free loan.

Then take you taxable income from THIS year and plug it into your last year tax return. See what your taxes would have been on the same income using last years rates and compare them to this year. I saved about 10%.

Now I did receive the higher standard deduction because I don’t pay mortgage interest.

I'm a single person with a fair income and no kids. It hasn't done me any favors.

F yeah it did - 12k more in my pocket than would've been under bathhouse Barry.

I normally owe and additional $2500 total to state & feds for the past few years. Income was pretty flat this year over last and the wife and I didn't make any withholding changes. I owe an additional $1,000 this year. So it appears that the tax cut helped us. Wife & I have a combined income of around 130K. I have a co-worker that said he's paying through the nose, 4K more than last year. He's a senior Engineer and his wife makes good money doing mortgages. I suspect they make $175-200K.

The smaller number of tax refunds this year is showing up in another way: Lower retail spending. Retail sales dropped from January to February, surprising economists who had expected a modest rise as seen in past years. Indeed, excluding car purchases and gas (whose price has been rising), February's retail sales were 0.6 percent below January's.

Analysts say that lower tax refunds are largely to blame for the drop in spending, since many families use refunds as a "mandatory saving" mechanism that pays out each year come tax time. For the median family receiving a refund, it amounts to more than three weeks' pay, a JPMorgan Chase study found last year. In the weeks after a refund is received, families spend more on large purchases such as furniture or appliances; credit-card payments and travel, the study found.

So far this year, the Treasury has issued $4.4 billion less in tax refunds than this time last year, according to the latest IRS data. The number of tax refunds issued is down by 1.9 million. That's partly because many taxpayers were slower to file and partly because fewer are eligible for a refund this year. And lower refunds means less spending money.

UBS revised its estimate of tax refunds received in this tax season, writing that its initial guess was too optimistic by a whopping $25 billion.
"We now expect the shortfall in the first phase of tax season, driven by smaller refunds, to be $25 [billion] below our initial forecast," UBS analysts wrote in a note. "[W]e attribute much of the decline in February retail sales to the pattern of this year's refunds."

[link to www.cbsnews.com (secure)]

Yes. Wife and i make around 100k combined. $2200 less taxes paid this year than last,

This year taxes for me was no different than it has been for the last 10 plus years.

Helped me greatly and the company i work for.

End of story

Last Edited by 1-2-Follow on 04/05/2019 10:47 PM