You know not that this isn't anything you haven't been told your whole life, but insulting people that you feel intellectually superior to doesn't make you look any smarter. If anything it probably confirms their opinions of you. If you lack the ability to engage in simple debate without resorting to ad hominem then you are correct in staying exactly where you are.
With the way you don't understand the difference between Federal, State and Local Taxes, it's no wonder your State has such a high tax rate. You have been living off the Federal Tax system giving you higher subsidies and now that those subsidies have been reduced. You're complaining about a higher tax rate, when it's your State and Local tax rate you should be complaining about. The Federal Government is still giving you a subsidy, just not as high as it was before. Vote in people that will lower your State and Local tax rates or live with consequences and stop complaining. I cringe when I hear people leaving States like California, New York, New Jersey and Illinois as I don't want them turning my State into what they ran away from.
Seriously, since the new Federal tax bill was singed into law, it has been known that States like yours would be hit the hardest because of your State's higher tax rate and the lower Federal subsidy.
I would say if you came out owing nothing and getting nothing back, your taxes were paid perfectly. As maytag pointed out, why are you giving the Federal Government a free loan? All the years you got back money on your Federal taxes, you could have used that money to gain interest for you or paid off a loan faster to reduce the interest paid. Or had more money in your pocket to help your parents right then and there instead of waiting on that free loan you gave the Government to be paid back to you.
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2003 Boxster S
| 987 Air Box | K&N Air Filter | 76mm Intake Pipe| 996 76mm TB | 997 Distribution T | Secondary Cat Delete Pipes | Borla Muffler | NHP 200 Cell Exhaust Headers |
With the way you don't understand the difference between Federal, State and Local Taxes, it's no wonder your State has such a high tax rate. You have been living off the Federal Tax system giving you higher subsidies and now that those subsidies have been reduced. You're complaining about a higher tax rate, when it's your State and Local tax rate you should be complaining about. The Federal Government is still giving you a subsidy, just not as high as it was before. Vote in people that will lower your State and Local tax rates or live with consequences and stop complaining. I cringe when I hear people leaving States like California, New York, New Jersey and Illinois as I don't want them turning my State into what they ran away from.
Seriously, since the new Federal tax bill was singed into law, it has been known that States like yours would be hit the hardest because of your State's higher tax rate and the lower Federal subsidy.
I would say if you came out owing nothing and getting nothing back, your taxes were paid perfectly. As maytag pointed out, why are you giving the Federal Government a free loan? All the years you got back money on your Federal taxes, you could have used that money to gain interest for you or paid off a loan faster to reduce the interest paid. Or had more money in your pocket to help your parents right then and there instead of waiting on that free loan you gave the Government to be paid back to you.
I love hearing me a, "I'm getting a $4,500 refund!", like they won the ****************ing lottery or something. Idiots.
With the way you don't understand the difference between Federal, State and Local Taxes, it's no wonder your State has such a high tax rate. You have been living off the Federal Tax system giving you higher subsidies and now that those subsidies have been reduced.
We're living off the federal tax system? Oh really.
What part of we don't get back to our state what we contributed federally is lost on you? Let me get this straight... Your state received no federal subsidies? Sure it didn't. You pay taxes on healthcare benefits and never deducted mortgage interest? Or do you only call out the deductions that you don't personally profit from?
our state taxes are high because we produce high earning workers who contribute an outsized share of federal tax revenue that benefits half the states that pay NOTHING to fund our militaries, off budget war spending, federal college programs, Medicare and all the other must-pays (Mitt Romney was right about the 47% too bad he was talking about half his party's base).
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We're living off the federal tax system? Oh really.
What part of we don't get back to our state what we contributed federally is lost on you? Let me get this straight... Your state received no federal subsidies? Sure it didn't. You pay taxes on healthcare benefits and never deducted mortgage interest? Or do you only call out the deductions that you don't personally profit from?
our state taxes are high because we produce high earning workers who contribute an outsized share of federal tax revenue that benefits half the states that pay NOTHING to fund our militaries, off budget war spending, federal college programs, Medicare and all the other must-pays (Mitt Romney was right about the 47% too bad he was talking about half his party's base).
Perfectlap, (auto correct just tried to make that into "Pelosi", which seems apropos), I think you're pushing the bounds of rational conversation now. I'm not sure you've got a firm understanding of federal taxes, and you're subsidizing the voids in your understanding with talking points from the Bernie Sanders camp.
Whatever the source, you're getting pretty worked-up over this, and it might pay to step back from the keyboard for a moment.
We're living off the federal tax system? Oh really.
What part of we don't get back to our state what we contributed federally is lost on you? Let me get this straight... Your state received no federal subsidies? Sure it didn't. You pay taxes on healthcare benefits and never deducted mortgage interest? Or do you only call out the deductions that you don't personally profit from?
our state taxes are high because we produce high earning workers who contribute an outsized share of federal tax revenue that benefits half the states that pay NOTHING to fund our militaries, off budget war spending, federal college programs, Medicare and all the other must-pays (Mitt Romney was right about the 47% too bad he was talking about half his party's base).
Yes you were getting a big break on your Federal Tax due to your high State tax.
I've never had to pay taxes on my health insurance, I've never owned a house that the interest on it met the amount needed to be able to deduct the interest paid vs my income.
Dude, you live in one of the highest taxed States in the USA. From the link I gave in my second post.
Quote:
New Jersey Taxpayers
New Jersey residents pay famously high income and property taxes. It’s no surprise, then, that 41% of New Jersey tax returns claimed a deduction for state and local taxes. The average amount of that deduction was $17,183.33.
You know not that this isn't anything you haven't been told your whole life, but insulting people that you feel intellectually superior to doesn't make you look any smarter. If anything it probably confirms their opinions of you. If you lack the ability to engage in simple debate without resorting to ad hominem then you are correct in staying exactly where you are.
AH, but the Trump health plan will help your Dad.
It'll be faith-based. Pray for help.
Wait till they kill the ACA.
What happened to those Tea Party Twits and concern about the deficit? The tax gift to corporations and the rich blew the deficit to the moon!
We can only hope ACA gets killed, it unconstitutional and did not make Healthcare Affordable.
What happened to the Tea Party people? Do you live under a rock? That poor excuse for a President, Obama had the IRS go after them and then Obummer went on a spending spree that double our debt. Then the IRS had to pay out settlements to the Tea Party people, but the damage had already been done.
Then Obummer tried to stop President Trump from getting elected by using our Intelligence Agencies. Obummer made sure Crooked Hillary got away with her illegal activities. Obummer and many others from that administration should be in prison.
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B ig
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2003 Boxster S
| 987 Air Box | K&N Air Filter | 76mm Intake Pipe| 996 76mm TB | 997 Distribution T | Secondary Cat Delete Pipes | Borla Muffler | NHP 200 Cell Exhaust Headers |
All these stories that people got smaller refunds, duh if you get more in each paycheck then it makes sense you may get a smaller refund. What I want to know is now that 4/15 is here (Anyone owing uncle Sam probably waited till now to pay) what are the real effects. Yes I got more each pay check but I had to pay it back with interest, loan shark interest.
I guess next year I'll have to sell my 986 to cover my tax bill or move to Mississippi.
^ the problem is that they their cut was so little that they barely noticed. But when they filed their return they definitely noticed. And those who were already paying a lot but not rich enough to be the top bracket got hosed.
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Here was my take on it. I got no refund. I ended up owing a little over $200. I made $1066 less this year than last year. Tax I owed in 2018 was $12651. Tax I owed in 2019 was $6590. So what I had was $6061 to spend through the course of the year. That comes out to $233 per pay split between my wife and myself. How is that not a windfall for the economy. By the way, I owed $1800 to the IRS last year at tax time.
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That comes out to $233 per pay split between my wife and myself. How is that not a windfall for the economy.
Short term, it may well be a windfall for the economy. Long term, what about the gigantic deficits created by the lower tax revenues?
For me, the biggest problem with the tax plan was that the IRS lowered withholdings without letting anyone know. I'm one of the lucky few who's tax rate actually increased (a very small percentage got screwed, and lucky me, I'm one of them!), but my withholding was decreased, so I ended up owing a lot more. In fact, since I didn't withhold enough, I also got socked with a nearly $900 penalty. I think Trump is a venal, dangerous, toxic nitwit, but my feelings toward him dipped even more when I wrote out the check for over $8000 to the IRS.
...but my withholding was decreased, so I ended up owing a lot more. In fact, since I didn't withhold enough, I also got socked with a nearly $900 penalty.
That happened to me one year when I did a lot of contracting and I owed around $5000 extra at tax time. There would have been an underpayment penalty, but since I hadn't manually decreased my withholding from the previous year, there was no penalty for underpaying for *that* year, but I had to increase my withholding for the following year or I would get a penalty next year. So maybe, since this occurred with no changes by you, you can get out of it?
Here was my take on it. I got no refund. I ended up owing a little over $200. I made $1066 less this year than last year. Tax I owed in 2018 was $12651. Tax I owed in 2019 was $6590. So what I had was $6061 to spend through the course of the year. That comes out to $233 per pay split between my wife and myself. How is that not a windfall for the economy. By the way, I owed $1800 to the IRS last year at tax time.
^ if you pay taxes federally with an actual comma in the figure and two digits before it but ARE NOT collecting a million plus in annual salary, then welcome... the bar is in the back. But I must advise you that If you saw a net reduction of 50% under this tax "reform" then you may not want to bring that up to the other members at the annual dinner.
it's great for the economy when everyone wins. if that's not possible then fairness would dictate that we either all feel an equal pinch or an equal consideration. it's easy principle to get behind
unless people realllly high up the income ladder who are very involved in dark money fookery know what strings to pull make sure they get the lion's share of the breaks and push the inescapable increases on the guys who actually have a mortgage and family medical bills to pay for.
is you having more income good for the economy? of course but you aren't a typical case study for a net payer of federal income tax where that tax represents a significant share of the household income.
And the big herd of elephants in the room is that net effect of this tax "reform" has undoubtedly put us ALL closer to higher interest rates. These new Trump era $1 trillion dollar deficits EACH YEAR for the next decade (a multiyear high water mark that's never been hit before) as a consequence of giving out tax breaks like we're in the days of the1990's budget surplus does NOT suspend the laws of supply and demand. We'll now need to sell two and three times the usual debt to our foreign creditors. higher interest rates are NOT great for an economy that runs disproportionately on people spending money they dont have or buying big ticket items like houses and autos. Tax Revenues falling off a cliff when spending is controlled by Trump, Mike Tyson, Curt Shilling, pro athlete financial planning has only one outcome. Keep plenty of cash on hand.
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Last edited by Perfectlap; 04-19-2019 at 11:24 AM.
I'll look into it, Steve. That's good information.
We didn't actually finish our taxes since TurboTax has a glitch that we couldn't overcome (I'll never use them again), so I just filed for an extension and paid what will likely be the final number.
I'll look into it, Steve. That's good information.
We didn't actually finish our taxes since TurboTax has a glitch that we couldn't overcome (I'll never use them again), so I just filed for an extension and paid what will likely be the final number.
Good luck! Maybe turbo tax doesn't handle that specific scenario? $900 would buy lots of car goodies for the Boxster!
I'm a NJ resident and try to be philosophical about taxes. If I'm paying taxes, it means I'm making money. The thing about states with high state income taxes is that they also tend to have high property taxes in the regions of these states where the high incomes are earned. And those property taxes are often times higher than the federal $10,000 deduction cap on state and local taxes all by themselves. And before the tax and mortgage interest deductions were put in place, I used to lose some of those deductions through both the deduction phase-out and the Alternative Minimum Tax, AMT or the government's ATM. High class problems, I know! We make our choices about where we want to live for a variety of reasons. One thing we can probably all agree on is that the federal tax system should be fair to all so that all individuals and corporations pay their fair share. Getting to agreement on what is "fair" is difficult, if not impossible!
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