Thanks Trump

[jsceash]

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.

[Racer Boy]

Originally Posted by jsceash

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.

[steved0x]

Originally Posted by Racer Boy

...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?

[Perfectlap]

Originally Posted by jsceash

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.