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Sun Dec 9, 2018, 09:39 AM

 

Trump/GOP Tax scam

Last edited Sun Dec 9, 2018, 10:25 AM - Edit history (1)

Tax time will be upon us before we know it. The Treasury department has estimated that there are going to be millions of people who got a return last year but are going to owe money this year.

This also doesn't take into account the millions of people who will still get a refund but it is going to be a lot less than they had been getting.

Trump's tax scam was a, well, scam. People got more money in their pay checks because their employers deducted less taxes. The rich and corporations, on the other hand, made out like bandits, which added 1.5 trillion to our debt.

Millions of hard working people are not going to be happy come April 15th.

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Response to watoos (Original post)

Sun Dec 9, 2018, 09:55 AM

1. I work for a living and don't live in a house. I estimate I will pay 3000 more this year.

It will be a hardship, but I can do it. My heart breaks for all those who don't see it coming and will be slammed by not.

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Response to watoos (Original post)

Sun Dec 9, 2018, 09:57 AM

2. deplorables will blame it on the dem house majority that doesn't yet exist

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Response to watoos (Original post)

Sun Dec 9, 2018, 10:09 AM

3. You mean they got a "refund".

“Return” is the general term for the completed tax forms.

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Response to marybourg (Reply #3)

Sun Dec 9, 2018, 10:24 AM

4. Sorry, my bad, I did mean refund.

 

I'm on Social Security so I have control on how much I had deducted so I will be fine. I feel sorry for people who don't have a clue, who take their 1040EZ forms to a tax preparer. These working folks count on their refunds for various reasons.

I have been filing out a 1040A for several years now, doing it by hand to give someone a job going over my return.

I don't have a clue what is going to happen this year. I have heard that filing one's taxes was made more complicated, certainly won't be able to file on a post card.

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Response to watoos (Original post)

Sun Dec 9, 2018, 11:00 AM

5. i feel you are correct. A cap on the SALT will leave many on the coasts paying significantly

more. And the number of forms to file has exploded exponentially. This was a scam and should be messaged to reflect the Dumpster's illegitimacy and the reThugs complicitness.

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Response to watoos (Original post)

Sun Dec 9, 2018, 11:35 AM

6. Is the new TurboTax and TaxCut software out yet?

 

This will be interesting for us. This has been my first year of retirement and social security, while my wife still works at a good job as a business analyst. I have a feeling we're going to get hammered.

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Response to watoos (Original post)

Sun Dec 9, 2018, 11:42 AM

7. The bad news is the scam is still in play.

When people complain about the increase, they'll just blame it on the new Democratic House. MAGATs are too dumb to realize this was all set in place in the original tax law.

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Response to watoos (Original post)

Sun Dec 9, 2018, 12:03 PM

8. Deductions and Exemptions

When they prepare their 2018 tax returns many Americans are going find many of the deductions they were use to taking are gone. All Americans are going to lose the exemptions they were use to.

I have done a preliminary tax analysis and my taxes are going up.

It may be late but check your withholding's. This was definitely a tax cut for the wealthiest Americans not Joe Sixpack

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Response to philf99 (Reply #8)

Sun Dec 9, 2018, 12:47 PM

13. They didn't even have W-4's last year,

 

where people could adjust their withholdings. The employers got guidelines from Treasury I think and simply deducted less taxes from employee's checks.

If you end up having to pay in more this year you will have to go to your employer to have more taxes taken out if you want a refund.

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Response to watoos (Original post)

Sun Dec 9, 2018, 12:11 PM

9. You have been flim flammed

 

To all that thought they were getting a tax break of about $4.00 a week to buy a new car or a new house, guess what, you are fucked. To all you MAGATS, bend over. The orange menace is coming for you.

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Response to watoos (Original post)

Sun Dec 9, 2018, 12:12 PM

10. There are many new tax points aimed at small businesses, deductions for tax preparation fees etc etc

Hobby businesses that is.

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Response to watoos (Original post)

Sun Dec 9, 2018, 12:40 PM

11. One thing I've been thinking about with regards to eliminating...

the deduction for charities is that charities are going to be scrambling for donations. A lot of what they receive is in smaller dollar amounts from middle class people. One of the reasons people do give to charities is they can deduct it. No more.

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Response to watoos (Original post)

Sun Dec 9, 2018, 12:43 PM

12. Here is the tax scam everyone is about to find out ...

People got more money in their pay checks because their employers deducted less taxes.


That extra money you got in your paycheck? It is just a loan.
All that money IS your income tax.

For example, if you made $50,000 last year and paid $10,000 in taxes from your paycheck, your net pay reflected $40,000.
This year you got the same $50,000, but you only paid $5,000 in taxes from your paycheck. You got an extra $5,000 in net pay of $45,000. No doubt you’ve spent that money.

Your tax bill will still be $10,000, because the tax tables did not change, only the deduction algorithm was changed so you could get more money in your paycheck.
That $5,000 you got extra, you’ll have to pay that back on April 15th.
It’s just a loan.

Also for those living in those high rent district states?
You’ll only get to write off your mortgage interest on $750,000
and can only write off up to $10,000 in property taxes.
So if you have a $1,000,000 mortgage, you can’t write off all your mortgage interest.
And if you have that $15,000 in property taxes, you can only write off $10,000.

I mention this because that $5,000 tax bill mentioned above, turns into an $8k to $10k bill.

And if you voted for IQ45, this is what you voted for.
But you’re bringing the rest of us down with you.

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Response to aggiesal (Reply #12)

Sun Dec 9, 2018, 12:55 PM

14. It gets worse,

 

The tax scam giveaway to corporations and the rich will add 1.5 trillion dollars or more to the debt. I say it may add more because Repugs are counting on 4% GDP or higher to help pay for the tax cuts and that isn't happening.

Right away Repugs are pushing to gash Social Security, Medicare, and Medicaid to pay for these tax cuts for the rich. It's amazing how working folks continue to vote against their own best interests.

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Response to watoos (Original post)

Sun Dec 9, 2018, 01:00 PM

15. I'm blessed in that I don't make enough to pay federal or state income tax.

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