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Thu Feb 28, 2019, 03:18 PM

The Tax Thread: Trump's Middle Class Tax Cut Will Bankrupt YOU!

I just went out at lunch today and picked up my taxes from the accountant. I wasn't exactly sure what to expect given that my household income was pretty much the same as last year, my tax deductions and federal withholding amounts were not much different than last year, and my dependents stayed the same.

After all was said and done, I paid an extra $1,000 dollar in taxes on April 15th last year. This year, I will owe an extra $4,000 in federal taxes.

If you haven't done your taxes this year, you can pretty much expect to be in shock at what your middle class tax cut will end up costing you. At least you can take comfort in knowing that millionaires and billionaires can now deduct the cost of their private jets.

Has anyone else here had the same experience? I feel your pain.

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 03:28 PM

1. Yes. Income and withholding unchanged owe more tax. Refund gone.

.

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Response to pwb (Reply #1)

Thu Feb 28, 2019, 03:57 PM

4. Same situation here

And I live primarily on social security and small withdrawals from my IRA

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 03:50 PM

2. I haven't had a refund for the last couple of years and it keeps getting worse.

I'm definitely not looking forward to this.

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 03:55 PM

3. Yes, three times what I owed last year

Found that out the same day I saw Amazon paid no taxes.

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 04:24 PM

5. I haven't had mine done yet,

but I don't expect much change. My income is fairly low, and the past two years I didn't need to pay state or federal income taxes. I have now started taking income from a couple of annuities, and that may push me into paying some taxes.

A lot depends on whether or not you used to itemize and what of those things were taken away. I'm solidly in the standard deduction camp. However, I believe that increase will go away in a few years, in which case I might start owing some taxes.

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 04:24 PM

6. I actually got a 4 figure tax cut.

Nearly same income as 2017.

I must a real unique outlier on this one as I have not found another middle class person yet with a cut the size of mine.

The vast majority of middle class folks are seeing reduced refunds or are owing money.

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 05:04 PM

7. The latest info from IRS and trump admin, says -- believe it or not -- refunds are trending up.

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Response to Hoyt (Reply #7)

Thu Feb 28, 2019, 07:19 PM

10. I'm not doing my part. Mine was down 50% from last year.

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Response to Hoyt (Reply #7)

Thu Feb 28, 2019, 07:50 PM

11. Refunds are trending up - like, those who got a refund got more. But fewer are getting refunds -

I didn't get a refund from the Feds, I ended up owing ~ $700, even after I adjusted my withholdings back last March. I ended up setting my withholdings to single, even with a spouse and two dependents (I got to add one this year; we got guardianship for the second time). However, I got back a third again more from the State - $2900. So the State paid the Feds.

Oddly enough, last year, under the old tax policies, I got ~ $800 back from the Feds and around $2K back from the State, and I only had a spouse and one dependent - so I actually lost that $800 this year when all was said and done.

Between me and disabled spouse, we make under 6 figures, so we aren't totally "middle class", we're more working class. Some Tax Break.

But honestly, I'd rather be lending money interest free to the State of California than the Feds at this point in time. The Trumpsters will get my money for their Red State addictions when I'm ready to give it to them, not a minute before.

Haele

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 06:26 PM

8. And yet our govt says we somehow don't have enough money to pay for

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 06:30 PM

9. You lost your SALT. That's what happened to me.

I had to pay $700 this year when normally I get at least a $1500 refund.

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Response to Joe Nation (Original post)

Thu Feb 28, 2019, 07:53 PM

12. Ours is pretty much unchanged

$900 back from federal, $300 into state.

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