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Thread: MILLIONS will be hit with TAXES due to UNDERPAYING for 2018 TAX CUT (TOLD YAH!)

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    Default MILLIONS will be hit with TAXES due to UNDERPAYING for 2018 TAX CUT (TOLD YAH!)

    I knew mathematically (and intuitively) this was going to HAPPEN!! If you haven't filed your taxes yet, keep your fingers crossed. It also happened with the BUSH TAX CUTS! All you were doing is using YOUR own refund you usually get in the next year! Now you don't get that and/or you owe more.


    This wasn't hard to understand even then.


    Why millions of people are getting hit with a surprise tax bill this year

    An effort to make the tax bill look better ended up making it look worse.

    By Matthew Yglesias@mattyglesiasmatt@vox.com Feb 6, 2019, 2:10pm EST

    Paul Ryan in 2016, then the House speaker and an architect of the tax bill. Darren Hauck/Getty Images

    Americans who are accustomed to receiving an income tax refund tend to file their taxes early — often in late January or early February when all the paperwork becomes available — but this year many early filers are finding to their surprise that they actually owe money to the IRS.

    A tweet rounding up other tweets from displeased early filers went viral because the user, @smarxist, deliberately singled out people who are mad at President Donald Trump for raising their taxes.

    PLS CLICK AND READ THE TWITTER SAMPLINGS. THERE ARE SO MANY, I COULDN'T C&P the chunk here, I got an error message.
    https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump


    Last edited by Centerleftfl; 02-08-2019 at 10:44 AM.
    House Republican leadership has sent a memo to GOP
    members of Congress directing them to
    lie about
    right wing white supremacist gun massacres,

    to call it
    “violence from the left.”


    Raw Story as reported by TAMPA BAY TIMES, August, 2019
    Talking points obtained from a 5 page memo in a leaked email sent to REP Bilirakis, FL (Tampa)



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    We tried to tell them this.

    We tried to be reasonable about it.

    We tried to be academic about it.

    We tried to warn them about it.

    They didn't want to listen.

    So now we can burn their lifeboats.
    Quote Originally Posted by cawacko View Post
    I'm no economics expert. In fact I'm pretty dumb on the topic.

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    What a Big Surprise
    Trump isn't our 45th American president; he's our 1st Russian one.

    Remember this on Tuesday November 3rd, 2020

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    Quote Originally Posted by LV426 View Post
    We tried to tell them this.

    We tried to be reasonable about it.

    We tried to be academic about it.

    We tried to warn them about it.

    They didn't want to listen.

    So now we can burn their lifeboats.

    You got it! This wasn't and isn't partisan in the end. THIS IS ARITHMETIC!

    I absolutely knew this was going to happen. I just had no idea to how many taxpayers.

    (Did you click on the link? They included so many ganged TWITTER RESPONSES, this site couldn't accept and error'd out when I tried to post deeper into the article).
    House Republican leadership has sent a memo to GOP
    members of Congress directing them to
    lie about
    right wing white supremacist gun massacres,

    to call it
    “violence from the left.”


    Raw Story as reported by TAMPA BAY TIMES, August, 2019
    Talking points obtained from a 5 page memo in a leaked email sent to REP Bilirakis, FL (Tampa)



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    Quote Originally Posted by Centerleftfl View Post
    I knew mathematically (and intuitively) this was going to HAPPEN!! If you haven't filed your taxes yet, keep your fingers crossed. It also happened with the BUSH TAX CUTS! All you were doing is using YOUR own refund you usually get in the next year! Now you don't get that and/or you owe more.


    This wasn't hard to understand even then.


    Why millions of people are getting hit with a surprise tax bill this year

    An effort to make the tax bill look better ended up making it look worse.

    By Matthew Yglesias@mattyglesiasmatt@vox.com Feb 6, 2019, 2:10pm EST

    Paul Ryan in 2016, then the House speaker and an architect of the tax bill. Darren Hauck/Getty Images

    Americans who are accustomed to receiving an income tax refund tend to file their taxes early — often in late January or early February when all the paperwork becomes available — but this year many early filers are finding to their surprise that they actually owe money to the IRS.

    A tweet rounding up other tweets from displeased early filers went viral because the user, @smarxist, deliberately singled out people who are mad at President Donald Trump for raising their taxes.



    https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump


    That doesn't even make any sense. If taxes went down, and your withholding stayed the same, why would you owe more? Libs really are some stupid mother fuckers.

    Fake news alert.
    Liberalism always generates the exact opposite of its stated intent

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    Quote Originally Posted by Centerleftfl View Post

    You got it! This wasn't and isn't partisan in the end. THIS IS ARITHMETIC!

    I absolutely knew this was going to happen. I just had no idea to how many taxpayers.

    (Did you click on the link? They included so many ganged TWITTER RESPONSES, this site couldn't accept and error'd out when I tried to post deeper into the article).
    Yeah, I've seen the link and many more on Twitter.

    None of those people can be trusted with representation.

    We need a new Reconstruction...only this time, we don't stop halfway through.

    I think that US Troops need to be deployed across the South during elections to ensure fair voting. If Ike could send in the 101st to protect the Little Rock 9, President Harris or Warren or Booker or whoever, should deploy them again to protect voting rights.
    Quote Originally Posted by cawacko View Post
    I'm no economics expert. In fact I'm pretty dumb on the topic.

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    Quote Originally Posted by countryboy View Post
    That doesn't even make any sense. If taxes went down, and your withholding stayed the same, why would you owe more? Libs really are some stupid mother fuckers.
    Moron, your Russia Tax Cut replaced itemized deductions (and personal exemptions) with a standard deduction. The standard deduction was less than what many of these people (including many Trump voters) typically deduct and exempt when they do their taxes.

    That's why the middle class' liability increased...you fucked with deductions and exemptions so Sheldon Adelson could save $670M on his taxes.

    Well done, idiot.
    Quote Originally Posted by cawacko View Post
    I'm no economics expert. In fact I'm pretty dumb on the topic.

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    Quote Originally Posted by Oneuli View Post
    That's the key to understanding the difference between a conservative and a patriot. Those of us who love our country want to see things go well for the American people. Conservatives, by comparison, can only get hard when they see Americans suffering.


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    Quote Originally Posted by Bourbon View Post
    What a Big Surprise
    Hey, Bourbon.

    Most knowledgeable taxpayers do not want to get tax refunds because they know that the government is using their money as an interest free loan for the entire year, if they do so.

    It’s best to break even or at least have withheld 90% of the tax liability. Withholding less than 90% of your tax liability will result in a fine.

    My tax person hasn’t done my taxes yet so I don’t know the results of the tax cuts. I will look at the gross income vs. taxes paid as a percentage and compare it to last year.

    It was 80 degrees here yesterday.

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    Quote Originally Posted by LV426 View Post
    We tried to tell them this.

    We tried to be reasonable about it.

    We tried to be academic about it.

    We tried to warn them about it.

    They didn't want to listen.

    So now we can burn their lifeboats.
    You don't pay income taxes at all. Get back to us when you start contributing to society.

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    Quote Originally Posted by Earl View Post
    Most knowledgeable taxpayers do not want to get tax refunds because they know that the government is using their money as an interest free loan for the entire year, if they do so
    So this is what the defense of the Russia Tax Cut has become...

    Can't defend its economics.
    Can't defend its fiscal solvency.
    Can't defend its corruption.
    Can't defend its transfer of wealth to the rich.


    My tax person hasn’t done my taxes yet so I don’t know the results of the tax cuts. I will look at the gross income vs. taxes paid as a percentage and compare it to last year.
    If you usually deduct and exempt more than $24K when you do your taxes, your liability will increase.


    It was 80 degrees here yesterday.
    You in Georgia? So am I. It got to 81 in Atlanta yesterday. A week ago it was 28 and the city shut down because of a threat of ice.
    Quote Originally Posted by cawacko View Post
    I'm no economics expert. In fact I'm pretty dumb on the topic.

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    Quote Originally Posted by LV426 View Post
    So this is what the defense of the Russia Tax Cut has become...

    Can't defend its economics.
    Can't defend its fiscal solvency.
    Can't defend its corruption.
    Can't defend its transfer of wealth to the rich.




    If you usually deduct and exempt more than $24K when you do your taxes, your liability will increase.




    You in Georgia? So am I. It got to 81 in Atlanta yesterday. A week ago it was 28 and the city shut down because of a threat of ice.
    Yes, in Fayetteville, about 40 miles south of Atlanta.We dodged a bullet last week.

    Investor's Business Daily

    Based on calculations by the Senate Finance committee, the median family of four earns $73,000. That family, middle class by any standard, will get a $2,000 tax cut this year, with their total tax liability dropping from about $3,558 to around $1,499. That's a 58% tax cut.

    And the tax reductions were broad enough to hit everyone. They included not just lower tax rates, but a near-doubling of the standard deduction from $6,500 to $12,000 for individuals, and from $13,00 to $24,000 for married couples. Meanwhile, for those with kids, the child tax credit went from $1,000 to $2,000.

    Moreover, the cuts in corporate tax rates have been an enormous boon to middle-class workers, with millions getting bonuses of thousands of dollars thanks to the tax cuts, along with hundreds of thousands of new jobs as companies ramp up investments. This, too, was a middle-class benefit of tax cuts."

    I don't believe that we will know enough to evaluate the tax cuts until taxpayers submit their tax forms this year.

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    Quote Originally Posted by Earl View Post
    Hey, Bourbon.

    Most knowledgeable taxpayers do not want to get tax refunds because they know that the government is using their money as an interest free loan for the entire year, if they do so.

    It’s best to break even or at least have withheld 90% of the tax liability. Withholding less than 90% of your tax liability will result in a fine.
    You lost the faux Negro when you mentioned "knowledgeable taxpayers."


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    right wing kooks fall for that 'tax cut' shit every time, never realizing lower/middle class earners ALWAYS get stiffed

    f'in chumps

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    SALT states.
    Florida rich real estate is booming.
    Mansions being sold in Miami to the snow birds -new construction of million dollar condos.

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