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

[Centerleftfl]

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

[LV426]

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.

[Centerleftfl]

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).

[LV426]

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.

[ThatOwlWoman]

[SIZE=4][FONT=arial]
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.

It's really sad because 1) a lot of ppl count on this "windfall" to make purchases they put off all year in anticipation, and 2) those purchases help drive the economy. Hopefully though most ppl were informed by their HR depts. that they might want to change their withholding, last year, so they won't get an ugly surprise this year.

[countryboy]

It's really sad because 1) a lot of ppl count on this "windfall" to make purchases they put off all year in anticipation, and 2) those purchases help drive the economy. Hopefully though most ppl were informed by their HR depts. that they might want to change their withholding, last year, so they won't get an ugly surprise this year.

No, the sad part is people actually believing getting their own money back is a "windfall". We should do away with withholding altogether. People should have to pay their taxes quarterly. Of course, that'll never happen, because people would realize just how much they are being fleeced.

[ThatOwlWoman]

No, the sad part is people actually believing getting their own money back is a "windfall". We should do away with withholding altogether. People should have to pay their taxes quarterly. Of course, that'll never happen, because people would realize just how much they are being fleeced.

I agree that thinking getting your own money back is a special happy occasion is wrong. I don't see quarterly paying though as something that corporations (who employ most of us) are going to be happy going along with. They're mandated of course to do the withholding part and have no choice in the matter. How would you work that out?

[cawacko]

No, the sad part is people actually believing getting their own money back is a "windfall". We should do away with withholding altogether. People should have to pay their taxes quarterly. Of course, that'll never happen, because people would realize just how much they are being fleeced.

That’s right. And if it helps the economy give the money to the people when they earn it and let them spend it then instead of the government sitting on it for months. (As one who works as a 1099 I know better than to spend all I get though)

[Wolverine]

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).

My refund went up! Those who paid less got less back simple!

[LV426]

My refund went up! Those who paid less got less back simple!

So you say...and that's great for you. But it's not just about you, and many more people saw their refunds decline or worse.

The promise was that the Russia Tax Cut would raise wages by $4K-$8K.
The promise was that the Russia Tax Cut would pay for itself by increased economic activity.
The promise was that the Russia Tax Cut would grow the market.
The promise was that the Russia Tax Cut wouldn't lead to record stock buybacks and miniscule employee bonuses.
The promise was that the Russia Tax Cut would stop outsourcing and offshoring.
The promise was that the Russia Tax Cut would reduce the deficit.

All broken promises. Now, Conservatives have shifted their argument from the above to simply "I (pretend) got mine, and you're just too stupid to realize raising your tax liability is a good thing".

Clearly, that should be your campaign message for 2020.

[Wolverine]

So you say...and that's great for you. But it's not just about you, and many more people saw their refunds decline or worse.

The promise was that the Russia Tax Cut would raise wages by $4K-$8K.
The promise was that the Russia Tax Cut would pay for itself by increased economic activity.
The promise was that the Russia Tax Cut would grow the market.
The promise was that the Russia Tax Cut wouldn't lead to record stock buybacks and miniscule employee bonuses.
The promise was that the Russia Tax Cut would stop outsourcing and offshoring.
The promise was that the Russia Tax Cut would reduce the deficit.

All broken promises. Now, Conservatives have shifted their argument from the above to simply "I (pretend) got mine, and you're just too stupid to realize raising your tax liability is a good thing".

Clearly, that should be your campaign message for 2020.

Then they should pay attention to their withholding fool! The economy saw growth how could we not see revenue gain? Because people had less withheld!

[CFM]

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.

[Bourbon]

What a Big Surprise

[Earl]

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.

[LV426]

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.