Page 3 of 26 FirstFirst 123456713 ... LastLast
Results 31 to 45 of 380

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

  1. #31 | Top
    Join Date
    Jan 2019
    Posts
    52,291
    Thanks
    77,752
    Thanked 23,568 Times in 17,849 Posts
    Groans
    38,677
    Groaned 3,238 Times in 3,042 Posts
    Blog Entries
    8

    Default

    Quote Originally Posted by noise View Post
    wow! congrats to your son!
    ~~
    ya. what the libs fail to understand is the rich already pay most of the taxes ( not going to look up the figures)
    and if you tax them to death they will just leave the country ( like rich NE are leaving for Florida)
    or simply not invest in business start ups, where their income tax would be 70&
    The real money was made when he and his partner sold their company for 27.5 million. His partner retired a few months ago at age 43, my son is 42 and is retiring in March. The conglomerate that bought their company owns 30 other companies. They asked my son and his partner to stay on for a while. His partner retired but agreed to work two days a week at FULL salary. They both are engineers and worked 16 hour days for several years.

    The 70% marginal tax proposal by the Socialist Democrats is an abomination. I don't believe that it will ever pass.

  2. #32 | Top
    Join Date
    Jul 2009
    Posts
    134,846
    Thanks
    13,245
    Thanked 40,785 Times in 32,151 Posts
    Groans
    3,661
    Groaned 2,865 Times in 2,752 Posts
    Blog Entries
    3

    Default

    they probably shouldn't have underpaid.....

  3. The Following User Says Thank You to PostmodernProphet For This Post:

    Truth Detector (02-08-2019)

  4. #33 | Top
    Join Date
    Jun 2018
    Location
    Dirty South
    Posts
    63,304
    Thanks
    6,234
    Thanked 13,406 Times in 10,036 Posts
    Groans
    2
    Groaned 2,947 Times in 2,728 Posts

    Default

    Quote Originally Posted by Earl View Post
    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.
    You lowered the tax rate, for a short period of time (those cuts expire in a couple years), but by removing itemized deductions and exemptions, the doubling of the standard deduction is less for many families than what they had been able to deduct and exempt before.

    That's the point.

    That's why those families are seeing higher tax liabilities, and are getting smaller refunds or owing more.
    When I die, turn me into a brick and use me to cave in the skull of a fascist


  5. #34 | Top
    Join Date
    Jul 2009
    Posts
    134,846
    Thanks
    13,245
    Thanked 40,785 Times in 32,151 Posts
    Groans
    3,661
    Groaned 2,865 Times in 2,752 Posts
    Blog Entries
    3

    Default

    Quote Originally Posted by reagansghost View Post
    here ya go stupid:

    By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.

    That's a significantly different pattern than in the bill's early years.

    So the tax bill -- at its start -- does come close to providing tax relief for all income groups, and for most members within each income group. But it's doesn't give a tax cut to "everybody," and by 2027, most taxpayers, including those in the "middle class," will actually be paying more than they would have under the previous law.

    ~ Polifact
    but that isn't true.....everybody got a cut in the first year.......oh wait, I see......you think this is 2027!......

  6. The Following User Says Thank You to PostmodernProphet For This Post:

    Truth Detector (02-08-2019)

  7. #35 | Top
    Join Date
    Jul 2017
    Posts
    43,479
    Thanks
    12,574
    Thanked 23,756 Times in 16,563 Posts
    Groans
    249
    Groaned 1,622 Times in 1,532 Posts

    Default

    Quote Originally Posted by Earl View Post
    The real money was made when he and his partner sold their company for 27.5 million. His partner retired a few months ago at age 43, my son is 42 and is retiring in March. The conglomerate that bought their company owns 30 other companies. They asked my son and his partner to stay on for a while. His partner retired but agreed to work two days a week at FULL salary. They both are engineers and worked 16 hour days for several years.

    The 70% marginal tax proposal by the Socialist Democrats is an abomination. I don't believe that it will ever pass.
    wow.. wow wow..that's awesome -again congrats. This is what is really uniquely American.
    Inventing, marketing, engineering really can make you retire at 42 with no more money cares.

    the 70& may not happen ( but recall the kidz are more wanting socialism then capitalism)
    so us adults have to to speak up for capitalism (not unfettered capital;ism) -or ignorance will eventully get us there

  8. The Following User Says Thank You to dukkha For This Post:

    Earl (02-08-2019)

  9. #36 | Top
    Join Date
    Aug 2018
    Posts
    24,892
    Thanks
    4,196
    Thanked 15,334 Times in 9,321 Posts
    Groans
    2
    Groaned 2,825 Times in 2,563 Posts
    Blog Entries
    6

    Default

    btw Trump's $1,500,000,000 addition to the nation debt to benefit his corporate donors is VERY unpopular with the voters

    yet another backfire for GOP pirates, another nail in the nation's coffin

    fuck Republicans

  10. #37 | Top
    Join Date
    Jan 2019
    Posts
    52,291
    Thanks
    77,752
    Thanked 23,568 Times in 17,849 Posts
    Groans
    38,677
    Groaned 3,238 Times in 3,042 Posts
    Blog Entries
    8

    Default

    Quote Originally Posted by LV426 View Post
    You lowered the tax rate, for a short period of time (those cuts expire in a couple years), but by removing itemized deductions and exemptions, the doubling of the standard deduction is less for many families than what they had been able to deduct and exempt before.

    That's the point.

    That's why those families are seeing higher tax liabilities, and are getting smaller refunds or owing more.
    I believe that the tax cuts can't be properly evaluated until all returns are in this year.

    What part of Georgia are you located?

  11. #38 | Top
    Join Date
    Aug 2018
    Posts
    24,892
    Thanks
    4,196
    Thanked 15,334 Times in 9,321 Posts
    Groans
    2
    Groaned 2,825 Times in 2,563 Posts
    Blog Entries
    6

    Default Who really benefits from Trump's $1.5T tax give-a-way to the corporations???

    In December 2017, Congress cut government revenues by passing a $1.5 trillion tax cut. Congress claimed the corporate tax cuts would benefit everyone because businesses would invest or use the tax cut to raise wages. Donald Trump tweeted “TAX CUTS will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more JOBS!” (Emphasis in his original tweet.) The promise hasn't materialized. Even Fox News, in an August 2018 poll, found Obamacare to be more popular than the tax cuts.

    Here is the Fox News poll.

    But so far, the cuts have not been linked to an increase in labor share or more investments. The Federal Reserve Bank of Chicago’s current capital spending index indicates private business investment plans have remained in negative territory since 2015. The most certain effect of the tax cuts has been to help fuel a massive increase in the federal deficit and debt.

    So where is all the money saved from corporate tax cuts going? First, to companies’ bottom lines and second to stock buybacks, which were recently at a record high. So far, in 2018, the 500 corporations in the S&P Index have received $30 billion from the corporate rate cut, which in turn accounts for over 40 percent of S&P equity earnings growth. When economies are strong, equity values rise because the issuing corporations are engaged in innovation and other fundamental strategies to raise the real performance of the company. However, innovation and fundamental performance do not seem to be the cause of the rise in equity values. The Shiller PE ratio, which compares share prices to earnings, is now over 30, the highest since the expansion began mid 2009.


    https://www.forbes.com/sites/teresag.../#63d07f5126bb

  12. #39 | Top
    Join Date
    Sep 2009
    Posts
    107,358
    Thanks
    5
    Thanked 19 Times in 18 Posts
    Groans
    0
    Groaned 2 Times in 2 Posts

    Default

    Quote Originally Posted by reagansghost View Post
    btw Trump's $1,500,000,000 addition to the nation debt to benefit his corporate donors is VERY unpopular with the voters
    Who told you that?

    Was it...
     
    a POLL, poll sucker?

  13. #40 | Top
    Join Date
    Sep 2009
    Posts
    107,358
    Thanks
    5
    Thanked 19 Times in 18 Posts
    Groans
    0
    Groaned 2 Times in 2 Posts

    Default

    Quote Originally Posted by LV426 View Post
    That's why those families are seeing higher tax liabilities, and are getting smaller refunds or owing more.
    It is?

  14. #41 | Top
    Join Date
    Jun 2018
    Location
    Dirty South
    Posts
    63,304
    Thanks
    6,234
    Thanked 13,406 Times in 10,036 Posts
    Groans
    2
    Groaned 2,947 Times in 2,728 Posts

    Default

    Quote Originally Posted by PostmodernProphet View Post
    they probably shouldn't have underpaid.....
    It's not an underpayment issue...it's the fact that the doubling of the standard deduction ended up being less than what many families deduct and exempt.
    When I die, turn me into a brick and use me to cave in the skull of a fascist


  15. #42 | Top
    Join Date
    Jan 2019
    Posts
    52,291
    Thanks
    77,752
    Thanked 23,568 Times in 17,849 Posts
    Groans
    38,677
    Groaned 3,238 Times in 3,042 Posts
    Blog Entries
    8

    Default

    Quote Originally Posted by noise View Post
    wow.. wow wow..that's awesome -again congrats. This is what is really uniquely American.
    Inventing, marketing, engineering really can make you retire at 42 with no more money cares.

    the 70& may not happen ( but recall the kidz are more wanting socialism then capitalism)
    so us adults have to to speak up for capitalism (not unfettered capital;ism) -or ignorance will eventually get us there
    Thanks, I helped with the seed money for their company and they were very generous with me when they sold the company.

    These opportunities are available to those who get a good education, work hard and never give up when the going gets tough. People from Central America and Mexico and all around the world are coming to take advantage of these opportunities.Socialism does not provide these opportunities. They must come legally though.

  16. #43 | Top
    Join Date
    Sep 2009
    Posts
    107,358
    Thanks
    5
    Thanked 19 Times in 18 Posts
    Groans
    0
    Groaned 2 Times in 2 Posts

    Default

    Quote Originally Posted by reagansghost View Post
    here ya go stupid:

    By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.

    That's a significantly different pattern than in the bill's early years.

    So the tax bill -- at its start -- does come close to providing tax relief for all income groups, and for most members within each income group. But it's doesn't give a tax cut to "everybody," and by 2027, most taxpayers, including those in the "middle class," will actually be paying more than they would have under the previous law.

    ~ Polifact
    "Polifact?"

    LINK

  17. #44 | Top
    Join Date
    Feb 2014
    Posts
    11,390
    Thanks
    476
    Thanked 4,028 Times in 3,012 Posts
    Groans
    398
    Groaned 234 Times in 225 Posts

    Default

    Quote Originally Posted by reagansghost View Post
    here ya go stupid:

    By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.

    That's a significantly different pattern than in the bill's early years.

    So the tax bill -- at its start -- does come close to providing tax relief for all income groups, and for most members within each income group. But it's doesn't give a tax cut to "everybody," and by 2027, most taxpayers, including those in the "middle class," will actually be paying more than they would have under the previous law.

    ~ Polifact
    First of all, your post has nothing to do with the OP which is talking about this year, not 2027

    The fact that you are reaching into 2027 is a concession that I have fisted all of you leftists with math and facts.

    Secondly, no moron can try to predict what anyones tax burden is going to be 8 years from now. Only a fucking moron would try to do that. Are you a fucking moron? Are you?

    It would have been easier for you to just admit I was right and my analysis was spot on.

    The fact remains that many people will get a tax cut this year and that scares democrats

  18. The Following 2 Users Say Thank You to canceled.2021.3 For This Post:

    Earl (02-08-2019), Truth Detector (02-08-2019)

  19. #45 | Top
    Join Date
    Aug 2018
    Posts
    24,892
    Thanks
    4,196
    Thanked 15,334 Times in 9,321 Posts
    Groans
    2
    Groaned 2,825 Times in 2,563 Posts
    Blog Entries
    6

    Default

    Quote Originally Posted by Legion View Post
    Who told you that?

    Was it...
     
    a POLL, poll sucker?
    here ya go, enjoy

    NBC News Exit Poll: Most U.S. voters say Trump tax cuts have not helped personal finances

    Despite President Donald Trump's promise that tax cuts passed last year would positively affect the personal finances of Americans, only 29 percent of voters say the changes have helped them, according to the NBC News Exit Poll. Nationwide, 45 percent of voters report that the tax changes have not impacted their personal finances, while 22 percent say their finances have been hurt by the changes.

    The exit poll also shows that voters in higher-income households are twice as likely as voters in lower-income households to report that tax law changes have helped their personal finances. Seventeen percent of voters with annual household incomes under $30,000 said their personal finances had benefited, compared to 34 percent of those with annual household incomes of $100,000 and higher.

    https://www.nbcnews.com/card/nbc-new...-trump-n933301

Similar Threads

  1. Clintons Could Owe Taxes on Hundreds of Millions of Dollars
    By volsrock in forum Current Events Forum
    Replies: 35
    Last Post: 12-14-2018, 04:47 PM
  2. Replies: 150
    Last Post: 10-13-2018, 12:06 PM
  3. Trump claims ‘millions and millions’ vote illegally in California
    By Joe Capitalist in forum Current Events Forum
    Replies: 7
    Last Post: 04-06-2018, 03:47 PM
  4. the founders told us we can collect taxes so shut up
    By evince in forum General Politics Forum
    Replies: 92
    Last Post: 12-26-2017, 04:03 PM
  5. We were told cutting payroll taxes would create jobs
    By canceled.2021.1 in forum Current Events Forum
    Replies: 0
    Last Post: 09-19-2012, 06:10 AM

Bookmarks

Posting Rules

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •