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

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    Quote Originally Posted by #MAGA View Post
    So how many of you left wingers on JPP have had this happen to you this year?

    If it is such a big problem, I would suspect you all are victims of it. Willing to step up and be counted?

    I will understand if you won't
    I'll understand, too.

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    Quote Originally Posted by Earl View Post
    I believe that the tax cuts can't be properly evaluated until all returns are in this year.
    Well, then you're clinging to a fantasy. The Russia Tax Cut was a massive policy failure, just like the Bush Tax Cuts were. 2018 revenues are down from 2017. Treasury collected less revenues in the calendar year of 2018 than they did in 2017. That's because of the Russia Tax Cut.


    Quote Originally Posted by Earl View Post
    What part of Georgia are you located?
    East Atlanta Village.
    When I die, turn me into a brick and use me to cave in the skull of a fascist


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    Quote Originally Posted by reagansghost View Post
    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


    So I was right. You believed another poll, poll sucker.


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    Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes.

    That was about the only real break middle class America really had going for them!

    Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!

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    Quote Originally Posted by #MAGA View Post
    First of all, your post has nothing to do with the OP which is talking about this year, not 2027
    yeah I know, you love sugar highs, can't see down the road past the end of your nose

    the tax cuts openly favored the corporations, remember?.........capex to rise, jobs along with it?

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    Quote Originally Posted by #MAGA View Post
    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?
    Of course he is.

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    Quote Originally Posted by #MAGA View Post
    First of all, your post has nothing to do with the OP which is talking about this year, not 2027
    The tax cuts are in effect for that long.


    Quote Originally Posted by #MAGA View Post
    The fact that you are reaching into 2027 is a concession that I have fisted all of you leftists with math and facts.
    What the fuck are you talking about? This was your tax plan.


    Quote Originally Posted by #MAGA View Post
    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?
    So then there was no need to cut taxes since you couldn't predict they would pay for themselves.


    The fact remains that many people will get a tax cut this year and that scares democrats
    Their taxes might be cut, but their deductions are capped...and many families, including Trumpanzees, deduct and exempt far in excess of the $24K you've capped the standard deduction.
    When I die, turn me into a brick and use me to cave in the skull of a fascist


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    Quote Originally Posted by Adolf_Twitler View Post
    Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes. That was about the only real break middle class America really had going for them! Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!
    So you say.

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    Quote Originally Posted by Legion View Post
    I love the phased elimination of SALT.

    Blue states won't get to to shift the burden of their high taxes on to the federal Treasury anymore.
    Yep. Liberals think it's a tax cut for the rich, but they only get a cut if their itemized deduction was less than 24K, otherwise they are paying more taxes on a greater taxable income. So the so called middle class who are harmed by this are people who are loaded compared to the median income. Boo Hoo!

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    Quote Originally Posted by Adolf_Twitler View Post
    Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes.

    That was about the only real break middle class America really had going for them!

    Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!
    If you’re middle class your aren’t deducting more than $10K in property taxes.

    But i’m sure the rich who have to limit their deductions appreciate your compassion.

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    Quote Originally Posted by cawacko View Post
    If you’re middle class your aren’t deducting more than $10K in property taxes
    Right, but add to that $10K two personal exemptions for husband & wife ($4K x 2 = $8K), and two exemptions for two kids ($4K x 2 = $8K), and you're at $26,000 in exemptions...but you've capped deductions and exemptions at $24,000. That's without any other exemptions or deductions including charitable exemptions, student loans, medical bills, etc.

    So that means $2K more you were able to exempt before, for a family of four, versus now. Because $26,000 > $24,000
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    Quote Originally Posted by tinfoil View Post
    Yep. Liberals think it's a tax cut for the rich, but they only get a cut if their itemized deduction was less than 24K, otherwise they are paying more taxes on a greater taxable income. So the so called middle class who are harmed by this are people who are loaded compared to the median income. Boo Hoo!
    Nope.

    Wrong.

    A family of four would take about $16K in personal exemptions right off the bat.

    If your mortgage interest deduction was about $10K, which is about the average, that puts you above the $24K threshhold, doesn't it?

    2 Adults x $4,050 exemption = $8,100
    2 Kids x $4,050 exemption = $8,100
    Total: $16,200 in personal and dependent exemptions under the 2017 tax code.

    So take that $16,200 and add to it the average mortgage interest deduction of $10K, and you end up with $26,200 you could exempt in 2017 vs. $24,000 you can exempt for 2018.

    Is $26,200 less or more than $24,000?
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    Quote Originally Posted by Adolf_Twitler View Post
    Most families across America were advantaged by being able to deduct their Mortgage interest from their incomes.

    That was about the only real break middle class America really had going for them!

    Well, that is until that fucking asshole Paul Ryan said "Fuck em'- we're scrapping that shit"!

    First of all, financially deducting interest only advantages the banks. Let's say you are in the 25% tax bracket. You are paying $1 to get $0.25 back

    If you think that is a good deal, then by all means give me a $1 and I will give you a $0.25 back. It is the same concept

    And they didn't scrap the mortgage deduction. You can still do it if the interest you pay on your home is >$24,000

    What don't you understand? How many ways does this need to be explained to you? I guess when you file a 1040EZ these complicated topics are too difficult for you

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    Quote Originally Posted by cawacko View Post
    If you’re middle class your aren’t deducting more than $10K in property taxes.

    But i’m sure the rich who have to limit their deductions appreciate your compassion.
    Traditionally, roughly 30% of taxpayers have itemized deductions each year. In 2018, early forecasts predict that this will drop to just 5%. In other words, 25% of the U.S. population will no longer be able to itemize deductions, and therefore won't be able to use the mortgage interest deduction in 2018.

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    How many left wingers on JPP will see their tax bill go up for 2018?

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