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

[canceled.2021.3]

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.

You are 100% wrong.

It isn't that they won't be able to. It is that taking the standard deduction will be a better option than itemizing. But, taxpayers still have a choice. True story bro.

Since you file a 1040EZ you wouldn't understand

 

[Centerleftfl]

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.

I just don't know where to start with the FUCKING stupidity above.

TAXES don't go down. RATES do. Remember they published and RUSHED the withholding tables to the employers as quickly as possible for some INTERNAL deadline for Trump. (I worried about that rush from the get go). The IRS was scrambling to get the deadlines met before those tables went out! I'm also betting they got some of the #'s wrong just from haste not to mention what did WAYS AND MEANS COMMITTEE, REPUBLICAN CONTROLLED, tell the IRS to do for an up front infusion of 'FEEL GOOD' checks!

And of course, the BIGGY...

AND, THEY CHANGED WHAT IS DEDUCTIBLE not to mention newly tiered EXEMPTIONS!

People this is not hard.

As for the stupid LIB 'MOTHERFUCKERS', WE DIDN'T GET PLAYED, YOU DID! Whether you got fucked, is totally contingent on YOUR income, tax rates, deductibles and how you VOTED!

 

[LV426]

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

Only the mega wealthy would pay more than $24K in interest on their home. The average amount most people pay is between $8K-$10K.

So it's really simple to see how so many Trumpanzees are seeing increased liabilities:

Each personal deduction was $4,050. Multiply that by four for a family and you get a total of $16,200 right away that a family of four used to be able to deduct.

So taking that $16,200, add to it the average amount of mortgage interest a family pays ($9K) = $25,200.

So right from the start, the average middle class family of four used to exempt $25,200 before any other itemization or deductions were taken.

But you capped the deduction at $24K.

So you raised taxes on a family of four that pays a mortgage.

 

[LV426]

You are 100% wrong.

It isn't that they won't be able to. It is that taking the standard deduction will be a better option than itemizing. But, taxpayers still have a choice. True story bro.

Since you file a 1040EZ you wouldn't understand

The standard deduction is less than what a family of four used to deduct/exempt and here's the math:

4 family members x $4,050 exemption = $16,200
Average mortgage interest deduction = $9,000
Total: $25,200.

That's before deducting things like medical expenses, student loan interest, charitable contributions; other commonly used deductions.

 

[canceled.2021.3]

Only the mega wealthy would pay more than $24K in interest on their home. The average amount most people pay is between $8K-$10K.

So it's really simple to see how so many Trumpanzees are seeing increased liabilities:

Each personal deduction was $4,050. Multiply that by four for a family and you get a total of $16,200 right away that a family of four used to be able to deduct.

So taking that $16,200, add to it the average amount of mortgage interest a family pays ($9K) = $25,200.

So right from the start, the average middle class family of four used to exempt $25,200 before any other itemization or deductions were taken.

But you capped the deduction at $24K.

So you raised taxes on a family of four that pays a mortgage.

You lie

 

[LV426]

You lie

No, I'm fucking right and you're a moron who got rolled.

 

[Legion]

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!

 

[Legion]

No, I'm fucking right and you're a moron who got rolled.

Is that so?

Prove it.

Naturally, I'll understand if you can't.

 

[Legion]

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

Wouldn't they have to actually be liable for federal income taxes for that to happen?

 

[archives]

You are 100% wrong.

It isn't that they won't be able to. It is that taking the standard deduction will be a better option than itemizing. But, taxpayers still have a choice. True story bro.

Since you file a 1040EZ you wouldn't understand

1040EZ doesn't exist anymore, shows how much you stay on top of things

 

[canceled.2021.3]

The standard deduction is less than what a family of four used to deduct/exempt and here's the math:

4 family members x $4,050 exemption = $16,200
Average mortgage interest deduction = $9,000
Total: $25,200.

That's before deducting things like medical expenses, student loan interest, charitable contributions; other commonly used deductions.

You lie. You are ignoring the child tax deduction of $2,000/child which takes the deduction for a family of four to $28,000

The fisting is free assfuck

 

[Adolf_Twitler]

You are 100% wrong.

It isn't that they won't be able to. It is that taking the standard deduction will be a better option than itemizing. But, taxpayers still have a choice. True story bro.

Since you file a 1040EZ you wouldn't understand

I'm retired idiot! I don't even pay taxes anymore! You are paying my salary now! LOL!

 

[canceled.2021.3]

I'm retired idiot! I don't even pay taxes anymore! You are paying my salary now! LOL!

You still have to file a tax return ass fuck. Everyone does. I assume by your last statement that you are living solely on socialist security? That is a meager existence and explains your anger. You should have saved more

 

[countryboy]

I just don't know where to start with the FUCKING stupidity above.

TAXES don't go down. RATES do. Remember they published and RUSHED the withholding tables to the employers as quickly as possible for some INTERNAL deadline for Trump. (I worried about that rush from the get go). The IRS was scrambling to get the deadlines met before those tables went out! I'm also betting they got some of the #'s wrong just from haste not to mention what did WAYS AND MEANS COMMITTEE, REPUBLICAN CONTROLLED, tell the IRS to do.

And of course, the BIGGY...

AND, THEY CHANGED WHAT IS DEDUCTIBLE!!!!

People this is not hard.

As for the stupid LIB 'MOTHERFUCKERS', WE DIDN'T GET PLAYED, YOU DID! Whether you got fucked, is totally contingent on YOUR income, tax rates, deductibles and how you VOTED!

Okay Mr. Semantics. If the tax RATES went down, why exactly would people owe more? And even if they, or their employer screwed up the withholding, and they did owe at the end of the year, they would still ultimately pay less taxes. Talk about "the FUCKING stupidity ".

 

[canceled.2021.3]

How many JPP leftists anticipate paying more in taxes wen they file this year

 

[Centerleftfl]

You are 100% wrong.

It isn't that they won't be able to. It is that taking the standard deduction will be a better option than itemizing. But, taxpayers still have a choice. True story bro.

Since you file a 1040EZ you wouldn't understand

HALF TRUE BRO! There are many smaller deductions, specific deductions to different groups of employees and self employed--no NOT THE RICH, they were not 'made up' in the RAISED standard deduction.

DON'T FUCK WITH THE #'S. This is precisely why this thread went up to begin with!

Don't fucking throw MAGA BULLSHIT at the MILLIONS of employees out there who WILL LOSE OUT!

 

[Poor Richard Saunders]

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.

The biggest reason for the drop in itemized deductions is the cap on deductions for SALT.

 

[LV426]

You lie. You are ignoring the child tax deduction of $2,000/child which takes the deduction for a family of four to $28,000

Right, but most families of four itemized more than just mortgage interest and personal exemptions (even with that extra $4k).

All the charitable contributions, student loan interest, medical expenses, work expenses, SALT deduction, you've ignored or not considered.

The average amount of student loan interest a family deducted in 2017 was $2,500.
The average amount of charitable giving a family deducted in 2017 was $3,356.
The average amount of medical expenses a family deducted in 2017 was $7,988
The average SALT deduction was $6,241

So that's a total of $20K.

So now, add that $20K to the $25,200 a family of four, that pays a mortgage, deducted and you find the total at what? About $45K.

Yet, you've capped it at $24K + $4K for two kids.

Which means the liability for the average family of four, that owns a home, is $17K higher in 2018 than it was in 2017.

 

[canceled.2021.3]

HALF TRUE BRO! There are many smaller deductions, specific deductions to different groups of employees and self employed--no NOT THE RICH, they were not 'made up' in the RAISED standard deduction.

DON'T FUCK WITH THE #'S. This is precisely why this thread went up to begin with!

Don't fucking throw MAGA BULLSHIT at the MILLIONS of employees out there who WILL LOSE OUT!

List those deductions that will impact your average voter?

Back it up or STFU

 

[LV426]

HALF TRUE BRO! There are many smaller deductions, specific deductions to different groups of employees and self employed--no NOT THE RICH, they were not 'made up' in the RAISED standard deduction.

DON'T FUCK WITH THE #'S. This is precisely why this thread went up to begin with!

Don't fucking throw MAGA BULLSHIT at the MILLIONS of employees out there who WILL LOSE OUT!

Here's the list of usual deductions pre-Russia Tax Cut, and their average amount for a family of four that makes the national median income of about $57K:

Four personal exemptions: $16,200
Mortgage Interest deduction: $8,300
Student Loan interest deduction: $2,500
SALT deduction: $6,201
Medical Expense deduction: $7,988
Charitable deduction: $2,990

TOTAL: $44,179

Yet, Conservatives capped deductions at $24,000 and added a $2K credit for a kid...so that brings the standard deduction/credit to $28K.

So in what world is $28K > $44K?

In Conservatardia.