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Americans Are Finally Finding Out They Got Royally Screwed By The Republican Tax Scam

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Enjoy your tiny refund Trump supporters. 

 

Prior to the midterms, the administration pressured the IRS to withhold as little as possible. They figured it would help the GOP in the midterms. It's backfiring bigly.

 

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Now, the bill for the GOP’s (reported) withholding shenanigans is coming due: The average American’s tax refund was 8.4 percent lower in the first week of 2019 than it was one year ago (under the pre-Trump tax code). And while Americans have trouble noticing tax changes when they’re dispersed across 12 to 24 separate paychecks, they do typically pay very close attention to the size of their refunds. About three-quarters of the country typically qualifies for a tax refund most years — and for many of those households, that check from the IRS is the largest lump sum they’ll receive all year.

 

http://nymag.com/intelligencer/2019/02/heres-why-your-tax-refund-is-lower-this-year.html

 

 

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Just now, Olivaw said:

Enjoy your puny refund Trump voters. 

 

Prior to the midterms, the administration pressured the IRS to withhold as little as possible. They figured it would help the GOP in the midterms.

 

 

http://nymag.com/intelligencer/2019/02/heres-why-your-tax-refund-is-lower-this-year.html

 

 

I got more back...

So did everyone around me...

Sorry you live in a liberal shiithole

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6 hours ago, Persepolis said:

Yes. Obama inherited the GW Bush/GOP deficit of over $1 trillion, as well as an economy in collapse, and 8 years later, the deficit was down to half of what it was, and the economy was surging with the longest period of job growth in US history.

Trump and the GOP passed their idiotic and irresponsible tax cuts for the rich, and the deficit is back over $1 trillion/year!!!

Hahaha. What? You really believe that?

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22 hours ago, skews13 said:

 

I understand taxes quite well. I have filed them as an individual filer and a small business owner.

 

I also understand the perception of politics. But that's beside the point.

 

Every individual filer and those filing as married and head of household, have done so the same way for decades, with a clear understanding of how to file their taxes even if it means using one of the tax filing services. While there have been minor changes to the filing system added or removed every year including deductions allowed, most of the tens of millions of filers have been familiar with the process that they could count on the amount of the refund they would receive or the taxes that they owed.

 

This year that was drastically different. None of them, especially the home owners couldn't imagine the loss of the mortgage deduction. That right there sunk most of their refunds and turned it into taxes owed, which effectively is a tax hike on millions of Americans, and the Trump Chumps can try to explain it any way they want, but the people see it as a tax hike. And the Trump Chumps are going to pay for it in 2020, just like they paid for it last year.

 

Most Americans understand one thing, and are all in agreement on it. Trickledown economics is a sham, and the Republican tax hike on the middle class this year is a scam. They also understand that the filthy rich, most like the Trump Chumps that never did an honest days work in their miserable worthless lives, and the corporations who's balls they cant get out of their mouths need to have their taxes raised.

 

Really Really Raised. And that's coming . Soon. Right after the repeal of the Republican tax scam after the 2020 elections.

Your understanding must be for some other country rather than the U.S. when it comes to the mortgage deduction.

 

Lets stick to the facts:

 

New limits on home mortgage interest deductions

For 2018-2025, the TCJA generally allows you to deduct interest on up to $750,000 of mortgage debt incurred to buy or improve a first or second residence (so-called home acquisition debt). For those who use married filing separate status, the home acquisition debt limit is $375,000.

 

You know any middle class people with a $750k mortgage?  You can still itemize but if it less than the new standard deduction why take it?

 

Typical for those Americans that know little about their own taxes to complain about not itemizing their mortgage interest yet receiving that amount or more in the standard deduction.

 

Another fact: Have already filed for the elderly in-laws, with the same fixed income, their 2018 federal tax liability was less than 2017. Why do you hate old people?

 

Another fact: We will indeed itemize for 2018 and will write off mortgage interest.

 

Last time I checked, 12% is less than 15% and 22% is less than 25%.

 

Married Filing Jointly & Surviving Spouses
2018 Tax Rates – Standard Deduction $24,000 2017 Tax Rates – Standard Deduction $12,700
10% 0 to $19,050 10% 0 to $18,650
12% $19,050 to $77,400 15% $18,650 to $75,900
22% $77,400 to $165,000 25% $75,900 to $153,100
24% $165,000 to $315,000 28% $153,100 to $233,350
32% $315,000 to $400,000 33% $233,350 to $416,700
35% $400,000 to $600,000 35% $416,700 to $470,700
37% Over $600,000 39.60% Over $470,700

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4 hours ago, Duck615 said:

I got more back...

So did everyone around me...

Sorry you live in a liberal shiithole

No doubt it was great for the residents of your nursing home, but what about middle class workers? 

 

Millions of Americans could be stunned as their tax refunds shrink

 

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Millions of Americans filling out their 2018 taxes will probably be surprised to learn that their refunds will be less than expected or that they owe money to the Internal Revenue Service after years of receiving refunds.

 

People have already taken to social media, using the hashtag #GOPTaxScam, to vent their anger. Many blame President Trump and the Republicans for shrinking refunds. Some on Twitter even said they wouldn’t vote for Trump again after seeing their refunds slashed.

 

 

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6 minutes ago, impartialobserver said:

What is causing the lowered refund amount?

It's rocket science!

 

The withholding rates were reduced so less was paid in during the year, hence, a smaller refund.

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8 minutes ago, impartialobserver said:

What is causing the lowered refund amount?

Seems we should be looking more at deficit spending and the effective tax rates that people are paying, not how the deductions they took are working out when they do their taxes.

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1 minute ago, JoeAverage said:

It's rocket science!

 

The withholding rates were reduced so less was paid in during the year, hence, a smaller refund.

What is the rationale behind lower per paycheck withholdings especially considering the tax bill may not have changed?

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are you Joe the PHONY PLUMBER the gop made a Fool out of a few years back?

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1 minute ago, impartialobserver said:

What is the rationale behind lower per paycheck withholdings especially considering the tax bill may not have changed?

The tax rates were reduced.

 

Married Filing Jointly & Surviving Spouses
2018 Tax Rates – Standard Deduction $24,000 2017 Tax Rates – Standard Deduction $12,700
10% 0 to $19,050 10% 0 to $18,650
12% $19,050 to $77,400 15% $18,650 to $75,900
22% $77,400 to $165,000 25% $75,900 to $153,100
24% $165,000 to $315,000 28% $153,100 to $233,350
32% $315,000 to $400,000 33% $233,350 to $416,700
35% $400,000 to $600,000 35% $416,700 to $470,700
37% Over $600,000 39.60% Over $470,700

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2 minutes ago, JoeAverage said:

The tax rates were reduced.

 

Married Filing Jointly & Surviving Spouses
2018 Tax Rates – Standard Deduction $24,000 2017 Tax Rates – Standard Deduction $12,700
10% 0 to $19,050 10% 0 to $18,650
12% $19,050 to $77,400 15% $18,650 to $75,900
22% $77,400 to $165,000 25% $75,900 to $153,100
24% $165,000 to $315,000 28% $153,100 to $233,350
32% $315,000 to $400,000 33% $233,350 to $416,700
35% $400,000 to $600,000 35% $416,700 to $470,700
37% Over $600,000 39.60% Over $470,700

Thanks for the info.

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The biggest factor on the higher tax burden is the elimination of the state and local deduction, which inherently burdens people in high tax states (which tend to be more Democrat-voting) more than low-tax states, and thus indirectly incentivizes people with money to leave high-tax states.  

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On 2/10/2019 at 9:21 AM, bigsky said:

pfft....yer gonna vote dem no matter how much better yer life gets

can you explain the separation between royally screwed and socially Fukked by your own side?

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3 minutes ago, Neomalthusian said:

The biggest factor on the higher tax burden is the elimination of the state and local deduction, which inherently burdens people in high tax states (which tend to be more Democrat-voting) more than low-tax states, and thus indirectly incentivizes people with money to leave high-tax states.  

Except they like nice places like New York, New Jersey, and California, where lots of cool things are going on, and they have money, so while they have less, they still have plenty, and they might gripe about it, but they're not moving to New Mexico to live in the desert to save a few bucks on taxes.

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On 2/10/2019 at 6:24 AM, benson13 said:

and tramp/gop DOUBLED the Deficit President Obama had gotten down to 450 Billion

 

the ""conservatives""....Where are the tea baggers with all their misspelled signs?

 

 

"So not only will the Republican tax “cut” have failed to do anything to help the economic prospects of ordinary Americans, it may very likely end up resulting in an economic slowdown that could haunt the present administration as it tries to tout its achievements, going in to the 2020 elections"

It will be the "Perfect Storm" that sweeps the REPUKES out of office! The timing is perfect!FOREVER!

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2 minutes ago, sole result said:

can you explain the separation between royally screwed and socially Fukked by your own side?

I'm a theocrat....I have no representation.....

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5 minutes ago, bigsky said:

I'm a theocrat....I have no representation.....

I am one male resproduction of a species being eternally sorted out as the whole populaiton being one lifetime at a time sustaining the population at any given talking point of relative timing.

 

 You are a simple sided denier that doesn't want the whole population understanding simple self containment of perpetual balancing total sum molecular migration moving the universe as all its parts here never the same details compiled so far.

 

You love the agree to disagree games of comparing simple right and wrong with true or false, lie or dare, legal precedence, spiritual convictin words are all anyone needs to know to justify ignoring actual life for reality's sake.  The greater good at keeping everyone guessing until extinction, what a hell of a game to play ancestrally here as eternally sorted out in biological order of arrival now.

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11 minutes ago, benson13 said:

Trickle Down works....no really it does

 

 

Equal as opposited to superior and inferior thought processing?  Apathy as compared to love and hate. Empahy of sharing the same instinctive navigation skills as any human ever lived compared to cultivated ideologies as geographically nurtured.

 

You claim to have knowledge of things that never existed at all and you tell everyone making that crap up makes you smarter than those accepting the limitations of eternally sorted apart now.  Keep the faith be it science fiction or spiritual fantasy time isn't stationary and all your intellect can do is statistically average all facts to never give an accurate measure of eternally separated now..

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On 2/10/2019 at 6:12 AM, NeoConvict said:

Waaaaaaa! My withholding was correct so I don't get to give uncle Sam an interest free loan of my own money!!! Waaaaaa!

 

People who get always get refunds are not doing their taxes right.

You mean they are not cheating as they usually do! LOL!

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10 minutes ago, sole result said:

I am one male resproduction of a species being eternally sorted out as the whole populaiton being one lifetime at a time sustaining the population at any given talking point of relative timing.

 

 You are a simple sided denier that doesn't want the whole population understanding simple self containment of perpetual balancing total sum molecular migration moving the universe as all its parts here never the same details compiled so far.

 

You love the agree to disagree games of comparing simple right and wrong with true or false, lie or dare, legal precedence, spiritual convictin words are all anyone needs to know to justify ignoring actual life for reality's sake.  The greater good at keeping everyone guessing until extinction, what a hell of a game to play ancestrally here as eternally sorted out in biological order of arrival now.

I'm a Montanan Child of God

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22 minutes ago, Neomalthusian said:

The biggest factor on the higher tax burden is the elimination of the state and local deduction, which inherently burdens people in high tax states (which tend to be more Democrat-voting) more than low-tax states, and thus indirectly incentivizes people with money to leave high-tax states.  

Just to clarify, there is not an elimination on state and local deductions. There is a $10k cap.

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