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Index » Regional/Local » USA/Canada » Taxes, Taxes, Taxes (and Taxes) Page: 1, 2, 3 ... 70, 71, 72  Next
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black321

black321 Avatar

Location: A sunset in the desert
Gender: Male


Posted: Jun 4, 2019 - 7:42am


According to analysis from the Tax Policy Center, 65% of Americans received a tax cut from the Tax Cuts and Jobs Act (TCJA) while roughly 6% paid more. And the law, passed in December 2017, was widely criticized as a boon for the wealthy and large businesses which saw their corporate tax rate drop from 35% to 21% last year.

The center noted: “The lowest income households (those making less than about $25,000) got an average tax cut of about $40. Middle-income households (who made between about $48,000 and $86,000) paid about $800 less. Those in the top 1%, who made $733,000 or more, got an average tax cut of about $33,000.”

The IRS collected about $93 billion more from individual American taxpayers than it did in 2017. Interestingly, that number stands close to the tax break amount that corporations received from the TCJA in 2018. Last year, big businesses paid $91 billion less in taxes than they had in 2017, prior to the new law’s passage.

islander

islander Avatar

Location: Seattle
Gender: Male


Posted: Apr 1, 2019 - 8:57am



 ScottFromWyoming wrote:


 islander wrote:
We are spending time and $'s to give them a number that they already have.

I thought I was the only one who thought this way. Even just calculating my withholding is a couple of orders more difficult/wrong than it should be. I (and apparently half of America) have zero idea whether I withheld enough, too much, or will have to pay more this year.
 
Just one of those things that seems like it should be easy to get done, but because there is a tax accountants lobby it's not going to happen. A very obvious example of .gov dysfunction. 

ScottFromWyoming

ScottFromWyoming Avatar

Location: Powell
Gender: Male


Posted: Apr 1, 2019 - 8:38am



 islander wrote:
We are spending time and $'s to give them a number that they already have.

I thought I was the only one who thought this way. Even just calculating my withholding is a couple of orders more difficult/wrong than it should be. I (and apparently half of America) have zero idea whether I withheld enough, too much, or will have to pay more this year.
islander

islander Avatar

Location: Seattle
Gender: Male


Posted: Apr 1, 2019 - 8:27am

Minor rant:

So I've just about finished my mother-in-law's last tax return. Because we liquidated a lot of stocks before her passing the 8849 form is a mess. There is no simple way to enter it with any of the free return options. This is a simple thing with just a bit of capital gains. These numbers have already been reported to the .gov.   As with most of us, they ALREADY know (within a small margin) what the tax return info should be. We are spending time and $'s to give them a number that they already have. It should come to us completed and we should have a checkbox that says "agree". If you want to amend, then you get to do the forms. But now we spend billions in real dollars and time, just to tell them what they already know (with a penalty for getting it wrong).  F'ing tax accountant lobbying.
islander

islander Avatar

Location: Seattle
Gender: Male


Posted: Mar 30, 2019 - 12:10pm



 BlueHeronDruid wrote:

You know our story about variable income and the difficulty of micro managing withholdings. We don't "bank" on a refund, though during our remodeling years that was a nice surprise. I'm actually more concerned about what will come with these tax laws as deductions expire for us mere mortals. Frickin' killed me to not be able to itemize...
 
I understand. I don't think micromanaging is the way to do it either. If I'm within a few hundred dollars of zero on either side I'm happy.  I think there are a lot of changes still to come, the current system is madness (Yachts can be second house! You can expense 100% of private jet purchase costs!). Maybe the .gov will cut spending instead, but I think the chances of further tax reform are likely.  

BlueHeronDruid

BlueHeronDruid Avatar

Location: planting flowers


Posted: Mar 30, 2019 - 11:58am

 islander wrote:


 black321 wrote:


 BlueHeronDruid wrote:

Our income was higher last year, but the tax liability was down by about 14%. Refund down by 14% also. I'm confused.
 

As I noted, I'm hearing a lot of this....smaller returns, or owing this year, even though the tax burden fell.   It appears payroll deductions were less....people were taking home more relative pay than they had in the past.  
 

Generally a good thing. As SirD noted lending the .gov money for 0% interest is not a good money strategy. I get why people do it, but I'll forever be against it as a saving or money strategy.  Sure it's 'easy', but  if you don't pay attention there is big downside - as people are finding out now. And if you're going to pay attention (as you should always with your $s), then you might as well do something more productive.

I'm still  working on this year. It looks like we will be doing a short extension while we figure some stuff out.  We actually get some of the unusual (and unjustified) tax breaks, but income has been off while feeding the new business, so now we plan for saving the breaks for later. This year should be a wash - we should be paying  a little bit, but overall liabilities are down because earnings are down. Too much movement to really tell. If we were in our old earning bracket it would have helped us a lot, but by the time I get back there I bet the rules will have changed.  Probably doesn't matter though, because they will always favor the high earners.


 
You know our story about variable income and the difficulty of micro managing withholdings. We don't "bank" on a refund, though during our remodeling years that was a nice surprise. I'm actually more concerned about what will come with these tax laws as deductions expire for us mere mortals. Frickin' killed me to not be able to itemize...
islander

islander Avatar

Location: Seattle
Gender: Male


Posted: Mar 30, 2019 - 7:49am



 black321 wrote:


 BlueHeronDruid wrote:

Our income was higher last year, but the tax liability was down by about 14%. Refund down by 14% also. I'm confused.
 

As I noted, I'm hearing a lot of this....smaller returns, or owing this year, even though the tax burden fell.   It appears payroll deductions were less....people were taking home more relative pay than they had in the past.  
 

Generally a good thing. As SirD noted lending the .gov money for 0% interest is not a good money strategy. I get why people do it, but I'll forever be against it as a saving or money strategy.  Sure it's 'easy', but  if you don't pay attention there is big downside - as people are finding out now. And if you're going to pay attention (as you should always with your $s), then you might as well do something more productive.

I'm still  working on this year. It looks like we will be doing a short extension while we figure some stuff out.  We actually get some of the unusual (and unjustified) tax breaks, but income has been off while feeding the new business, so now we plan for saving the breaks for later. This year should be a wash - we should be paying  a little bit, but overall liabilities are down because earnings are down. Too much movement to really tell. If we were in our old earning bracket it would have helped us a lot, but by the time I get back there I bet the rules will have changed.  Probably doesn't matter though, because they will always favor the high earners.

miamizsun

miamizsun Avatar

Location: (3261.3 Miles SE of RP)
Gender: Male


Posted: Mar 30, 2019 - 7:24am

just remember

whatever you're paying it isn't enough

there's still a huge gap between revenue and spending

{#Wink}
sirdroseph

sirdroseph Avatar

Location: Yes
Gender: Male


Posted: Mar 30, 2019 - 5:42am



 black321 wrote:


 BlueHeronDruid wrote:

Our income was higher last year, but the tax liability was down by about 14%. Refund down by 14% also. I'm confused.
 

As I noted, I'm hearing a lot of this....smaller returns, or owing this year, even though the tax burden fell.   It appears payroll deductions were less....people were taking home more relative pay than they had in the past.  
 
That's what it is.  We have become so enamored by getting refunds we forget that it is our money in the first place.  It's all a shell game.

black321

black321 Avatar

Location: A sunset in the desert
Gender: Male


Posted: Mar 29, 2019 - 7:04pm



 BlueHeronDruid wrote:

Our income was higher last year, but the tax liability was down by about 14%. Refund down by 14% also. I'm confused.
 

As I noted, I'm hearing a lot of this....smaller returns, or owing this year, even though the tax burden fell.   It appears payroll deductions were less....people were taking home more relative pay than they had in the past.  
kurtster

kurtster Avatar

Location: drifting
Gender: Male


Posted: Mar 29, 2019 - 5:51pm

 black321 wrote:
How are folks doing with their effective tax rates?   I live in a high SALT state and got hit with the deduction limit.  As a result, my effective rate was pretty flat, maybe up slightly after adjusting for 401k over 50 catch ups I'm now eligible for.    No tax cut for me.  Many folks in my area went from prior years of getting $ back, to cutting a big check...even those who had a lower rate/tax cut.

 
I'll know Wed how bad.  Getting 1099'd for everything, I know I will pay 15 point something on whatever is left after write offs on the P / L.  It is all taxable as I pay both sides of SS and Medicare.  Since turning 66, I lose the EIC which used to be about half of what I would owe.  That hurts.
Red_Dragon

Red_Dragon Avatar



Posted: Mar 29, 2019 - 5:16pm

We got a truly huge return this year, created by P refinancing her rental property. I expect next year's will be substantially smaller.
BlueHeronDruid

BlueHeronDruid Avatar

Location: planting flowers


Posted: Mar 29, 2019 - 5:02pm

 black321 wrote:
How are folks doing with their effective tax rates?   I live in a high SALT state and got hit with the deduction limit.  As a result, my effective rate was pretty flat, maybe up slightly after adjusting for 401k over 50 catch ups I'm now eligible for.    No tax cut for me.  Many folks in my area went from prior years of getting $ back, to cutting a big check...even those who had a lower rate/tax cut.

 
Our income was higher last year, but the tax liability was down by about 14%. Refund down by 14% also. I'm confused.
sirdroseph

sirdroseph Avatar

Location: Yes
Gender: Male


Posted: Mar 29, 2019 - 10:54am

 black321 wrote:
How are folks doing with their effective tax rates?   I live in a high SALT state and got hit with the deduction limit.  As a result, my effective rate was pretty flat, maybe up slightly after adjusting for 401k over 50 catch ups I'm now eligible for.    No tax cut for me.  Many folks in my area went from prior years of getting $ back, to cutting a big check...even those who had a lower rate/tax cut.

 
I benefitted a little bit; return was about the same but I lost my EIC so was expecting to pay more this year that in addition with keeping more of my paycheck balances out that I got a slight tax cut in the end. 


pigtail

pigtail Avatar

Location: Southern California
Gender: Female


Posted: Mar 29, 2019 - 10:26am



 black321 wrote:
How are folks doing with their effective tax rates?   I live in a high SALT state and got hit with the deduction limit.  As a result, my effective rate was pretty flat, maybe up slightly after adjusting for 401k over 50 catch ups I'm now eligible for.    No tax cut for me.  Many folks in my area went from prior years of getting $ back, to cutting a big check...even those who had a lower rate/tax cut.
 

yup I'm in the once a refund now a payer group.  I've got 2 grown children living in my home that are attending school but haven't a hope in hell of living on their own.  The shitty jobs they have to work are minimum wage and still I can't get a break on my taxes.  They make too much annually (over $4100) and not enough to live independently.  YAY, thanks!
black321

black321 Avatar

Location: A sunset in the desert
Gender: Male


Posted: Mar 25, 2019 - 1:15pm

How are folks doing with their effective tax rates?   I live in a high SALT state and got hit with the deduction limit.  As a result, my effective rate was pretty flat, maybe up slightly after adjusting for 401k over 50 catch ups I'm now eligible for.    No tax cut for me.  Many folks in my area went from prior years of getting $ back, to cutting a big check...even those who had a lower rate/tax cut.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: Mar 25, 2019 - 10:48am

Alcohol is the assault, sexual assault, rape and homicide drug of choice.

Perhaps Illinois could increases taxes on alcohol?  
pigtail

pigtail Avatar

Location: Southern California
Gender: Female


Posted: Mar 25, 2019 - 10:43am



 miamizsun wrote:

Stormy Daniels protests Illinois 'pole tax' on strip clubs

The adult film star called the tax "sexist and wrong," saying it ties nude entertainment to violence against women without justification.



March 22, 2019, 9:27 PM EDT
By Associated Press
SPRINGFIELD, Ill. — Adult film star Stormy Daniels briefly appeared at the Illinois Capitol on Friday to protest the state's tax on strip clubs.

The porn actress who alleges she had an affair with Donald Trump before he became president read a two-minute statement opposing the tax. Nicknamed the "pole tax," it's a 6-year-old surcharge on nude-dancing venues that serve alcohol and is meant to fund shelters for women who have been abused. 

The businesses pay $3 per patron or a set fee based on gross receipts.

Daniels, who delivered her statement beneath a statue of Abraham Lincoln, told the small crowd of mostly local dancers and news reporters that strippers are often young mothers trying to make a living. She said the tax has forced a price hike "which drives away customers and ultimately takes money out of the G-strings of hardworking dancers."

She called the tax "sexist and wrong," saying it ties nude entertainment to violence against women without justification.

Supporters of the law say the tax doesn't represent the belief that all strip-club patrons abuse women, but that it is akin to casino taxes funding problem-gambling programs.

Illinois Department of Revenue figures show receipts from the extra charge increased from $406,000 in 2014 to $532,000 in 2016, then dropped two successive years to $448,000 last year.

After she spoke, Daniels was rushed away in a dark-colored SUV that was taking her to a local strip club for a book signing.


 
LOL..........I love her plans after her statement.

miamizsun

miamizsun Avatar

Location: (3261.3 Miles SE of RP)
Gender: Male


Posted: Mar 25, 2019 - 10:20am

Stormy Daniels protests Illinois 'pole tax' on strip clubs

The adult film star called the tax "sexist and wrong," saying it ties nude entertainment to violence against women without justification.



March 22, 2019, 9:27 PM EDT
By Associated Press

SPRINGFIELD, Ill. — Adult film star Stormy Daniels briefly appeared at the Illinois Capitol on Friday to protest the state's tax on strip clubs.

The porn actress who alleges she had an affair with Donald Trump before he became president read a two-minute statement opposing the tax. Nicknamed the "pole tax," it's a 6-year-old surcharge on nude-dancing venues that serve alcohol and is meant to fund shelters for women who have been abused. 

The businesses pay $3 per patron or a set fee based on gross receipts.

Daniels, who delivered her statement beneath a statue of Abraham Lincoln, told the small crowd of mostly local dancers and news reporters that strippers are often young mothers trying to make a living. She said the tax has forced a price hike "which drives away customers and ultimately takes money out of the G-strings of hardworking dancers."

She called the tax "sexist and wrong," saying it ties nude entertainment to violence against women without justification.

Supporters of the law say the tax doesn't represent the belief that all strip-club patrons abuse women, but that it is akin to casino taxes funding problem-gambling programs.

Illinois Department of Revenue figures show receipts from the extra charge increased from $406,000 in 2014 to $532,000 in 2016, then dropped two successive years to $448,000 last year.

After she spoke, Daniels was rushed away in a dark-colored SUV that was taking her to a local strip club for a book signing.


ScottFromWyoming

ScottFromWyoming Avatar

Location: Powell
Gender: Male


Posted: Mar 13, 2019 - 11:12am



 sunybuny wrote:
And, as a total aside - cow-orker.... LOLOL  don't know if that is a new slam or a typo but I love it.
 
I first saw it from Dilbert's Scott Adams. 

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