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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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rgio

rgio Avatar

Location: West Jersey
Gender: Male


Posted: Feb 11, 2020 - 11:16am

I'm a 6%er for this discussion....my taxes went up due to the limit on state and local tax deductions.

This is yet another example of Dems doing a totally crap job of defending their own policies and pointing out hypocrisy. 

When was the last time you heard a Republican praise increasing the minimum wage?  On January 1, 2020,  22 states and an equal number of cities had mandatory increases to minimum wage.  In 2018, 58.5 percent of all salaries in the US were for wage and salary workers.  Most of these measures were voted on during Obama's second term.  Washington state, for example, increased the minimum wage $1.50 last month (to $13.50 / a 12.5% raise), with the final increase to $15 coming next year.

The short term euphoria of the tax cuts was provided by a reduction in the withholding rates.  Those benefits are long gone.  In 2018 companies set a record with over $1 trillion in stock buy-backs.  That provided record dividends and an artificial increase in the markets.    Also important, all of the growth targets assumed by the White House have proven wishful thinking.  Look at the budget proposal yesterday...it assumes constant growth for the next 15 years well above the past 3-year performance of the "greatest economy in the history of the world".    None of the statements made by Trump regarding finances should be trusted...at least not until we see his tax returns.

While I'm at it....

The US unemployment rate in January 2010 was 9.8%.  When Trump took office, it was 4.7%.  It's now 3.6%.  The unemployment rate isn't a great indicator of resource utilization, but the realities of labor utilization are too complicated for most to care about.  The bottom line is that people don't "feel" better about employment...but simple metrics don't catch that.
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: Feb 11, 2020 - 9:19am

I'm in the little to no change camp.
sirdroseph

sirdroseph Avatar

Location: Yes
Gender: Male


Posted: Feb 11, 2020 - 9:16am

 black321 wrote:
Update on below 

There is some evidence suggesting that the TCJA may have given a jolt to the economy and led to more job creation. The TCJA cut the maximum corporate federal income tax rate from 35% to 21% and greatly expanded first-year depreciation write-offs for business equipment additions.

The lowest-paid workers have been experiencing higher median wage growth than workers overall over the last few years, according to the Federal Reserve Bank of Atlanta. (Overall, about half of workers said they didn’t get a pay rase in 2019 — a marked improvement from the previous year.)

Real disposable income per household has increased by an average of about $5,000 since the TCJA became law. Labor force participation has increased. The economy has added about 6 million jobs since January of 2017. Unemployment is at a 50-year low. More and better-paying jobs are good for all of us.

For the federal government’s fiscal year 2019 (the 12-month period ending on 9/30/19), total receipts were $3.462 trillion, according to the Congressional Budget Office. That was up by $130 billion, or 3.9%, compared to fiscal year 2018. In fiscal year 22018 (the first year affected by the TCJA changes), tax revenues were $3.33 trillion, versus $3.32 trillion in fiscal year 2017 and $3.27 million in fiscal year 2 2016 (the fiscal year that ending right before the 2016 presidential election), according to the Office of Management and Budget.

So, the TCJA has not hurt the federal government’s tax revenues as many economic pundits predicted. And the TCJA is not the cause of ongoing huge federal budget deficits ($984 billion for fiscal year 2019 and a projected $1.02 trillion for fiscal year 2020). The cause is on the spending side of the equation. Federal spending in 2016 was an already whopping $3.85 trillion. By 2019, it had jumped to an even more whopping $4.447 trillion. While yearly tax revenues increased by $192 billion during this period, yearly government spending increased by $597 billion.
 
I can only go from my personal anecdotal experience, it sure helped me out.
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: Feb 11, 2020 - 9:00am

Update on below 

There is some evidence suggesting that the TCJA may have given a jolt to the economy and led to more job creation. The TCJA cut the maximum corporate federal income tax rate from 35% to 21% and greatly expanded first-year depreciation write-offs for business equipment additions.

The lowest-paid workers have been experiencing higher median wage growth than workers overall over the last few years, according to the Federal Reserve Bank of Atlanta. (Overall, about half of workers said they didn’t get a pay rase in 2019 — a marked improvement from the previous year.)

Real disposable income per household has increased by an average of about $5,000 since the TCJA became law. Labor force participation has increased. The economy has added about 6 million jobs since January of 2017. Unemployment is at a 50-year low. More and better-paying jobs are good for all of us.

For the federal government’s fiscal year 2019 (the 12-month period ending on 9/30/19), total receipts were $3.462 trillion, according to the Congressional Budget Office. That was up by $130 billion, or 3.9%, compared to fiscal year 2018. In fiscal year 22018 (the first year affected by the TCJA changes), tax revenues were $3.33 trillion, versus $3.32 trillion in fiscal year 2017 and $3.27 million in fiscal year 2 2016 (the fiscal year that ending right before the 2016 presidential election), according to the Office of Management and Budget.

So, the TCJA has not hurt the federal government’s tax revenues as many economic pundits predicted. And the TCJA is not the cause of ongoing huge federal budget deficits ($984 billion for fiscal year 2019 and a projected $1.02 trillion for fiscal year 2020). The cause is on the spending side of the equation. Federal spending in 2016 was an already whopping $3.85 trillion. By 2019, it had jumped to an even more whopping $4.447 trillion. While yearly tax revenues increased by $192 billion during this period, yearly government spending increased by $597 billion.


black321

black321 Avatar

Location: An earth without maps
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: An earth without maps
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: An earth without maps
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.
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