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Trump's tax cut didn't trickle down

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Comments

  • 2001400ex2001400ex Posts: 16,715
    10000 Comments 250 Answers Fifth Anniversary 500 Awesomes
    Did you even read the article? Or just the headline?

    The expected April surplus, meanwhile, isn’t keeping the U.S. from running a wider budget deficit for the fiscal year to date. For the first seven months of the budget year, the shortfall totals $382 billion, or $37 billion more than the same period a year ago, CBO estimates. The CBO recently estimated the full-year deficit would be $804 billion, and that trillion-dollar deficits would return in 2020.
    SquirtMikeDamoneCuntWaffle
  • SledogSledog Posts: 6,140
    5000 Comments 250 Answers 500 Awesomes 500 Up Votes
    2001400ex said:

    Did you even read the article? Or just the headline?

    The expected April surplus, meanwhile, isn’t keeping the U.S. from running a wider budget deficit for the fiscal year to date. For the first seven months of the budget year, the shortfall totals $382 billion, or $37 billion more than the same period a year ago, CBO estimates. The CBO recently estimated the full-year deficit would be $804 billion, and that trillion-dollar deficits would return in 2020.
    You also forget the largest increases for Odummycare and other wonderful gifts the the Obunghole regime came after he left office. So those are Trumps expenditures? Nope that's all you for voting to destroy your country. Now pony up those huge burger flipping profits! Time for the "I voted stupid" tax to take effect.
  • RaceBannonRaceBannon Posts: 32,829
    Swaye's Wigwam 25000 Comments 250 Answers Fifth Anniversary
    So we have increasing receipts now in reality so you want to talk projections

    Got it

    Sounds like the tax cuts are working. You should reconsider running on raising taxes this fall
    MikeDamoneSoutherndawgoregonblitzkrieg
  • 2001400ex2001400ex Posts: 16,715
    10000 Comments 250 Answers Fifth Anniversary 500 Awesomes
    Sledog said:

    2001400ex said:

    Did you even read the article? Or just the headline?

    The expected April surplus, meanwhile, isn’t keeping the U.S. from running a wider budget deficit for the fiscal year to date. For the first seven months of the budget year, the shortfall totals $382 billion, or $37 billion more than the same period a year ago, CBO estimates. The CBO recently estimated the full-year deficit would be $804 billion, and that trillion-dollar deficits would return in 2020.
    You also forget the largest increases for Odummycare and other wonderful gifts the the Obunghole regime came after he left office. So those are Trumps expenditures? Nope that's all you for voting to destroy your country. Now pony up those huge burger flipping profits! Time for the "I voted stupid" tax to take effect.
    Trump has full control. Anything past 6 months is on him. Dumbfuck. Quit pointing the finger at Obama.
    MikeDamoneCuntWaffleSledogSoutherndawg
  • SledogSledog Posts: 6,140
    5000 Comments 250 Answers 500 Awesomes 500 Up Votes
    2001400ex said:

    Sledog said:

    2001400ex said:

    Did you even read the article? Or just the headline?

    The expected April surplus, meanwhile, isn’t keeping the U.S. from running a wider budget deficit for the fiscal year to date. For the first seven months of the budget year, the shortfall totals $382 billion, or $37 billion more than the same period a year ago, CBO estimates. The CBO recently estimated the full-year deficit would be $804 billion, and that trillion-dollar deficits would return in 2020.
    You also forget the largest increases for Odummycare and other wonderful gifts the the Obunghole regime came after he left office. So those are Trumps expenditures? Nope that's all you for voting to destroy your country. Now pony up those huge burger flipping profits! Time for the "I voted stupid" tax to take effect.
    Trump has full control. Anything past 6 months is on him. Dumbfuck. Quit pointing the finger at Obama.
    So then why did they put the cost increases off all those years Hondo? Oh yeah just to blame it on the next guy. It was the previous guy. All Obunghole all the time.
  • 2001400ex2001400ex Posts: 16,715
    10000 Comments 250 Answers Fifth Anniversary 500 Awesomes

    Hondo Meltdown. Sad!

    Lol that's a meltdown?
    MikeDamoneRaceBannonCuntWaffle
  • USMChawkUSMChawk Posts: 294
    Standard Supporter 250 Answers 500 Awesomes 250 Up Votes
    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.
    CuntWaffledflea
  • Pitchfork51Pitchfork51 Posts: 9,682
    5000 Comments 250 Answers 500 Up Votes 500 Awesomes
    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I think Hondo is a fag
    Fixed it you FHM
    USMChawk
  • USMChawkUSMChawk Posts: 294
    Standard Supporter 250 Answers 500 Awesomes 250 Up Votes
    edited July 12

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I think Hondo is a fag
    Fixed it you FHM
    It was hard to write but if I expect others to own up, when they’re proven wrong, I’ve got to do the same.

    Swayedflea
  • 2001400ex2001400ex Posts: 16,715
    10000 Comments 250 Answers Fifth Anniversary 500 Awesomes
    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.
    Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)

    The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
    MikeDamone
  • USMChawkUSMChawk Posts: 294
    Standard Supporter 250 Answers 500 Awesomes 250 Up Votes
    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.
    Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)

    The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
    I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.
  • Pitchfork51Pitchfork51 Posts: 9,682
    5000 Comments 250 Answers 500 Up Votes 500 Awesomes
    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.
    Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)

    The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
    I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.
    Pumpys 29 yo blonde soccer girl > your wife who played soccer for 30 years


    I'm 81 percent sure
    GrundleStiltzkin
  • USMChawkUSMChawk Posts: 294
    Standard Supporter 250 Answers 500 Awesomes 250 Up Votes

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.
    Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)

    The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
    I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.
    Pumpys 29 yo blonde soccer girl > your wife who played soccer for 30 years


    I'm 81 percent sure
    Yeah, me too.

  • Pitchfork51Pitchfork51 Posts: 9,682
    5000 Comments 250 Answers 500 Up Votes 500 Awesomes
    USMChawk said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    2001400ex said:

    USMChawk said:

    The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.

    And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?

    And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
    The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.

    Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
    Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.
    The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.
    You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.

    That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
    I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.
    Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)

    The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
    I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.
    Pumpys 29 yo blonde soccer girl > your wife who played soccer for 30 years


    I'm 81 percent sure
    Yeah, me too.

    Well one is most likely real. So there's that.
    GrundleStiltzkinSoutherndawg
  • Mosster47Mosster47 Posts: 5,591
    5000 Comments 250 Answers 500 Awesomes 500 Up Votes

    - NBC News is not a trustworthy source.

    - Wall Street needs to eat too. When companies buy back shares of their own stock, that usually causes the stock to rise. Money then trickles down to traders/investors who own those stocks. Traders/investors are workers too you know.

    No one deserves a bigger piece of the pie than the people that nearly destroyed our country a decade ago.
    Damn right. It's a good thing we gave them 100 cents on the dollar for every one they lost also.

    I'm trying to figure out the next scam/market crash. Every market crash is just the rich robbing whatever poor people have their nest egg in at the time. Savings & Loan, .com, housing. I'm not totally sure where there is left to strike. Millennials caught on to this shit during the last one so they just finance everything and save nothing. There is nothing left to steal which is why we are on the longest stretch in the stock market's history without a recession and there looks to be no end in sight.

    Auto lending is completely predatory now, but cars are a sunk cost so no securities to back that.

    It's chinteresting to say the least.
    oregonblitzkrieg
  • 2001400ex2001400ex Posts: 16,715
    10000 Comments 250 Answers Fifth Anniversary 500 Awesomes
    Mosster47 said:

    - NBC News is not a trustworthy source.

    - Wall Street needs to eat too. When companies buy back shares of their own stock, that usually causes the stock to rise. Money then trickles down to traders/investors who own those stocks. Traders/investors are workers too you know.

    No one deserves a bigger piece of the pie than the people that nearly destroyed our country a decade ago.
    Damn right. It's a good thing we gave them 100 cents on the dollar for every one they lost also.

    I'm trying to figure out the next scam/market crash. Every market crash is just the rich robbing whatever poor people have their nest egg in at the time. Savings & Loan, .com, housing. I'm not totally sure where there is left to strike. Millennials caught on to this shit during the last one so they just finance everything and save nothing. There is nothing left to steal which is why we are on the longest stretch in the stock market's history without a recession and there looks to be no end in sight.

    Auto lending is completely predatory now, but cars are a sunk cost so no securities to back that.

    It's chinteresting to say the least.
    Tariffs and high interest rates.
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