General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump Tax Cuts Are (Probably) About to Become a Political Disaster. Perfect timing.
"Now, the bill for the GOPs (reported) withholding shenanigans is coming due: The average Americans tax refund was 8.4 percent lower in the first week of 2019 than it was one year ago."
http://nymag.com/intelligencer/2019/02/heres-why-your-tax-refund-is-lower-this-year.html
RKP5637
(67,112 posts)Achilleaze
(15,543 posts)DirtEdonE
(1,220 posts)But I'm an American and since we're a "democracy" LOFL I have to obey "MAJORITY RULE" for a shit-stain-orange assclown who stole the election with the aid of a hostile foreign power making him a traitor yet he still LOST BY 3 MILLION VOTES!
SOME MAJORITY HUH?
If I ever travel outside America, I'm going to tell people I'm Canadian - and hope to god they believe me.
Iliyah
(25,111 posts)SOCIALISM! It's the DemocRATS fault!
Texin
(2,600 posts)MyOwnPeace
(16,955 posts)are probably going to get worse. Those that owe money usually wait until the end of March or early April to file. Just think about the surprise they have waiting for them!
sarcasmo
(23,968 posts)Vacations and other big purchases are paying instead of spending, the rage will be Epic.
Wounded Bear
(58,792 posts)the economy tends to depend on a springtime boost from people getting those cash payments back from the IRS. Looks like that's not gonna happen.
ALBliberal
(2,362 posts)For some reason I can get on Twitter from DU links but cant get on when I go directly to twitter... Im a non member of twitter
LonePirate
(13,446 posts)ALBliberal
(2,362 posts)sarcasmo
(23,968 posts)Johonny
(20,965 posts)The media is just figuring out what the Democratic party understood already. The tax cuts that aren't are very unpopular.
MiniMe
(21,724 posts)"They" underwitheld so people would feel like they were getting a bigger paycheck. I think it was W that did the same thing. But as wise DU'ers pointed out at the time, be careful, you will owe it at the end of the year.
watoos
(7,142 posts)Trump gave working folks a raise and it came from their refunds. I mean, I thought I wouldn't be affected being retired but the firm handling my pension changed my federal withholding without notifying me.
uponit7771
(90,371 posts)... better.
Johnny2X2X
(19,286 posts)The IRS sent erroneous tables out to some employers, this will effect a few million filers. But most employers did not get bad withholding tables, and some don't even use the tables any way.
Lower rates, but not as much that is deductible would have the effect we are seeing. For those who take the standard deduction, this shouldn't effect as that was increased, but those who itemize are seeing the problem I assume.
Overall, peoples' tax liability was reduced, they just saw it in their checks instead of in their refunds. That is actually preferable for the economy and for personal finances, but that's not what many people count on. Many families count on that refund to be able to catch up on bills or make big purchases. I don't care if overall it was a net gain for most people, tie the smaller refunds around Trump's neck, it's surely what the Reps would do to a Dem President.
Obama's tax cuts were bigger and better for the middle class.
Response to MiniMe (Reply #8)
NCChomskyan This message was self-deleted by its author.
cbdo2007
(9,213 posts)the better his new tax and the higher standard deduction is for you. My tax rate came out to 0% this year.
IronLionZion
(45,667 posts)low income and high income did well. The middle got sold a pack of lies and lost many important deductions.
And most economists predict benefits will be cut or taxes in the future will be raised to cover the loss in revenue. So low income voters will be screwed again but it will be a future administration that gets blamed.
watoos
(7,142 posts)People with 3 or 4 kids are going to lose that exemption deduction. $4,050 x 4 (2 kids) = $16,200. Trump's standard deduction is less than $16,200. Add to that Trump taking out less federal taxes and many working folks will see a smaller refund.
cbdo2007
(9,213 posts)...vs the deduction comes out of income.
So if you have 3 kids like me you get $6,000 tax credit, which more than wiped out the $5,700 I would have paid in taxes, thanks to that and the new $24,000 standard deduction.
Faygo Kid
(21,478 posts)He could personally kill their first born and they would still love him.
sarcasmo
(23,968 posts)dalton99a
(81,708 posts)uponit7771
(90,371 posts)Texin
(2,600 posts)are going feel the burden the greatest. Those that own homes in areas where real estate prices are high are going to be hit the hardest, because they no longer can deduct mortgage interest paid, state and local taxes, and take deductions for their kids. Those people who have paid down their mortgages (and started with lower price homes by virtue of the region in which they live) will not be hit as hard as those folks in areas in the West Coast, the Eastern seabord, NY, CT, etc., and those in dense urban areas where houses cost more will also be feeling this. This is going to affect not just a few voters who held their noses and punched the button for the GOP in 2016 as they will face the consequences real time. Some are relatively affluent families, and perhaps they won't be in the tank for tRump and KGOP as they allowed themselves to be before. Most won't budge, but some might.
malaise
(269,328 posts)About those tax benefits - YOU LIED!!!!
About those benefits to farmers - YOU LIED!!
About everything - YOU LIE!
Don the Con is a pathological LIAR.
sarcasmo
(23,968 posts)bdamomma
(63,974 posts)being the biggest BS'er, family splitter, Russian and Saudi Arabia puppet and more.
Midnightwalk
(3,131 posts)Sorry to be a downer. Too late for 2018. Count on republicans blaming democrats in 2020, maybe by having some bs bill we cant support.
We need to keep the message simple and persistent. Like your refund is lower because of tax cuts for the rich
at140
(6,110 posts)Approval rating is now 52%???
But it is repug pollster Rasmussen so subtract 10%.
bullsnarfle
(254 posts)(who unfortunately tends to lean to the right) that the whole "middle class tax cut" thing was a scam, they were just making it look like a cut by cooking the IRS books to take less money out of your check. At the time, he blew me off, said I didn't know what I was talking about.
Well, well, he just filed his taxes and guess what? A couple of us are having a beer after work, and he clears his throat and says, "Um, I may owe you an apology ...just did my taxes and it looks like I am going to be paying this year instead of getting money back".
I think a LOT of folks are going to get a rude awakening when they file.
sarcasmo
(23,968 posts)roamer65
(36,748 posts)A nice big tax cut.