Thank You Republicans

mrincredible

Sarcasm alert.

Finishing up my taxes. Thanks to the tax act of 2017 and the 10K SALT Cap, I'm paying thousands more to Uncle Sam then I did last year. So there could be an enormous corporate handout in the lower corporate tax rate.

I'm curious about other people's experience. Whatever other voodoo Republicans promised to offset the deduction cap seems to be smoke and mirrors.


BG9

The great American president and Republican, Calvin Coolidge said, “The business of America is business”.

You should be proud and patriotic to be given the opportunity to support "The Business of America." Soon America will be great again, as in the era of great Republicans like Coolidge and Hoover where men were men and women were women.

There's nothing Voodo about this. As promised this tax cut has stimulated our economy so much that the Federal deficit is disappearing. Just you wait, our national debt will be zero in 10 years.

ps - I recently found some more stock shares on the Brooklyn Bridge. Message me if you want to get in with this great deal.


jimmurphy

4k more in Federal tax for me.


DaveSchmidt

^^^ About the same here.


mrincredible

I wonder what the total additional amount that Maplewood in South Orange will be shipping off to Washington DC is this year.

If our tax dollars were being used for things like expanding Medicare, investing in renewable energy or bigger Federal support for public education, I would feel better about it. Instead it's going in corporations' pockets


nohero

In that same ballpark.


Ridley

I've been hit 2 years in a row with an ACA subsidy penalty, where I have to pay back ACA subsidies I owe because I made more this fiscal year than last year (and the subsidies are determined by your previous year's earnings). So, this is the second year I've been screwed over by taxes, but this year is even worse because of the Trump tax withholding scam. This year I'm paying my insurance in full, but Jesus - it's not easy.


mrincredible

Oh tax code fun fact they took away the deduction for union dues. I missed that in the original coverage. 


Morganna

I ranted about the loss of SALT to the few people that I knew who voted for this creep. Many were people that I assumed would get it but they blew it off as if it would all balance out. Wonder how that's working for them.

Curious to see how it will effect housing sales.

We'll probably hear upside down responses like their old "Thanks Obama."

Well at least they're the party of health care.


BG9

Awhile ago I wrote that the new tax assessment can be figured out by plugging in the SALT numbers. And now people are figuring it out?

I'm not surprised. I knew when the law passed how it would affect me.

You know, this isn't exactly advanced accounting.


FilmCarp

All of our dues, assessments, travel expenses, home office expenses, cell phones, entertainment, etc gone.  My accountant asked me to sum it all anyway for NY State, but in the end it only made about a $20  difference on that return.  We paid a few thousand more overall.  As ithers have said, I'm willing to pay to help those less fortunate, but ExxonMobil ain't it.


Steve

From what I understand, in order to deduct business expenses effectively, you have to incorporate - an LLC, an S Corp, or something of that sort.  A performer told me that she wasn't even able to deduct her agent's expense.


mrincredible
BG9 said:
Awhile ago I wrote that the new tax assessment can be figured out by plugging in the SALT numbers. And now people are figuring it out?
I'm not surprised. I knew when the law passed how it would affect me.
You know, this isn't exactly advanced accounting.

 I've known it was coming since the day it passed. I could have adjusted my tax withholdings to account for it I suppose. But who wants to give the government the money before they have to? 

I'm just feeling crabby now that I see the actual number.


drummerboy

Is any presidential candidate running on repeal of this tax "cut"? They seem to be awfully silent about it.


DaveSchmidt
BG9 said:

And now people are figuring it out?

Yes. It’s called doing your taxes. I don’t know about you, but for me once is enough.


jimmurphy
BG9 said:
Awhile ago I wrote that the new tax assessment can be figured out by plugging in the SALT numbers. And now people are figuring it out?
I'm not surprised. I knew when the law passed how it would affect me.
You know, this isn't exactly advanced accounting.

 I think may of us hoped that the AMT changes might mitigate. I did anyway.


nohero
drummerboy said:
Is any presidential candidate running on repeal of this tax "cut"? They seem to be awfully silent about it.

It's general Democratic policy.  It was a theme of the midterms.  


mrincredible

They'll have to be careful. I think things like the higher standard deduction can help younger voters who might not have a lot of itemized deductions (house, mortgage, child care) and lower state income taxes.

What new Democrat votes do you get saying you'll abolish the SALT cap? 


BG9
mrincredible said:


BG9 said:
Awhile ago I wrote that the new tax assessment can be figured out by plugging in the SALT numbers. And now people are figuring it out?
I'm not surprised. I knew when the law passed how it would affect me.
You know, this isn't exactly advanced accounting.
 I've known it was coming since the day it passed. I could have adjusted my tax withholdings to account for it I suppose. But who wants to give the government the money before they have to? 
I'm just feeling crabby now that I see the actual number.

 Well, you certainly have a point there. It is depressing.


Dave

$5k less, but special circumstances apply (expat deduction).  


sportsnut

Out of curiosity are you all talking balance due or overall tax liability?  Many of the returns I've prepared have had a lower liability despite a higher taxable income but almost all have either received smaller refunds or actually owed money due to withholding issues.



jimmurphy

You are right to ask. 

"Withholding issues" does explain it. Despite no W4 changes, much less was withheld. 

Overall liability went down by $1,600 despite increase of about 8k in Taxable income.  

Guess the withholding changes were just a way to juice the economy.  Off to file a new W4...


sportsnut

It amazes me that people don't grasp this concept (not saying that people who have responded do not) but many of my clients do not.  What you owe with your return is not your "liability" and to me, having done this type of work for over 30 years, you should owe money with your return.

I would assume that many in NJ are no longer subject to the AMT so I would suspect that with similar income/situations the true overall tax liability should have been a wash.

As someone who is generally in favor of lower taxes I will say that this "tax cut" was poorly conceived, poorly implemented and really didn't help the people who needed helping.


nohero

We aim to keep our withholding to a minimum (avoiding a penalty), and my response was based on total tax obligation, not size of refund.


ml1
sportsnut said:
It amazes me that people don't grasp this concept (not saying that people who have responded do not) but many of my clients do not.  What you owe with your return is not your "liability" and to me, having done this type of work for over 30 years, you should owe money with your return.
I would assume that many in NJ are no longer subject to the AMT so I would suspect that with similar income/situations the true overall tax liability should have been a wash.
As someone who is generally in favor of lower taxes I will say that this "tax cut" was poorly conceived, poorly implemented and really didn't help the people who needed helping.

for us it was basically a wash.  we ended up with a very small reduction in the overall liability. And I agree that this tax cut didn't go to people who needed it.  


Joseph

At least most corporations did the responsible thing with their windfall by buying up their shares. Responsible to shareholders, that is. 


Roberto

I’m paying thousands less, so you’re welcome for the prior subsidy.


Ridley
Robert_Casotto said:
I’m paying thousands less, so you’re welcome for the prior subsidy.

 


Ridley

I made it Stephen Miller this time because I always think of R_C as pulling the same smirk and shoulder move as Stephen Miller does after telling his "joke" here (which R_C probably wrote for him).



ml1

the sentiment is more this guy 



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