buffalo Loc: Texas

AnonymousAnonymous7 hours ago
I am retired. I live on a small pension. I continue to own a small business, as an independent SCUBA dive instructor. I have an MBA with an emphasis in Accounting. I earned an A plus in Federal Taxation. I have been filing my own tax returns for more than 38 years. I filed both my State and Federal taxes a week ago. Last year, I received small refunds for both State and Federal filings. This year, I owe $2,200 in Federal taxes; and because my State filing begins with my AGI from my Federal filing, I owe more than $1,000 in State taxes. Removing deductions from Federal taxes negatively impacts the middle class in high income, high property value States.
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Robert
Robert10 hours ago
Why is anyone surprised? Early on I asked my tax lady what it looked like for me - a older retired guy on a fixed income. She said not to ever expect a tax refund again and be prepared to pay an extra $500-800 more than last year. It is working out to be about $550 as I lost all my medical deductions.
I sent The Donald a letter asking for a $500 loan, but haven't heard back from him.

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Corey
Corey10 hours ago
I've never understood how people could be fooled by the fallacy of trickle-down-economics. Everyone knows that money trickles up to the wealthy. Give a middle-class person extra money and they spend it, either by paying down debt, taking a vacation, or buying something. The corporations that provide those goods and services will have an increase in business and therefore, profit. How many times can people fall for the tired lie that giving money to the rich and corporations helps them?

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Ernest
Ernest10 hours ago
Did our taxes and got our meager refund for our family. Middle class with a single child with a disability that costs about 10k a year in medical till we hit our out of pocket (every year). Our refund was about 15% less than the last 4 years. Nothing has changed for us tax wise except the small meager raises to our income that unsurprisingly was lost entirely to the government and inflation.

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JACKIE
JACKIE10 hours ago
I am a single parent with 2 children, when I filed my income tax ( for 2018 ) last weekend, the tax services told me that this year we pay more tax than I filed in 2017, because for each person they only subtracted $2500 instead of $3000 compared with the previous years plus we pay more tax than before even I made the same income in 2017. the government limited many things this year which we can not claim. Before Trump, my income tax refund helped me and my children to pay off many things, but this year, only 1/3 of the refund compared with the previous years.

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satwai
satwai10 hours ago
Middle class, living on a taxable pension. House under 1400 square feet, in tract housing built in 1950's. Last year my effective tax rate was 8.53%. This year, under Trump's plan, it was 9.1%. To offset the "doubling" of the standard deduction the change cut the personal exemption, which everyone, including those who itemized, received. Eliminating that is what made my taxes go up.

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ArmyVet
ArmyVet11 hours ago
Worked my taxes last weekend. We're paying more, despite our income staying roughly the same from 2017 to 2018. Same thing from several folks at work.

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Bill
Bill11 hours ago
But don't worry,Donald and Paul saved millions!

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Bruce
Bruce7 hours ago
I am an retired and on Medicare. This will be the first year since retiring 5 years ago that I will have to pay federal income taxes. The reason is due to the loss of personal exemptions. The other problem is for those in high taxed states there is now a $10,000 cap on what you can deduct if you itemize. Since I still have a mortgage and pay high real estate taxes I have more itemized deductions than the $24,000 the IRS allows for married filing jointly returns. There are a lot of people that v**e Republican that did not know what they were buying until now. The reality will set in for many that the Republicans once more stuck it to the middle class, which is what they always do!
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Hoan
Hoan11 hours ago
When the corporate tax rate went from 35% to 21% permanently, it wouldn't take a genius to figures out where all the money are coming from to fill that gap...
Hello! where else? it's the middle class!

If you haven't filed your 2018 federal tax return yet, are middle class, and thought that trumpy's and the repulsive's Tax Cuts and Jobs Act was going cut your taxes, your going to be in for a big disappointment. I predicted this when the gift to the wealthy was passed. Like the last response said the money to fill the shortfall in federal revenue will be made up by taxing the middle class more.

Kevyn

As more and more Americans realize the screwing Trump gave them his polling numbers will continue to tumble.

buffalo Loc: Texas

Here's more:

Be sure to read the reactions at the end.

http://www.yahoo.com/news/thanks-gop-tax-law-fewer-230019472.html

http://www.yahoo.com/finance/news/tax-deduction-cap-could-turn-110400878.html

I think after tax season trumpy's 2020 chances of re-e******n will disappear and God only knows what kind of i***t the dimwits will wind up running.

Wolf counselor Loc: Heart of Texas

Yep, you poor liberals are gonna have to dig deep.

That's why we choose to be conservative.

We don't expect refunds.

We can afford to pay our taxes and still live like Kings.

buffalo Loc: Texas

Then you must be of the wealthy 10%. But you calling me a liberal and all those telling of the fv(k!ng trumpy's tax cut for his rich buddies is giving them is asinine on your part. You think they are all liberals? Better think again. I predict, after tax season, trump's s**tty numbers will tank further and that his chnces in 2020 will be ZERO! Just as I predicted that the Tax Cuts and Jobs Act would screw the middle and working class.

Your in the class of the tax evader Leona Helmsy was. She said taxes were for the little people. You probably think that is cute.

Wolf counselor Loc: Heart of Texas

I could care less about anybody else's tax issues.

If you ain't self sufficient and frugal it's no one's fault but your own.

I was prosperous before Trump and will continue to be so after he's gone.

Pay your taxes and quit whining.

Canuckus Deploracus Loc: North of the wall

Well said...

And superbly lived...

Have never asked for nor received a refund...

Unintended Consequences

Smug reply. Wait until YOU are crippled in an accident, or your house burns down, or you are fired or...

Wolf counselor Loc: Heart of Texas

Accidents and house fires.

That's what insurance is for...................... Einstein.

And I don't work the kind of job that you can get fired from.

lpnmajor Loc: Arkansas

That has been the case for over 50 years; politicians complain about how much money the poor, elderly and sick are costing the tax payer, stating that these expenditures are unsustainable..................but find plenty of money to give themselves raises, give more every year to DoD, and spend extra money on pet projects.

I've no doubt that they'll make the case again that the record deficits are caused by Medicaid, Medicare, SNAP and Social Security. How do I know this? Simple.................they've said it every year for over 50 years. When, and not until, politicians begin tightening their OWN belts first, such as contributing towards their retirement like every other citizen, cutting back on staffers, free eats etc., I reject all of their complaints out of hand.

Unintended Consequences

[quote=Wolf counselor]Accidents and house fires.

That's what insurance is for...................... Einstein.

And I don't work the kind of job that you can get fired from.[/quote

Or Wall Street drops like a rock, or your business loses millions..
It's your attitude that is d********g.
"I don't care about any body else taxes" Maybe you should.

Canuckus Deploracus Loc: North of the wall

[quote=Unintended Consequences][quote=Wolf counselor]Accidents and house fires.

That's what insurance is for...................... Einstein.

And I don't work the kind of job that you can get fired from.[/quote

Or Wall Street drops like a rock, or your business loses millions..
It's your attitude that is d********g.
"I don't care about any body else taxes" Maybe you should.[/quote]

To what purpose?

There are those of us who rely on ourselves..

And those of us who rely on the collective...

We of the first still pay our taxes..

So where does your rancor come from?

buffalo Loc: Texas

Well said and I agree! It's the "I got mine, fv(k you, attitude". Even toward people that have worked hard, paid their taxes, especially Social Security and Medicare, and now are considered leaches. But don't touch the tax dollar wasting military that cannot account for $3 TRILLION of taxpayer money. They might lose their ability to keep the US in continual, illegal, unConstitutional, immoral warmongering that benefit the military industrial corporations and their Wall Street banksters BILLIONS.

Just as I predicted that trumpy's and the repulsives' Tax Cuts and Jobs Act was going to screw the middle and working class (mostly those households with combined incomes of $150,000 or less) thier scheme is now coming to fruition. Watch as tax season progresses and trumpy's and the repulsives' numbers plummet. Trumpy's re-e******n prospects will disappear and who knows what kind of a moonbatty i***t the dimwits will finally put forward.

buffalo Loc: Texas

Do you pay federal income taxes, Canuckus? Unless one hides his income which is illegal one will pay federal income taxes and Social Security and Medicare taxes. Or, unless one's income is over $132,400, or their income is derived from dividends and capital gains, for 2019 then he gets to stop paying Social Security taxes. For every MILLION in income over $132,400 that is a tax savings of $120,000+. THAT and the fact that politicans have stolen the SS Funds to offset military spending and offset giving their rich benefactors and corporate masters huge tax breaks, is why Social Security is supposedly going broke.

Where does my rancor come from? I am a middle class taxpayer that has paid into Social Security and Medicare EVERY YEAR since I was 14 and am now 65 and, thanks to the rich man's friend and reagan's s**m, I STILL PAY federal INCOME taxes on my Social Security and pay premiums now for my Medicare.

Unintended Consequences

So you don't depend on anyone else? If you own a business, do you pay your workers a living wage or are they scraping by on $7.25 an hour? I don't know how you got to the self-satisfied position you are in, but you did not get there alone. People built the roads you travel on. People provide the electrcity you use. People built the buildings you live and work in.
I don't have rancor. I feel sorry that you live in an ivory tower looking down on the poor mortals who are not as industrious or frugal as you are.