Tax returns down this year: The IRS has reported that the Average tax return is down 8.4% and 3 Million more people are gonna owe UNCLE SAM because of Trumps Tax law which benefit the...

jimpack123 Loc: wisconsin

The IRS has reported that the Average tax return is down 8.4% and 3 Million more people are gonna owe UNCLE SAM because of Trumps Tax law which benefit the one % The Common mans larger pay check is biting them in the butt at tax time . Cause for concern in 2020? Any thoughts

steve66613

jimpack123 wrote:

The IRS has reported that the Average tax return is down 8.4% and 3 Million more people are gonna owe UNCLE SAM because of Trumps Tax law which benefit the one % The Common mans larger pay check is biting them in the butt at tax time . Cause for concern in 2020? Any thoughts

Yep. Pretty simple. People made more money and didn’t withhold
enough.

steve66613

steve66613 wrote:

Yep. Pretty simple. People made more money and didn’t withhold
enough.

Also: name any percentage of the “top” and:
1. It means everybody has an opportunity to rise to the top. (As opposed to socialism.)
2. The “top” earners include businesses....the ones which employ you, invest and spend all but the profits. (The profits which redevelop the company, etc.)

OR

How about taking a middle school level course in economics?

Common_Sense_Matters

steve66613 wrote:

Yep. Pretty simple. People made more money and didn’t withhold
enough.

Yes, because we all know that everyone took the time to change their filing status for this year so that they could receive less money on their tax refunds or end up owing money to the IRS so as to give them a reason to complain. The stupidity of so many Trump supporters is quite amazing. They just can't bare to see the t***h.

jimpack123 Loc: wisconsin

Common_Sense_Matters wrote:

Yes, because we all know that everyone took the time to change their filing status for this year so that they could receive less money on their tax refunds or end up owing money to the IRS so as to give them a reason to complain. The stupidity of so many Trump supporters is quite amazing. They just can't bare to see the t***h.

I just put it out there lol I'm sure that it will get corrected, but That's what Trump pushed for and said the working man would get a larger paycheck but did not mention about the end of the year taxes lol

Weasel Loc: In the Great State Of Indiana!!

jimpack123 wrote:

I just put it out there lol I'm sure that it will get corrected, but That's what Trump pushed for and said the working man would get a larger paycheck but did not mention about the end of the year taxes lol

I did not see that.

I got $70.00 back last year. But this year I got $1,486.00 back.
Single, and filled the short form.
MAGA BABY

steve66613

Common_Sense_Matters wrote:

Yes, because we all know that everyone took the time to change their filing status for this year so that they could receive less money on their tax refunds or end up owing money to the IRS so as to give them a reason to complain. The stupidity of so many Trump supporters is quite amazing. They just can't bare to see the t***h.

As a matter of fact: I can bear the bare t***h!

Common_Sense_Matters

Weasel wrote:

I did not see that.

I got $70.00 back last year. But this year I got $1,486.00 back.
Single, and filled the short form.
MAGA BABY

I am glad you saw an increase, most that I have spoken to haven't quite had your experience.

steve66613

Common_Sense_Matters wrote:

I am glad you saw an increase, most that I have spoken to haven't quite had your experience.

Kinda’ depends on who is in your “circle of friends”.......no doubt.

Auntie Lulu

steve66613 wrote:

Yep. Pretty simple. People made more money and didn’t withhold
enough.

Amen to that! Simple solution . . . submit a new W4 and have additional funds withheld if need be.

nwtk2007 Loc: Texas

jimpack123 wrote:

The IRS has reported that the Average tax return is down 8.4% and 3 Million more people are gonna owe UNCLE SAM because of Trumps Tax law which benefit the one % The Common mans larger pay check is biting them in the butt at tax time . Cause for concern in 2020? Any thoughts

That would actually be because they paid less to uncle sam and thus, there is less of a return.

woodguru

Common_Sense_Matters wrote:

I am glad you saw an increase, most that I have spoken to haven't quite had your experience.

It was a bare bones simple return, those filing write offs may not be as happy.

My wife got a $12,000 nasty surprise last year, and that was after paying quarterlies of several thousand a quarter. $8000 was for retroactive healthcare that went from $350 a month to $900.

woodguru

nwtk2007 wrote:

That would actually be because they paid less to uncle sam and thus, there is less of a return.

Which actually was because taking less out made it look like people were seeing more income, which is meaningless if the reality is that they were not in fact making more at all.

nwtk2007 Loc: Texas

woodguru wrote:

Which actually was because taking less out made it look like people were seeing more income, which is meaningless if the reality is that they were not in fact making more at all.

That's obviously true, of course, but they are getting to keep more of what they make.

Strycker Loc: The middle of somewhere else.

Thanks to an improved economy and corporate sharing of the windfall of lower taxes my household income is up 15% over 2017 and my taxes are $3200 lower than they would have been under the 2017 codes. I haven't had the IRS refund some of my money to me in 30 years but that is due to proper planning and proper withholding. Anyone earning wages and that has been using the standard deduction or average itemized deductions is paying lower taxes under the new rules. Period.