11 Million Tax Payers Lose $323 Billion In Deductions In Trump Tax Hit

[skews13]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

 

[WillowTree]

Wut will ewe replace corporations wit?

 

[Dana7360]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

Every time republicans cut taxes my taxes go up. Starting with Reagan's first tax cut in 81.

Meanwhile corporations are allowed to pay very little to zero federal income taxes.

It's not fair.

 

[airplanemechanic]

Fake news. Quit using the huffington puffington post. Get a real fucking news source for once.

Tax refunds are larger by an average of $40 after fourth week of filing season

Refunds are higher this year than last year.

 

[theHawk]

President Trump has lefties complaining about taxes. He is a genius.

 

[task0778]

The size of the refund is irrelevant, it's a question of paying less federal taxes year over year. Which we did, my wife and I, to the tune of about $1100 for about the same adjusted income (we're retirees on a fixed income). I got to keep and spend more of my money in 2018, just like about 80-90% of the rest of the taxpayers.

 

[Fort Fun Indiana]

Fake news.

And yet not one word of your post refutes it. Do you plan to back up your claim that the information in the OP is "fake"? I doubt it.

 

[danielpalos]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

Why is there Any reticence to raising the minimum wage?

 

[busybee01]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

Paul Ryan said he could only get the corporate tax rate down to 25% with the changes in corporate taxes that the Republicans had made. They got it down to 21% by taking away individual tax deductions. When Marco Rubio suggested the corporate rate be raised by a point or two and used to increase the child tax credit, he got shot down by the GOP. They also made sure the rich got to keep many of their tax deductions and gave them new ones.

 

[busybee01]

Fake news. Quit using the huffington puffington post. Get a real fucking news source for once.

Tax refunds are larger by an average of $40 after fourth week of filing season

Refunds are higher this year than last year.

This is not the Huffington Post that is making this claim. It is the government which is run by Trump.

 

[BlackFlag]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

And still the deficit skyrockets

 

[percysunshine]

Blah blah blah....

The standard deduction doubled.

 

[Lakhota]

We'll be hearing more from pissed off taxpayers in the coming weeks.

 

[HenryBHough]

Laughable.

Liberals, so despising of upper income groups weep, whine, gnash teeth when those are folks who are suddenly paying what the left calls their "fair share".

If you live in a high-tax state and have a McMansion; a 6 or 7 figure income you Goddamn well can afford your fair share. Even (especially?) if you're a fat-cat Democrat.

Give it up....you're getting what you wanted and now you don't want it anymore.....

 

[The Irish Ram]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

^
Enough to win. Wait til next time!
The government steals more than they should out of your paycheck, then begrudgingly gives some back to you.
President Trump is putting a stop to that. Which means that instead of the government taking too much, you get to keep more of your paycheck. Apparently, you can't figure that out, so, take the excess on pay day and put it into your savings acc. Then when your tax return comes back, add the savings to your refund check and voila. Go buy something.

skew is a good name...

 

[BlackFlag]

Since nobody read the tax bill nobody knew to expect this

 

[Billy_Bob]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

Huffington Post? BWHAAAAAaaaaaaaaaaaa

Facts show they are getting and average of +50.00 this tax season. And that they received an extra 97.00 per month from the reduced deductions from their pay each month.

All lies all the time with you leftist ass clowns...

 

[percysunshine]

We'll be hearing more from pissed off taxpayers in the coming weeks.

Sooo...your taxes went down.

I promise not to tell anyone.

 

[Shrimpbox]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

So more wealthy people are paying more in taxes and we taxpayers are not subsidizing the out of control spending in states run by democrats. More money? Isn’t that what you all have wanted all along?

Besides that 323 billion is 10% of overall tax receipts. I don’t think so.

I may be wrong here. The 323 is not a pure receipt so the money is considerably less.

 

[Lakhota]

Let's watch how many Republicans campaign on the Trump tax cuts/reform in 2020.