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

[Cellblock2429]

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?

/——/ Progs dance in the street when tax payers get the shaft. Why so glum?

 

[Darkwind]

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.

 

[Cellblock2429]

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.

/——-/ Corporations pass taxes on to the consumer by way of higher prices—- as it’s been painstakingly explained a 1,000 to you nitwits.

 

[sparky]

One would think the machinations of the failed reaganista trickle down tax structure would be relevant ,if not overtly appulling ....we're such a nation of amnesiacs

~S~

 

[Cellblock2429]

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?

/——/ English please

 

[Cellblock2429]

One would think the machinations of the failed reaganista trickle down tax structure would be relevant ,if not overtly appulling ....we're such a nation of amnesiacs

~S~

/—-/ Reagan tax cuts brought unparalleled growth and prosperity and lasted until 2001.

 

[Bonzi]

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?

I work at a bank and I'm telling you I have never seen such large tax return checks in my life than this year. How the hell do you get $16,000 back in taxes????

 

[sparky]

One would think the machinations of the failed reaganista trickle down tax structure would be relevant ,if not overtly appulling ....we're such a nation of amnesiacs

~S~

/—-/ Regan tax cuts brought unparalleled growth and prosperity and lasted until 2001.

it's 'Reagan' , who's policies were the death of the middle class.

as an aside, trillions of deficit $$$ can buy a LOT of prosperity


~S~

 

[Cellblock2429]

One would think the machinations of the failed reaganista trickle down tax structure would be relevant ,if not overtly appulling ....we're such a nation of amnesiacs

~S~

/—-/ Regan tax cuts brought unparalleled growth and prosperity and lasted until 2001.

it's 'Reagan' , who's policies were the death of the middle class.

as an aside, trillions of deficit $$$ can buy a LOT of prosperity


~S~

/—-/ I corrected my typo. Reagan couldn’t spend a dime without the democRAT Congress who controlled spending. Why are you so obtuse on how Gubmint works?

 

[Cellblock2429]

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?

I work at a bank and I'm telling you I have never seen such large tax return checks in my life than this year. How the hell do you get $16,000 back in taxes????

/——/ By overpaying all year long. I pay quarterly and some years I get a large refund, but for 2018 I paid $650 Fed and got a $1,100 NYS refund.

 

[MAGAman]

WTF are you talking about sock puppet?

NO 1% ers are paying more. NONE

Really?

You don't even know what you're whining about... Do you?

The 1%er's lost Tax Loophole you've been told to feign outrage over is a limit to the amount of state income taxes and mansion interest payments that the ultra rich pay.

The 99% that don't pay $10,000.00 in State Income Taxes or have $Million homes, beach houses, 2nd residences, or vacation villas in the mountains aren't being hurt.

 

[Flash]

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.

/——-/ Corporations pass taxes on to the consumer by way of higher prices—- as it’s been painstakingly explained a 1,000 to you nitwits.

American consumers indirectly pays every cent of that trillion a year that is collected by the filthy Federal government in corporate taxes.

These Moon Bats are simply too stupid to understand that. Economics is not their strong suit.

 

[Lesh]

WTF are you talking about sock puppet?

NO 1% ers are paying more. NONE

Really?

You don't even know what you're whining about... Do you?

The 1%er's lost Tax Loophole you've been told to feign outrage over is a limit to the amount of state income taxes and mansion interest payments that the ultra rich pay.

The 99% that don't pay $10,000.00 in State Income Taxes or have $Million homes, beach houses, 2nd residences, or vacation villas in the mountains aren't being hurt.

And had their tax rate cut dramatically. Are you kidding?

 

[Flash]

There has been a 1.3% increase in the amount of income tax refunds this year. There goes the Moon Bat's argument that Americans are getting screwed through refunds.

 

[Lesh]

/—-/ Reagan tax cuts brought unparalleled growth and prosperity and lasted until 2001.

Those tax cuts tripled the debt and lead to tax increases to TRY and cover for that mess. We also had about 3 recessions during that period

 

[Lesh]

I work at a bank and I'm telling you I have never seen such large tax return checks in my life than this year. How the hell do you get $16,000 back in taxes????

What banker see refund checks?

Who are you kidding?

 

[Toddsterpatriot]

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?

A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions

Rich people in liberal states are losing out.....awful, just awful!!

How many votes did Trump win by in 2016 again?

77

 

[Toddsterpatriot]

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.

When Marco Rubio suggested the corporate rate be raised by a point or two and used to increase the child tax credit,

The child tax credit was doubled to $2000 with a much (much) higher income phase-out.

 

[Lesh]

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?

A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions

Rich people in liberal states are losing out.....awful, just awful!!

How many votes did Trump win by in 2016 again?

77

"Rich people"?

Hardly. Middle class folks are getting hammered.

RICH people are doing great

4 winners and 4 losers from the Republican tax bill

 

[Toddsterpatriot]

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?

A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions

Rich people in liberal states are losing out.....awful, just awful!!

How many votes did Trump win by in 2016 again?

77

"Rich people"?

Hardly. Middle class folks are getting hammered.

RICH people are doing great

4 winners and 4 losers from the Republican tax bill

"Rich people"?

Hardly.

Yes. Rich people with large mortgages and high state income tax payments.