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

[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

Thanks for the link.

Middle class folks are getting hammered.

LOL!

Your own source disagrees.

 

[jc456]

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

so wait and shut up.

 

[Lesh]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

 

[Toddsterpatriot]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

A tax cut has to show up SOMEWHERE,,,,don't it?

Showed up in both places for me.

Less tax withheld, less total tax liability, larger refund

 

[Westender]

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?

As best I can figure my monthly pay went up 144 a month over 17 because I paid less taxes, so yes my return if any will be lower. Duh!

 

[Ray From Cleveland]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

I've seen plenty of them bring up the tax cuts. Why wouldn't they? How could people be paying more with additional child credits and less taxable income outside of those blue states where they increased the cost of living so high they almost couldn't avoid it?

 

[Polishprince]

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?

The $323 Billion were deductions taken BY THE RICH- guys like Trump. In Pennsylvania, only those who make more that $300k a year are affected with the 3% income tax.

Rich people need to stop their whining.

 

[Meister]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

You're entitled to your opinion, Lesh.
I would imagine that refunds might be smaller, as people had less taken out of their paychecks each payday.
We'll have to wait and see when the dust settles.
I think I'm paying more, but, with the new tax laws, I expected to.....gladly. I thought you libs liked higher taxes.
Can't wait to hear you complain when the AOC machine is humming along at full throttle.

 

[Ray From Cleveland]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

You're entitled to your opinion, Lesh.
I would imagine that refunds might be smaller, as people had less taken out of their paychecks each payday.
We'll have to wait and see when the dust settles.
I think I'm paying more, but, with the new tax laws, I expected to.....gladly. I thought you libs liked higher taxes.
Can't wait to hear you complain when the AOC machine is humming along at full throttle.

I think the dust has already settled.

Newsrooms that rushed to report tax refunds were smaller this year go silent on IRS data showing refunds have increased

 

[Lesh]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

A tax cut has to show up SOMEWHERE,,,,don't it?

Showed up in both places for me.

Less tax withheld, less total tax liability, larger refund

Realy? So how far into 6 digits are you?

Or is it 7 digits?

 

[Lesh]

I would imagine that refunds might be smaller, as people had less taken out of their paychecks each payday.

So has that happened?

Did people see bigger paychecks in 2017?

I sure haven't heard much reporting of that

 

[Lesh]

I think I'm paying more, but, with the new tax laws, I expected to.....gladly.

Yea well...I'm paying more to...as are millions of others...most not so "gladly"

Why would anyone be glad to tun their money over to the rich anyway?

 

[Meister]

I would imagine that refunds might be smaller, as people had less taken out of their paychecks each payday.

So has that happened?

Did people see bigger paychecks in 2017?

I sure haven't heard much reporting of that

Probably not in 2017, but I'm sure they did in 2018.

 

[Meister]

I think I'm paying more, but, with the new tax laws, I expected to.....gladly.

Yea well...I'm paying more to...as are millions of others...most not so "gladly"

Why would anyone be glad to tun their money over to the rich anyway?

Not sure it's working like that, lesh.
Like I said earlier, when the AOC machine is running at full throttle, there will be no survivors.
You'll be screaming your bloody head off because of the taxes.

 

[Toddsterpatriot]

You might have missed it...but almost no GOP candidates wanted to mention the "tax cut" in the 2018 bloodbath because it was pretty obvoious no one seeing much if anything in their paychecks...

And now they ain't seeing it in their refunds either

A tax cut has to show up SOMEWHERE,,,,don't it?

A tax cut has to show up SOMEWHERE,,,,don't it?

Showed up in both places for me.

Less tax withheld, less total tax liability, larger refund

Realy? So how far into 6 digits are you?

Or is it 7 digits?

Really. 6 digits.

 

[Lesh]

So Todd is bragging about his tax cut...and oh look...he makes well over $100,000.

Did you folks get $3000 tax cuts?

 

[Meister]

So Todd is bragging about his tax cut...and oh look...he makes well over $100,000.

Did you folks get $3000 tax cuts?

You are an envious little twit, aren't you?
Since when is making over 100,000 a bad thing.
Maybe everyone can make their 18,000 like you and be happy?
Try harder, Lesh

 

[Toddsterpatriot]

So Todd is bragging about his tax cut...and oh look...he makes well over $100,000.

Did you folks get $3000 tax cuts?

I heard some whiney twat complaining that only the top 0.1% got a cut.
That would be over $7 million AGI.

Median household income in Chicago is about $70,000.
Not impossible to break 6 figures.

 

[deanrd]

Is a Tax Refund Ahead in Your 2019? Some Taxpayers Received a Tax Bill Instead

Anger, Confusion Over Dwindling Refunds. Is Trump's Tax Plan To Blame?

I owe how much? Americans are shocked by the impact of Trump's tax law

--------------------

Republicans are trying desperately to spin these tax cuts for the rich.

Is there anything they don't spin?



What everyone will find out before the election is that every year, it gets worse.

Except for the rich. Their cuts are permanent.

 

[Aldo Raine]

Anyone check their tax returns yet?

Get that big tax cut did ya?

My tax preparer told me to expect a much larger refund check this year. Part of the tax cuts were to lower the amount of taxable income for everybody. For people with dependents, even better.

Mine told me to expect a $2K tax increase.

We'll see in a couple weeks

Yup mine went up $2200.