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

[Aldo Raine]

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?

Fake news.

The fewer deductions were offset by lower overall rates.

Sniveling douchebags gonna snivel.

No, they were not. Not for everyone.

 

[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????

Some of these people .. there is no way they pay that much in taxes. They don't make enough. There is not enough EIC in the world to create that kind of refund... is there?

 

[Westender]

Its like the twilight zone, why are you not getting a tax cut? Its this site the dwelling place of the poors? Im getting around 140 a month more that Ive added to my IRA deduction every month. If you live in a high tax state like OR,WA,CA,IL,MA,NY,NJ,CT you get what you deserve. Why would anybody want to live in a state that taxes you for all of their liberal policies is beyond me. This tax cut will hurt them and thats good, they had no intentions of voting for capitalism any way.

 

[Natural Citizen]

Since nobody read the tax bill nobody knew to expect this

I read the bill. And I said this was going to happen like a hundred times on here. I dsaid over a hundered times it was a tax increase and not a tax decrease.

The regressive inflation tax is something else, too. That's a tax they don't even vote on., thats why politicians like it so much. In that bill, they actually legalized lying about the effect of inflation on the standard of living. They did this by adopting chained cpi into the tax bill. This, of course, is a means of measuring cpi which strategically understates its effect on the standard of living for Americans. So, not only do Americans have very little puchasing power, now the feds can lie about how bad it really is and nobody ever questions it.

 

[Lesh]

Its like the twilight zone, why are you not getting a tax cut? Its this site the dwelling place of the poors? Im getting around 140 a month more that Ive added to my IRA deduction every month. If you live in a high tax state like OR,WA,CA,IL,MA,NY,NJ,CT you get what you deserve. Why would anybody want to live in a state that taxes you for all of their liberal policies is beyond me. This tax cut will hurt them and thats good, they had no intentions of voting for capitalism any way.

Again..if you are getting that kind of tax cut...you make WELL into six figures.

Yes the tax cut benefits people already well off.

As far as "getting what you deserve"?

Politics seems to have insinuated itself into tax policy...and millions of what maybe USED to be Republicans are getting hit by that.

That's going to translate into Senate votes at least, my friend.

 

[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?

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

Nope...just pointing out WHO got these tax cuts

 

[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?

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.

lol. tax cut economics is worse.

 

[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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

 

[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?

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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Then in 2025, the individual tax relief in the Republican tax bill expires altogether. This is due to a Senate budget rule that restricts the cost of the tax bill to $1.5 trillion. Republicans decided to sunset nearly all the individual tax cuts in order to make the corporate tax cuts permanent.

The result will be a tax increase in 2027 for more than half of all Americans — 53 percent, according to an analysis from the Tax Policy Center.

 

[Lesh]

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Wealthy Republicans really HATE the middle class and poor...don't they..

 

[Cellblock2429]

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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Then in 2025, the individual tax relief in the Republican tax bill expires altogether. This is due to a Senate budget rule that restricts the cost of the tax bill to $1.5 trillion. Republicans decided to sunset nearly all the individual tax cuts in order to make the corporate tax cuts permanent.

The result will be a tax increase in 2027 for more than half of all Americans — 53 percent, according to an analysis from the Tax Policy Center.

/---/ The Senate needed a super majority to make the tax cuts permanent - they only had 51. But you already knew that.
Republicans Explain Why They Want Permanent Tax Cuts For Corporations But Not People | HuffPost
The last-minute change, unveiled by Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday night, was made to comply with Senate rules that forbid certain legislation from adding to the federal budget deficit after 10 years. Those rules, dictated by a process known as reconciliation, would allow Republicans to pass their bill with a simple majority instead of with 60 votes.

In short, Republicans were forced to alter the bill in order to more easily pass their tax cuts. In doing so, however, they weakened the talking point that the plan would primarily benefit the middle class.

 

[Cellblock2429]

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Wealthy Republicans really HATE the middle class and poor...don't they..

/----/

 

[Lesh]

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Wealthy Republicans really HATE the middle class and poor...don't they..

/----/
View attachment 248977

Dude,,,read the guy's words...ya moron

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand

YOU...gave that a "winner" rating stupid

"The people that earned it' in this tsx cut are NOT middle class folks..the benefits of this tax cut go primarily to the very wealthy.

Have they "earned it" any more than the guy breaking his ass for $45K? I don't think so

 

[Lesh]

/——-/ 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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Then in 2025, the individual tax relief in the Republican tax bill expires altogether. This is due to a Senate budget rule that restricts the cost of the tax bill to $1.5 trillion. Republicans decided to sunset nearly all the individual tax cuts in order to make the corporate tax cuts permanent.

The result will be a tax increase in 2027 for more than half of all Americans — 53 percent, according to an analysis from the Tax Policy Center.

/---/ The Senate needed a super majority to make the tax cuts permanent - they only had 51. But you already knew that.
Republicans Explain Why They Want Permanent Tax Cuts For Corporations But Not People | HuffPost
The last-minute change, unveiled by Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday night, was made to comply with Senate rules that forbid certain legislation from adding to the federal budget deficit after 10 years. Those rules, dictated by a process known as reconciliation, would allow Republicans to pass their bill with a simple majority instead of with 60 votes.

In short, Republicans were forced to alter the bill in order to more easily pass their tax cuts. In doing so, however, they weakened the talking point that the plan would primarily benefit the middle class.

That's only true if you START with the premise that these tax cuts HAVE to benefit the rich.The way reconciliation works, the bill has to supposedly be "revenue neutral". In order to meet the criteria and give max benefits to upper income folks...the meager tax cuts for everyone else had to be made temporary

 

[Flash]

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Wealthy Republicans really HATE the middle class and poor...don't they..

We hate welfare queens and Illegals. You know, the core of the filthy Democrat Party voting block.

You filthy ass Moon Bats live them because without them the Democrat Party would be nothing.

 

[Flash]

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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Then in 2025, the individual tax relief in the Republican tax bill expires altogether. This is due to a Senate budget rule that restricts the cost of the tax bill to $1.5 trillion. Republicans decided to sunset nearly all the individual tax cuts in order to make the corporate tax cuts permanent.

The result will be a tax increase in 2027 for more than half of all Americans — 53 percent, according to an analysis from the Tax Policy Center.

/---/ The Senate needed a super majority to make the tax cuts permanent - they only had 51. But you already knew that.
Republicans Explain Why They Want Permanent Tax Cuts For Corporations But Not People | HuffPost
The last-minute change, unveiled by Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday night, was made to comply with Senate rules that forbid certain legislation from adding to the federal budget deficit after 10 years. Those rules, dictated by a process known as reconciliation, would allow Republicans to pass their bill with a simple majority instead of with 60 votes.

In short, Republicans were forced to alter the bill in order to more easily pass their tax cuts. In doing so, however, they weakened the talking point that the plan would primarily benefit the middle class.

That's only true if you START with the premise that these tax cuts HAVE to benefit the rich.The way reconciliation works, the bill has to supposedly be "revenue neutral". In order to meet the criteria and give max benefits to upper income folks...the meager tax cuts for everyone else had to be made temporary

This filthy ass country spend $4 trillion a year in Federal tax revenue and another $4 trillion in State and Local Tax revenue and that comes out to be close to 40% of the GDP and that is too damn much for the cost of government.

The problem is not the mix of winners and losers but the fact that the cost of government is too damn high.

We would all benefit in a reduction of taxes. We all would benefit from a major reduction in the cost of government because then the money would be spent in the productive economy instead of the shitty corrupt welfare state.

Of course if you are a stupid Moon Bat then you are a greedy asshole that wants somebody else to pay your share of the cost of government so you probably don't understand or even give a shit of the destruction of a bloated, corrupt, inefficient, debt ridden, thieving welfare state, do you?

 

[danielpalos]

/——-/ 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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Then in 2025, the individual tax relief in the Republican tax bill expires altogether. This is due to a Senate budget rule that restricts the cost of the tax bill to $1.5 trillion. Republicans decided to sunset nearly all the individual tax cuts in order to make the corporate tax cuts permanent.

The result will be a tax increase in 2027 for more than half of all Americans — 53 percent, according to an analysis from the Tax Policy Center.

/---/ The Senate needed a super majority to make the tax cuts permanent - they only had 51. But you already knew that.
Republicans Explain Why They Want Permanent Tax Cuts For Corporations But Not People | HuffPost
The last-minute change, unveiled by Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday night, was made to comply with Senate rules that forbid certain legislation from adding to the federal budget deficit after 10 years. Those rules, dictated by a process known as reconciliation, would allow Republicans to pass their bill with a simple majority instead of with 60 votes.

In short, Republicans were forced to alter the bill in order to more easily pass their tax cuts. In doing so, however, they weakened the talking point that the plan would primarily benefit the middle class.

only in right wing fantasy can you pead so specially, you can ignore this capital but fundamental based metric:
U.S. National Debt Clock : Real Time
Tax Cut Economics are Worthless if they don't balance the budget.

 

[danielpalos]

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Wealthy Republicans really HATE the middle class and poor...don't they..

We hate welfare queens and Illegals. You know, the core of the filthy Democrat Party voting block.

You filthy ass Moon Bats live them because without them the Democrat Party would be nothing.

just admit it; y'all really Hate Capitalism if the Poor may benefit.

True socialists on a national basis, one and all.

 

[Cellblock2429]

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.

lol. tax cut economics is worse.

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Then in 2025, the individual tax relief in the Republican tax bill expires altogether. This is due to a Senate budget rule that restricts the cost of the tax bill to $1.5 trillion. Republicans decided to sunset nearly all the individual tax cuts in order to make the corporate tax cuts permanent.

The result will be a tax increase in 2027 for more than half of all Americans — 53 percent, according to an analysis from the Tax Policy Center.

/---/ The Senate needed a super majority to make the tax cuts permanent - they only had 51. But you already knew that.
Republicans Explain Why They Want Permanent Tax Cuts For Corporations But Not People | HuffPost
The last-minute change, unveiled by Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday night, was made to comply with Senate rules that forbid certain legislation from adding to the federal budget deficit after 10 years. Those rules, dictated by a process known as reconciliation, would allow Republicans to pass their bill with a simple majority instead of with 60 votes.

In short, Republicans were forced to alter the bill in order to more easily pass their tax cuts. In doing so, however, they weakened the talking point that the plan would primarily benefit the middle class.

only in right wing fantasy can you pead so specially, you can ignore this capital but fundamental based metric:
U.S. National Debt Clock : Real Time
Tax Cut Economics are Worthless if they don't balance the budget.

/---/ How many times will you libtards post that meaningless clock? If you really want to eliminate the debt then tell your democRATs in Washington to CUT spending and stop proposing more unfunded spending. You won't because deep down inside you want the debt and like the excessive spending.

 

[Flash]

Tax cuts put money in the hands of the people that earned the money instead of the filthy welfare queens that elected the corrupt politicians to steal it for them.

That is a good thing. You stupid Moon Bats wouldn't understand.

Wealthy Republicans really HATE the middle class and poor...don't they..

We hate welfare queens and Illegals. You know, the core of the filthy Democrat Party voting block.

You filthy ass Moon Bats live them because without them the Democrat Party would be nothing.

just admit it; y'all really Hate Capitalism if the Poor may benefit.

True socialists on a national basis, one and all.

Capitalism creates wealth and jobs. Socialism creates equal poverty for all except the Socialist ruling elite.