Biden won't raise taxes, but.

[Woodznutz]

YOur tax preparer can't come up with another couple grand in deductions?

I'm my own tax preparer, and I have no write-offs except the standard deduction.

 

[Woodznutz]

The whole cut amounted to half that for your income.

The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises | Center on Budget and Policy Priorities

Policymakers and the public should understand that the 2017 Trump tax law was skewed to the rich, was expensive and eroded the U.S. revenue base, and failed to deliver promised economic benefits. A 2025 course correction is needed.

www.cbpp.org

View attachment 938524

Adjusted gross income for the year in question was $96,000. Taxable after deductions was $89,000.

 

[Crepitus]

Your income is other than wages .. so the same / similar scenario as the "ultra rich" who aren't paying their fair share.

I ain't a billionaire.

Not even a millionaire.

 

[Crepitus]

Why do I need to give the fed .gov a extra near $1800.00?

it's not "extra".

 

[Crepitus]

I'm my own tax preparer, and I have no write-offs except the standard deduction.

You make $90K and have no deductions.

Sure, that's likely.

 

[Crepitus]

Adjusted gross income for the year in question was $96,000. Taxable after deductions was $89,000.

Sunsetting the tax cut will not add $2k to you tax bill.

 

[Andylusion]

The whole cut amounted to half that for your income.

The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises | Center on Budget and Policy Priorities

Policymakers and the public should understand that the 2017 Trump tax law was skewed to the rich, was expensive and eroded the U.S. revenue base, and failed to deliver promised economic benefits. A 2025 course correction is needed.

www.cbpp.org

View attachment 938524

You mean the people who pay all the taxes, might benefit from a tax cut the most?

The top 25% pay 90% of all taxes, and you act shocked they benefit more than people who pay almost no taxes? Crazy! CRAZY I say....

 

[Woodznutz]

You make $90K and have no deductions.

Sure, that's likely.

I now make $110,000/yr. and still no 'loophole' or business deductions. The only tax-deferred income is from some annuities. I hope to be retired when they mature so I'll be in a much lower tax bracket. But if not, I'll just have to pay the taxes.

 

[Crepitus]

I now make $110,000/yr. and still no 'loophole' or business deductions. The only tax-deferred income is from some annuities. I hope to be retired when they mature so I'll be in a much lower tax bracket. But if not, I'll just have to pay the taxes.

YOu need a new accountant.

 

[task0778]

Most people take the standard deduction, right? So, if the increase in the standard deduction goes away then my taxes will go up when the Trump tax cuts die, right? I'm a retiree with an income around $40k, so I'm gonna be paying more income tax, right? Thank you Joe Biden, you SOB.

 

[Harpy Eagle]

You make $90K and have no deductions.

Sure, that's likely.

Pretty common i would bet.

My wife and I made more than 250k last year and took the standard deduction

 

[Andylusion]

You make $90K and have no deductions.

Sure, that's likely.

That's not uncommon at all. My parents had the same thing. No deductions at all.

 

[Crepitus]

Pretty common i would bet.

My wife and I made more than 250k last year and took the standard deduction

So I guess you like paying taxes?

 

[Andylusion]

So I guess you like paying taxes?

No, if we could take more deductions we would.

 

[Harpy Eagle]

So I guess you like paying taxes?

Not at all, but I am not one prone to breaking the law by cheating on my taxes, I had enough trouble with the IRS when I did everything correctly.

 

[Harpy Eagle]

No, if we could take more deductions we would.

Exactly. My kids are grown, I do not pay that much in interest on my mortgage and pretty much have no other deductions. Or at least none that add up to more than 27,700

 

[Woodznutz]

YOu need a new accountant.

I have enough money. I don't need to chase after more. In fact, I stopped renting the 2nd floor flat because I got tired of advertising, showing, cleaning, the place every year (I'm in a student area). The rental value is $700/month.

 

[Crepitus]

I have enough money. I don't need to chase after more.

Then why were you complaining to start with?

 

[Woodznutz]

Then why were you complaining to start with?

Not complaining, just stating a fact. A small tax increase is chickenfeed compared to the money I've lost in other ways.

 

[Harpy Eagle]

Not complaining, just stating a fact. A small tax increase is chickenfeed compared to the money I've lost in other ways.

Still trying to figure out how he conclusion I like to pay taxes