God Bless Trump's tax reduction

[Redfish]

Just finished roughing my taxes out, the "tax cut" didn't save me anything, basically the same as last year. somewhat disappointed, but nothing I can do about it.

The lower tax brackets means less taxes for everybody.

However, some of the deductions have been capped so in some cases not being able to take all the deductions will offset the reductions in rates. Looks like that is what happened to you.

In my case being retired and having a paid off mortgage and living in a low tax state and not having high property taxes or state income tax I never surpassed the caps so that is why I made out with a $3K reduction.

I think the removal of the personal exemptions is what caused it. I was still able to itemize and my income was roughly the same. But the 8000 we used to get for personal exemptions is gone.

 

[Flash]

Just finished roughing my taxes out, the "tax cut" didn't save me anything, basically the same as last year. somewhat disappointed, but nothing I can do about it.

The lower tax brackets means less taxes for everybody.

However, some of the deductions have been capped so in some cases not being able to take all the deductions will offset the reductions in rates. Looks like that is what happened to you.

In my case being retired and having a paid off mortgage and living in a low tax state and not having high property taxes or state income tax I never surpassed the caps so that is why I made out with a $3K reduction.

I think the removal of the personal exemptions is what caused it. I was still able to itemize and my income was roughly the same. But the 8000 we used to get for personal exemptions is gone.

I think you hit on the real problem.

The problem is not how you collect taxes. No matter how you do it there will be always be winners and losers. In this case I was a winner and you a loser.

The problem is that the cost of government is too high requiring that the money has to come from somewhere.

Real tax reform is not reshuffling how the Federal government raises $4 trillion a year but would be cutting back government spending so that they don't need $4 trillion.

I made out OK this time around but the next time the people in power could decide that I make too much money and then I would be a loser.

 

[Lesh]

I figured out my tax returns for 2018 and I will have to pay about $3,000 in less income tax than I did in 2017 with about the same income.

Of course I live in a low tax state so the decrease in tax rates were not offset by reductions in deductions so that is good.

That is $3,000 more I have to spend on things I want in the productive economy rather than have it go to some stupid corrupt bureaucrat to give away to a welfare queen or Illegal.

No wonder the economy is doing so well.

God bless Trumps.

You make some pretty serious bank then my friend because most people of modest means will see about $300-$500...unless they lose their deductions for mortgage and state taxes...which would COST them up to $3K

 

[Flash]

I figured out my tax returns for 2018 and I will have to pay about $3,000 in less income tax than I did in 2017 with about the same income.

Of course I live in a low tax state so the decrease in tax rates were not offset by reductions in deductions so that is good.

That is $3,000 more I have to spend on things I want in the productive economy rather than have it go to some stupid corrupt bureaucrat to give away to a welfare queen or Illegal.

No wonder the economy is doing so well.

God bless Trumps.

You make some pretty serious bank then my friend because most people of modest means will see about $300-$500...unless they lose their deductions for mortgage and state taxes...which would COST them up to $3K

We have a six figure retirement income. Not what I would call"serious bank" but a typical middle class family retirement from an Engineer and school teacher. I would call it "modest means" for the most part. We ain't poor but we ain't rich either.

Since our mortgage is paid off, have low medical expenses and live in a low tax state we don't even bother to itemize any more.

We got about $3K less in taxable income because of the increased standard deduction and the rest of the savings came from the lower tax brackets.

 

[william the wie]

The loss of jobs and employers from blue states to red states and the continuous migration of the unemployable to blue states pre-dates 2016 so the current situation will get more extreme before 2020.

 

[buckeye45_73]

Spend it on a notepad to remind yourself not to ever complain about deficit spending ever again.

and you care about deficit spending?

sorry the two are not linked, the money isn't the governments....they TAKE it from us under coercion. Learn that, then we can discuss more