Trump and the GOP Tax Plan Screwed Middle Class Parents Out of a Refund

Discussion in 'Economics & Trade' started by signalmankenneth, Feb 8, 2019.

  1. signalmankenneth

    signalmankenneth Well-Known Member

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    I did not not get a refund?!![​IMG] This Trump/GOP tax cut was a charade?!! I hope when the dems take power, they can undo this travesty?!!

    https://www.yahoo.com/lifestyle/trump-gop-tax-plan-screwed-225652100.html

    The rush to write and carry out the new tax law could have bad consequences for millions.

    Most Americans got a tax cut thanks to the new Republican tax law, but it’s possible that millions of households will get a surprise bill from the IRSin the coming weeks.

    Ben Williams, a lawyer in New York City, said he earned the same amount of money last year as he had the year before, but wound up with a totally different tax situation.

    “Last year I got a $750 refund,” Williams said. “And this year I owe $4,600.”

    There are two reasons for Williams’ predicament. The 35-year-old lost his refund both because Republicans targeted wealthy (and heavily Democratic) metropolitan areas for tax hikes and also because of how President Donald Trump’s administration implemented the law.

    The Tax Cuts and Jobs Act cut rates for taxpayers at every income level and simplified the tax code for most filers. Part of that simplification meant getting rid of a lot of deductions, which people use to reduce the amount of their taxable earnings.

    https://www.huffingtonpost.com/entry...b00187b557d1fb


    [​IMG]
     
  2. hawgsalot

    hawgsalot Well-Known Member

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    Exactly, in the new bill it eliminated several loop holes on the people making over six figures. Isn't that what you guys wanted??? Now if you have children you use more income on raising a family and that's why the child credit doubled. New Yorkers had the benefit of writing off the ridiculously high state taxes which was a way for the state to take advantage of it's citizens and the federal government. You don't have that luxury anymore, you want to live in a high state tax, you pay the tax.
     
    Last edited: Feb 8, 2019
  3. Lil Mike

    Lil Mike Well-Known Member

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    All of this complaining is coming from well to do top 3 percenters who are finally having to pay their fair share with the modification of SALT. They should be happy their extra taxes might go to help fund the Green Dream Supreme, or whatever it's called.
     
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  4. 61falcon

    61falcon Well-Known Member

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    Total BS lil Mike..average working people in states with good school systems, and high real estate taxes to pay for them, are getting totally screwed by the tax cuts for the wealthy.They can no longer deduct their high R.E.Taxes.Even low wage earners are not getting back their usual tax refunds.
     
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  5. LogNDog

    LogNDog Well-Known Member

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    If it were me I would be pissed that my state had such high property taxes. It isn't up to the federal govt to tell state governments how much tax to charge.
     
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  6. Zorro

    Zorro Well-Known Member

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    Did you even read your own post?

    Trump capped SALT deductions so high earners are paying MORE in taxes on the same income. We discussed this to death at the time of passage, this clown is a lawyer and he was too dumb to adjust his withholdings?
     
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  7. Surfer Joe

    Surfer Joe Well-Known Member Past Donor

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    Lol... trump relies on the ignorant and poorly educated to fall for his lies while he rigs the system to benefit himself, and if it throws everyone else under the bus, who cares?
    The turd polishers will be out in force excusing this latest turd that he crapped on their heads.
    Economically, environmentally, politically and morally, their great orange hope is making America worse, but they don't care as long as he feeds their hateful and spiteful rage against the world.
     
    Last edited: Feb 9, 2019
  8. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    They live in one of the following states.....Massachusetts, Rhode Island, Connecticut, New York or Illinois? They likely lost their state tax deductions from their federal income tax. That is the fault of the high tax states for making the rest of us pay for their fiscal irresponsibility.
     
    Last edited: Feb 9, 2019
  9. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    They were using the rest of us to finance their fiscal irresponsibility.
     
  10. Derideo_Te

    Derideo_Te Well-Known Member

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    Wrong!

    Massachusetts is NOT on that list but Georgia is one of those high tax states that will be penalized by your beloved BLOTUS.
     
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  11. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/

    Sorry I confused one blue state with another, it was Minnesota not Massachusetts. However, you are wrong about Georgia, they are 36th on the list with Massachewsettes coming in at 18th.
     
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  12. TomFitz

    TomFitz Well-Known Member Past Donor

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    No, and your claim is also false.

    The biggest damage done to middle class people by Trump is the cap on mortgate interest dedictions.

    This has hit the northeast and California especially hard, as even middle class housing costs are higher than the Trumpian limits. While right wing media promoted this as a soak the rich act, it wasn't. But it will have a devastaing impact on school teachers, truck drivers and other working people in those states who committed no crime other than living where they do.

    And if you're paying for your kid's college, watch out!
     
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  13. Borat

    Borat Banned

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    Right... When I hear middle class parents, an image of a NYC lawyer immediately leaps to mind..... Duh

    He has indeed lost part of his state and local income tax deductions which is whopping 15% combined in NYC. Meanwhile a midwestern family making $80k had their standard deduction doubled. Why on earth should families of Pennsylvania miners subsidize a NYC lawyer, the state of NY and NYC?

    PS if his numbers are correct and his federal tax has increased by $5350, this puts his family squarely in the $210,000 or more income bracket. Some middle class.
     
    Last edited: Feb 9, 2019
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  14. struth

    struth Well-Known Member

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    Wow rich people in NYC are upset because rhey can’t deduct the millions they pay in state taxes...cry me a river
     
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  15. Derideo_Te

    Derideo_Te Well-Known Member

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    $200,000 in NYC is middle class given the much higher cost of living than that of PA miners.
     
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  16. Borat

    Borat Banned

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    The median family income in the US is $59k and the overwhelming majority of the American middle class benefited from Trump's tax reform. His income is 4 times higher than the median, he IS the proverbial 1 percenter. Some middle class. Before the tax reform he paid at least $5,000 less federal taxes than a family with the same income as his living in Texas or Florida or most other states. How is it even remotely fair?

    If he is so concerned with high cost of living and high taxes in NYC he should move to PA or elect state/local politicians who will reduce taxes. He can not expect the rest of the country to pay more federal taxes than he does and subsidize his lifestyle and his state and city's ludicrously high level of taxation. He is basically whining that he can't have his cake and eat it too. Indeed, he can't anymore.
     
    Last edited: Feb 9, 2019
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  17. Lil Mike

    Lil Mike Well-Known Member

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    False.

    The people who are bitching are high end earners. SALT still has a $10,000 deduction, so the only people being effected are well to do.

    The SALT changes were probably the greatest thing to come out of Trump's tax reform since it revealed the hypocrisy of the left wanting more taxes is false. They just want more taxes on someone else.
     
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  18. Lil Mike

    Lil Mike Well-Known Member

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    It seems the "ignorant and poorly educated" are upper income blue staters who really thought that the Trump tax cuts were going to reward them because they were rich. Instead, the rich pay more, and now they're pissed.

    Love it by the way!
     
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  19. LogNDog

    LogNDog Well-Known Member

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    Exactly. It's disingenuous to blame the federal govt for the high tax rates that each of those states set.
     
    Last edited: Feb 9, 2019
  20. Louisiana75

    Louisiana75 Well-Known Member Past Donor

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    We (combination of self employed and w-2 earnings) did good with our return. Made about 20K more than the previous year, lost the ability to itemize work related expenses for the w-2 work but with the double standard deduction, got back a refund the same as 2017's filings.
     
  21. Libby

    Libby Well-Known Member

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    From the OP's article:
    "One of the most controversial changes limited the amount of state and local tax payments that could be deducted. Previously, a tax filer could reduce their federal taxable income by subtracting the income taxes they paid to their state and local governments. The law capped such deductions at $10,000. Williams said he usually pays more than three times that amount in state and local levies.

    While preparing to file his taxes through the H&R Block website this week, Williams said the blood drained from his face when he realized how much he would owe. He had anticipated getting another refund that he would put toward a vacation."


    1.) This man is hardly lower- or even middle-class.

    2.) Boohoo, no vacation

    3.) Maybe he should complain to his state's politicians about how high his taxes are

    4.) what an entitled ass to think the rest of us should subsidize him by giving him these tax deductions the rest of us don't get



    Why should the rest of us subsidize you because of where you live? If you don't like your high taxes, complain to your elected officials.

    Exactly.

    It is hard to have much sympathy for someone complaining because he can't get the rest of us to subsidize him anymore, and the fact that his big complaint is "boohoo I was going to use the tax refund for a vacation", yeah, it's hard to muster any sympathy for him.

    Right??

    This post nails it.
     
    Last edited: Feb 9, 2019
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  22. rahl

    rahl Well-Known Member

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    our combined household income is right around $125K. We have 2 children aged 7 and 5. Both of us work full time. We live in NC. Our refund is $3K less than 2017.

    Thanks trump
     
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  23. Borat

    Borat Banned

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    I am calling BS. NC state income tax is about 5.5% which makes your state tax less than $6,800, your family is not affected by the State tax deduction cap of $10k. And I doubt your mortgage exceeds $750,000 either. Everything else in the tax reform is a plus, double standard deduction, lower bracket rates, higher Child Tax Credit etc, all these changes are substantially lowering your tax liability.

    The refund is a meaningless number as it depends on a dozen of unrelated factors but your entire 2018 tax liability is at least $1,000 - $2000 lower than it was in 2017.

    PS if you insist on your version, please let us know which specific change in the tax code negatively affected your tax liability. TIA
     
    Last edited: Feb 9, 2019
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  24. Bondo

    Bondo Well-Known Member

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    Ayuh,..... That's because you already got yer 3 grand, from lower with holdings,.......

    Anybody that gets a refund, is an idiot if they don't adjust their with holding rate, to match their tax rate,.....
    I adjust mine every year, shootin' for a zero sum at tax time,.....
    Gettin' a refund is Not a good thing,....
    Doin' yer taxes, 'n owing less than a grand is a Win,......
    That means I didn't loan the government My money all year, interest free,......
     
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  25. rahl

    rahl Well-Known Member

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    don't give a **** what you call. I am receiving $3K less refund this year compared to 2017.
    N
    and yet, I'm getting $3k less back.
    which means I'm still getting a tax increase.
    I have no idea. My accountant just told me what the numbers are. He didn't say what caused it.
     

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