Overall I made $3500 more this year because of the tax cuts. I'm young and don't make much yet but it sure does help.

U r a liar. Everyone is losing $ with this tax cut. If u did get a refund, u will b audited and then u will owe $.

Doubling the standard deduction was definitely a help to many financial bottom feeders, but you should see what the relatively wealthy are making off all this!

u Lie Wrote:
-------------------------------------------------------
> U r a liar. Everyone is losing $ with this tax
> cut. If u did get a refund, u will b audited and
> then u will owe $.


Lie. Almost no one lost money on the tax cut. If you live in high tax states and make more than $150K (single filer) or $240K (joint filer), you might owe more. It's the chumps in NY, CA, IL and MD that are getting fucked. They used to deduct their massive state/local taxes on their federal returns. Those are now capped at $10K. Those of us in lower taxed states shouldn't have to subsidize the tax cuts for those who live in high taxed states. That's communism.

Big fish versus small fry Wrote:
-------------------------------------------------------
> Doubling the standard deduction was definitely a
> help to many financial bottom feeders, but you
> should see what the relatively wealthy are making
> off all this!


I'm in the top 2% of income. Definitely made out better this year. Thanks Trump.

The bottom feeders pay almost no taxes anyway. 49% of workers currently pay no federal income tax. And they scream the loudest that their EITC (basically welfare) aren't growing at the same size as the upper-middle class (who pay burdensome taxes compared to the working poor and uber-wealthy).

Want better tax breaks? Get a better job.

I am cutting a check to the IRS for almost $10,000.

^^^^^I have not calculated out my effective tax rate yet. Will keep you all posted.

Money ain't free Wrote:
-------------------------------------------------------
> Big fish versus small fry Wrote:
> --------------------------------------------------
> -----
> > Doubling the standard deduction was definitely
> a
> > help to many financial bottom feeders, but you
> > should see what the relatively wealthy are
> making
> > off all this!
>
>
> I'm in the top 2% of income. Definitely made out
> better this year. Thanks Trump.
>
> The bottom feeders pay almost no taxes anyway.
> 49% of workers currently pay no federal income
> tax. And they scream the loudest that their EITC
> (basically welfare) aren't growing at the same
> size as the upper-middle class (who pay burdensome
> taxes compared to the working poor and
> uber-wealthy).
>
> Want better tax breaks? Get a better job.

Or just inherit it like I did. I made $205,000 last year, but got a nice $460,000 inheritance from a distant relative (tax free)
Attachments:

>U r a liar. Everyone is losing $ with this tax cut.

Working people of average income got a tax cut your a absolute liar get a job asshole

>It's the chumps in NY, CA, IL and MD that are getting fucked

Like the double income 250k a year up feds here paying 7200 a year up for real estate taxes and some more on their beach condo, whining about tax cuts for millionaires and billionaires all the way the total worthless hypocrites

Does not even have a job and pays no taxes, AKA A Leech. They are just joining in thinking Communism is cool

Big fish versus small fry Wrote:
-------------------------------------------------------
> Doubling the standard deduction was definitely a
> help to many financial bottom feeders, but you
> should see what the relatively wealthy are making
> off all this!


The rich are fleeing high tax states because their tax cuts have been taken away. Seriously, wtf is wrong with you libtards?

Actually in Nova, a lot of upper middle income folks are getting f**ked. The SALT limitation is a killer.

Take a two earner home in NoVA - $250,000 in combined income means probably $12,000 in payroll tax. Add to that $8,000 in home property tax and $1,000 in car tax.

$21,000 in state income taxes - only $10,000 of which is now deductible.

N1gGer Wrote:
-------------------------------------------------------
> Actually in Nova, a lot of upper middle income
> folks are getting f**ked. The SALT limitation is
> a killer.
>
> Take a two earner home in NoVA - $250,000 in
> combined income means probably $12,000 in payroll
> tax. Add to that $8,000 in home property tax and
> $1,000 in car tax.
>
> $21,000 in state income taxes - only $10,000 of
> which is now deductible.

Great! The rich are finally paying their fair share. It's a win win.

I lost money under Donald Trump's tax plan. I have been expecting it for a year now, so it is something I have been planning for. Unlike some I did not assume that my withholdings would be enough to cover the 2018 taxes. i ran the numbers last April and was setting aside money all year.

Psst! Payroll taxes were not deductible to begin with. Meanwhile, what happened to your marginal rates? Did you just go from the 28% bracket to the 24% bracket?

Trump supporters may hate niggers, beaners and Jews, but they love money more. We’ll find out next year if he screwed over enough of his base supporters with the so-called tax cut to make a difference. Nobody he raised taxes on will ever vote for him again and it doesn’t matter if a 1 million Guatemalan caravan is arriving Nov. 2020.

Look at your amount of total taxes on the return, then see what the % is compared to the adjusted gross income.

Match that aginst last years return and see how it comes out.

Whether you owe tax or get a refund when the return is filed doesn't really indicate if you paid more taxes. That is because your withholding on earnings may have been too low resulting in a higher net pay during the year.

So, look at the total taxes paid to see if you really paid more.

My refund was smaller this year, but my take home pay was much higher. I came out ahead, and I will fix my allowances so I have no refund and don’t owe.
That’s what we all should do.

Don't know what all the fuss is about. I made about $10k more last year because of the tax cuts. Sounds like it hit rich people the most.

AGI went up $11,000 from 2017 to 2018

Taxes Paid went up $160

Refund went down, but I think I ended up doing okay.

Taxman coming Wrote:
-------------------------------------------------------
> Overall I made $3500 more this year because of the
> tax cuts. I'm young and don't make much yet but it
> sure does help.


I paid less on more income than I did last year. So fuck off fake taxman.

2020 right around the corner Wrote:
-------------------------------------------------------
> Trump supporters may hate niggers, beaners and
> Jews, but they love money more. We’ll find out
> next year if he screwed over enough of his base
> supporters with the so-called tax cut to make a
> difference. Nobody he raised taxes on will ever
> vote for him again and it doesn’t matter if a 1
> million Guatemalan caravan is arriving Nov. 2020.

Seems that it isn't Trump supporters who dress up in Klan costumes and blackface you cretinous asshole,

If we ever have a million asshole caravan to head to DC, you can lead it. Idiots like you think because you didn't get big refund this year your taxes went up.

Henry Block Wrote:
-------------------------------------------------------
> Psst! Payroll taxes were not deductible to begin
> with. Meanwhile, what happened to your marginal
> rates? Did you just go from the 28% bracket to the
> 24% bracket?


My Federal withholdings give me a credit, not a deduction, on the Federal return. No wonder you had to resort to refund anticipation loans to keep in business.

That marginal rate line gave me a good laugh. Which marginal rate? The rate on regular income? The capital gains rate? The AMT rate or now the rate on certain types of business income? Besides it isn't just the rates. It is the rates in combination with the Taxable Income.

The new tax reform helps the poor the most, the middle class next and taxes the rich the most.

You're welcome.

Democrats are liars and hypocrites too, stupid as well not to adjust withholding if they want to wait to get their money ...BAck

Henry is senile Wrote:
-------------------------------------------------------
> My Federal withholdings give me a credit, not a
> deduction, on the Federal return. No wonder you
> had to resort to refund anticipation loans to keep
> in business.

Nobody but you was dumb enough to think the thread was about pass-through income.
>
> That marginal rate line gave me a good laugh.
> Which marginal rate? The rate on regular income?
> The capital gains rate? The AMT rate or now the
> rate on certain types of business income? Besides
> it isn't just the rates. It is the rates in
> combination with the Taxable Income.

Third grade math is fun, eh? I've made a fortune off it! Meanwhile, it's the bracket changes that are the biggest factor for most people. Caps and the loss of exemptions taketh away, and the bracket changes giveth back. The AMT is still a joke except for the hassle of it,

Fuck Cleveland spam guy

U r a liar too Wrote:
-------------------------------------------------------
> u Lie Wrote:
> --------------------------------------------------
> -----
> > U r a liar. Everyone is losing $ with this tax
> > cut. If u did get a refund, u will b audited
> and
> > then u will owe $.
>
>
> Lie. Almost no one lost money on the tax cut. If
> you live in high tax states and make more than
> $150K (single filer) or $240K (joint filer), you
> might owe more. It's the chumps in NY, CA, IL and
> MD that are getting fucked. They used to deduct
> their massive state/local taxes on their federal
> returns. Those are now capped at $10K. Those of
> us in lower taxed states shouldn't have to
> subsidize the tax cuts for those who live in high
> taxed states. That's communism.

+1

Big fish versus small fry Wrote:
-------------------------------------------------------
> Doubling the standard deduction was definitely a
> help to many financial bottom feeders, but you
> should see what the relatively wealthy are making
> off all this!


This is a myth. The doubling of the standard deduction was accompanied by the abolition of the personal exemption. The net effect of these two changes for people without kids was to increase the standard deduction by roughly twenty percent. If you itemize though you got a decreased combined deduction even before factoring in all the itemized deductions lost.

Amazon made millions in 2018 and paid zero in taxes. You trump folk like that. If so you are stupider than I thought.

Derrick Wrote:
-------------------------------------------------------
> Amazon made millions in 2018 and paid zero in
> taxes. You trump folk like that. If so you are
> stupider than I thought.


Amazon’s $0 corporate income tax bill last year, explained
The mystery of stock-based compensation.

By Matthew Yglesias@mattyglesiasmatt@vox.com Feb 20, 2019, 9:00am EST


Amazon’s founder is America’s richest person, but the company paid no corporate income tax last year. How can that be?

For starters, Jeff Bezos is rich because of the value of Amazon stock, but for years, Wall Street loved the company even though it was a curiously unprofitable retail and technology giant. But more recently, Amazon has emerged recently as a consistently profitable firm, reporting nearly $11 billion in earnings last year. Yet during this surge into profitability — the company’s earnings doubled between 2017 and 2018 — Amazon’s tax bill has actually gone down. The company paid $0 in corporate income tax last year, according to an analysis from the Institute on Taxation and Economic Policy, an astonishing figure that generated dozens of news stories last week.

A big part of the story here is the tax treatment of stock-based compensation (which Amazon offers to most of its employees), which has the slightly odd feature that the more successful your company becomes, the lower your tax bill becomes.

Amazon, in other words, didn’t manage to avoid paying any corporate income tax in 2018 despite the huge surge in profits but largely because of it. If this seems like a policy failure, though, the real problem is probably not Amazon’s light tax bill but the extent to which a policy initiative from the early 1990s that was meant to constrain CEO pay has totally backfired.

An interesting thing to note here is that Amazon isn’t lowering its tax bill through classic technology company shenanigans like stashing profits in offshore subsidiaries or declaring itself to be a foreign company. Amazon’s sales are mostly in the United States, and its No. 2 market is Germany, which is also a relatively high tax jurisdiction.

Amazon isn’t cheating anyone here; it just legitimately owes no taxes.

Some of that is because Amazon is able to avail itself of the research and development tax credit, a not-very-controversial policy that encourages profitable companies to plow earnings into R&D. Congress routinely extends this on a bipartisan basis, with the thinking that research into innovation is good, and Amazon is obviously a company that does a fair amount of R&D.

The second reason is that the Trump tax bill included a temporary provision allowing companies to take a 100 percent tax deduction for investment in equipment. This is a controversial idea, but it has some support across party lines — Obama White House economist Jason Furman likes it, for example. More broadly, when Democrats complain that companies are plowing too much of their profits into share buybacks rather than investing, they are in effect saying they wished more companies acted like Amazon — which does not do any share buybacks and does invest a lot — and this provision of the Trump tax bill encourages companies to do this.

Last and most significant to understanding the change in 2018 is the fact that companies can deduct the cost of stock-based compensation from their taxable earnings even though it doesn’t actually cost companies any money to hand out shares of their own stock to employees. What’s more, the way this cost is estimated is that the more your share price rises, the bigger the deduction for handing out shares. So precisely because Amazon’s profits surged, the price of the company’s shares went up a lot and the value of these deductions surged as well.

That may sound a little unconventional — in general, the idea is that more successful firms should pay higher taxes, not lower — but there’s a pretty good accounting reason for it. At the same time, the entire tendency of companies to offer executives stock-based compensation packages is essentially a giant loophole in a decades-old tax provision that was supposed to deter lavish executive compensation.

Stock-based compensation, explained

Way back in 1993, Bill Clinton and congressional Democrats had an idea to tackle the growing pay inequality of Reagan-era America — Section 162(m) of the US Tax Code.

Normally, while companies pay sales taxes to state and local governments, the federal government taxes them on their profits. Revenue that is paid out to employees as salaries and benefits is not profits, and thus doesn’t get taxed. But section 162(m) created an exception to that rule — any salary of over $1 million paid to top executives would not be deductible for tax purposes. The idea was to deter lavish executive compensation packages. Except there was an exception to the exception — compensation that took the form of stock options or stock grants would still be deductible. So in a practical sense, what the 1993 change did was incentivize companies to use a lot of stock-based compensation for their executives.

But here’s a critical thing.

While a company of course could provide stock-based compensation by taking money out of the bank, using it to buy shares on the open market (this would be one of the dreaded share buybacks) and then giving those shares to executives, in practice, that’s not how it works. Amazon, or any other company, can just issue more shares of Amazon stock anytime it wants to. This costs Amazon shareholders in the sense that creating new shares tends to devalue the existing ones, but it doesn’t involve any direct financial cost to the company per se.

Here’s what’s even weirder. When a company’s share price goes up a lot, the value of stock-based compensation rises as well. That’s by design. Part of the goal of stock-based compensation is to make sure you are paying executives for performance — or at least guaranteeing that rank-and-file workers will share in the prosperity of the company’s shareholders. But this means that in accounting terms, when a company’s share price goes up a lot — as it might if, say, it successfully doubled profits — the value of the tax deduction for the stock-based compensation also goes up a lot.

That’s exactly what happened with Amazon. Thanks to a good year for the company, its Securities and Exchange Commission form 10(k) shows it recorded about $1 billion in deductions for stock-based compensation — eliminating what would otherwise have been a non-zero tax liability.