Lower Tax Refunds

[Chevy1]

Understand some may have mismanaged tax withholding leading to a lower refund. I don't shoot for a refund - so I don't expect one. However, this article makes some claims about IRS withholding that could create issues across the board - either paying more or receiving less. It's not a good thing for many who don't see a benefit of the tax cut.

Trump Tax Cuts Are (Probably) About to Become a Political Disaster

 

[big_country90]

My wife and I benefited $4,000 to the good from last year thanks to the tax law changing the child tax credit. But nice try.

 

[herdfan429]

My tax refund was significantly higher this year.

 

[Chevy1]

Looked at several news sources before initiating this thread just to insure it wasn't some "progressive" BS. Fox news is also reporting refunds are down:

https://www.foxbusiness.com/persona...-down-as-irs-touts-successful-start-to-season

 

[i am herdman]

They rake me over the coals. Less than before but I get it without ky jelly

 

[ThunderCat98]

When I'm bringing home more money every paycheck, why would I care of my refund is (slightly) less?

 

[big_country90]

When I'm bringing home more money every paycheck, why would I care of my refund is (slightly) less?

That's all a big lie. We're all just lying about our paycheck growing thanks to our tax burden shrinking. Fake news. Didn't happen.

 

[Chevy1]

When I'm bringing home more money every paycheck, why would I care of my refund is (slightly) less?

Yep - I wondered about that. The article discusses many - too many - look at their refund as evidence of a tax decrease. As mentioned, I try like hell to not have a refund.

 

[HerdBuckeye]

They rake me over the coals. Less than before but I get it without ky jelly

You’re used to it.

 

[Raoul Duke MU]

When I'm bringing home more money every paycheck, why would I care of my refund is (slightly) less?

Because perception is reality. That may not apply to you or me, but for most people it is true. All they will see is a smaller refund.

I have not done my taxes yet. I am curious to see how I do.

 

[ThunderCat98]

Since the tax cuts, I bring home around $100 more per paycheck. My refund this year was about $175 less than last year's. That's a significant net gain by any estimation.

 

[Raoul Duke MU]

Since the tax cuts, I bring home around $100 more per paycheck. My refund this year was about $175 less than last year's. That's a significant net gain by any estimation.

But that does not matter with perception. People want and expect that big refund for a big purchase, vacation, or whatever.

I remember in the W administration, the tax cut was a check. I bought tires for my truck. Perception wise, that is a better idea as far as politics goes.

I might do my taxes tomorrow and get back with results.

 

[wvkeeper(HN)]

Had a bigger refund thanks to the higher child tax credit.

 

[raleighherdfan]

People want and expect that big refund for a big purchase, vacation, or whatever.

Financial illiteracy at it finest.

 

[mlblack16.]

But that does not matter with perception. People want and expect that big refund for a big purchase, vacation, or whatever.

That would be folks like Greed who don't know any better. I've seen employee who only make about $10/hr get such huge tax returns during the Obama years they were buying cars and blowing it on all kinds of stupid shit. It will be interesting to see what they're getting this year.

These are the folks Greed keeps crying about needing an increase. They make approx 20K gross and then raked in 7-8K in tax returns. He conveniently leaves that part out. They sure as hell don't pay that much in taxes.

 

[extragreen]

That would be folks like Greed who don't know any better.

Another lie ^^^. trumpism at its finest.

These are the folks Greed keeps crying about needing an increase. They make approx 20K gross and then raked in 7-8K in tax returns. He conveniently leaves that part out. They sure as hell don't pay that much in taxes.

You're not smart enough to figure out that if those "folks" were paid a higher wage, businesses would be footing the bill instead of "YOUR" tax money. You ignorantly leave that part out.

 

[i am herdman]

Another lie ^^^. trumpism at its finest.



You're not smart enough to figure out that if those "folks" were paid a higher wage, businesses would be footing the bill instead of "YOUR" tax money. You ignorantly leave that part out.

No they wouldn't. They are still going to be on the bottom of the food chain.

 

[Chevy1]

 

[countryroads89]

My effective tax rate on my gross income remained the same.

Thanks trump for that “huge tax break for the middle class.”

F’ucking liar.

I owed about $300 last year when I filed and this year I owe over $2500. Thanks again trump for f’ucking with my withholding with no notification. It was a damn gimmick for the uneducated to see more money in their paycheck and think they were getting some huge tax break.

 

[i am herdman]

My effective tax rate on my gross income remained the same.

Thanks trump for that “huge tax break for the middle class.”

F’ucking liar.

I owed about $300 last year when I filed and this year I owe over $2500. Thanks again trump for f’ucking with my withholding with no notification. It was a damn gimmick for the uneducated to see more money in their paycheck and think they were getting some huge tax break.

Have more withheld if you want a bigger refund, dumbass

 

[raleighherdfan]

My effective tax rate on my gross income remained the same.

Thanks trump for that “huge tax break for the middle class.”

F’ucking liar.

I owed about $300 last year when I filed and this year I owe over $2500. Thanks again trump for f’ucking with my withholding with no notification. It was a damn gimmick for the uneducated to see more money in their paycheck and think they were getting some huge tax break.

^^The financial illiterate I mentioned earlier. ^^^

 

[herdfan429]

My effective tax rate on my gross income remained the same.

Thanks trump for that “huge tax break for the middle class.”

F’ucking liar.

I owed about $300 last year when I filed and this year I owe over $2500. Thanks again trump for f’ucking with my withholding with no notification. It was a damn gimmick for the uneducated to see more money in their paycheck and think they were getting some huge tax break.

Looks like you got about a $500 tax break.

 

[extragreen]

No they wouldn't. They are still going to be on the bottom of the food chain.

It takes a good effort from you to be this stupid. Which would you prefer to be...the lowest paid employee at $7.25/hr or the lowest paid employee at $13/hr??

 

[countryroads89]

My effective tax rate on my gross income remained the same.

Thanks trump for that “huge tax break for the middle class.

^^The financial illiterate I mentioned earlier. ^^^

Looks like you got about a $500 tax break.

Wow! You really are a f’ucking moron.

What part of “my effective tax rate remained the same” was too difficult to understand?

Without knowing my income and the amount of my itemized deductions last year, how in the hell could you even attempt a guess at 1) if I even got a tax break and 2) the amount was $500?

My effective tax rate remained the same, so no, I didn’t get a tax break. I’m in the middle class.

 

[i am herdman]

It takes a good effort from you to be this stupid. Which would you prefer to be...the lowest paid employee at $7.25/hr or the lowest paid employee at $13/hr??

And everybody's wages will go up and they will still be at the bottom of the rung. Or just get a bunch of temps and part timers. You are never going to make unskilled labor well...skilled labor.

 

[extragreen]

And everybody's wages will go up and they will still be at the bottom of the rung.

You avoided the question. Here it is again in case you missed it...."Which would you prefer to be...the lowest paid employee at $7.25/hr or the lowest paid employee at $13/hr??"

You are never going to make unskilled labor well...skilled labor.

Another stupid and irrelevant attempt at an excuse.^^

 

[i am herdman]

You avoided the question. Here it is again in case you missed it...."Which would you prefer to be...the lowest paid employee at $7.25/hr or the lowest paid employee at $13/hr??"



Another stupid and irrelevant attempt at an excuse.^^

No excuse at all. They are always going to be at the bottom of the wage scale. Not sure why you find that hard to understand. The guy making sandwiches at McDonalds is not going to make what a welder does or the HVAC guy. You can try to force that all you want. They are going to have a severe time making it in life and the days off going down the plant and working your way up are few and far between.

Get a skill. You can pay that guy at McDonalds $13 an hour and if he is working 20 hours a week it won't matter. The Welder is going to be making $30 or $40 an hour and working full time.

 

[Raoul Duke MU]

Financial illiteracy at it finest.

That doesn't change how people act, react, and thus vote. The good news for Trump is the changes mostly screwed people in high tax states, and they were likely to vote Democrat anyway.

 

[extragreen]

No excuse at all. They are always going to be at the bottom of the wage scale. Not sure why you find that hard to understand. The guy making sandwiches at McDonalds is not going to make what a welder does or the HVAC guy. You can try to force that all you want. They are going to have a severe time making it in life and the days off going down the plant and working your way up are few and far between.

Get a skill. You can pay that guy at McDonalds $13 an hour and if he is working 20 hours a week it won't matter. The Welder is going to be making $30 or $40 an hour and working full time.

You avoided the question. Here it is again in case you missed it...."Which would you prefer to be...the lowest paid employee at $7.25/hr or the lowest paid employee at $13/hr??"

 

[GK4Herd]

I stated on a thread months ago that people need not confuse withholdings with taxes. From my understanding, the withholding formula changed this year allowing for less taxes to be withheld. Many people confused the increased net of their paycheck (take home) to mean less taxes owed. Whether that is the case is different between individuals.

This new tax plan has winners and losers. There are some people who will pay less...some more. People with children like Keep stand to benefit with the doubling of the child tax credit. People with pass through businesses benefit as well. I personally benefit quite a bit. I don’t have my final numbers back from my accountant, but the 20% reduction in reportable income will save me around $8000 in federal taxes over what it would have been. That is much appreciated believe me.

As far as the loss of individual exemptions of my two college going daughters, it is made up for by the increase in standard deduction. I used to itemize but now don’t have to. It’s a simpler plan for me. But again, winners and losers.

 

[WV-FAN]

Because perception is reality. That may not apply to you or me, but for most people it is true. All they will see is a smaller refund.

I have not done my taxes yet. I am curious to see how I do.

not always and not in this case. the only ones screaming foul are the blind never trumpers. for people like you, it'll be so minimal in your eyes that you'll swear it wasn't worth it or even lie and say you didn't benefit.

i know a guy (never trumper) who swore up and down he received less of a refund because of the tax law change. bullshit. he showed me his tax return and, just as i figured, his tax burden was slightly more because he and his wife made more money, but his withholding was about a grand less.

i can tell you there's one (trump lova) in this forum who possibly did not benefit from the tax law change. chances are, the rest of you did. hell, i did, and yugely; the new section 199 pass through business deduction will save me several thousand alone. for the one in this thread who may have, itemizes deductions and, in the past, deducted travel expense for their job, lost that deduction, and it was probably yuge for them. that deduction was discontinued along with all other miscellaneous itemized deductions except for special circumstances (of which he's not part of). out of all posters here, he's the only one here that has a true right to bitch and moan, but he won't.

 

[Raoul Duke MU]

not always and not in this case. the only ones screaming foul are the blind never trumpers. for people like you, it'll be so minimal in your eyes that you'll swear it wasn't worth it or even lie and say you didn't benefit.

i know a guy (never trumper) who swore up and down he received less of a refund because of the tax law change. bullshit. he showed me his tax return and, just as i figured, his tax burden was slightly more because he and his wife made more money, but his withholding was about a grand less.

i can tell you there's one (trump lova) in this forum who possibly did not benefit from the tax law change. chances are, the rest of you did. hell, i did, and yugely; the new section 199 pass through business deduction will save me several thousand alone. for the one in this thread who may have, itemizes deductions and, in the past, deducted travel expense for their job, lost that deduction, and it was probably yuge for them. that deduction was discontinued along with all other miscellaneous itemized deductions except for special circumstances (of which he's not part of). out of all posters here, he's the only one here that has a true right to bitch and moan, but he won't.

It won't be worth it to me because I do not support tax cuts that run up the deficit. Never have, never will. Unless the IRS just wants to cut me a check each year for $50k just for shits and giggles, I could get behind that.

And nope, I will not lie. I will report back my effective tax rate, if we are still talking about this by the time I feel like sitting down and doing my taxes.

 

[WV-FAN]

It won't be worth it to me because I do not support tax cuts that run up the deficit.

revenue from tax collections hit an all time high in 2018 and expected to be higher in 2019. we don't have a revenue problem, we have a spending problem.

Unless the IRS just wants to cut me a check each year for $50k just for shits and giggles, I could get behind that.

either have some more kids or steal some ss#'s for your pets and stop working. don't make anymore than $15 or $20K for the year. that combined with the $10-$15K tax refund you'll get, you'll be fine.

 

[extragreen]

revenue from tax collections hit an all time high in 2018

As it has every year starting in 2013.

 

[WV-FAN]

As it has every year starting in 2013.

yore too stupid to get the point so you should probly refrain from posting.

 

[extragreen]

yore too stupid to get the point so you should probly refrain from posting.

Here's the point. In the previous 4 years to cheetos, the federal tax revenue increased an average of .205 trillion per year. With the prediction of 2019 included cheetos average will be .05 trillion.

 

[i am herdman]

$7.25 an hour. That way I could get a bigger income tax refund.

What you fail to realize or understand if you raise minimum wage they are still making f'ing minimum wage. Their money is still minimum wage money.

Right back where we started. A burger flipper is a burger flipper

 

[extragreen]

$7.25 an hour. That way I could get a bigger income tax refund.

So you resort to the old standby of lying as I expected. If you're not lying we can count on you telling your employer you will work for half the money you've been making so you can get a bigger tax refund.

 

[i am herdman]

So you resort to the old standby of lying as I expected. If you're not lying we can count on you telling your employer you will work for half the money you've been making so you can get a bigger tax refund.

Why not make minimum wage $20 an hour?

 

[extragreen]

Why not make minimum wage $20 an hour?

Does that mean you're not going to work for half as much as you do, you know, so you can get a bigger tax refund?