Taxes as a % of AGI are lower for lower and middle income people, and withholding is apparently now more in line with the expected tax bill. If the legacy media were fair they would acknowledge that fact. Instead, they exploit the (stupid) tendency of many people to regard their tax refunds as some kind of present from the government, and not as the government returning their money. They tell the people that PDJT isn’t giving them the bonus they are used to, and they don’t mention the extra $20-425/wk they have been getting for the last year.
Another example of fake news.
Wish I could say otherwise but I received no tax cut in 2018. My withholding didn’t change and it didn’t show up on my tax return either. Oh well.
PDJT will Tweet about this, I’m sure, if he hasn’t already.
People have been conditioned to prefer letting Mother Government use their cash as an interest-free LOAN, versus THEM having control over every ONE of their hard-earned dollars.
Starve The Beast! Keep your money!
If you’re just an Average Joe, two kids, a wife, a house, an everyday job, it’s really not that hard to figure out what you’ll owe and how much your deductions should be from your paycheck each week!
My best year ever? We owed The State $50 and The Feds owed us $200! (That was within the parameters shown above.) I’m living proof that it can be done, and that was in a year when we earned a total of $100K!)
Small VICTORY, I know - when you add in Sales Taxes, License Tag Fees, Gasoline Taxes and every OTHER sneaky little thing the State and Feds do to screw ya! However, I’ll TAKE the small VICTORY!
Again? Starve The Beast!
I made the same gross in 2017 and 2018. Due to withholding cut, I took home 300 per month more. I believed the fake news that I would face the truth when I filed. So I had my taxes done late.
2017 I owed 8,000 more. 2018 I get a 246 refund.
(12*300) = 3,600 + 8,246 = 11,846 Trump tax benefit.
I made more money this year, and my total fed taxes were LOWER. That’s all I need to see. Not just lower withholding, but the new section 199A deduction really helped.
Even Hi & Lois was pushing this on Sunday. “They promised my return could fit on a postcard. Well, it doesn’t and I’m paying more!” That strip has gone very left since the kids took over.
Rush had a segment on this today. The Dems are hurting. Heh heh.
The media has people believing that the difference in refund is indicative of whether their taxes have gone up or not. Big fake news.
Let’s assume the withholding changed from year to year. Assume the income was $10,000 for two consecutive years. Yr(1) w/h $4000; yr(2) w/h $3000. Actual tax: Yr(1) $3000; Yr(2) $2500. Refund: Yr(1) $1000, Yr(2)$500. Actual money taxpayer kept: Yr(1) $7000, Yr(2) $7500. Refund was less, taxpayer ends up with more. Bless the media for faking the public on the measurement that tells the truth. My own preference is for me to owe the government a rather small amount on April 15th. Then there is no fakery. The lie is that a refund from IRS is “free money.”
Got a call from a liberal friend last night. He said he had owed almost $8,000 to the IRS last tax year. He did his taxes this past weekend and, a little more income and basically the same deductions, his tax bill came to just over $500. He’s rethinking his opposition to Trump. I hope this is a “thing” across America.
I did receive less of a refund than I did last year, but that was because I received more take home pay and less federal taxes were taken out of my paycheck. Only complaint I have with the new tax law is that I wish the standard deduction and personal exemption were not combined to form a bigger standard deduction. I would have been able to itemize and receive a bigger refund had they remained separate. It would help someone like me who doesn’t make a lot of money.