Posted on 02/19/2019 10:45:19 AM PST by Oldeconomybuyer
Wait, I owe the IRS?
The first tax filing season under the new federal tax law is proving to be surprising, confusing - and occasionally frightening - for some Americans, especially those accustomed to getting money back from the government.
Take Andy Kraft and Amy Elias of Portland, Oregon. The couple had grown comfortable getting a small refund each year, a few hundred dollars or more. Then they found out they owe $10,160 this year.
"I will never forget the moment, I thought 'We look good' and then we added in the next W-2 and my jaw hit the floor," Kraft said. "There was no way I wanted to believe that what I was looking at was accurate."
President Trump promised a reduction in taxes with the new law. And by most measures, the majority of Americans will see one. The nonpartisan Tax Policy Center projected the tax law would reduce individual income taxes by about $1,260 on average, although it benefits higher earners more. But not everyone is benefiting, including some taxpayers who failed to adjust their withholding.
The IRS has encouraged people to do a "paycheck checkup," saying that "some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks." The trouble is, few Americans seem to have done that.
The majority of workers didn't bother to change their withholding, according to payroll processing firm ADP.
"Not many people took the time or trouble to see if the Tax Cuts and Jobs Act affects them personally," Pete Isberg, ADP's head of government relations, recently told CBS News.
(Excerpt) Read more at cbsnews.com ...
Still pushing the same story a week later. Just proves that many Americans are too stupid to actually understand money and the actual cost of living. See: “reduced” monthly premiums under Obamacare (never mind the higher deductibles and out-of-pocket maximums).
Did CBS do a story when they got more take home pay every month?
Most of my clients are actually paying LESS tax, but their refunds are down due to the change in the withholding tables. They got their money throughout the year. But I need to show them the amount of tax they are paying is actually LESS.
They government should have never changed the withholding tables. Some people like getting a big refund & set up their withholdings in order to get more money back on their taxes. It also makes people think the tax cuts are screwing them when in fact most are paying less tax.
SEE BS searching high and low to find someone “adversely affected” by the tax cut.
Only those Americans in high tax states.................
Those folks should be happy that their taxes were raised.
The dims always want to raise taxes on the rich, so a lot of people just discovered that they are now rich.
And a republican did it.
Math is hard.
Democrats are stupid.
I think that I see the problem:
Portland Oregon.
I’m sure that they were taking deductions for state and local taxes. Those deductions have been capped. People living in high tax states are no longer being subsidized by the rest of us.
Rich women and minorities hardest hit!..................
“We were very comfortable with our tax law, it had basically been there since 1986, suddenly all these things that were very important to people changed ... it’s all different,” said Howard Gleckman, a senior fellow at the Tax Policy Center.
So, for the better part of how many decades did politicians from both parties say that something should be done with the tax code, someone finally does, people have to take a little responsibility and all of a sudden things are bad. Gleckman should have just come out and said..Tax Cuts, Good - Trump, Bad.
I’m no CPA, but I’d love to ‘trust but verify’ this story. Could be true, but the minute you tell me the folks were from Portland, I automatically assume a nasty, Anti Trump Liberal from there and it’s all phony. Could be wrong, but I’d like proof.
By the end of the article the cretin described in the lede admits he completely screwed up his witholding and that his taxes actually DID fall.
To act as though this is typical, or problematic, though is journalistic malpractice.
Most smart people knew to talk to a tax expert and adjust their with holdings at the beginning of FY 2018 because Of the new tax laws. Those people did just fine. Trump can’t be blamed because people were irresponsible. Especially this couple. Go from getting back a “little” which is what, like $50? To owing over $10,000? That’s a hell of a lot. That’s their own fault for playing right at the edge all year.
How much did Fedzilla take from you last year .... and how much this year?
The dumbasses in this article simply weren't paying attention
This is what the media does. They are skilled at spinning a positive into a negative when there’s a Republican president. Not a (fornicating) word from them about how taxes went up under bammy, and not a word about how they would go up under sanders/clinton/biden/cortes/harris/warren/.
Whoever posted Fake News as a keyword - Thank You.
Fake News might have some semblance of truth to it. But the overall design of Fake News is to create an atmosphere of bashing and blaming President Trump for anything.
I paid less in taxes this year on the same amount of money I made last year. Thank you President Trump!
JoMa
We ended up owing about $300 state and fed total.
But, we adjust our W-4 to try to get it to $0. They don’t owe us and we don’t owe them.
Works out great.
Soon, we are moving to Florida. Won’t care about State after that.
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