Posted on 04/15/2019 7:56:50 PM PDT by TBP
If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it.
Ever since President Trump signed the Republican-sponsored tax bill in December 2017, independent analyses have consistently found that a large majority of Americans would owe less because of the law. Preliminary data based on tax filings has shown the same.
Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey conducted in early April for The New York Times by the online research platform SurveyMonkey found that just 40 percent of Americans believed they had received a tax cut under the law. Just 20 percent were certain they had done so. That’s consistent with previous polls finding that most Americans felt they hadn’t gotten a tax cut, and that a large minority thought their taxes had risen — though not even one in 10 households actually got a tax increase.
(Excerpt) Read more at nytimes.com ...
It must have galled the New York Times to have to admit this. I'm actually surprised they did.
And even some FReepers have fallen for the media’s misinformation campaign. There has been a small percentage of taxpayers whose 2018 taxes are higher than they would have been had Trump’s tax changes not been enacted but that is a very small percentage.
My taxes went up and we had to pay. But I figure it wasn’t Trump’s fault, it was people like Paul Ryan and other Never Trumper yahoos that sabotaged what it could have been.
Then let’s cut the taxes again.
If we hadn’t sold our house last year, we would have owed about $400-500 more than we would have under the old tax system. With the house sale and subsequent capital gains beyond the exemption which hit us (first world problem!), I am not exactly sure which tax system would have resulted in lower federal taxes (CA taxes would have remained the same).
I paid more. It wasn’t the media that told me. It was my cpa. And I certainly didn’t make more.
My Q1 2019 payment was less than half of what the next 3 will be thanks to the new tax law.
My taxes due we’re much higher but overal tax burden was lower. I’m not stupid. I saved about 4K-4.5K in overall federal taxes. Now my withholdings were screwed up but that’s my fault for not paying attention better. Thanks PDJT. I would suck to owe more and pay more in FY18.
I’m in the top X percent. Doesn’t matter what Is because the Democrats will claim I’m rich and owe more to pay my fair share. BTW first time in years I have taken the standard deduction. So I’m not some trailer park trash.
And based on some of the responses, they still are. They believe because their refund got smaller or they had to pay when filing their taxes, that means their taxes increased. My refund got considerably smaller this year, yet I could tell the amount of taxes I paid went down considerably over the previous year - far less had been withheld and paid in over the course of the year and my taxable income was down.
True. They may be the same folks who think that when gas prices go down, it’s because of supply and demand in the market. But when gas prices go up, it’s because of gouging by the oil companies.
People think when they get a Tax Refund, they somehow “Cheated” the government.
But in fact a refund means that they just gave the government an interest-free loan.
So who is the “sucker” here?
People that live in high tax $hitholes like NYC, CA, IL and were in higher income brackets did pay more.
But that is their fault for electing liberals in state government.
Funny people think they have/had to pay more under President Trump but yet they will gleefully pull the lever in the voting booth for a commie politician who wants to take even more of their money. Biazarre.
Last year I paid $3 in taxes. With no change in my filings this year I got back over $2300. Yes, there was a tax cut.
Because the law changed the tax rates, weren’t the withholding rates jiggered to coincide with that. That’s what seems to have happened with mine. I did pay less in tax (via withholding) but then with all the complications of the tax form, I wound up owing a bit. I notified my pension’s HR and had them increase my withholding. If I am going to be taxed, I’d rather pay a little each month than owe anything on Apr 15.
2017: Feds $200 refund
Calif $1300 refund
2018: Feds $2700 paid to IRS
Calif $2900 refund
Main difference: $8100 exemption was eliminated by the tax law
(Married filing jointly, only +$1300 in AGI — mainly due to having to report 2017 state refund as income)
Am well aware tax rates went down, aware of how ineffective former speaker Ryan was — but President Trump did sign whatever this tax “reform” was.
Maybe it was a CINO: Cuts in Name Only
Missing Reagan and ACTUAL tax cuts more and more w every passing day
People believe their taxes went up because they got smaller refunds. And that outcome was deliberate; employers were told to withhold significantly less money.
Refunds aren’t total taxes.
People should compare their total tax due in 2018 to their total tax due in 2017.
Withholding is giving the government an interest-free loan.
It is. I arrange to pay on April 15.
Refund amounts are meaningless.
People should drag out their 2017 Form 1040 and compare the bottom line on it to the bottom line on their 2018 Form 1040.
Clearly that happened but why?
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