Posted on 01/30/2023 8:55:56 PM PST by george76
The $300.00 individual/$600.00 per couple charitable contribution deduction for non-intemizers is gone.
“All contributions are tax deductible” carries less meaning these days.
SFL
I thought joey said they were going after the RICH.
F**king thieves. That’s all they are.
They should have phrased it this way ...
“Far fewer people will pay taxes on investment gains ... thanks to Pres. Joeflation.”
Well I pay 43 percent now on every buck I make...
Inflation causes people to move into higher tax brackets when they get the COLA adjustments (or equivalent), while their effective earnings drop.
Not only does the government get to pay debt with lower value currency, it gets to collect more in taxes.
and the stimulus?....well,we got one but no more....my last year of work plus collecting SS plus taking some retirement money out to pay bills made us seem a little more than average so we missed out....
the charity deduction will be missed, and I'm not even bothering putting anything down on my turbo tax since I can't get over the standard deduction even with high property taxes....
its not that we give just for a tax benefit, but late in December its nice to donate and get a little tiny reward in April....
I realized just this week that I could have deducted $600 for charity, not just $300 but its all moot isn’t it....
I wonder if ABC, NBC, CBS, CNN, or MSNBC will talk about the Biden, “No tax increases for the middle class” promise.
Taxing the rich in action.
Trumps tax law ended a lot of charities.
All my life whenever the Dims promised to raise taxes on only the rich they wound up raising my taxes too. Even when I made $4/hr.
Note… we have the same gope leadership that locked us down, masked us, restricted travel, unless youre Syrian, banned assembly, unlesss you’re burning cities, spent how much to pay people to stay home..v spent how much on big pharma.
But hey.. 100s of thousands of lives were saved by the safe n effective vax that 85 percent Of Americans kneeled to.
85 percent obey without question. That’s not the same America that won at Midway.
85 percent is a holocaust level of obedience and they started with J6.
Just getting warmed up.
Unless you were in the front end of a mortgage with fairly high SALT (albeit capped) there was practically no tax incentive for charitable contributions.
I’m all for eliminating the “standard deduction”.
The Internal Revenue Code is an abomination in the eyes of the Lord and pisses on the graves of all US military who died for the government.
Keep in mind that her inclusion of the Covid charitable deduction is minor in the scheme of things. It goes on top of your standard deduction, lowering your taxable income.
If in the 10% tax bracket it saved you $30 or $60. In the 12% bracket? $36 or $72.
In the 22% bracket? Then it saves $66 or $132.
Not nothing but not exactly life changing.
The question still needs to be on what the feds do with our money ...
lepton :" Inflation causes people to move into higher tax brackets when they get the COLA adjustments (or equivalent), while their effective earnings drop.
Not only does the government get to pay debt with lower value currency, it gets to collect more in taxes.
(From the article)" Financial expert Lynnette Khalfani-Cox told NPR on Jan. 22 that there are “four main reasons” that cause will cause 2022’s returns to be smaller.
“The first is: no more stimulus checks.
The second is that what was called the enhanced child credit—that’s gone,” she noted.
A third reason is that a pandemic-era tax break for charitable deductions was killed for this year, she said, noting that
the fourth reason is because some individuals might face taxes on investment gains."
"Joe Buhrmann, a financial planner and senior financial planning consultant at eMoney Advisor, told CNBC on Friday that the smaller refunds this season
and relatively high inflation could be a “double whammy” and “nasty surprise” for some people, namely families."
"Tax breaks that were implemented for 2021’s taxes have returned to prior levels, the Internal Revenue Service (IRS) has said.
The child tax credit dropped back to a maximum of $2,000 per child."
"The Consumer Price Index, a key metric used to measure inflation, went up by 5 percent in December 2022, according to the Department of Labor’s latest statistics published last week.
That’s down from the 5.5 percent year-over-year increase that was seen in November of last year."
“That’s money out of refunds right there,” Buhrmann noted, referring to the child tax breaks."
“But a whole bunch of taxpayers actually received what’s called a recovery rebate credit,” Khalfani-Cox also said.
“And they got $1,400 per person on their 2021 taxes,” plumping their tax refund or lowering their bill. “But now that’s gone,” she remarked."
Read the entire article for a greater understanding of the IRS tax structure and how it may affect you and your family !
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