Politics Wealth Tax

Discussion in 'Blazers OT Forum' started by e_blazer, Feb 20, 2020.

  1. donkiez

    donkiez Well-Known Member

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    Liability increased $3k approximately. I'm doing this year's taxes this weekend and so far it looks to be about the same but I won't know for sure till I am done.
     
  2. Minstrel

    Minstrel Top Of The Pops Global Moderator

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    And this is the phase of the tax cut that's not supposed to be painful for the middle class. In order to make it budget neutral over 10 years, so they could use budget reconciliation, they had the middle class tax cuts sunset after a few years. The tax cuts on the rich, of course, don't.
     
  3. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    My tax return was better than last years, and Im middle class, getting back between Feds and State about 13k
     
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  4. SlyPokerCat

    SlyPokerCat cats rool dogs drool

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    You have a bunch of kids. The child tax credit is better.

    Middle class people who own homes and no kids got hosed. Not all, but that is pretty much the only demographic that got hosed.

    The point is, there should NEVER be a tax cut that is detrimental to the middle class. Especially when rich people get tax cuts.

    My situation is I pretty much broke even in total tax liability. And I have 1 kid.
     
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  5. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    I have 4 kids but the tax credit didnt change that much, and our tax return was about 3.5k better so it wasn't just the extra kid.
     
  6. SlyPokerCat

    SlyPokerCat cats rool dogs drool

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    The child tax credit increased from 1,000 per kid to 2,000 per kid under trumps tax reform.

    Also, there wasn't that much of a change from 2018 to 2019. 2018 was the first year of trumps tax reform. The big change was from 2017 to 2018.

    2k of your increased refund was your new kid. The other I don't know. Your situation had to have changed somewhere. You should be able to tell easily just by comparing them.
     
    Last edited: Feb 20, 2020
  7. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    Well only 1400 is refundable, but yeah it helps to have kids during tax season. Also I know not everyone can but we always put more in during the year to make sure were covered in the spring.
     
  8. SlyPokerCat

    SlyPokerCat cats rool dogs drool

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    1400 is refundable if you don't owe tax. Each kid takes off 2,000 from your total tax liability Meaning, you get to keep more of what you withheld.

    I owe 10,000 in tax.
    I have 1 kid.
    I get a 2,000 credit.
    I now owe 8,000 in tax.
    I withheld 20,000.
    I get a 12,000 refund.

    My refund isn't limited to 11,400 because of the child tax credit.
     
  9. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    Ok, but I didnt question any of that. All I did was say that year over we did slightly better then last year, and Id have to look again but Im pretty sure it wasnt all the tax credits. Also most of the people that are telling me they got screwed, are getting refunds just not as big as they want it to be. No one is saying that tax cuts for the wealthy is good, and just cause I mention I did better this year then last doesnt really make an argument that Trumps tax cuts were good for everyone. :dunno:
     
  10. SlyPokerCat

    SlyPokerCat cats rool dogs drool

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    Tax tables change based on what the irs and state want it to be. You can get a larger refund year over year because you increased your withholding or changed or exemptions or filing status. The tax tables were purposely changed so people would feel they had more cash in their pockets from 2017 to 2018. What happened is that many people underwithheld due to that and were annoyed because they have no idea about anything in the taxes world.

    Refunds are great for people that get them but what matters is the tax paid year over year.

    If you got 3500 more back of course it wasn't all credits. 2000 of it likely is from your additional child. You can compare your two returns to see very easily.
     
  11. donkiez

    donkiez Well-Known Member

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    You should look at liability not return to make a better comparison. I have no kids so it appears that is why I am in the screwed bracket.
     
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  12. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    I'm not really sure where you're trying to go with any of this.
    I'm not opposed to taxing higher incomes more. I don't know exactly what my year over year taxation was, but I do know that throughout the year our living conditions were consistent and good, never really felt strapped financially, more just strapped for time. I do realize that not everyone had that experience.
     
  13. ABM

    ABM Happily Married In Music City, USA!

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    I'm getting great new health care...and Mexico's paying for it!
     
  14. tlongII

    tlongII Legendary Poster

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    What constitutes “rich”?
     
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  15. SlyPokerCat

    SlyPokerCat cats rool dogs drool

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    This year should have been better for most because of the Oregon kicker. It was a hefty 17ish% this year. That would explain why some got a bit if a jump in money back too.
     
  16. CupWizier

    CupWizier Well-Known Member

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    That is ridiculous. Would you invest 13k in a project that promised you only your money back in 12 months? That's essentially what you are doing.
     
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  17. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    Thanks for your input.
     
  18. CupWizier

    CupWizier Well-Known Member

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    Hey if you're okay with giving the government 13k to play with for the year then who am i to say anything. :dunno:
     
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  19. PtldPlatypus

    PtldPlatypus Let's go Baby Blazers! Staff Member Global Moderator Moderator

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    He does make a valid point. I've always felt that the goal of tax withholding should be to match your eventual tax liability as closely as possible. No reason the government should hold onto my money.
     
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  20. TorturedBlazerFan

    TorturedBlazerFan Well-Known Member

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    I honestly don't really care as long as I don't owe anything at the end of the year. :dunno:
     

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