"death and taxes"

"davesaddiction @ opposite-lock.com" (davesaddiction) 02/19/2019 at 16:00 • Filed to: None

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They’ve really screwed this up, politically. In reality, a tax cut for 4/5ths of Americans, but most will perceive it as a tax increase because of a smaller refund (or having to write a check)... not that I’m surprised that Trump & Co bumbled this one, but honestly not sure how they could’v e done it differently (if you overpay less tax, you naturally will get less back).

Seems as though most Trump supporters will stick with him regardless of how his policies affect them (real or perceived).

!!! UNKNOWN CONTENT TYPE !!!

Clearly, this was the real, material change in the new law: The Tax Cuts and Jobs Act of 2017 changed the top corporate tax rate from 35% to one flat rate of 21% . This rate will be effective for corporations whose tax year begins after January 1, 2018, and it is a permanent change.

ranwhenparked > davesaddiction @ opposite-lock.com 02/19/2019 at 16:03

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I owe every year, which is why I always put off filing until the last minute. If my preliminary calculations are right though, I think I am saving around $1300, not huge, but I'll take it. 

For Sweden > davesaddiction @ opposite-lock.com 02/19/2019 at 16:04

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If the government withheld all of your wages, then paid you one huge refund in the spring, think of how great that would be.

ranwhenparked > For Sweden 02/19/2019 at 16:08

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Or, how horrible it would be if  there was no withholding and you had to write a check every month.

Arch Duke Maxyenko, Shit Talk Extraordinaire > davesaddiction @ opposite-lock.com 02/19/2019 at 16:09

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I got back pretty much exactly what I got back the year before, but his shit was bungled badly.

Dr. Zoidberg - RIP Oppo > davesaddiction @ opposite-lock.com 02/19/2019 at 16:14

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Another reason to never, ever, ever being financially dependent on a refund.

Mid Engine > davesaddiction @ opposite-lock.com 02/19/2019 at 16:23

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I was violently ass raped

davesaddiction @ opposite-lock.com > ranwhenparked 02/19/2019 at 16:26

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Nice. Ours are complicated, we haven’t even looked yet...

davesaddiction @ opposite-lock.com > For Sweden 02/19/2019 at 16:26

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You could buy a new car every year!

Oh wait...

ranwhenparked > davesaddiction @ opposite-lock.com 02/19/2019 at 16:31

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Mine is also going to be more complicated than usual for 2018, so I'm going to pay someone to do it this year. Not that they're likely to find any more savings, I just want to know I'm legal. 

davesaddiction @ opposite-lock.com > Dr. Zoidberg - RIP Oppo 02/19/2019 at 16:32

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Yup. And to always have some held back, just in case.

davesaddiction @ opposite-lock.com > Mid Engine 02/19/2019 at 16:32

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I’m sorry to hear that. 

davesaddiction @ opposite-lock.com > ranwhenparked 02/19/2019 at 16:35

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We paid someone to prepare ours for the first time last year (I own like 2% of 2% of the company I work for, and we sold some assets in 2017 ). 

davesaddiction @ opposite-lock.com > Arch Duke Maxyenko, Shit Talk Extraordinaire 02/19/2019 at 16:37

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One can only hope some will burn their red hats on April 15th. 

Future next gen S2000 owner > davesaddiction @ opposite-lock.com 02/19/2019 at 16:39

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As far as I’m concerned, you should end up with no refund. If you get a refund, you have given Uncle Sam an interest free loan. On the flip side, if you pay in, you are taking an interest free loan.

Future next gen S2000 owner > Mid Engine 02/19/2019 at 16:39

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My bad.

davesaddiction @ opposite-lock.com > Future next gen S2000 owner 02/19/2019 at 16:41

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Yes, no/small refund is best. Easy to think “interest free loan” if you’ve got the cash around to pay it, but still sucks if unexpected.

loki03xlh > davesaddiction @ opposite-lock.com 02/19/2019 at 16:45

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The gov’t withheld $1000 less from my paychecks las t year. It looked like a tax cut of $ 38.46 per paycheck. Not bad. My refund was $800 less than the year before. My “real” tax cut was $200 Not good. I should of gotten a tax cut of $7.69 per paycheck. By “Trumping up” the withholding tables, the Treasury and IRS fucked over many taxpayers. I guess the gov’t didn’t think a $7.69 raise didn’t look like a big enough of a tax cut.

Sovande > davesaddiction @ opposite-lock.com 02/19/2019 at 16:46

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They screwed this up politically years ago when they began over taxing people, essentially borrowing thousands from taxpayers interest free and then building a false economy around the tax return. Do your taxes correctly and you should owe/be owed  as close to nothing as possible. 

davesaddiction @ opposite-lock.com > loki03xlh 02/19/2019 at 16:59

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The national debt just rolled $22,000,000,000,000, and the projected 2019 deficit is $985,000,000,000, but...  HEY ! Eight bucks extra per paycheck! Who loves ya...?

nermal > davesaddiction @ opposite-lock.com 02/19/2019 at 17:06

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NEWS FLASH: PEOPLE R DUM

davesaddiction @ opposite-lock.com > nermal 02/19/2019 at 17:16

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So, so many of them...

Best to just ignore it all? Probably. 

Akio Ohtori - RIP Oppo > Dr. Zoidberg - RIP Oppo 02/19/2019 at 17:42

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Ditto a bonus.  You never know when your company will decide to pad its books by screwing its employees.

VajazzleMcDildertits - read carefully, respond politely > davesaddiction @ opposite-lock.com 02/19/2019 at 17:49

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“Be the change you wish to see in the world” is not successful when it’s someone else who refuses to learn.

My facial expression looks like Minny’s from T he H elp all the time

facw > davesaddiction @ opposite-lock.com 02/19/2019 at 18:14

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Most of the coverage has not been very sophisticated (which I guess could have been expected). I don’t support the tax plan at all, but there are so many silly “people are getting smaller refunds/owing money” stories going around. Granted some people legitimately are paying more (somewhere between 20-25% IIRC), but most people do have a lower tax burden. The real problem isn’t that people are getting screwed directly by the tax bill, it’s the idea that you are going to blow up the deficit with tax cuts that overwhelmingly benefit the rich, and then immediately start complaining that the deficit is too big, so we need to enact huge cuts to programs that benefit the poor and middle class.  

smobgirl > Sovande 02/19/2019 at 19:11

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Yeah, but I prefer to loan the government a little extra for when my (now former) company screws up their side of things. It happened more than once and it was only not a huge crisis because my old second job also paid out  around tax season.

jimz > davesaddiction @ opposite-lock.com 02/19/2019 at 19:27

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yeah, I thought I was going to get “hosed” by this (due bill $900 more than I was expecting) but as I progressed through doing my return the fact that I also switched to an HSA+HDHP last year offset most of the difference.  So I actually owe a small amount, same as previous years.  Still changed my withholding for this year. 

Discerning > davesaddiction @ opposite-lock.com 02/19/2019 at 19:56

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I ended up paying more than I expected.

Limits were reduced for things like student loan interes t , so I make too much to claim any of the interest I paid. Hooray?

Oh, also my independent I RA contributions don’t count because my employer offers a retirement plan that I utilize. Hooray again?

It's not too bad. Just more than I expected honestly.

Discerning > Future next gen S2000 owner 02/19/2019 at 19:58

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This. Though I did have to pay a 52 dollar penalty this year for “underpayment.”

It’s exactly as it sounds. You pay a fee directly to the IRS, independent of your return, for withholding too much in the year. Womp womp.

nermal > davesaddiction @ opposite-lock.com 02/19/2019 at 20:22

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No. First you pick a side. Either one works. Then you distort the reality of the situation using alternative facts to support your side.

Continue until you win several arguments on the internet. 

benjrblant > davesaddiction @ opposite-lock.com 02/20/2019 at 14:25

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This could have gone over SO well if the withholdings and allowances were unmodified, resulting in most people getting a massive return.

I think this is an indication that most people have difficulty rationing and saving money, i.e. didn’t notice the slightly larger paychecks and didn’t budget for possibly owing taxes.

davesaddiction @ opposite-lock.com > benjrblant 02/20/2019 at 14:39

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Yup. So much of politics is perception.

Nearly 80 percent of American workers (78 percent) say they’re living paycheck to paycheck, according to a 2017 report by employment website CareerBuilder.