Replies: 18
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CU Guru [1907]
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Trump is at fault for tax refunds being lower?
Feb 10, 2019, 12:07 PM
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Nope, not in the least but one would never know from headlines. That fault lies with those that did nothing with withholding exemptions. Like most folks casting blame they need to look in thee mirror for that culprit.
Tax return refunds are determined by how you claim withholding, it also has little to do with how much you paid in comparison to last year. Some who itemized in high State income and property tax locals who did not adjust may be crying. In truth those should never have been deductible from Federal forms and the $10k is more than generous. Their gripe should be taken up with the Governor and State legislature on why those rates are high.
Refund not withstanding my Federal liability is $3k less this year on slightly more income. All is good from where I sit but then again I knew what was in the tax reforms and adjusted accordingly.
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Legend [15492]
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Re: Trump is at fault for tax refunds being lower?
Feb 10, 2019, 12:26 PM
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I hear ya. I cant stand the guy, but he's not responsible for everything.
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Heisman Winner [111730]
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Re: Trump is at fault for tax refunds being lower?
Feb 10, 2019, 12:45 PM
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I filed 11 dependencies(mostly illegal migrant children I have never met) and should be getting a sick return from the withholding on my welfare checks. I also found a liquor store that will take the 4k a month I get in snap benefits, I spend it mostly on lotto tickets and cheep beer.
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All-TigerNet [13605]
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Re: Trump is at fault for tax refunds being lower?
Feb 10, 2019, 1:25 PM
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Same here. We made out about $2000 more than usual, with pretty much same income.
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110%er [9174]
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Point, infinity
Feb 10, 2019, 10:37 PM
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-Doc
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All-In [31908]
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The ignorance on the idea of refund by otherwise...
Feb 11, 2019, 7:20 AM
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well educated people is astounding.
Look at the total tax you paid for eff's sake, not the size of the refund.
People act like getting a refund is a great thing. I hear so many people saying that they are going to pay off their credit card debt with their refund check. Right! It's an awesome financial plan to loan money to Uncle Sugar all year at no interest and borrow from Citibank at 19%. Brilliant!
I try to owe as much as possible without getting an underpayment penalty. I cut it a little too close last year due to 2017 bonus payments made in 2018 being larger than expected. I think/hope I can get out of the underpayment penalty due to irregular income claim.
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Heisman Winner [111730]
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Re: The ignorance on the idea of refund by otherwise...
Feb 11, 2019, 7:52 AM
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has anyone yet to complain about Dad's strawman?
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All-In [31908]
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huh?***
Feb 11, 2019, 8:19 AM
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CU Guru [1907]
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Re: huh?***
Feb 11, 2019, 8:40 AM
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Balm, being a lib to the core is saying my arguement is invalid or flawed by the means used to arrive at the conclusion. He would be wrong but then again he is on most issues so at very least he is consistent.
Trump is being blamed for tax refunds being lower this year and using it to say they got hosed in the tax cut bill. I would suggest to Balm and I did in OP that a refund is not the way to look at net results. Compare last year tax liability to this years. Valid and correct position to hold as a refund is dependent upon how one chose to claim withholdings. Mess it up and yes you could owe or get less in a refund, that does not change what the net liability was to Federal govt..
Now as I said people in high income and property tax States may see a rise due to the SALT cap of $10k but they should take the high taxation at a State level up with their Governor and Assmbly. If these people did not adjust withholdings then yes they likely owe but once again that would be their fault for doing NOTHING to factor in the loss of anything above the $10k cap. Myself, I think a better number would be ZERO as how a State runs their taxation should not change what one owes to the IRS on Federal forms.
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All-In [31908]
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CU Guru [1405]
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Re: Trump is at fault for tax refunds being lower?
Feb 11, 2019, 8:29 AM
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It's been kinda funny to see the Trump defenses around this. The same people always screaming that tax law is too complicated for regular people to understand now are screaming that regular people should just understand tax law better.
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All-In [31908]
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I've been saying people are idiots on tax refund for...
Feb 11, 2019, 8:30 AM
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a long time. So....
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CU Guru [1907]
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Re: Trump is at fault for tax refunds being lower?
Feb 11, 2019, 8:44 AM
[ in reply to Re: Trump is at fault for tax refunds being lower? ] |
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It is not complicated to grasp or fix withholdings but yes it is TOO complicated for some folks I guess. I would much rather a VAT instead of income based taxation. Point of sale for goods and servicestaxation eliminates the need to file and gets rid of a large portion of the IRS that handles individual filers forms. It could be graduated to allow for a lower taxation of essential living items but overall would accomplish the goal.
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All-In [38514]
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I don't believe many people pay attention to their taxes.
Feb 11, 2019, 10:36 AM
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Especially payroll deductions. They just judge everything on their returns. So when the tax cuts were passed, many made assumptions both on what they were told as part of the political argument and on hearing tax cuts. I'd assume that since many only pay attention to the amount of their refund and don't realize that in order to get a significant tax cut you have to have a significant tax burden, they just assume they'd receive a significant refund.
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Oculus Spirit [75725]
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I stopped after juts a few articles on this since none of
Feb 11, 2019, 11:56 AM
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them mentioned if take home pay changed for these folks and didn't mention the changes in the standard deduction? Didn't that double? As it stands now, I'm getting about the same amount back as last year.
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Oculus Spirit [81078]
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How can I adjust from "zero"?
Feb 11, 2019, 11:23 AM
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I guess have some additional taken out.
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110%er [9669]
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The average American is an idiot. That's why he eats up
Feb 11, 2019, 12:52 PM
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the headlines on "news" sites and gets ticked off about it.
I've always been amazed at the mentality of people who think a big refund is a good thing. That just means you gave the gubbermint a free loan throughout the year...
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Oculus Spirit [75725]
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There is a bell curve to this.
Feb 11, 2019, 3:12 PM
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If I were getting $3000 plus back I'd agree with you. The amount I usually get back would make some cash flow things easier, but probably would not go into savings. With the bigger check I can take care of big thing or as I have for the past 4 years, hide it in a savings account for later.
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110%er [9669]
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Yeah - I didn't change my deductions - but I did direct the
Feb 11, 2019, 3:18 PM
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difference in my check directly into savings. Theoretically, that amount should more than make up the difference in my refund...
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Replies: 18
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