Tax bill

[Schneed10]

Originally Posted by mooby

Here's a follow up report on the savings from the tax bill.

Personally my paycheck went up, but it's hard to tell how much is from the tax cut and how much is from the salary bump due to my promotion that went into effect right around the same time. My tax return was higher than last year's, but not by much.

Tax cut savings flow to company stockholders, trickle to hourly workers

Just saw this. It is actually extremely easy to tell that if you can handle basic algebra, come on mooby.

[sdskinsfan2001]

Originally Posted by Schneed10

Just saw this. It is actually extremely easy to tell that if you can handle basic algebra, come on mooby.

Algebra? Never heard of her.

[Back2RFK]

Originally Posted by Giantone

And now the other side of Trump and Ryan's tax bill.................
https://www.yahoo.com/huffpost/avera...054836423.html


Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
HuffPost Mary Papenfuss,HuffPost Sat, Feb 9 12:48 AM EST
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Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


chico this is an OPINION piece...........


https://www.fatherly.com/love-money/...arents-refund/

I am a father of two in a dual-earner household, sitting smack-dab in the middle of the middle-class. It’s February and I am terrified to do my 2018 taxes. It’s not because taxes are hard. It’s not because I’m seeing middle-class Trump supporters become apoplectic on Twitter as they calculate their tax bill. It’s because for the last three years I’ve been a remote worker itemizing my tax returns and, in 2017, House Republicans and President Trump stripped me of crucial deductions. So I hesitate to file. Because I know it’s going to be bad and I don’t want to find out just how bad.

I have, for the last three years enjoyed a refund. And the money I received from that refund often went back to my community. One year my wife and I bought a couch from a local business. The next we bought a bed from a local business. Other times, of course, we’ve used the refund to pay down debt. Either way, I am not expecting a refund this year. I’m expecting to write a check.

How many of those people saw a bigger pay check over the past year because of the new tax laws? They seem to leave that out of the equation.

[sdskinsfan2001]

I got a way bigger refund...from California. Trump made CA pay me. Yes Mooby, I am kidding about why I got my CA refund. You're my boy blue!

My actual federal refund was $85 bucks, which was less than what the government took from my $214 dollar bonus, $87.74.

Love me some government. U.S government is the #1 mob in the world. Fuck you, pay me.

[Giantone]

Originally Posted by Back2RFK

How many of those people saw a bigger pay check over the past year because of the new tax laws? They seem to leave that out of the equation.

If you read the link they don't.

[SunnySide]

President Trump is rolling back another regulation set by the Obama administration, which the White House says is no longer necessary.

It is the regulation that was enacted to keep American companies from moving their official base of operation abroad to reduce their tax burden.

It is called an inversion, where an American company merges with a foreign firm, basically becoming a subsidiary and moving the headquarters for tax purposes

Administration officials say its not needed due to the tax overhaul that Trump signed in 2017, according to the New York Times.

The regulation was credited by tax analysts with reducing inversions, but business groups criticized it.

Treasury Secretary Stephen Mnuchin called the regulation obsolete, because the tax cuts have essentially leveled the playing field and made the business environment more competitive.

The 2017 law cut the corporate income tax rate to 21 percent from 35 percent.
https://www.foxbusiness.com/politics...bites-the-dust
-------------------------------------------

So tax analysts like the regulation that kept US companies from "merging" with foreign corps to take advantage of tax purposes ... but corporations didnt.

Trump admin sides with corporations.

If Trumps tax laws made it obsolete .. then why not leave it on the books? If it had no effect now ... why bother?

I imagine Trump Org and rich business guys benefit greatly from this and it seems to have slipped by the media's attention. Idk, maybe its no big deal .. seems big to me.

Our deficit is going to be yuge.

edit --- does this allow US companies to do business and operate in the US like business as usual but since they "merged" with a Irish shell company, they only pay Ireland corp tax rates?

^^ that seems big, I must have this interpreted wrong.

So instead of getting billions in corporate taxes .. we get feed the line that this helps us bc corporations will use the extra money to increase our wages and re-invest (and not just bank the money).

What a fucking crock .. I hope I have this all wrong

[Giantone]

..........sadly you don't.

[jamf]

Originally Posted by sdskinsfan2001

Algebra? Never heard of her.

I'll introduce you if you want to watch a game in TJ with me.

Bring $100, more if you're into freaky stuff.

[mooby]

Originally Posted by SunnySide

President Trump is rolling back another regulation set by the Obama administration, which the White House says is no longer necessary.

It is the regulation that was enacted to keep American companies from moving their official base of operation abroad to reduce their tax burden.

It is called an inversion, where an American company merges with a foreign firm, basically becoming a subsidiary and moving the headquarters for tax purposes

Administration officials say its not needed due to the tax overhaul that Trump signed in 2017, according to the New York Times.

The regulation was credited by tax analysts with reducing inversions, but business groups criticized it.

Treasury Secretary Stephen Mnuchin called the regulation obsolete, because the tax cuts have essentially leveled the playing field and made the business environment more competitive.

The 2017 law cut the corporate income tax rate to 21 percent from 35 percent.
https://www.foxbusiness.com/politics...bites-the-dust
-------------------------------------------

So tax analysts like the regulation that kept US companies from "merging" with foreign corps to take advantage of tax purposes ... but corporations didnt.

Trump admin sides with corporations.

If Trumps tax laws made it obsolete .. then why not leave it on the books? If it had no effect now ... why bother?

I imagine Trump Org and rich business guys benefit greatly from this and it seems to have slipped by the media's attention. Idk, maybe its no big deal .. seems big to me.

Our deficit is going to be yuge.

edit --- does this allow US companies to do business and operate in the US like business as usual but since they "merged" with a Irish shell company, they only pay Ireland corp tax rates?

^^ that seems big, I must have this interpreted wrong.

So instead of getting billions in corporate taxes .. we get feed the line that this helps us bc corporations will use the extra money to increase our wages and re-invest (and not just bank the money).

What a fucking crock .. I hope I have this all wrong

Tongue out Sunny Side, that trickle-down is gonna happen any day now.

[Giantone]

Originally Posted by mooby

Tongue out Sunny Side, that trickle-down is gonna happen any day now.

.............asking for a freind but will that happen anytime in our lifetime?