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‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax plan (1 Viewer)

that tax cut began with the premise that tax loopholes would be eradicated
and for the middle class, they were
 
Trump has massively out performed my expectations.

The charging up the Kids/Grandkids/Unborn even more than had till then in our generational warfare program was however a mistake.


EDIT: BTW if you think that these young adults of today and kids will not exact their vengeance for what we decided to do to them then you are dreaming.
 
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Multiple supporters of President Donald Trump over the past couple of weeks have taken to Twitter

I love how some places consider tweets as "news".
 
It amazes me how people can be so stupid. I mean, you would think a family of cops, making $150K would be smart enough to look at the effect of the tax cut ahead of time and adjust their finances to their own benefit.

They didn't and now they are crying. Go figure...
 
https://www.rawstory.com/2019/02/tr...-gops-tax-plan/?utm_source=push_notifications

Remember how we said this wasn't good for middle class taxpayers. All the conservatives here were like "No, your taxes went down. Hail Trump!"

Hmmm.....maybe you guys were wrong.

Red:
Some of them are still trying to ply that line of nonsense or something like it. Just, what, yesterday I responded to a member who claimed the TCJA reduced his tax liability by 22%.
My income was pretty much the same year to year- only about a 2% increase year over year. Poor me!...My Federal Taxes owed reduced by 22%. ...Taxes withheld for the year were down about 17%.

I even bothered, as shown below, to lay it out to the person. So far, "crickets."
I don't know whether you're really bad at arithmetic or you think readers of your OP are. I know no tax rate changes contained in the TCJA that can produce the outcome you've described.

Let T = 2017 federally taxable income.
Let R[SUB]a[/SUB] = 2017's average federal tax rate applicable to T
Let R[SUB]b[/SUB] = 2018's average federal tax rate applicable to T
Let L = 2017 federal tax liability

What you've asserted is:​


  • [*=1]TY 2017

    • [*=1]T x R[SUB]a[/SUB] = L
    [*=1]TY 2018

    • [*=1](T x 1.02) x R[SUB]b[/SUB] = (L X 0.78)

Given the constraints you specified and the provisions of the TCJA, the only ways for your taxable income to have changed enough for your 2018 tax liability to be 22% lower than it was in 2017 are:​


  • [*=1]You executed one or more TY 2018 transactions that materially lowered your taxable income from what it was in 2017.
    [*=1]You experienced a material life event that altered your filing status.
    [*=1]You miscalculated your 2017 or 2018 (or even both) tax liability.
One need not even attempt solving for R-sub-b to know damn well that there's no tax rate in the TCJA that one can insert as R-sub-b and solves the equation.

One need not know the member's income; one can simply assume the member has a taxable income of "some amount of your choosing," and see for yourself. (For simplicity's sake, I used the bottom income bracket. If you want to mess around doing it with a higher taxable income, you'll need to calculate the average tax rate for that income.)
  • 2017:
    • $9,000 x 0.10 = $900
  • 2018:
    • ($9,000 x 1.02) x R[SUB]b[/SUB] = $900 x .78
      $702/$9180 = R[SUB]b[/SUB]
      0.076 = R[SUB]b[/SUB]
Is there a 7.6% tax rate in the 2018 tax code? No.
 
I surely didn't vote for Trump, but I'm furious with the SALT deduction cap. And yes, local real estate people have told me they believe it had an affect on sales.
 
Red:
Some of them are still trying to ply that line of nonsense or something like it. Just, what, yesterday I responded to a member who claimed the TCJA reduced his tax liability by 22%.


I even bothered, as shown below, to lay it out to the person. So far, "crickets."

One need not even attempt solving for R-sub-b to know damn well that there's no tax rate in the TCJA that one can insert as R-sub-b and solves the equation.

One need not know the member's income; one can simply assume the member has a taxable income of "some amount of your choosing," and see for yourself. (For simplicity's sake, I used the bottom income bracket. If you want to mess around doing it with a higher taxable income, you'll need to calculate the average tax rate for that income.)
  • 2017:
    • $9,000 x 0.10 = $900
  • 2018:
    • ($9,000 x 1.02) x R[SUB]b[/SUB] = $900 x .78
      $702/$9180 = R[SUB]b[/SUB]
      0.076 = R[SUB]b[/SUB]
Is there a 7.6% tax rate in the 2018 tax code? No.

Your formula only works if the only thing that was effected was rates. So inconclusive at best.
 
I surely didn't vote for Trump, but I'm furious with the SALT deduction cap. And yes, local real estate people have told me they believe it had an affect on sales.
Why are you furious about capping the salt deduction? Do you think smokers should be allowed to deduct the sin tax from their taxable income?

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We are getting a bigger tax return than we expected, and so is our daughter.

Hail Trump!

Yours is temporary and will fade out over the next few years. That's written into Trump's tax cut legislation. Of course, the deep cuts given to Corporate America are permanent, and currently account for tens of billions in lost revenue for the government.
 
Why are you furious about capping the salt deduction? Do you think smokers should be allowed to deduct the sin tax from their taxable income?

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Yes. All SALT taxes should be deductible, to avoid double taxation. But regardless, property, sales, and (state) income taxes should definitely be deductible.
 
Conservatives.. come on! We told ya!
 
Yes. All SALT taxes should be deductible, to avoid double taxation. But regardless, property, sales, and (state) income taxes should definitely be deductible.

To avoid double taxation just get rid of a state income tax - see Texas.
 
Your formula only works if the only thing that was effected was rates. So inconclusive at best.

Incorrect. Go back and read what remark I responded to and then look at a 1040 form.

BTW, it's not "my formula." The equations I presented are nothing other than translating the other member's English language statement into the language of math.
 
I surely didn't vote for Trump, but I'm furious with the SALT deduction cap. And yes, local real estate people have told me they believe it had an affect on sales.

Good, it’s not my job to subsidize your state legislators. SALT is only a problem for you because you’ve probably voted straight democrat never caring about their tax policies because you could write it off.

SALT should’ve even exist, why should you get to write off high local taxes? I’d rather money go to the military and other essential federal services then you cheat them to send money to cities I will never visit. My spending is low and my state has no income tax, and so I get to write off nothing on SALT.
 
Yes. All SALT taxes should be deductible, to avoid double taxation. But regardless, property, sales, and (state) income taxes should definitely be deductible.

It’s not double taxation. State and local taxes go to maintain your state and local government, federal taxes go to Washington. Both are separate government units obligated to provide different services. It is NOT double taxation.
 
that tax cut began with the premise that tax loopholes would be eradicated
and for the middle class, they were

Shhh... let's see how long it takes for him to figure that out.
 
Multiple supporters of President Donald Trump over the past couple of weeks have taken to Twitter

I love how some places consider tweets as "news".

Isn't that a majority of news outlets now?
 
It was reported that barely any company changed their practices due to Trump's tax plan and that after the tax plan they reaped the rewards, and most fired workers too.

Is there a citation for that?
 

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