Did you have to pay more in taxes this year?
Haven't done my filing yet, but have been hearing a lot of middle class folks seeing huge increases to their tax burden vs last year. Wondering if anyone here can confirm our if it's just hearsay.
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RealMustangGuy · 61-69, MVIP
The Child Tax Credit doubled to $2,000 per child so families with kids should do well under the new tax bill. And as others have said in their replies tax rates for everyone all went down. People that had a lot of employee expenses or things like investment fees might be worse off as those deductions were eliminated, but most people should be better off.
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RealMustangGuy · 61-69, MVIP
@anythingoes477 No you are completely wrong. The child tax credit is a flat $2,000 credit that does not get reduced but is fully refundable on all income up to $400,000. At $400,000 of income the credit begins to get reduced. A family with four kids and making $25,000 a year gets an $8,000 child tax credit. A family with four kids and making $200,000 gets an $8,000 child tax credit. A family with four kids and making $390,000 gets an $8,000 child tax credit. A family with four kids and making $410,000 does not get the full credit but has it reduced. It is fully eliminated at approximately $450,000 of income.
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anythingoes477 · M
@RealMustangGuy I have an idea----why not ask this board in about a month or so after most have filed their taxes how that HUGE refund worked out for them--------------in reality.
anythingoes477 · M
Wol62 · 51-55, M
@anythingoes477 Everyone know the commies control the Republican party, jesus, haven't you people seen the Manchurian Candidate?
anythingoes477 · M
@Wol62 If you read the platforms..listen to the campaign goals...look at the laws passed in various states to limit voting--end the next Governor's ability to do anything if he's not a Republican--that is NOT commie...it's pure fascism. look up Fascism. Read what they believe.
anythingoes477 · M
@MarineBob As the comment already said............all other numbers being equal to last year.
QuixoticSoul · 41-45, M
windinhishair · 61-69, M
@QuixoticSoul True. However, in some states with high housing costs (CA, NY, NJ, etc.), limits on the interest tax deduction will cause some middle income earners to pay higher taxes overall. Depends on your specific situation, but not everyone is seeing lower taxes.
QuixoticSoul · 41-45, M
@windinhishair Definitely. But they’re not trump voters so it doesn’t matter lmao. Donor states, too, might as well squeeze them a bit more.
windinhishair · 61-69, M
@QuixoticSoul Exactly. The states with the greatest impacts are those that voted against Trump. That is not a coincidence. More proof that he only governs for the benefit of his shrinking number of supporters.
katielass · F
@Stereoguy I've been seeing the scare articles claiming that millions will owe taxes for the "first time in history". They don't mention that if they do it's because their employer didn't adjust the withholding after the law was passed, as they should have. The left's voters are so easily fooled.
MarineBob · 56-60, M
the scary part is all those getting thousands of $$$$ back just because they like living pay day to pay day while giving the government an interest free loan, while folks like me work my ass off to find new ways of cheating, screw it I am doing the environment a favor by picking up receipts out of parking lots
Starcrossed · 41-45, F
Can't confirm, but it can't be worse for me this year than a few yrs ago when my company became an OUS entity and essentially had to sell/buy back all my 'meant for additional retirement fund' stock under the new entity and I got taxed on them.
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Not yet, I'm dreading it.
