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.
anythingoes477 · M
@RealMustangGuy You probably need to read that again. $2000...FOR SOME FAMILIES. As with everything that the GOP has done in the last years this credit is wholly tied to how much income you make per year. The more you make--up to $200,000-----the bigger the child care credit you get. So the ones that make the most--and need it least--are automatically going to rake the most in from this credit. The poorest of the poor--or lower middle class benefit very little by this law.
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.