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Winning...the economy under Trump

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You are reading page 60 of Winning...the economy under Trump. If you want to start from the beginning Go to First Page.

27 minutes ago, toomuchbaloney said:

The wealthy are stealing the wealth of the working class and nation. Their tax breaks need to be repealed. 

https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/EA5FF2BA-8B6A-11E8-B759-784EA951CC88

So, the first article you linked is irrelevant to your latest statement.

And, now I still fail to see how the wealthy are stealing from the working class by paying less taxes.  Particularly since the wealthy are still paying a vast majority of the collective tax bill of the US.

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10 hours ago, SC_RNDude said:

So, the first article you linked is irrelevant to your latest statement.

And, now I still fail to see how the wealthy are stealing from the working class by paying less taxes.  Particularly since the wealthy are still paying a vast majority of the collective tax bill of the US.

I am sorry that you can't see it.  The very wealthy are not struggling to pay their taxes but the working class sure is. Some of them are going to be really strapped by not getting refunds or having to write a check to the IRS this season. Forbes predicted last year that 30 million Americans could be surprised what awaits them this tax season if they didn't make adjustments to their withholding and deductibles. 

Stiglitz wrote an interesting and informative book on the subject. I borrowed it from the library,you could read that if you want a better understanding. I wonder if you think that deep wealth inequality is simply a natural feature of a capitalist economy and that everything will be just fine? The last time inequality was this pronounced in the USA it didn't turn out so well. 

I chose the article to provide information for critical thought and reasoning. 

Edited by toomuchbaloney
Typos

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6 hours ago, toomuchbaloney said:

I am sorry that you can't see it.  The very wealthy are not struggling to pay their taxes but the working class sure is. Some of them are going to be really strapped by not getting refunds or having to write a check to the IRS this season. Forbes predicted last year that 30 million Americans could be surprised what awaits them this tax season if they didn't make adjustments to their withholding and deductibles. 

Stiglitz wrote an interesting and informative book on the subject. I borrowed it from the library,you could read that if you want a better understanding. I wonder if you think that deep wealth inequality is simply a natural feature of a capitalist economy and that everything will be just fine? The last time inequality was this pronounced in the USA it didn't turn out so well. 

I chose the article to provide information for critical thought and reasoning. 

Ah, measuring taxes by looking at our refund or how much we owe.  

Whether they get a refund or owe money, overall, most people, including the working class, will keep more of their own money then they did in 2017.  I don’t see how mismanaging that will be fixed by the wealthy being taxed more.

Did you actually read the book?  I only ask because the last time a book was recommended to me here, after some discussion it came out that the person hadn’t actually read it.  She just thought it would be good for me and I might learn something.

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Ouch!

Potentially bad fallout for the GOP and Trump over their tax scheme.

From today's Washington Post:

Millions Of Americans Could Be Stunned As Their Tax Refunds Shrink

I guess folks are getting upset over small and non-existent tax refunds this year, with many blaming Trump.

Remember, the tax scheme passed with only Republican votes.

Oh, well!

 

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I've seen the figures on tax refunds being smaller.  People look at this one thing and get upset.   What we have to do is stop to think how much more we got each paycheck and see if we're ahead and getting it each paycheck instead of the end of the year.  Which is the wise thing to do instead of letting the government have it and depending on a refund.

But at the end of the day this one thing is politically damaging, whether or not it should be.

My refund shrunk as well and I was a bit disappointed.

Unfortunately since being paid hourly my pay varies from week to week, I can't tell what my tax break actually equals out to, but I bet if I did the math and subtracted my refund this year vs. what it was in years gone by,  it wouldn't be all that much.   Not like the obvious millions and billions others are getting.

I also read that car dealerships are worried that with smaller refunds their sales might be affected because traditionally refund time is a time that stimulates car sales.

 

Edited by Tweety

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We made our best guess on withholding. I had read that the IRS calculations were going to be low, but dh also had a  raise. 

We got about $200 back last year, and will need to pay $200 this year. So yes, we did save about $1000 on taxes. 

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I haven't done my taxes yet, but last year, my tax preparer told me to get ready for a smaller refund because of the tax law.

I'm one of those people who would rather let the money sit with government, in favor of a bigger refund.

When I used to freelance a lot, I got used to paying taxes in April. Sometimes I paid a lot, on the installment plan.

But now that I just get a regular paycheck, I usually get a refund. Not as large as some folks in the story, though.

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12 hours ago, Tweety said:

I've seen the figures on tax refunds being smaller.  People look at this one thing and get upset.   What we have to do is stop to think how much more we got each paycheck and see if we're ahead and getting it each paycheck instead of the end of the year.  Which is the wise thing to do instead of letting the government have it and depending on a refund.

But at the end of the day this one thing is politically damaging, whether or not it should be.

My refund shrunk as well and I was a bit disappointed.

Unfortunately since being paid hourly my pay varies from week to week, I can't tell what my tax break actually equals out to, but I bet if I did the math and subtracted my refund this year vs. what it was in years gone by,  it wouldn't be all that much.   Not like the obvious millions and billions others are getting.

I also read that car dealerships are worried that with smaller refunds their sales might be affected because traditionally refund time is a time that stimulates car sales.

 

Subtracting your refund out from your pay isn’t the way to compare your federal tax bill from one year to the next, or too see how much or little you are ahead. 

I will agree, many may be disappointed in their refund as it’s less then what they are used to.  

This will be partly Trump and the Republicans fault, as one way they sold it as being less taken out of their paychecks, and then had the witholding tables changed.  Anyone at anytime has always had some control on how much is taken out, which effects their paycheck and their refund or payment.  The important number us their overall tax owed for the year.

Our income was slightly less and our federal income tax was $2900 less.  Our effective tax rate was about 2.8% less.

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11 minutes ago, SC_RNDude said:

Subtracting your refund out from your pay isn’t the way to compare your federal tax bill from one year to the next, or too see how much or little you are ahead. 

 

I didn't say what I meant well.

What I meant was one can't just look at the refund and be upset, especially if their paychecks were higher because of a tax cut.  They way I'm looking at it is that say each week my paycheck went up $50 more than prior to the tax cut.  That's a tax cut of $2600.  But if my refund is $400 less, then I would personally say I'm still ahead $2200.   

Naturally I want that $2600 plus the $400, and I guess that's what's upsetting people.  But if I'm ahead, my outrage is not much.

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