Taxes and you how much of your refund where you screwed out of?

does this belong to the thread "giving Trump the significant finger",

http://bbs.clutchfans.net/index.php?threads/giving-trump-the-significant-finger.291581/ ?​

 

We should raises taxes ... As long as my tax bill doesnt increase.

 

Who knew we had one percenters in our midst?

 

in order to stimulate the economy it's way better to tax rich people more.

When average joe gets 3K less refund, that's 3K that won't be spent.

When a billionaire pays $1million more in tax, his spending habits aren't changing at all.

 

[Premium Post]
The above quoted post was brought to you by the Alexandria Ocasio-Cortez school of accounting and economics. Ill-informed and clueless, yet confident and outraged!

GOOD DAY

 

While this is usually true, my taxes should be higher. End the child tax credit. They won't do it, but they should.

 

You can pay more just make sure you delegate the extra for those “unwilling” to work.

 

it is more reputable than the now-defunct Trump university

 

The Child Tax Credit (brought to us by Republicans) is anti everything Republicans pretend to believe in. Subsidizing people having kids. Making it refundable so people get back more than they pay in. But yeah, you continue to vote for Republicans who create this garbage.

 

From what I can recall of an earlier post, your taxes should be higher! You are clearly an excellent tax accountant (I'm assuming?). Would love your take on Amazon not paying federal income taxes the last two years. Rip-off or compensation for legitimate carry forward losses, equity compensation, etc.?

 

On the other side, it does help those with kids who may need it most. Does it phase out as income increases or does everyone get it?

 

I fully agree. Child tax credit should go away or at least be reduced. So should many other writes offs, including SALT.

Also if anyone wants any other wite offs through avenues like rental property, they should be required to incorporate and be treated like a business.

And we definitely should be finding a different way to tax corporations that would fairly benefit businesses that truly need tax breaks vs mega corporations who pay little to no tax or hold it all offshore.

 

It phases out, but at a pretty high income ($400K for MFJ, $200K for everyone else). The tax law doubled the credit and increased the phase out which was $110K for MFJ before the change.

We have WIC, Food Stamps, Section 8 Housing, Daycare Assistance & Medicaid/CHIP to help families.

 

I think it needs a different, related, new thread:

"TRUMP giving YOU the significant finger."

 

I disagree on SALT but that might be my own self-interest talking. I know that I hate the feeling of renting my home because I have to pay property taxes on it each year. Being able to deduct the payment helped.

I also know that if I lived in a high state income tax state (like Ca or NY), I would likely be livid at the idea that I am being taxed on dollars that I never see because they are already being taken as state taxes.

To me, some of the big ones are: 1) that private equity folks get to declare their income (not their capital gains) as capital gains and pay the lower tax rate -- I can't figure out a legitimate social policy justification for that; and 2) the 20% deduction for alternative business entities included in the latest tax reform that excludes working professionals -- essentially if you do nothing but collect rents on a real estate investment through a LLC,you get the break, but if you work your ass off as a doctor, lawyer, accountant or consultant, you don't. I view the last one as the "real estate investor" tax break.

 

But that's not what we're complaining about.
Our government massively cut taxes, ballooned our deficit and debt, while hand-picking victims of the new tax law.

So we lowered taxes and increased some blue staters tax bills (like mine), especially via a double-taxation scheme (on money we never actually receive). So, we can agree or disagree, but the whiners aren't saying what you suggest.

I admit I am biased in part b/c it has hurt my household's personal finances, substantially -- but I have been consistent in my criticism of this tax bill. If we could make an argument like this: hey, B-Bob, your taxes will go up the same way, but we will work to balance the budget and all the folx with a lot more money than you will be hurt by at least the same % as you. Are you in? ... I would probably answer "well hell yes."

 

you don't understand what a tax refund is.

 

With all due respect, I think you are being a bit biased. That is why I stated people are ok with raising taxes as long as its not theirs. I'm not going to prematurely lump you in this group, but one of the biggest complaints about this tax bill is that one of the biggest arguments was we should be raising taxes, not lowering them. Peoples taxes are going up and now they are complaining, largely because they do not understand the withholding concept or the tax restructure. Regardless if their taxes went up, they are getting what they wanted (allegedly), so I am not sure why anyone who was against Trumps tax plan should be complaining. Its a very poor argument to state we should be raising taxes when the ones stating this are really saying "We should raises everyone elses taxes who makes more than me".

I personally believe in fiscal responsibility over simply raising taxes. When presidential candidates can raise over a billion dollars in campaign money, I am going to go out on a limb and state we can probably be a little more responsible with the money we already have before we need to raise taxes.

Another issue I have is the concept taxes are equal across the country. An example is the $12,000 standard deduction. For a low wage earner, that seems more beneficial compared to a higher wage earner. That is until tax write offs come into play. For someone who makes 30k in a low cost of living are will rarely meet that 12k standard deduction threshold. For someone in a high cost of living area, they will easily find write offs to get to 12k. At that point, it makes sense to invest in rental properties that will lower their tax bill even further. When someone in NY can write off 20-30k in SALT taxes and then throw in another 30-50k in rental writeoffs, they can easily get their tax bill down to the same level as that sucker who only makes 30k. This is one of the reasons why I am a big fan of ending many of these writeoffs.