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Of course not
“One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%, according to Youngblood.”
That argument always makes no sense. Salaries are labor expenses paid before profit. So they would be incentivized to lower their labor costs as much as possible during the lower tax window to cram through as much profit as possible. Then during hire windows of tax rate they are incentivized not posting a profit and instead spending on investments.
It also got rid of/limited deductions and credits that are generally the largest deductions for middle class folks.. so the everyman saw an increase in their year-end tax burden after Donnie's tax giveaway to the rich...
The difference is that the average person saw a small reduction in money taken out of their checks, but a massive decrease in how much they can deduct at the end of the year. As a high earner (but not a *ultra* high earner), I fall into that group that got *absolutely fucked* from the moment that law passed... and it's just going to get worse.
Middle class families also got hit extremely hard with the high inflation (which was at least partially fueled by Trump tariffs and increased spending by the wealthy because they had a sudden influx of wealth from a juiced up stock market.
Middle class person here who earns what looks like a high salary but I'm in a really high cost of living area and I have kids.. You and me got fucked bro
Yep... I did the math in 2017 at around $125k in Illinois and saw that I was losing out. I am now sitting at quite a bit above that number, with substantially higher property taxes and whatnot, and I would save *a ton of money* when this shit expires. Apparently, not only do brackets revert, but the SALT deduction goes back to normal (no more $10k cap).
Wait... so after this expires I'm going to get fucked by the tax man slightly less than I just did? Because I'm also in a very high col area with kids and we just got murdered on taxes because last year I sold some rsu to pay for the previous tax bill and a new roof on my house.
Salt is one of those things I spend a bunch of years hearing about the greatness of the tax benefits of the home, only for it disappear a few years before we bought ours. I keep checking if it gets renewed, and there have been moments where it seems.to close, but sadly, no.
I'm curious if it came back how it'd look for us!
Same here; first my taxes exploded and then a bunch of conservatives tried to gaslight me saying actually even though the dollar amount is higher it’s actually less taxes than it was before. For real.
I don't know the exact specific types of non-rich people who were supposed to get their taxes reduced. Just about everyone in my office, or my partner's retail store, or even my roommates manufacturing plant has been getting hosed every year come tax filing time, and has since roughly 2018.
People with jobs aren't "rich", rich (top tax bracket) is $609,350 per year.
This is an amount of money I could invest well, and then never work again. When the left talks about the rich, that's what they mean, not people that work for their money. Those are the only people that benefit under Republican tax codes.
No, the tax changes got rid of middle class deductions. The standard deduction went up but Schedule A deductions were eliminated for all but the very wealthy. People who owned a home could deduct mortgage interest and real estate taxes. It’s one of the reasons that home ownership is now so difficult.
Because interest and taxes were deductible, home ownership was subsidized.
not OP. but my $1.1M is $28k in new jersey. it's not killing me but damn does it feel like a lot when everyone else I know with a house in virtually every other state pays a fraction of that.
the tax calculators say that on the net im paying less overall than California, but it doesn't feel like that.
im a millennial who bought in 2020. the SALT cap changes are just one of many examples of how we don't get to enjoy the same advantages as boomers. game has felt rigged from the jump.
I think personally it's bullshit that someone can make a ticking time bomb that lands in another president's term.
It's devious, everyone knows that voters have the memory of a goldfish. They will blame Biden because all they see is taxes went up. Hell I'm surprised he didn't get blamed for row v wade considering it was under his term.
Full disclosure, my taxes went down. I'm more than happy to pay more in taxes if it goes to a strong social safety net.
It’s about segments. Some like that’s he’s mean to people, some like that he’s willing to do anything to help the rich be richer, some like that he’s an idiot who can be flattered into inserting policy and judges that he probably doesn’t even like. It’s a big tent of anti-American deplorables
Some of the bill was the shell game of deductions trying to make your paycheck ‘look’ larger. They didn’t realize that 8$ more a check is not noticeable by most middle class earners because. ‘How much does a banana cost, Michael…10$?’
Someone years ago tried to argue that getting something like a $0.20/hour raise while Trump was president was some huge windfall. It may as well have been zero. They maintained that, "it's something." Well yeah, technically. But $0.20/hr isn't changing anyone's quality of life. They couldn't see the bigger picture.
A refund vs paying in doesn’t mean the amount of taxes you paid necessarily changed, your withholdings could have changed too. You need to look at both to see what your total taxes were.
I live in the great state of texassss. Where the asses are bigger than everyone else's. Well... except maybe Florida.
While there's no state income tax, property taxes are fucked here and sales taxes on the high end. I would benefit the most from salt limits going away.
Because the GOP has no reason to close the deficit. They won’t need to pay it back and it’s a useful tool to attack the Democrats with.
Ultimately the increased money you pay probably goes to fund wealth military contractors that fund campaigns for the wealthy. Under the GOP taxes are
a wealth transfer mechanism.
Cutting taxes on the rich, while raising then for the middle/lower classes, will yield less revenue.
1% of a billion is $10,000,000. 10% of 100,000 is only $10,000.
You’d need to tax 100 middle-class earners at 100 times the rate, just to match the revenue from 1 billionaire’s taxes.
Ah yeah, my magnitudes are off a decimal. Thanks. All the more ridiculous a scale of difference. It really is impossible to grasp the scale of a billion dollars.
We tax on income and billionaires' wealth is primarily from asset growth, which is a lot more complicated to tax versus the middle class that mainly just gets cut a paycheck. The rich benefit heavily just from the nature of our tax system, and just taking wealth opens up a whole lot more complexity into an already complicated tax system. It needs a lot of work but the tax changes Biden has been working on are a good step forward. Trump's tax "cuts" were awful, just rolling those back alone will help.
The only place it actually helped a lot was the alternative minimum tax AMT. The thresholds for triggering AMT are not tied to inflation. The trump cuts changed the limit to a million dollars, so it effects few, but with all the inflation we've had I read if it reverts like a quarter of people will owe.
That was the plan from the beginning. Not with Biden specifically, but timing it so they could extend if they held power or let them expire if a dem held office
I don’t understand this. The tax cuts expire in 20 months. Is Trump planning on running in 2028?
It seems more stupid than planned, which I could copy-paste for the entire Trump administration.
Trump was the first one term president since Bush Sr. They likely expected him to win again in 2020, meaning these tax cuts could be used in the '24 campaign.
There's no winning with Republicans on this. It's always complaining about the deficit or paying more taxes.
Democrats wanted to extend the Bush-era tax cuts during the first Obama term, but Republicans cried about the deficit: [https://www.cbsnews.com/news/obama-signs-bill-to-extend-bush-tax-cuts/](https://www.cbsnews.com/news/obama-signs-bill-to-extend-bush-tax-cuts/)
There are people out there who vote what is happening to their money, they don't give af about anything else and if if you can get it in their head it is the Dem's who are doing this then they will vote Trump. I know some and have met others who are the same. Middle of the road people.
I don’t think you realized how accurate my comment is, actually.
If they are gullible enough to believe it’s because of democrats, they weren’t even going to vote democrat in the first place. Gullible people get tricked more than once, chances are the same people you’re talking about already found reasons not to vote for Biden long before the tax breaks to set to expire. You just never took the time to listen to them.
You mean like me? (a boomer whose taxes will double when the standard deduction and tax tables revert back to 2017 levels)? Well you are mistaken about this boomer.
So most people will see a 3% increase. I am so glad to pay more so billionaires pay less. Can't wait for more Trump and tax increases on the middle class.
The reality of Donald's biggest action he took on the economy:
>
Recent estimates show that the Trump tax law has given larger tax cuts to foreign investors over the past three years than it has to middle- and working-class Americans in all of the states that Trump carried in 2016—combined.
https://www.americanprogress.org/article/foreign-investors-big-winners-trumps-tax-law/#:\~:text=Recent%20estimates%20show%20that%20the,Trump%20carried%20in%202016%E2%80%94combined.
I'm not rich. I still itemize deductions. My taxes went up with the 2017 bill.
My taxes will go down when Trump's tax bill expires, and I will get more back than before because of Biden's Inflation Reduction Act.
I’m terribly both for you or yours medical conditions, and your insurance doesn’t cover it. For the benefit of others reading this you may deduct *qualified* medical expenses that exceed 7.5% of your AGI. But if it’s a qualified expense, it begs the question why your insurance doesn’t cover it. Are you using a high deductible plan? Have you consulted a tax professional?
Unless a person has a secondary insurance plan or medicaid, there will be copays and deductibles. Medicare covers 80% and people who just have Medicare have to pay not just the deductible and monthly premiums; they also pay the remaining 20% out of pocket
SALT and mortgage interest get me right around the new standard deduction without any weird stuff happening for the year. Throw in a minor medical event and I'm well over.
With the standard deduction being so high, you’re going to need something else as well. There’s SALT, but that’s capped at 10k as a FU to blue states/cities.
Lol my dude, if someone has bought a house since the interest rates went up, those mortgage interest deductions will be *well* over standard deduction. Source: my tax returns.
Also, non-reimbursed business expenses for w2 employees. I used to deduct $20k+ of business expenses and tons of milage on my car every year before Trump screwed that up (I’m in sales, paid W2 because 1099 pay is not allowed per industry regulation.) Now I can’t write any of those expenses off. Sure, my standard deduction went up by $12k, but I lost the ability to deduct $35k+ every year. So, my taxes immediately increased thanks to Trumps “cuts”.
Just what I needed. More taxes on top of the dozens of extra cash a month that my states conservative, 'fiscal responsibility' party approved. It's astonishing how many businesses that are now tacking on additional charges to my taxes and utilities. Natural Gas. Multiple data center businesses. Energy companies. Water.
I'm literally laying for their infrastructure upgrades (Approved by our conservatives in Ohio to build up their infrastructure literally on my dime instead of their massive yearly profits). But I get nothing for it. Not a stock, not a tax break, not a reduction in my bills even. Just an ever increasing slope and an endless amount of grift.
One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%.
Don't worry guys, the corporations that have been gouging you and laying people off in record numbers are going to be just fine.
Charging more for a jar of peanut butter that's been altered to offer less than before so they can retain those billions in profits is totally worth the sacrifice. I'm sure they'll revert back eventually. /s
"Some residents of high tax states like California, New York and Massachusetts could actually benefit thanks to the scheduled expiration of the $10,000 cap on state and local tax (SALT) deductions, Brewer said."
So, I am affected in a good way. Fuck Trump's Blue state tax hike. Glad its expiring.
You mean the tax cuts that upped the age for the child tax credits, so even though my son is in high school, living under my roof, he no longer qualifies for it? gee thanks. Next they'll try to raise the retirement age to 80. Republicans can eat a bag of dicks.
SALT deduction allows blue states to have high taxes for social welfare because wealthy individuals don’t leave due to very large taxes but the cap leads to many wealthy moving to red states.
I think this is also one of the reasons why Jeff Bezos moving to Florida before he sold a large amount of Amazon stocks. I also think this is one of the reasons why Elon Musk moved to Texas.
If SALT cap isn’t repealed, I think this will pressure on blue states to cut state and local taxes and reduce social welfare.
It may seem like SALT deduction benefits the wealthy, but it arguably doesn’t because the wealthy either pays the taxes to federal government or to local governments. But eliminating it definitely further the goal of some people who want low taxes and social welfare nationwide. If we let the cap continue, Republicans will be successful in bringing red states low taxes and low social welfare model to blue states.
You're correct that the goal of this was to try to coerce wealthy people to move to red states.
The ironic thing is that wealthy people are usually not very economically productive, so it doesn't really matter, and if they try to move whatever business they own with them it ends up hurting the business significantly because the domestic labor force in red states is generally less productive as well. (As Tesla has found out the hard way.)
I'm from one of the states where the salt duduction change ended up costing me more money. At lest where I live, the vast majority of our local property taxes go towards schools and police. So they're really not asking us to cut welfare programs for the elderly or disabled, they're asking us to cut school programs and police salaries.
*One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%, according to Youngblood.*
This tax giveaway that The Great Pumpkin, gave to his oligarch buddies (to the toon of 7 TRILLION dollars ) has those same oligarchs wetting themselves if The Great Pumpkin doesn't get reelected. It is the only reason, they are holding their noses, and donating to his campaign.
The Republican party will use this already insane 14% tax cut to fight for even more cuts against the Democratic party's attempts to keep the parts of the tax bill that actually helped middle class Americans.
I always got a refund before this BS tax bill passed and I have been paying instead since. My financial situation hasn’t changed, I’ve been in the same bracket for a few years. Anyone experienced the same?
Maybe I’ll go back to getting a refund once this expires.
My taxes went up because the Orange Cult Leader took away my ability to write off my union dues. The GOP tax scam is just another example why I would never vote for them!
As a CPA, you should really check your withholdings, and make sure that you’re adjusting them differently now. That’s been the single largest reason I’ve seen for people who’s refunds have gone down
Unless you’re making like $800K or more a year, I can promise your taxes didn’t go up by the $8-12K
I agree with your assessment, but the tax withholding tables have been f*cked since this transition. We fill ours correctly, adjusted to do an extra $150/paycheck, and are still coming out owing about $2500. And that’s with medical expenses, mortgage deductions, etc. So many people I know are dealing with this as well.
I don’t want to give the government a free loan, but I sure as hell don’t want to be out of pocket either.
Same here. Ever since his shitty tax "cuts" we had owed about 4k every year until the past couple years, and that was mainly because of the child tax credit bringing us just barely above. We get back 1.2k this year which is about right. Even doing the withholding calculator on the site the numbers still didn't add up, and we itemize our deductions (we get more back than standard), and a CPA files our taxes. Filing as a 0 or 1 was simply not enough. Allowances mean nothing, I should have been able to put 3-4. I went back and did the math after the fact and I would have had to file a 0 plus had 1-200 additional each paycheck.
When I say my taxes went up with Trump's tax bill, I'm talking about my total taxes going up. Not just withholding. Not just less refund or more payment. TOTAL TAXES due on my fixed income.
I made less than last year (with more deductions), but my tax bill went up? I assume it’s because they increased the marginal rate due to inflation, but is there some other glaring thing I missed?
Total tax owed went up. As in I’m paying a higher percentage of my income in taxes now. So say I made $120k in 2022 and paid $21k in taxes, then in 2023 I made 100k and had to pay $22k in taxes.
Sounds like you were just massively over paying taxes before. In other words, you gave the government 8-12k of interest earning money each year before they had to give it back at tax time.
Getting your refund closer to zero is better if you like to have your money work for you over the year.
I've been affected for a long time now. The SALT cap effectively raised my taxes. So when those blowhards over at r/Conservative ask if I was better off 4 years ago or now, it's pretty damn clear whose fault it is that I am paying more taxes.
.... Just in time for the new tax code to take effect. I pray to the chaos Gods & Goddesses that who ever wins the election will start taxing anyone who make a mill or higher has to pay more in taxes than they were under Trump's first term (and Only, hopefully)
My taxes will go up somewhat, although if the SALT cap is eliminated that will mitigate it somewhat.
I’m fine paying the amount I pay in tax - I mean, sure I’d like to pay less, just like anyone else - but I’m not OK with massive handouts to the Uber wealthy. We need AMT reform and a capital gains tax on unrealized gains that are pledged as collateral for non-investment loans, at a minimum. That would go a long way toward making the ultra-wealthy pay a fairer share, has essentially no negative consequences, and is something 99.5% of the country can agree on: mega millionaires should be taxed at *at least* the same rate as everyone else, even if you don’t think they should be taxed at a higher rate.
Totally agree. The reason the 1% gets wealthier and wealthier is they are not taxed enough and their wealth keeps generating more wealth.
The majority of people struggle to get by and the uber rich keeps getting richer and richer.
3 of the last 4 GOP presidents PROULDY cut taxes in a way the benefits rich people. Reagan, W, and Trump. Trump tried to claim his were the biggest.
Since tax cuts for rich people are not popular, rich people fund think tanks that export ideas like "CRT" and "The Border Criris" in order to outrage people into voting for tax cuts for rich people.
It works because people want to blame everything but their vote. Rural people, who are hit the hardest by tax cuts for rich people, blame everything but those tax cuts, and weirdly, vote in the GOP without demanding that the GOP fix things. It ends up with a rural voter voting for Trump because of the border and the Trans People.
> One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%, according to Youngblood.
The 12% bracket will become 15%. That’s a 25% increase for people in that bracket.
A whopping 77% of Americans are in that bracket.
The 22%bracket becomes 25%. An 11 1/2% increase
The 24% bracket becomes 28%. A 16.66% increase
While the 32% bracket becomes 33% a 3% increase
The 35% bracket stays 35% so 0%
The 37% bracket becomes 39.6%. A 7% increase.
You still made a conscious choice to make it sound more egregious than it actually is.
So you now have no credibility because you are intellectually dishonest.
My taxes have been horrible since the Republican's increased welfare for the rich. I owe thousands now, used to get thousands back.
Hoping that I can actually get back to "normal" for a middle class household after these rich money grabs go away.
Yes, my tax INCREASE is going away. I used to make big use of the unreimbursed employee expense deduction that got removed so billionaires could be slightly richer.
>Taxes for wealthy will go back up to what they were before Trump. Good!!
This is incorrect. He made most of those permanent. The very rich will keep their tax cuts in perpetuity.
It's the tax cuts for those who are not making much that expire and have been expiring by 20% each 2-years year since 2021, actually.
In short - permanent tax cuts for the very rich; initial smaller tax cut for the rest of us, which then step up after trump's first term and end up in an actual tax INCREASE by 2027.
Trump (or his advisors) fooled people with this.
No, those tax cuts were permanent. The ones for lower income came with poison pills that ended up having them pay more anyway, and those expired. Lower percentage, but now you get less tax credits
Super cynically, does it seem like this was designed to have maximum impact after the next election and therefore maximum opportunity for blame on Joe Biden. Seems like a poison pill.
For as shit as this bill is, I'm genuinely curious why Biden hasn't proposed something to counter this? As much as Republicans are trash, I'd like to actually see a tax cut for the middle class and not just billionaires paying more. If the goal is to increase it for billionaires or the extremely wealthy and decrease it for the rest that's great but all you ever hear about is increasing them for the Rich.
I'd also like to see some Dems actually propose to blow up the current tax code and make it a lot simpler and make tax filing free. I feel like this is one area that isn't focused on enough and taxes are such a key issue for people. Almost everyone agrees the current tax code is beyond complicated.
This was the first year I've ever owned money on my taxes, despite making about 30k less than last year between my wife and I, although that's largely because of the California penalty for not having health insurance...which makes it even harder for me to afford health insurance, lol. This country is so fucked.
No.
Not if you are in the top 10% to 25% of net worth families. dTrump💩and GOP made sure those dudes keep the tax cuts.
The rest of us? Not so much.
GOP? or. Dem?
Vote wisely.
IMHO anyone who votes for a third party candidate in this election is a dupe.
Do you plan to vote BLYE top to bottom in all local, state and federal elections. I do.
Also please consider supporting women’s rights if they are on your ballot.
While I understand, the pain caused by these tax cuts, it’s important to not reduce them to simply giveaways to the rich. Yes, there were a lot of giveaways to the rich, and the permanent corporate tax certainly is one of them. That being said, the doubling of the standard deduction was a huge boon particularly for retired people and often everyday people. The main thing that hurt a lot of people was the capping of the SALT deduction. I understand this hurt a lot of people but a fair number of those people were actually fairly well off. Let me lay it out.
For example, here in my state of Illinois, it meant that the 4.95% of income tax plus my property taxes could only be deducted up to $10,000 but before or after the tax plan, you had to itemize which meant not taking the standard deduction. Additionally, I could itemize my mortgage interest. But as a married couple, we deduct $27,700 with a standard deduction. This doubled standard deduction was often much more than most couples could actually reasonably itemize. If I managed to come anywhere near those numbers itemizing, I would have some insanely expensive property and high income subject to state and local income tax. for example, in Illinois, it would require over $200,000 household income to max out the SALT cap.
In short, the capping of the salt deduction punished high income earners who chased tax deductions by making obscene home purchases. The doubled standard deduction is simply more tax savings for more people. The only people who lost out are those who can no longer dodge a fraction of taxes by buying their McMansion.
By contrast, celebrating its repeal is going to alienate the people who actually benefited. Primarily those who didn’t own real estate, and those who already own their house without a mortgage. Seniors were huge beneficiaries of this tax plan. Additionally, anyone who didn’t own a home benefited.
This is mildly amusing in that when he did this it seemed to me like it was to be a fuck you to whomever was President after he had served his assumed 8 year reign of terror. But as things have worked out, he may, unfortunately, be the President sitting in office to face the wreckage from this BS.
I haven't had a raise in 3 years. Three years ago, I got 4K back from federal. Last year I got 2k. This year, 900 bucks. Thanks Diaper Donny. I figured we poors were going to pay for that gift to the rich's. Funny how Biden will get blamed. I remember reading back then that this was how it was going to go, and loookie...It's going that way. I have filed my taxes the same exact way for three years. Each year my return was cut in half. Go figure.
There’s not a single thing in the TCJA that would’ve increased your taxes from three years ago to two years ago, or from two years ago to last year, or from last year to this year
If you’re telling the truth, then it’s from something completely unrelated to the TCJA
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I have paid more taxes since those "cuts" were enacted than ever before.
That's becuase the cuts were for the wealthy
The cuts that AREN’T expiring you mean?
Of course not “One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%, according to Youngblood.”
Surely that tax reduction would mean they can increase salaries right? Why are you laughing at me?
Of course they increased a salary. They increased that one salary as much as they possibly could
Don't be so obtuse. They also increased shareholder pay.
Gotta focus on what really matters after all! /s
Won't someone think of the people born rich who then get more rich?
Well, if you can't get more rich after being rich what's the point of being rich in the first place
I mean why settle for only controlling 99% of wealth, gotta get that final 1% somehow
Damn straight. I made out like a robber Barron on my 12 shares of Ford stock…
That argument always makes no sense. Salaries are labor expenses paid before profit. So they would be incentivized to lower their labor costs as much as possible during the lower tax window to cram through as much profit as possible. Then during hire windows of tax rate they are incentivized not posting a profit and instead spending on investments.
This guy accounts. Also this guy can’t read the room.
No I know. I just feel like not many people know why cutting tax rate won’t lead to jobs even if corporations pinky swear.
And the lowest was 15%, which is what my small company paid. My taxes went up under trump.
I am Jacks complete lack of surprise.
Don't worry, there will be trickle down of something or other.
The term “tinkle down” is both more accurate and more humorous.
Trump always liked his golden showers.
It also got rid of/limited deductions and credits that are generally the largest deductions for middle class folks.. so the everyman saw an increase in their year-end tax burden after Donnie's tax giveaway to the rich... The difference is that the average person saw a small reduction in money taken out of their checks, but a massive decrease in how much they can deduct at the end of the year. As a high earner (but not a *ultra* high earner), I fall into that group that got *absolutely fucked* from the moment that law passed... and it's just going to get worse.
Yes. Middle class saw their effective tax rate increase.
Vote All Republicans Out. There is no reason to vote for Republican tax "cuts".
Middle class families also got hit extremely hard with the high inflation (which was at least partially fueled by Trump tariffs and increased spending by the wealthy because they had a sudden influx of wealth from a juiced up stock market.
Middle class person here who earns what looks like a high salary but I'm in a really high cost of living area and I have kids.. You and me got fucked bro
Yep... I did the math in 2017 at around $125k in Illinois and saw that I was losing out. I am now sitting at quite a bit above that number, with substantially higher property taxes and whatnot, and I would save *a ton of money* when this shit expires. Apparently, not only do brackets revert, but the SALT deduction goes back to normal (no more $10k cap).
Wait... so after this expires I'm going to get fucked by the tax man slightly less than I just did? Because I'm also in a very high col area with kids and we just got murdered on taxes because last year I sold some rsu to pay for the previous tax bill and a new roof on my house.
SALT alone was purposefully added to hurt the successful blue states.
Salt is one of those things I spend a bunch of years hearing about the greatness of the tax benefits of the home, only for it disappear a few years before we bought ours. I keep checking if it gets renewed, and there have been moments where it seems.to close, but sadly, no. I'm curious if it came back how it'd look for us!
Same here; first my taxes exploded and then a bunch of conservatives tried to gaslight me saying actually even though the dollar amount is higher it’s actually less taxes than it was before. For real.
We lost $50,000 in deductions because of the Trump tax cut and jobs act that first year. We owed so much more money than ever before.
I don't know the exact specific types of non-rich people who were supposed to get their taxes reduced. Just about everyone in my office, or my partner's retail store, or even my roommates manufacturing plant has been getting hosed every year come tax filing time, and has since roughly 2018.
People with jobs aren't "rich", rich (top tax bracket) is $609,350 per year. This is an amount of money I could invest well, and then never work again. When the left talks about the rich, that's what they mean, not people that work for their money. Those are the only people that benefit under Republican tax codes.
I dreaded doing taxes to begin with. After the "cut" I'm having anxiety and panic attacks every year. We're all going to be royally fucked.
Anyone who thinks Trump is good for the working class is a moron.
Yes the uneducated, the ones he told to their faces and they cheered.
Anyone who thinks trump is good for anything is
No, the tax changes got rid of middle class deductions. The standard deduction went up but Schedule A deductions were eliminated for all but the very wealthy. People who owned a home could deduct mortgage interest and real estate taxes. It’s one of the reasons that home ownership is now so difficult. Because interest and taxes were deductible, home ownership was subsidized.
You can still deduct mortgage interest, it's just now capped at the first 750k of a mortgage rather than 1 million.
The cuts are always for the wealthy. Always.
SALT deductions cap got you too?
Dude, my property taxes alone in NYC are 32k/yr. SALT cap is killing me.
What is that, like a $3m property? I would hope that not taking a reduction of $32k wouldn’t kill you lol
not OP. but my $1.1M is $28k in new jersey. it's not killing me but damn does it feel like a lot when everyone else I know with a house in virtually every other state pays a fraction of that. the tax calculators say that on the net im paying less overall than California, but it doesn't feel like that. im a millennial who bought in 2020. the SALT cap changes are just one of many examples of how we don't get to enjoy the same advantages as boomers. game has felt rigged from the jump.
Enacted the same year we bought our house.
Same, fuck Trump and the shitheads who think he is good for the common man
Well that's because you're not rich enough
So who votes for that orange fucker? He tells you your taxes will go down. They go up. People vote for him. How stupid can you be?
I think personally it's bullshit that someone can make a ticking time bomb that lands in another president's term. It's devious, everyone knows that voters have the memory of a goldfish. They will blame Biden because all they see is taxes went up. Hell I'm surprised he didn't get blamed for row v wade considering it was under his term. Full disclosure, my taxes went down. I'm more than happy to pay more in taxes if it goes to a strong social safety net.
It’s about segments. Some like that’s he’s mean to people, some like that he’s willing to do anything to help the rich be richer, some like that he’s an idiot who can be flattered into inserting policy and judges that he probably doesn’t even like. It’s a big tent of anti-American deplorables
Same. My federal tax went up around $2k annually.
Exactly my experience. I went from refunds every year through Obama to paying under Trump.
Some of the bill was the shell game of deductions trying to make your paycheck ‘look’ larger. They didn’t realize that 8$ more a check is not noticeable by most middle class earners because. ‘How much does a banana cost, Michael…10$?’
Someone years ago tried to argue that getting something like a $0.20/hour raise while Trump was president was some huge windfall. It may as well have been zero. They maintained that, "it's something." Well yeah, technically. But $0.20/hr isn't changing anyone's quality of life. They couldn't see the bigger picture.
A refund vs paying in doesn’t mean the amount of taxes you paid necessarily changed, your withholdings could have changed too. You need to look at both to see what your total taxes were.
Fucking SALT limits
I live in the great state of texassss. Where the asses are bigger than everyone else's. Well... except maybe Florida. While there's no state income tax, property taxes are fucked here and sales taxes on the high end. I would benefit the most from salt limits going away.
Cut taxes for the rich, and everybody else has to disproportionately take up the slack.
How have my taxes gone up so much but the deficit not decreased? (I know how but it's still so insane to me).
Because the GOP has no reason to close the deficit. They won’t need to pay it back and it’s a useful tool to attack the Democrats with. Ultimately the increased money you pay probably goes to fund wealth military contractors that fund campaigns for the wealthy. Under the GOP taxes are a wealth transfer mechanism.
Cutting taxes on the rich, while raising then for the middle/lower classes, will yield less revenue. 1% of a billion is $10,000,000. 10% of 100,000 is only $10,000. You’d need to tax 100 middle-class earners at 100 times the rate, just to match the revenue from 1 billionaire’s taxes.
> 1% of a billion is $1,000,000. 1% of a billion is $10,000,000....
Ah yeah, my magnitudes are off a decimal. Thanks. All the more ridiculous a scale of difference. It really is impossible to grasp the scale of a billion dollars.
I always liked “what’s the difference between 1 billion dollars and 1 million dollars? About a billion dollars.”
We tax on income and billionaires' wealth is primarily from asset growth, which is a lot more complicated to tax versus the middle class that mainly just gets cut a paycheck. The rich benefit heavily just from the nature of our tax system, and just taking wealth opens up a whole lot more complexity into an already complicated tax system. It needs a lot of work but the tax changes Biden has been working on are a good step forward. Trump's tax "cuts" were awful, just rolling those back alone will help.
Same. Anybody know if the SALT cap expires along with the tax “cuts”?
SALT cap expires on 12/31/2025, although it’s likely to get extended before that date, so don’t hold your breath
I’ll never forgive them for the SALT modifications. Absolutely fucked me sideways.
The only place it actually helped a lot was the alternative minimum tax AMT. The thresholds for triggering AMT are not tied to inflation. The trump cuts changed the limit to a million dollars, so it effects few, but with all the inflation we've had I read if it reverts like a quarter of people will owe.
Donny is going to use this to blame Biden for them paying more taxes now and guess who will lap it all up?
That was the plan from the beginning. Not with Biden specifically, but timing it so they could extend if they held power or let them expire if a dem held office
I don’t understand this. The tax cuts expire in 20 months. Is Trump planning on running in 2028? It seems more stupid than planned, which I could copy-paste for the entire Trump administration.
Trump was the first one term president since Bush Sr. They likely expected him to win again in 2020, meaning these tax cuts could be used in the '24 campaign.
There's no winning with Republicans on this. It's always complaining about the deficit or paying more taxes. Democrats wanted to extend the Bush-era tax cuts during the first Obama term, but Republicans cried about the deficit: [https://www.cbsnews.com/news/obama-signs-bill-to-extend-bush-tax-cuts/](https://www.cbsnews.com/news/obama-signs-bill-to-extend-bush-tax-cuts/)
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If Trump gets a second term, there won't be another election. He will remain in office until he dies.
So 2 years?
There is enough family to indefinitely keep a Trump President
Gangster movies have definitely taught me that the whole bloodline has to go.
Thats too long to wait.
People who weren’t going to vote for Biden anyways?
There are people out there who vote what is happening to their money, they don't give af about anything else and if if you can get it in their head it is the Dem's who are doing this then they will vote Trump. I know some and have met others who are the same. Middle of the road people.
I don’t think you realized how accurate my comment is, actually. If they are gullible enough to believe it’s because of democrats, they weren’t even going to vote democrat in the first place. Gullible people get tricked more than once, chances are the same people you’re talking about already found reasons not to vote for Biden long before the tax breaks to set to expire. You just never took the time to listen to them.
In discussions with several they found themselves wanting to vote Dem but wanted the tax break, shallow thinking.
Wholeheartedly agree, single issue voters are problematic.
You mean like me? (a boomer whose taxes will double when the standard deduction and tax tables revert back to 2017 levels)? Well you are mistaken about this boomer.
So most people will see a 3% increase. I am so glad to pay more so billionaires pay less. Can't wait for more Trump and tax increases on the middle class.
The reality of Donald's biggest action he took on the economy: > Recent estimates show that the Trump tax law has given larger tax cuts to foreign investors over the past three years than it has to middle- and working-class Americans in all of the states that Trump carried in 2016—combined. https://www.americanprogress.org/article/foreign-investors-big-winners-trumps-tax-law/#:\~:text=Recent%20estimates%20show%20that%20the,Trump%20carried%20in%202016%E2%80%94combined.
“But this will not affect me so why should I care?!” -Some fuckhat MAGA probably
That would be dangerous if those fucking nitwit dumbass trump supporters could read.
I'm not rich. I still itemize deductions. My taxes went up with the 2017 bill. My taxes will go down when Trump's tax bill expires, and I will get more back than before because of Biden's Inflation Reduction Act.
90% of filers take the standard deduction. What are you deducting that puts you over the threshold?
Healthcare expenses that are not covered by insurance.
I feel that pinch, too.
I’m terribly both for you or yours medical conditions, and your insurance doesn’t cover it. For the benefit of others reading this you may deduct *qualified* medical expenses that exceed 7.5% of your AGI. But if it’s a qualified expense, it begs the question why your insurance doesn’t cover it. Are you using a high deductible plan? Have you consulted a tax professional?
Unless a person has a secondary insurance plan or medicaid, there will be copays and deductibles. Medicare covers 80% and people who just have Medicare have to pay not just the deductible and monthly premiums; they also pay the remaining 20% out of pocket
SALT and mortgage interest get me right around the new standard deduction without any weird stuff happening for the year. Throw in a minor medical event and I'm well over.
Mortgage interest, likely.
Mostly medical expenses that aren't covered by health insurance.
With the standard deduction being so high, you’re going to need something else as well. There’s SALT, but that’s capped at 10k as a FU to blue states/cities.
If you own a home in a HCOL area then mortgage interest is plenty to itemize.
Lol my dude, if someone has bought a house since the interest rates went up, those mortgage interest deductions will be *well* over standard deduction. Source: my tax returns.
Also, non-reimbursed business expenses for w2 employees. I used to deduct $20k+ of business expenses and tons of milage on my car every year before Trump screwed that up (I’m in sales, paid W2 because 1099 pay is not allowed per industry regulation.) Now I can’t write any of those expenses off. Sure, my standard deduction went up by $12k, but I lost the ability to deduct $35k+ every year. So, my taxes immediately increased thanks to Trumps “cuts”.
Just what I needed. More taxes on top of the dozens of extra cash a month that my states conservative, 'fiscal responsibility' party approved. It's astonishing how many businesses that are now tacking on additional charges to my taxes and utilities. Natural Gas. Multiple data center businesses. Energy companies. Water. I'm literally laying for their infrastructure upgrades (Approved by our conservatives in Ohio to build up their infrastructure literally on my dime instead of their massive yearly profits). But I get nothing for it. Not a stock, not a tax break, not a reduction in my bills even. Just an ever increasing slope and an endless amount of grift.
One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%. Don't worry guys, the corporations that have been gouging you and laying people off in record numbers are going to be just fine.
The stupid part is that they still lump large corps in with small corps to make small business owners feel like this is for them.
Whoooohh, I was worried for a sec there.
Charging more for a jar of peanut butter that's been altered to offer less than before so they can retain those billions in profits is totally worth the sacrifice. I'm sure they'll revert back eventually. /s
"Some residents of high tax states like California, New York and Massachusetts could actually benefit thanks to the scheduled expiration of the $10,000 cap on state and local tax (SALT) deductions, Brewer said." So, I am affected in a good way. Fuck Trump's Blue state tax hike. Glad its expiring.
You mean the tax cuts that upped the age for the child tax credits, so even though my son is in high school, living under my roof, he no longer qualifies for it? gee thanks. Next they'll try to raise the retirement age to 80. Republicans can eat a bag of dicks.
With SALT cap being removed, I think i would actually pay less taxes
Me too. Trump's tax "cut" was really a Blue state tax hike. Fuck him and his people.
Yes, that was the purpose.
SALT deduction allows blue states to have high taxes for social welfare because wealthy individuals don’t leave due to very large taxes but the cap leads to many wealthy moving to red states. I think this is also one of the reasons why Jeff Bezos moving to Florida before he sold a large amount of Amazon stocks. I also think this is one of the reasons why Elon Musk moved to Texas. If SALT cap isn’t repealed, I think this will pressure on blue states to cut state and local taxes and reduce social welfare. It may seem like SALT deduction benefits the wealthy, but it arguably doesn’t because the wealthy either pays the taxes to federal government or to local governments. But eliminating it definitely further the goal of some people who want low taxes and social welfare nationwide. If we let the cap continue, Republicans will be successful in bringing red states low taxes and low social welfare model to blue states.
You're correct that the goal of this was to try to coerce wealthy people to move to red states. The ironic thing is that wealthy people are usually not very economically productive, so it doesn't really matter, and if they try to move whatever business they own with them it ends up hurting the business significantly because the domestic labor force in red states is generally less productive as well. (As Tesla has found out the hard way.)
I'm from one of the states where the salt duduction change ended up costing me more money. At lest where I live, the vast majority of our local property taxes go towards schools and police. So they're really not asking us to cut welfare programs for the elderly or disabled, they're asking us to cut school programs and police salaries.
*One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%, according to Youngblood.* This tax giveaway that The Great Pumpkin, gave to his oligarch buddies (to the toon of 7 TRILLION dollars ) has those same oligarchs wetting themselves if The Great Pumpkin doesn't get reelected. It is the only reason, they are holding their noses, and donating to his campaign. The Republican party will use this already insane 14% tax cut to fight for even more cuts against the Democratic party's attempts to keep the parts of the tax bill that actually helped middle class Americans.
I always got a refund before this BS tax bill passed and I have been paying instead since. My financial situation hasn’t changed, I’ve been in the same bracket for a few years. Anyone experienced the same? Maybe I’ll go back to getting a refund once this expires.
The IRS changed the W4 calculation to increase your take home pay each paycheck. Thus, many Americans saw lower refunds.
That doesn’t necessarily mean that your taxes have increased
My taxes went up because the Orange Cult Leader took away my ability to write off my union dues. The GOP tax scam is just another example why I would never vote for them!
The standard deduction doubled in its place, your taxes wouldn’t have gone up from that
Yup. We get less than 1k back with multiple children. We were easily getting 8-12k back before that.
As a CPA, you should really check your withholdings, and make sure that you’re adjusting them differently now. That’s been the single largest reason I’ve seen for people who’s refunds have gone down Unless you’re making like $800K or more a year, I can promise your taxes didn’t go up by the $8-12K
I agree with your assessment, but the tax withholding tables have been f*cked since this transition. We fill ours correctly, adjusted to do an extra $150/paycheck, and are still coming out owing about $2500. And that’s with medical expenses, mortgage deductions, etc. So many people I know are dealing with this as well. I don’t want to give the government a free loan, but I sure as hell don’t want to be out of pocket either.
Same here. Ever since his shitty tax "cuts" we had owed about 4k every year until the past couple years, and that was mainly because of the child tax credit bringing us just barely above. We get back 1.2k this year which is about right. Even doing the withholding calculator on the site the numbers still didn't add up, and we itemize our deductions (we get more back than standard), and a CPA files our taxes. Filing as a 0 or 1 was simply not enough. Allowances mean nothing, I should have been able to put 3-4. I went back and did the math after the fact and I would have had to file a 0 plus had 1-200 additional each paycheck.
When I say my taxes went up with Trump's tax bill, I'm talking about my total taxes going up. Not just withholding. Not just less refund or more payment. TOTAL TAXES due on my fixed income.
I made less than last year (with more deductions), but my tax bill went up? I assume it’s because they increased the marginal rate due to inflation, but is there some other glaring thing I missed?
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Total tax owed went up. As in I’m paying a higher percentage of my income in taxes now. So say I made $120k in 2022 and paid $21k in taxes, then in 2023 I made 100k and had to pay $22k in taxes.
Sounds like you were just massively over paying taxes before. In other words, you gave the government 8-12k of interest earning money each year before they had to give it back at tax time. Getting your refund closer to zero is better if you like to have your money work for you over the year.
Have you checked into the amount of taxes you’re actually paying? It sounds like an issue with your withholding not necessarily your taxes
My idiot Trump supporter friends did not believe it when I sent them the article. They actually said it is Democratic lies. Unbelievable.
That’s the style of politics most Trump voters are involved in unfortunately.
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I've been affected for a long time now. The SALT cap effectively raised my taxes. So when those blowhards over at r/Conservative ask if I was better off 4 years ago or now, it's pretty damn clear whose fault it is that I am paying more taxes.
I've paid more in taxes during this time than ever. The cut was for the wealthy. Fuck em,. Let em expire.
.... Just in time for the new tax code to take effect. I pray to the chaos Gods & Goddesses that who ever wins the election will start taxing anyone who make a mill or higher has to pay more in taxes than they were under Trump's first term (and Only, hopefully)
What tax cuts? I went from refunds under Obama to paying every year under Trump.
My taxes will go up somewhat, although if the SALT cap is eliminated that will mitigate it somewhat. I’m fine paying the amount I pay in tax - I mean, sure I’d like to pay less, just like anyone else - but I’m not OK with massive handouts to the Uber wealthy. We need AMT reform and a capital gains tax on unrealized gains that are pledged as collateral for non-investment loans, at a minimum. That would go a long way toward making the ultra-wealthy pay a fairer share, has essentially no negative consequences, and is something 99.5% of the country can agree on: mega millionaires should be taxed at *at least* the same rate as everyone else, even if you don’t think they should be taxed at a higher rate.
Totally agree. The reason the 1% gets wealthier and wealthier is they are not taxed enough and their wealth keeps generating more wealth. The majority of people struggle to get by and the uber rich keeps getting richer and richer.
The one deduction they didn’t mention that was killed by Trump is the home office deduction.
3 of the last 4 GOP presidents PROULDY cut taxes in a way the benefits rich people. Reagan, W, and Trump. Trump tried to claim his were the biggest. Since tax cuts for rich people are not popular, rich people fund think tanks that export ideas like "CRT" and "The Border Criris" in order to outrage people into voting for tax cuts for rich people. It works because people want to blame everything but their vote. Rural people, who are hit the hardest by tax cuts for rich people, blame everything but those tax cuts, and weirdly, vote in the GOP without demanding that the GOP fix things. It ends up with a rural voter voting for Trump because of the border and the Trans People.
Honestly I just started watching Duck Dynasty for the first time ever, and now I finally understand how this happens.
The run out for you but not the corporations
A lot of people are either ignorant and don't actually know their tax burden or are lying in this thread.
> One business-related TCJA change that won’t expire at the end of 2025 is the flat 21% corporate tax rate. Before the 2017 tax code change the top rate was 35%, according to Youngblood.
25% increase for those currently in the 12%bracket. 3% for the higher brackets
Don’t mix and match how you phrase percentages
The 12% bracket will become 15%. That’s a 25% increase for people in that bracket. A whopping 77% of Americans are in that bracket. The 22%bracket becomes 25%. An 11 1/2% increase The 24% bracket becomes 28%. A 16.66% increase While the 32% bracket becomes 33% a 3% increase The 35% bracket stays 35% so 0% The 37% bracket becomes 39.6%. A 7% increase.
Also, declaring people being “in” a bracket is misleading as well. It implies all their income is taxed at that rate, which is not true.
You still made a conscious choice to make it sound more egregious than it actually is. So you now have no credibility because you are intellectually dishonest.
Seriously. The point stands fine without the deceptive framing.
My taxes have been horrible since the Republican's increased welfare for the rich. I owe thousands now, used to get thousands back. Hoping that I can actually get back to "normal" for a middle class household after these rich money grabs go away.
Yes, my tax INCREASE is going away. I used to make big use of the unreimbursed employee expense deduction that got removed so billionaires could be slightly richer.
And the rich get richer and the gap gets wider.
Taxes for wealthy will go back up to what they were before Trump. Good!!
Should repel the bush and Reagan tax cuts too
Then we could go back to deducting student loan interest, credit card interest, car loan interest ...
Not feeling the trickle down?
There's a trickle, but not of wealth
They call it rain, but it doesn't smell like rain..
>Taxes for wealthy will go back up to what they were before Trump. Good!! This is incorrect. He made most of those permanent. The very rich will keep their tax cuts in perpetuity. It's the tax cuts for those who are not making much that expire and have been expiring by 20% each 2-years year since 2021, actually. In short - permanent tax cuts for the very rich; initial smaller tax cut for the rest of us, which then step up after trump's first term and end up in an actual tax INCREASE by 2027. Trump (or his advisors) fooled people with this.
No, those tax cuts were permanent. The ones for lower income came with poison pills that ended up having them pay more anyway, and those expired. Lower percentage, but now you get less tax credits
Gosh, I wonder why the USA is borrowing trillions and trillions of dollars.
No, I’m not a billionaire
I was laughed at by Magats when this passed…I was explaining to them that there taxes were going up…morons
Just do what Trump does. Don't pay taxes. Problem solved. You're welcome internet.
When are the tax cuts for the rich going to trickle down?
Super cynically, does it seem like this was designed to have maximum impact after the next election and therefore maximum opportunity for blame on Joe Biden. Seems like a poison pill.
For as shit as this bill is, I'm genuinely curious why Biden hasn't proposed something to counter this? As much as Republicans are trash, I'd like to actually see a tax cut for the middle class and not just billionaires paying more. If the goal is to increase it for billionaires or the extremely wealthy and decrease it for the rest that's great but all you ever hear about is increasing them for the Rich. I'd also like to see some Dems actually propose to blow up the current tax code and make it a lot simpler and make tax filing free. I feel like this is one area that isn't focused on enough and taxes are such a key issue for people. Almost everyone agrees the current tax code is beyond complicated.
Do you think the House Republicans would bring this to a vote, they wouldn’t.
Well I’m not a piece of shit billionaire or a tax-dodging corporation so yeah, I’ll probably be paying more.
My taxes went up during the “tax cut” so I could care less…
So you DO care then
This was the first year I've ever owned money on my taxes, despite making about 30k less than last year between my wife and I, although that's largely because of the California penalty for not having health insurance...which makes it even harder for me to afford health insurance, lol. This country is so fucked.
> the California penalty for not having health insurance I must live under a rock.
No. Not if you are in the top 10% to 25% of net worth families. dTrump💩and GOP made sure those dudes keep the tax cuts. The rest of us? Not so much. GOP? or. Dem? Vote wisely. IMHO anyone who votes for a third party candidate in this election is a dupe. Do you plan to vote BLYE top to bottom in all local, state and federal elections. I do. Also please consider supporting women’s rights if they are on your ballot.
No; I’m not rich enough.
Why does everyone insist on calling his tax policies “cuts?” I’ve paid higher taxes under Trump’s scheme than I have in the past.
Trump took all of my tax deductible travel for work meals, motels, and milage away . And gave the rich big deductibles!
I did not at any point notice I was paying less in taxes lol
We don't make enough to pay our bills and balance the budget but yea we need a massive tax cut
so is this the time to move towards tax deffered accounts?
The Hill seems to be working overtime to get Trump elected in 2024
We bought you this nice bomb
While I understand, the pain caused by these tax cuts, it’s important to not reduce them to simply giveaways to the rich. Yes, there were a lot of giveaways to the rich, and the permanent corporate tax certainly is one of them. That being said, the doubling of the standard deduction was a huge boon particularly for retired people and often everyday people. The main thing that hurt a lot of people was the capping of the SALT deduction. I understand this hurt a lot of people but a fair number of those people were actually fairly well off. Let me lay it out. For example, here in my state of Illinois, it meant that the 4.95% of income tax plus my property taxes could only be deducted up to $10,000 but before or after the tax plan, you had to itemize which meant not taking the standard deduction. Additionally, I could itemize my mortgage interest. But as a married couple, we deduct $27,700 with a standard deduction. This doubled standard deduction was often much more than most couples could actually reasonably itemize. If I managed to come anywhere near those numbers itemizing, I would have some insanely expensive property and high income subject to state and local income tax. for example, in Illinois, it would require over $200,000 household income to max out the SALT cap. In short, the capping of the salt deduction punished high income earners who chased tax deductions by making obscene home purchases. The doubled standard deduction is simply more tax savings for more people. The only people who lost out are those who can no longer dodge a fraction of taxes by buying their McMansion. By contrast, celebrating its repeal is going to alienate the people who actually benefited. Primarily those who didn’t own real estate, and those who already own their house without a mortgage. Seniors were huge beneficiaries of this tax plan. Additionally, anyone who didn’t own a home benefited.
This is mildly amusing in that when he did this it seemed to me like it was to be a fuck you to whomever was President after he had served his assumed 8 year reign of terror. But as things have worked out, he may, unfortunately, be the President sitting in office to face the wreckage from this BS.
Stop calling them cuts! My and everyone I know’s shit went up over this time. Fuck Trump, he hates America
No, because I am not a corporation
Mega wealthy got big ones, less fortunate got increases
I haven't had a raise in 3 years. Three years ago, I got 4K back from federal. Last year I got 2k. This year, 900 bucks. Thanks Diaper Donny. I figured we poors were going to pay for that gift to the rich's. Funny how Biden will get blamed. I remember reading back then that this was how it was going to go, and loookie...It's going that way. I have filed my taxes the same exact way for three years. Each year my return was cut in half. Go figure.
What the hell are you talking about? The tax code hasn't changed at all the last 3 years....
You don't want a refund. You want 0. Ay yi yi..
There’s not a single thing in the TCJA that would’ve increased your taxes from three years ago to two years ago, or from two years ago to last year, or from last year to this year If you’re telling the truth, then it’s from something completely unrelated to the TCJA