Calling All Leftys

[CardinalBacker]

21 minutes ago, LumRaiderFan said:

But, to my point, you did get a tax cut under Trump, right?

 No. They benefitted most people, but not me. 
 

Example... prior to trumps plan, let’s say the standard destruction for a single person was $6000, but a person going long form could deduct $12000 from their tax liability. 
 

With the Trump plan the standard deduction was raised to $12,000, the person who previously itemized saw no actual benefit under the new plan. Guys who didn’t previously itemize made out. 
 

For instance, an employee deducting 20,000 business miles prior to the plan (20,000x.60 cents=$12,000 deduction at your top tax rate) at 25% top rate that single lost deduction would increase your tax liability by three grand. 
 

 

[LumRaiderFan]

19 minutes ago, CardinalBacker said:

 No. They benefitted most people, but not me. 
 

Example... prior to trumps plan, let’s say the standard destruction for a single person was $6000, but a person going long form could deduct $12000 from their tax liability. 
 

With the Trump plan the standard deduction was raised to $12,000, the person who previously itemized saw no actual benefit under the new plan. Guys who didn’t previously itemize made out. 
 

For instance, an employee deducting 20,000 business miles prior to the plan (20,000x.60 cents=$12,000 deduction at your top tax rate) at 25% top rate that single lost deduction would increase your tax liability by three grand. 
 

 

But you did get a tax cut right?

It’s a simple yes or no.

[CardinalBacker]

I have a buddy that has a job-job and makes a lot of money. He also does side work a couple of times a month for cash, typically. Last year he had his taxes ready to file and was going to have to send the IRS something like 2 grand. He wasn’t happy. 
THEN he got a 1099 from a customer that was for a small $2k job... he plugged that new income into the software and his tax bill for the year bounced to 3 grand. He thought there was a mistake. No... it’s those top tax rates on high earners. By the time you get to the end of the year, basically half of every dollar you earn is considered “your fair share.”

Long story short, that $2k side job isn’t worth doing for $1k after taxes... so he quits fooling with them.  His customers have to find a professional to come out and do the work, and that $2k side job becomes a $4k job.... but the good news is that tax increases don’t affect the little guys, lol  

 

[SmashMouth]

45 minutes ago, CardinalBacker said:

I have a buddy that has a job-job and makes a lot of money. He also does side work a couple of times a month for cash, typically. Last year he had his taxes ready to file and was going to have to send the IRS something like 2 grand. He wasn’t happy. 
THEN he got a 1099 from a customer that was for a small $2k job... he plugged that new income into the software and his tax bill for the year bounced to 3 grand. He thought there was a mistake. No... it’s those top tax rates on high earners. By the time you get to the end of the year, basically half of every dollar you earn is considered “your fair share.”

Long story short, that $2k side job isn’t worth doing for $1k after taxes... so he quits fooling with them.  His customers have to find a professional to come out and do the work, and that $2k side job becomes a $4k job.... but the good news is that tax increases don’t affect the little guys, lol  

 

He needs to get different software...

[LumRaiderFan]

3 minutes ago, SmashMouth said:

He needs to get different software...

lol, I was thinking the same thing.

[LumRaiderFan]

59 minutes ago, CardinalBacker said:

I have a buddy that has a job-job and makes a lot of money. He also does side work a couple of times a month for cash, typically. Last year he had his taxes ready to file and was going to have to send the IRS something like 2 grand. He wasn’t happy. 
THEN he got a 1099 from a customer that was for a small $2k job... he plugged that new income into the software and his tax bill for the year bounced to 3 grand. He thought there was a mistake. No... it’s those top tax rates on high earners. By the time you get to the end of the year, basically half of every dollar you earn is considered “your fair share.”

Long story short, that $2k side job isn’t worth doing for $1k after taxes... so he quits fooling with them.  His customers have to find a professional to come out and do the work, and that $2k side job becomes a $4k job.... but the good news is that tax increases don’t affect the little guys, lol  

 

I’ll take that as a yes, you got a Trump tax cut.

[SmashMouth]

1 hour ago, CardinalBacker said:

I have a buddy that has a job-job and makes a lot of money. He also does side work a couple of times a month for cash, typically. Last year he had his taxes ready to file and was going to have to send the IRS something like 2 grand. He wasn’t happy. 
THEN he got a 1099 from a customer that was for a small $2k job... he plugged that new income into the software and his tax bill for the year bounced to 3 grand. He thought there was a mistake. No... it’s those top tax rates on high earners. By the time you get to the end of the year, basically half of every dollar you earn is considered “your fair share.”

Long story short, that $2k side job isn’t worth doing for $1k after taxes... so he quits fooling with them.  His customers have to find a professional to come out and do the work, and that $2k side job becomes a $4k job.... but the good news is that tax increases don’t affect the little guys, lol  

 

If your buddy is telling the truth then that instance is an outlier. I make a decent living, and I got a tax cut. 

[LumRaiderFan]

55 minutes ago, SmashMouth said:

If your buddy is telling the truth then that instance is an outlier. I make a decent living, and I got a tax cut. 

He must have been using the “How much did you make, ok, send it in” software.

[CardinalBacker]

1 hour ago, SmashMouth said:

If your buddy is telling the truth then that instance is an outlier. I make a decent living, and I got a tax cut. 

Did you itemize prior to 2017?  

Long story short, my rate got slightly cut, but they also did away with some of my deductions.... Net difference is my total tax liability was practically unchanged from before to after the "tax cuts."

It's important to note that they changed the withholding tables, so I ended up bringing home a little more on a weekly basis, but my refund was reduced.  But if you look at my tax liability before and after, it's a wash.   I'm not mad, it just didn't benefit me... and that's no problem. 

 

 

[baddog]

Well any cut at all has to be better than what Biden is proposing but, you know, some people will just take that on the chin and go about their business. 

[InMAGAWeTrust]

28 minutes ago, baddog said:

Well any cut at all has to be better than what Biden is proposing but, you know, some people will just take that on the chin and go about their business. 

What do you want people to do, make a billion posts on SETX POL crying about it? Republicans screwed themselves on this one.. maybe in 2024 they can go back to some normalcy 

[baddog]

5 minutes ago, InMAGAWeTrust said:

What do you want people to do, make a billion posts on SETX POL crying about it? Republicans screwed themselves on this one.. maybe in 2024 they can go back to some normalcy 

1,000,000,001 to be exact. 2022 to be exact. 

[SmashMouth]

1 hour ago, CardinalBacker said:

Did you itemize prior to 2017?  

Long story short, my rate got slightly cut, but they also did away with some of my deductions.... Net difference is my total tax liability was practically unchanged from before to after the "tax cuts."

It's important to note that they changed the withholding tables, so I ended up bringing home a little more on a weekly basis, but my refund was reduced.  But if you look at my tax liability before and after, it's a wash.   I'm not mad, it just didn't benefit me... and that's no problem. 

 

 

I totally understand. Didn’t take it as anger. I netted more in the end. Probably $2000. Didn’t change my life though.