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 Post subject: Re: Tax Reform
PostPosted: April 15 19, 9:50 pm 
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Joined: June 26 06, 8:54 pm
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Arthur Dent wrote:
Bernie releases his taxes.

https://berniesanders.com/tax-returns/

What I want to know: How did he manage to make over $1 million on the book and yet only have $382 in interest and ordinary dividends last year. The year before he had $183 apparently entirely from deposits in the US Senate Credit Union.

Clearly not reading the Investing for Retirement thread.

I haven't read that much about Bernie's personal finances, but he does seem like the kind of guy that would dump his money into a deferred annuity. Or maybe I have him all wrong, and he put all of the proceeds in Alphabet (Google), Facebook, and Amazon, which don't pay dividends.


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 Post subject: Re: Tax Reform
PostPosted: April 15 19, 10:04 pm 
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Also, this thread is worth the read:


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 Post subject: Re: Tax Reform
PostPosted: June 6 19, 11:33 am 
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Joined: July 15 08, 8:24 pm
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Citizens paid over $90 billion more under Trump tax law
Quote:
After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few did. More than halfway through 2018, after the law took effect, the Government Accountability Office (GAO) warned that more Americans would owe money to the IRS under the new law while those receiving refunds would decrease. In the end, many Americans saw modest increases in their paychecks throughout the year, but didn’t notice.

Instead, as people filed, many bemoaned getting smaller-than-anticipated refunds or even being hit with a “surprise” tax bill.

The IRS collected $1.97 trillion in gross collections (the amount before refunds) for 2018. That figure stood at roughly $1.87 trillion for 2017. Refunds did increase this year — but not by much. The IRS refunded about $398 billion to taxpayers for 2018. For 2017, it was roughly $386 billion.

And after refunds, the IRS collected about $93 billion more from individual American taxpayers than it did in 2017. Interestingly, that number stands close to the tax break amount that corporations received from the TCJA in 2018. Last year, big businesses paid $91 billion less in taxes than they had in 2017, prior to the new law’s passage.


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