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 Post subject: Re: Tax Reform
PostPosted: February 12 19, 8:40 pm 
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and frankly-corporate rate decrease was ok by me. corporate rate wasn't that controversial, had bipartisan support, sort of makes sense in the reinvesting profits back in schema.


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 Post subject: Re: Tax Reform
PostPosted: February 13 19, 8:02 am 
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Freed Roger wrote:
and frankly-corporate rate decrease was ok by me. corporate rate wasn't that controversial, had bipartisan support, sort of makes sense in the reinvesting profits back in schema.

America already has one of the lower effective corporate tax rates; that money is going to stuck buybacks, executive bonuses, stockholder dividends and lobbying; maybe in to R&D to become more efficient and lay off more workers. Not to raise wages to improve employee retention or hire more people to improve production or expanded benefits for employees.


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 Post subject: Re: Tax Reform
PostPosted: February 14 19, 6:37 pm 
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vinsanity wrote:
Freed Roger wrote:
and frankly-corporate rate decrease was ok by me. corporate rate wasn't that controversial, had bipartisan support, sort of makes sense in the reinvesting profits back in schema.

America already has one of the lower effective corporate tax rates; that money is going to stuck buybacks, executive bonuses, stockholder dividends and lobbying; maybe in to R&D to become more efficient and lay off more workers. Not to raise wages to improve employee retention or hire more people to improve production or expanded benefits for employees.

Not disagreeing entirely, but there is a better chance at the reinvestment angle in a Corp with tax savings than by the individual tax cuts. Still generally have an almost double tax, so to speak, on corporate earnings.

And Corps have to have a profit first.

There are some other major breaks that don't get the press. With assortment of changes, all sorts of capital assets are written off right away by a business (even if purchase with financing). This is an upfront juice though. in future years the business has to pay that purchase off -and the write-off is gone.

Anyways, excessive govt juicing of the economy will catch up with us. Then who pays?


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 Post subject: Re: Tax Reform
PostPosted: March 6 19, 10:19 am 
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 Post subject: Re: Tax Reform
PostPosted: March 8 19, 8:21 am 
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i don't know where else to put but i dont understand the reasoning behind getting rid of the 1040a and ez. i always filed 1040a in the past, 2 pages, bing bang boom. now we have to do "redesigned" 1040 which is 2 pages but i also now need a schedule 1 which is an additional page. and they have many schedules that you might need which seems like was mostly on a 1040 to begin with. the 1st page of this new 1040 is basically just your name, dependents and signature (and of course presidential campaign contribution option). so much wasted space. maybe this has already been discussed.


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 Post subject: Re: Tax Reform
PostPosted: March 8 19, 8:47 am 
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Jocephus wrote:
i don't know where else to put but i dont understand the reasoning behind getting rid of the 1040a and ez. i always filed 1040a in the past, 2 pages, bing bang boom. now we have to do "redesigned" 1040 which is 2 pages but i also now need a schedule 1 which is an additional page. and they have many schedules that you might need which seems like was mostly on a 1040 to begin with. the 1st page of this new 1040 is basically just your name, dependents and signature (and of course presidential campaign contribution option). so much wasted space. maybe this has already been discussed.

It’s because they for some reason felt they needed to fulfill Paul Ryan’s fake promise that they’d make taxes so simple that you could file on a postcard. In reality, they actually did nothing to simplify tax returns, so they instead took the existing 1040 and pushed off as many lines as they could onto six additional schedules leaving a new 1040 top sheet, that if you cut in half or folded or something, is sorta like a postcard that you’d put in an envelope with even more paper than before. Genius stuff.


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 Post subject: Re: Tax Reform
PostPosted: March 8 19, 9:01 am 
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thats what i figured. the 1st page is genuinely laughable to me.


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 Post subject: Re: Tax Reform
PostPosted: March 15 19, 11:27 am 
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I haven't jumped into this, and haven't really read most of this thread. But I will tell you what I'm seeing. From a red state, of course. And with no 'rich' clients.

Refunds are generally the same but taxes are a good chunk less. One person who gives a ton to charities not for the tax deduction but just to give, took a little of a hit, but she is a widow, so her itemized deductions still out did her standard deduction. But they didn't do as much good as they have in the past, but she didn't really care.

The only 3 people I have seen with a major change all worked for the same company. Their refunds were down substantially, but so were their withholdings. So the company must have done some change or something as neither changed their W-4. In the first example, a young husband and wife with one child saw their refund go from about 1,600 to 100. Shocking until you look at it. When I looked at a comparison to last year, they actually paid 3,000 less in federal income taxes. 3 fing thousand less! Hardly crumbs. When I explained that, they were cool with that.

I'm sure a lot of high end taxpayers in states with high property tax, state income tax and probably very expensive houses are taking it hard due to the change in the standard deduction and the reduction of deduction for state income taxes.

But wasn't that really the point? Stick it to the blue states, while not harming the red? I am sick of watching tv and seeing people crying because their refund is less. Come on man. The question is your tax, not your damn refund. If I buy a 50,000 car with 20,000 of rebates or buy a 35,000 car with 2.000 rebates...which car was more expensive?

I'm sorry, but when the details of the plan came out I saw all of this coming. And I'm no tax genius, I just know how it works. And that's my problem with the whole income tax system. Government is benefiting by keeping us dumb. I'm not saying you have to be a tax genius, but I wish people would have some basic knowledge of how the system works.

I have said it since I started doing taxes...stop withholding and make people pay quarterly estimates like some people already do. That way they will know how much they actually pay in taxes. We get a refund now, high five each other, and get drunk and go buy a tv. And stay happy.


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 Post subject: Re: Tax Reform
PostPosted: March 15 19, 11:35 am 
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Leroy wrote:
The only 3 people I have seen with a major change all worked for the same company. Their refunds were down substantially, but so were their withholdings. So the company must have done some change or something as neither changed their W-4.

My employer did this without telling anyone. Or maybe they did and I forgot or just didn't read the email.


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 Post subject: Re: Tax Reform
PostPosted: March 15 19, 12:10 pm 
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People with kids under 17 are the winners among regular folk.

people in states/areas with high income tax and property tax are getting hurt. (Chicago, Coasts

I pro bono helped a relative/working single mom with 2 young kids about the IRS notice asking why she didnt claim the EIC for 2018. Her step dad did return in turbo tax-clicked a box wrong on the EIC questionairre.

I don't see much EIC at my work, but can see how he missed it. Instead of asking yes no questions -you check a box from a list for if some disqualifier applies. when I was re-doing it, I wanted to check a box (some pyschological reason).

And the amount of her refund before the notice seemed in line with 2017 - but they probably didn't realize this was due to her child credit being quadrupled (doubled by IRS doubled by having new kid). Plus i think her income went up, putting her in a sweet spot for little tax but higher credits. anyways thanks to IRS catching this error, a single working mom of 2 has an additional 5k refund coming.

Edit. - Refund is probably the wrong term in her case.


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