The Leopard is Eating my Face!!! A discussion of the 2018 tax reform ****ing the middle class. - Page 15 - Politics and Economics

Good point, and if I'm reading the wiki correctly, that would have been $8100. So my overall deduction only increased by $3900.

Is that what you meant when you said "it didn't double", or are you specifically saying the standard deduction didn't double? If the latter, I'm missing something, because googling says the deduction for a married couple filing jointly went from 12k to 24k.

Last year MFJ was 12,700

04-19-2019 , 05:12 AM

#352

bacalaopeace

old hand

Join Date: Jul 2018 Posts: 1,881

Quote:

Originally Posted by BoredSocial

Let's be real for a quick sec. If you're a millennial who is making a good living in 2019 there is 0.0% chance the tax bill helped you in the slightest. I had a lower tax bill, and I'm sure a lot of the rest of you did as well... but please realize that MMT is bull**** and at some point we're going to end up paying drastically more than our share of the national debt.

The Boomers are trying to ride out the clock and keep taxes low until they can retire. It's absolutely foul.

Best case scenario we monetize the debt and it debases the currency 30-40%. At least that would help us out if we have mortgages and student loans. For sure we need to hold the line on letting social security adjust its payments for inflation after this happens. The olds need to get the biggest haircut we can give them. Also no bailouts for private pensions that got raided or whatever. They voted for the system that we have. They don't get to have our generation pay for their short sighted behavior. They take this one on the nose.

Writing "monetize the debt" is a tell that you are rich.

04-19-2019 , 06:50 AM

#353

dlk9s

Carpal \'Tunnel

Join Date: Nov 2004 Posts: 22,502

I believe (I'd have to go back and check) that my effective STATE tax rate went up while my fed went down. I'm not sure why and I don't feel like figuring it out, but my guess might be that I was forced to use the standard deduction on state since I used it on fed when I used to itemize. Though it benefited me on fed, it may have hurt me on state.

State taxes are way lower than fed, so I still likely came out ahead.

04-19-2019 , 07:38 AM

#354

revots33

Carpal \'Tunnel

Join Date: Aug 2004 Posts: 13,448

Quote:

Originally Posted by Grue

My overall tax rate went up a little. DINK homeowner.

Same here. Plus I live in NJ so the cap on SALT deduction hurt me.

If you have kids you probably paid less regardless of where you live. Still not sure why withholding tables weren't adjusted properly, seems like a lot of people who usually get refunds were hit with a big bill this year. They may have come out ahead but it doesn't feel like it when you have a big unexpected bill due in April.

04-19-2019 , 08:25 AM

#355

mosdef

Carpal \'Tunnel

Join Date: Jan 2005 Posts: 11,290

Quote:

Originally Posted by BoredSocial

Let's be real for a quick sec. If you're a millennial who is making a good living in 2019 there is 0.0% chance the tax bill helped you in the slightest. I had a lower tax bill, and I'm sure a lot of the rest of you did as well... but please realize that MMT is bull**** and at some point we're going to end up paying drastically more than our share of the national debt.

The Boomers are trying to ride out the clock and keep taxes low until they can retire. It's absolutely foul.

Best case scenario we monetize the debt and it debases the currency 30-40%. At least that would help us out if we have mortgages and student loans. For sure we need to hold the line on letting social security adjust its payments for inflation after this happens. The olds need to get the biggest haircut we can give them. Also no bailouts for private pensions that got raided or whatever. They voted for the system that we have. They don't get to have our generation pay for their short sighted behavior. They take this one on the nose.

I think bailouts of public sector pension plans is much bigger risk. As bad as private sector pension funding has become, I think the total government employee pension plan funding deficit is an order of magnitude larger.

04-19-2019 , 08:42 AM

#356

TheHip41

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 27,047

Quote:

Originally Posted by revots33

The with holding tables WERE adjusted. They were adjusted so ****ing morons could crow about having an extra x dollars a check thanks to the trump tax plan.

Not realizing it was because they were with holding 7% instead of 12%

04-19-2019 , 08:44 AM

#357

bacalaopeace

old hand

Join Date: Jul 2018 Posts: 1,881

Quote:

Originally Posted by revots33

Still not sure why withholding tables weren't adjusted properly, seems like a lot of people who usually get refunds were hit with a big bill this year. They may have come out ahead but it doesn't feel like it when you have a big unexpected bill due in April.

The Trump government is not competent in basic administrative terms. I doubt the non political resposnables in the IRS made much of an effort to point out to them the possible political damage entailed by not adjusting withholding tables.

04-19-2019 , 09:03 AM

#358

tarheels2222

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Join Date: May 2011 Posts: 10,832

Quote:

Originally Posted by TheHip41

Last year MFJ was 12,700

I’d say an 89% increase is close enough to say it doubled.

04-19-2019 , 09:08 AM

#359

NhlNut

KANGZ

Join Date: Aug 2005 Posts: 18,186

Quote:

Originally Posted by BoredSocial

The olds need to get the biggest haircut we can give them. Also no bailouts for private pensions that got raided or whatever. They voted for the system that we have. They don't get to have our generation pay for their short sighted behavior. They take this one on the nose.

Won't happen, olds vote.
-----------
My federal tax rate, tax owed, etc was unchanged. Moved to NJ from NV and didn't appreciate the state tax at all.

04-19-2019 , 09:27 AM

#360

TheHip41

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Join Date: Jul 2004 Posts: 27,047

Quote:

Originally Posted by tarheels2222

I’d say an 89% increase is close enough to say it doubled.

But it didn’t double

They gained 11,300 in SD and lost 8,200 in personal exemptions.

04-19-2019 , 02:07 PM

#361

jt217

veteran

Join Date: Aug 2008 Posts: 2,020

Quote:

Originally Posted by bacalaopeace

Writing "monetize the debt" is a tell that you are rich.

Honestly "monetize the debt" is a phrase that has never made sense to me. Even when I look it up I can't figure out what it's supposed to mean or what people mean when they say it. I assume this is because it either refers to something that's already happening all the time or something that would/could never happen.

04-19-2019 , 02:11 PM

#362

dth123451

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Join Date: Jul 2012 Posts: 15,502

Doesn’t it just mean “print money to pay off debt?”

04-19-2019 , 06:50 PM

#363

fxwacgesvrhdtf

Guest

Posts: n/a

Quote:

Originally Posted by revots33

Same here. Plus I live in NJ so the cap on SALT deduction hurt me.

If you have kids you probably paid less regardless of where you live. Still not sure why withholding tables weren't adjusted properly, seems like a lot of people who usually get refunds were hit with a big bill this year. They may have come out ahead but it doesn't feel like it when you have a big unexpected bill due in April.

Seriously? It seems pretty damned obvious to me that the withholding tables were ****ed up to make the tax bill look better for the idiot masses than it really was to help republicans in the midterms.

04-20-2019 , 09:58 PM

#364

Parlay Slow

Carpal \'Tunnel

Join Date: Nov 2003 Posts: 8,122

Quote:

Originally Posted by dlk9s

Yes it is because if you take fed standard you must take GA standard which is only 6k. This created a "windfall" that the GA GOP led govt could have fixed by allowing you to itemize state. However they "fixed" it by reducing the top rate, which helped the rich and hurts the middle class.

If your deductions were close to $24k (but less), it may actually save you money to itemize (since the GA standard deduction is so low).

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