the rum soaked fist: internal martial arts forum

grzegorz wrote:Watch "Trump Voters Turn On Him: We Trusted You!" on YouTube

https://youtu.be/p3xjn8oORZs

The billionaires are...

Watch "Abigail Disney on Trump’s Tax Cuts and the 1%" on YouTube

https://youtu.be/QzJZF3qau9w

I owe $3,000!

grzegorz wrote:I owe $3,000!

Damn. I haven't done mine yet. Not expecting a tremendous swing but we'll see

Yeah, they got us good!

Funny FOX is blaming people who are complaining for not saving. LOL! We will find the money but it's ironic that the neighborhoods I work in where people are doctors and lawyers and make a ton more than me had their taxes go down. For example, I deliver to houses where some people own two Teslas! I guess they really needed that tax break. Needless to say they striped away the protections I used to have. I can't imagine the burn I would feel if I voted for these politicians, being that $3,000 is a lot for us I'd pretty upset but being that I didn't vote for Trump I knew this whole experiment would be a disaster.

Funny FOX is blaming people who are complaining for not saving.

Yeah, if a family that made 20K had put away the $10 per week extra from the tax "cut," they' may have saved enough to pay any tax bill. The problem is that if that family didn't use the $10 bucks per week for food or toward rent, what good was it? Of course the same is true if the paycheck goes up $200 per week. But, the $10 makes a much bigger difference to the low income family.

For most of my working life was claim an extra dependent on my W2, and then correct it when I did my taxes. That way, the "government" took more than I owed every week, and I'd get a refund. The opposite approach was to claim 0 and have less taken out. The idea was to save --or, ideally, invest-- the money and pay a tax bill later. That way money that was essentially being loaned to the "government" for free could be put to use.

But, that only works if a family has disposable income and can afford to save money. It doesn't take into account unexpected expenses that would eat up any savings. The US poverty rate for a family of four is about $25K. That's around $500 per month. They may have tvs, but they don't all have savings accounts. Anyway, this was advertised as a middle-class tax cut. "The poor and those who do not save their money will always be with us."

Otoh, this is the first year for this. Nobody knew exactly how it would work out. People who can afford to make a mistake this year will probably figure it out for next year. Affording it simply means being able to pay any tax bill that comes along. People who can't afford it will have to borrow money, at "reasonable" rates, of course. It's better than paying the IRS interest, but it doesn't allow much extra for savings.

Look on the bright side. At least now we've gotten rid of that oppressive estate tax (which could have paid for a wall, just like the one between the Koreas. That's another subject, but it ends up that any tax we pay now will go toward it).

The US poverty rate for a family of four is about $25K. That's around $500 per month

You sure about that math, there? 25/12=2.08 last I checked.

oragami_itto wrote:

The US poverty rate for a family of four is about $25K. That's around $500 per month

You sure about that math, there? 25/12=2.08 last I checked.

Oh, you're right. I meant per week.

For most of my working life was claim an extra dependent on my W2, and then correct it when I did my taxes. That way, the "government" took more than I owed every week, and I'd get a refund. The opposite approach was to claim 0 and have less taken out. The idea was to save --or, ideally, invest-- the money and pay a tax bill later. That way money that was essentially being loaned to the "government" for free could be put to use.

The more dependents one claims during the yr "less" is taken out
By claiming "0" or less dependents then one actually will claim at the end of the yr more is taken out during the yr.

Which is then returned at the end of the yr as the difference between what they took out
and what one owes.

Steve James wrote:

oragami_itto wrote:

The US poverty rate for a family of four is about $25K. That's around $500 per month

You sure about that math, there? 25/12=2.08 last I checked.

Oh, you're right. I meant per week.

Either way it ain't enough to put a roof over your head and food on the table... Or even a table, really, that you didn't pull out of the trash

The more dependents one claims during the yr "less" is taken out
By claiming "0" or less dependents then one actually will claim at the end of the yr more is taken out during the yr.

Which is then returned at the end of the yr as the difference between what they took out
and what one owes.

You're absolutely right too windy. Thanks for pointing it out. I gotta remember to keep my glasses on while posting. I edited it to make it shorter and I mixed things up.

Yep, I didn't claim dependents until tax time came.

Voting with fear and anger carries its own karma

KEND wrote:Voting with fear and anger carries its own karma

*drops the mic...*

grzegorz wrote:I owe $3,000!

Got it backwards. Last year I got $3000 and this year nothing.

Lucky. Oh well, for many people, tax time just won't be the same any more.

On a side note, I didn't know how to feel after Amazon bailed on its NYC location. Then, I learned it seems Amazon will pay $0 taxes. Boo.

Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits

http://fortune.com/2019/02/14/amazon-do ... axes-2019/