Federal Tax Return

[billvon 2,402]

1 hour ago, SkyDekker said:

Smart person would remember Hillary Clinton did release her tax return. Obama released his tax returns.

A smart person wouldn't get his information from a meme.

And smart people do not get their information from TheDonald forum at Reddit, either.  (Which is "a never-ending rally dedicated to the 45th President of the United States, Donald J. Trump" by its own definition.)

[wolfriverjoe 1,345]

Got any credible accusations of tax fraud against any of them?

[SkyDekker 1,127]

51 minutes ago, wolfriverjoe said:

Got any credible accusations of tax fraud against any of them?

It is on a meme on the internet and likely stolen from r/the_donald.

 

How much more credible do you need?

[billvon 2,402]

Chuck Grassley is getting very defensive over this issue - “Isn’t it kind of stupid to look at a refund, what your refund is?”

Never a good idea to tell voters who trusted you that they were stupid to do so.

[SkyDekker 1,127]

In the mean time Amazon will pay no tax on $11,200,000,000 in profit.

[billvon 2,402]

3 minutes ago, SkyDekker said:

In the mean time Amazon will pay no tax on $11,200,000,000 in profit.

To think that Alexandria Ocasio-Cortex ruined the prospects of Amazon coming to NY and paying $0 in taxes!  Cue the next wave of attacks.

[kallend 1,632]

13 hours ago, SkyDekker said:

In the mean time Amazon will pay no tax on $11,200,000,000 in profit.

You can certainly write $0.00  on a post-card.

[Phil1111 911]

On 2/13/2019 at 11:45 AM, kallend said:

Meanwhile the US national debt just passed $22 TRILLION.

Meanwhile US corporate debt went from $6.5 trillion to $9 trillion(since 2001) as corporations added increased leverage to boost profits. Furthermore US corporate leverage is probably underestimated

The Fed launched QE nine years ago — these four charts show its impact   adding $3.5 trillion to the balance sheet.

While US consumer debt is up $4 trillion net, with $1 trillion less mortgage debt, since 2001.

[yoink 321]

On 2/14/2019 at 9:21 AM, BillyVance said:

Just saying. The Obama's, Clinton's, Pelosi, Waters, Feinstein, etc... 

A Smart person would want to see all of them. Why don't you?

[billvon 2,402]

Some headlines from across the US on reactions to the new tax:

Texas homeowners may lose thousands due to new tax law:  https://www.kxan.com/news/local/austin/texas-homeowners-may-lose-thousands-due-to-new-tax-law/1773192239

Lexington tax expert: Expect to pay more and get less after filing this year: https://www.wkyt.com/content/news/Lexington-tax-expert-Expect-to-pay-more-and-get-less-after-filing-this-year-505648671.html

Falling tax refunds highlight the Republican tax scam: https://www.chicagotribune.com/news/opinion/commentary/ct-perspec-tax-refunds-irs-republicans-reform-cuts-0225-20190222-story.html

Tax law changes means smaller refunds, money owed for many: https://www.cbs17.com/news/investigators/tax-law-changes-means-smaller-refunds-money-owed-for-many/1773611886

The stories concentrate on two things - higher taxes and lower refunds for many.  The lower refunds came about because Trump wanted to make his new tax law seem like a big tax cut, so he pressured the IRS to withhold less - thus making it seem like a big tax cut.  The higher taxes came about because of tax law changes that (for example) limit property tax deductions, eliminate personal exemptions, eliminate out-of-pocket work deductions, and eliminate many of the deductions that the self-employed used to take.

On the plus side, corporations are making out incredibly well.  So a lot of very rich people are happy.

BTW note to GOP representatives - when your speeches about the new tax law devolve to "well, you're stupid - that's why you are paying more" you're going to lose that battle.

[wolfriverjoe 1,345]

Well, as much as I hate to admit it, I came out ahead.

Both my marginal & effective rates for federal taxes went down some. 

The big factor was that although the personal exemption went away, the standard deduction went up. The increase more than made up for the removal.

Of course, like everyone else, I ended up owing on my federal. I've gotten fairly good over the years at adjusting my withholdings. My idea of 'perfection' is coming out even. Not owing or getting a refund. I've come pretty close a couple times (net, that is - owe some on one and get almost the same back from the other). This year I will end up owing more on my federal than I'm getting back on my state. No big deal.

Other than the 'smoke & mirrors' con game of lowering withholding so that the suckers think they are paying less. 

 

Of course, my mild gains pale in comparison to what the truly wealthy are seeing. 

I'd be fine paying as much as in the past or even more...

As long as everyone paid their fair share.

 

The idea that the rich are getting huge tax breaks while the government deficit goes through the roof makes me want to puke.