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Sat Feb 9, 2019, 12:14 PM

Oh boy, Trump really screwed the pooch (new tax law)

The administration did a horrible job of educating the public on the changes.

Please ignore the blogs, very little accurate info.

Here's a site that lays it out pretty well.

https://www.nerdwallet.com/blog/taxes/tax-deductions-tax-breaks/

Here's a typical missive from the WWW.

Trump really screwed me, last year I deducted 10,000 in medical expenses now they're gone. Not true medical expenses are still deductible.

What's happening is the standard deduction has doubled, so if your itemized deduction don't exceed the much larger standard deduction the software takes the standard deduction. People perceive the deductions as gone, and believe they are being taxed on it.

Most folks are better off with a higher standard deduction.

19 replies, 382 views

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Arrow 19 replies Author Time Post
Reply Oh boy, Trump really screwed the pooch (new tax law) (Original post)
def_con5 Feb 9 OP
fools_gold Feb 9 #1
JoeHill Feb 9 #4
fools_gold Feb 9 #8
JoeHill Feb 9 #2
freedumb2003 Feb 9 #6
Isidore Feb 9 #14
JoeHill Feb 9 #18
Isidore Feb 10 #19
def_con5 Feb 9 #7
Oldgeezer Feb 9 #9
Gamle-ged Feb 9 #11
fools_gold Feb 9 #16
_eek Feb 9 #15
Oldgeezer Feb 9 #3
def_con5 Feb 9 #5
Oldgeezer Feb 9 #10
Gamle-ged Feb 9 #12
quad489 Feb 9 #13
Gamle-ged Feb 9 #17

Response to def_con5 (Original post)

Sat Feb 9, 2019, 12:24 PM

1. It amazes me the number of people

that have absolutely no clue as to how their taxes are calculated. There are H&R Block kiosks in both major supermarkets in my town, and also the Walmart. I see people there queued up with only a w-2 in their hand looking for help filing their 1040. They look really sad.

When I was in high school in the 1960's there was this class called Home Economics, which was a mandatory course for the girls (boys had to take drafting). I seem to remember that they used to teach the girls how to balance a checkbook, figure out interest rates, and file tax returns. I think it would be a great idea to bring that course back and make it mandatory for all high school students, rather than the LQGBJTXYZ Appreciation studies and Cultural Sensitivity classes. Imagine - people being able to do their own taxes when they have only a W-2 income. What a concept!

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Response to fools_gold (Reply #1)

Sat Feb 9, 2019, 12:30 PM

4. About a 1/3rd of all Americans file their own taxes.

 

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Response to JoeHill (Reply #4)

Sat Feb 9, 2019, 12:37 PM

8. That sounds about right

I would think that includes people like me that use TurboTax and the like to do them. I started using TT decades ago just to be able to print out the info and forms rather than hand write it in forms from the post office. Now it’s handy to do the inane worksheets for qualified vs unqualified dividends and the SS tax worksheets, and also because e-file is so convienent. But I still understand everything that it is doing.

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Response to def_con5 (Original post)

Sat Feb 9, 2019, 12:24 PM

2. Your link has information that a 6th grader should know and says nothing about

 

Trump's tax changes.

I expect to do a little better under the Liar's tax plan, but I'm not happy about how that has blown up the national debt.

It remains to be seen how most others will do.

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Response to JoeHill (Reply #2)

Sat Feb 9, 2019, 12:32 PM

6. Link to one of your PRE-TRUMP compaints about the national debt or admit you are a liar

 

obozo blew up the national debt more than all the presidents before him combined.

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Response to freedumb2003 (Reply #6)

Sat Feb 9, 2019, 01:45 PM

14. $19,947,304,555,212.49 - $10,626,877,048,913.08 = $9,320,427,506,299.41

National debt on 1/20/2017 - debt on 1/20/2009 = increase in debt

$9,320,427,506,299.41 (increase) is less than $10,626,877,048,913.08 (debt on 1/20/2009)

_________________________


$2,684,392,000,000 - $934,073,000,000 = $1,750,319,000,000

Debt on 12/31/1988 - debt on 1/31/1981 = increase in debt

$1,750,319,000,000 (increase) is more than $934,073,000,000 (debt on 1/31/1981)

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Response to Isidore (Reply #14)

Sat Feb 9, 2019, 07:00 PM

18. Numbers just confuse them. If Sean Hannity doesn't say it, it's not true.

 

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Response to JoeHill (Reply #18)

Sun Feb 10, 2019, 10:21 PM

19. And he thinks OTHER people should admit they are liars? ( n/t )

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Response to JoeHill (Reply #2)

Sat Feb 9, 2019, 12:34 PM

7. Even you are not that obtuse

The tax law that Trump signed became law in 2018, so of course the site cover's Trump's tax changes.

That's what the site is about.

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Response to JoeHill (Reply #2)

Sat Feb 9, 2019, 12:38 PM

9. It didn't blow up Natioanl Debt....spending did.

Tax revenue increased over fiscal 17.......unfortunately so did RINO spending.

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Response to Oldgeezer (Reply #9)

Sat Feb 9, 2019, 01:02 PM

11. Tax revenue from Baby Boomers (birth dates 1946 - 1964) who reach the age of 70.5 for mandatory...

... withdrawals from tax-deferred accounts will be going up and up for years to come, amounts depending upon how many of them participated in the plans and left the monies IN the plans until that advanced age...

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Response to Gamle-ged (Reply #11)

Sat Feb 9, 2019, 02:12 PM

16. I'm one of them

I have to start taking my MRD this year. It will be about $15K this year, which will be taxed at an effective rate of about 20%. Uncle will get an extra $3K of my money.

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Response to JoeHill (Reply #2)

Sat Feb 9, 2019, 01:57 PM

15. but I'm not happy about how that has blown up the national debt.

Further proof you are not equipped to do anything but troll and lie.

Income does not decide debt, spending does.

Your POV on this is rather childlike, perhaps some econ 101?

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Response to def_con5 (Original post)

Sat Feb 9, 2019, 12:28 PM

3. Tax ignorance has alway been a sore spot for me...

Why in the hell people give the Govt an interest free loan...$1000's in some cases....yr to yr makes me crazy.

Read the IRS website...if you are an employee adjust your W-4's so that you get a little back or owe a little to...
These that allow huge over payment I have never understood.

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Response to Oldgeezer (Reply #3)

Sat Feb 9, 2019, 12:31 PM

5. They don't see it that way

They think the government is giving them a prorated shaare of federal revenue. Sharing the wealth if you will.

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Response to def_con5 (Reply #5)

Sat Feb 9, 2019, 12:50 PM

10. I know what they think....I don't get where they got it from....

Before I retired I volunteered at the County SS Dept that did tax prep for Seniors, those that couldn't afford a pay for Prep agency, didn't trust on line Prep sites, and to be totally honest..the "slow kids"....."large" returns were ingrained in the last batch.

Even a couple of my employees would not adjust their W-4's....they were fine with weekly withholding for that big return....it was like Christmas in April-May-June..

I just never understood it.

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Response to Oldgeezer (Reply #10)

Sat Feb 9, 2019, 01:17 PM

12. I adjust my USAF W4 nearly every year, to ensure sufficient w'holding for my increasing taxable..

... income derived from mandatory withdrawals from tax-deferred accounts and EE bonds that are FINALLY reaching "final maturity" (bot long-ago and that maintained a guaranteed 4% floor). My local bank struggles with those bonds when I take them in for redemption...

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Response to Oldgeezer (Reply #3)

Sat Feb 9, 2019, 01:35 PM

13. And the hilarious part is watching these people actually brag about the big refund they're getting..

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Response to quad489 (Reply #13)

Sat Feb 9, 2019, 05:15 PM

17. They're bragging about the free loan they give to Uncle Samuel...

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