Tax Day--it worked for me

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johndoe3
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Tax Day--it worked for me

Post by johndoe3 » Sun Apr 14, 2019 1:07 pm

It's amazing to me that the 'fake news' is flooding the media with scare stories about Americans not benefiting from the 2017 tax law overhaul.

So.....I took a look at what percentage my own taxes changed for 2018 versus 2017. For this you need the Adjusted Gross Income (AGI) for 2017 and 2018, and the final tax calculation for Fed taxes in 2017 and 2018 in order to calculate how much you saved under the new tax law--a rough estimate.

partial calculation = [taxes paid(2017) / AGI (2017)] x AGI (2018); this gives you for 2018 what your taxes would have been under the old tax law.

percentage saved by new tax law = [partial calculation - taxes 2018] / partial calculation (times 100 for perecentage)

My own taxes were 19.6% lower under the new tax laws versus what they would have been under the old tax law.

Note: I saved money by benefiting from the 20% writeoff for pass-through businesses from a side gig I have that makes money, and also writing off some of my health insurance costs directly with no deduction through the side gig business (a Schedule C business). Both of these are shiny brand new deductions under the new tax laws passed in 2017.

The bipartisan Tax Policy Center projects that between 80% and 94% of taxpayers will have lower taxes under the new tax law.

https://www.taxpolicycenter.org/daily-d ... il-tax-day
Taxes down, refunds up. That is the experience of H&R Block clients, at least. The firm reports that as of March 31, its clients’ tax refunds were up by 1.4 percent while their overall 2018 tax liability fell by 24.9 percent on average.
You can fool all of the people some of the time, and some of the people all of the time...and those are pretty good odds.
Brett Maverick, gambler on TV (also used by Progressive leaders everywhere)

poikilotrm
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Re: Tax Day--it worked for me

Post by poikilotrm » Mon Apr 15, 2019 1:00 am

Don’t worry. The MSM will be trumpeting the truth and praising Trump any minute now. Any minute.
The moments I was censored was the moment that I won. That's twice, now.Thanks jwbaker, et al, for my victories.

johndoe3
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Re: Tax Day--it worked for me

Post by johndoe3 » Mon Apr 15, 2019 10:42 pm

https://dailycaller.com/2019/04/15/wilf ... isleading/

It was a planned strategy to mislead Americans about the 2017 tax cuts by the Dems and their lapdog MSM propaganda arm--and they are bragging about how successfully they misled the people...
While conservatives won the legislative war, polling shows that liberal groups are still winning the messaging battle around the Tax Cuts and Jobs Act (TCJA). A very effective campaign convinced the American public that the “#GOPTaxScam” would take from their paychecks and hand the wealthy a tax cut.

That this factually-bankrupt campaign was able to take place with so little resistance (and sometimes even with support) from major media outlets may strike many as unsurprising, but the messengers don’t usually so publicly pat themselves on the back for deceiving the American public in an open forum.

That’s what happened this month when Vox writer Matthew Yglesias praised progressives on Twitter for how completely they misled American voters on tax reform. “Nobody likes to give themselves credit for this kind of messaging success, but progressive groups did a really good job of convincing people that Trump raised their taxes when the facts say a clear majority got a tax cut,” Yglesias wrote in response to CNBC reporter John Harwood’s article about how just 17 percent of Americans think their taxes would go down.

There’s a reason people don’t like to give themselves credit for lying. Approximately 80 percent of Americans received a net tax cut in 2018, while only 5 percent saw their taxes increase. On top of this, the tax cut actually made the tax code more progressive, not less.

Of course, none of this stopped Democrats such as Sen. Kamala Harris (D-Calif.) from claiming that the TCJA was a “middle-class tax hike.” Nor did it prevent three separate Democratic senators from claiming that the average family making up to $86,000 would see a tax hike of $794, despite the fact that the source for this claim clarified that this tax hike would apply to only 6.5 percent of households in this income bracket.

Progressives were aided in this endeavor by the simple fact that taxes are complicated.
You can fool all of the people some of the time, and some of the people all of the time...and those are pretty good odds.
Brett Maverick, gambler on TV (also used by Progressive leaders everywhere)

mbogo
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Re: Tax Day--it worked for me

Post by mbogo » Wed Apr 17, 2019 12:56 pm

Paid less in taxes for the year, but would have gotten a nice refund had they not dropped the deduction for moving expenses; it's been limited to active-duty military.
7 stamps and 1 in jail :mrgreen:

johndoe3
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Re: Tax Day--it worked for me

Post by johndoe3 » Thu May 02, 2019 1:04 pm

update now that April 15 has passed

H&R Block is providing the best read on whether Americans paid less tax in 2018 due to the 2017 tax law changes. Block has created a report and summarized it for each State based on large N sample size of their millions of customers. The IRS is not likely to report on this issue for ~2 years. The takeaway from Blocks report is that even in NJ, NY and CA, taxpayers got a significant tax cut--in spite of their fear of limits due to the SALT deduction.

Image

The complete post-2019 filing report by H&R Block is at this link.
https://www.hrblock.com/tax-center/news ... ja-impact/
You can fool all of the people some of the time, and some of the people all of the time...and those are pretty good odds.
Brett Maverick, gambler on TV (also used by Progressive leaders everywhere)

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John A.
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Re: Tax Day--it worked for me

Post by John A. » Thu May 02, 2019 3:58 pm

The media is crooked.

They have no honor.
I don't care what your chart says

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