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Poll: Did you taxes go up or down compared to last year? Login/Join 
Member
Picture of mcrimm
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About the same. The increased standard deduction helped us this year. We did make more money in 2018.



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Posts: 1675 | Location: Kalispell Montana & Florida’s Emerald Coast for the Winter | Registered: December 24, 2013Reply With QuoteReport This Post
Eschew Obfuscation
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First year of retirement so taxes will be way down.


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Posts: 4345 | Location: Chicago, IL | Registered: December 17, 2007Reply With QuoteReport This Post
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Picture of jezsuiz
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Overall my tax burden was about 3.5% less than last year despite a modest rise in income.
 
Posts: 538 | Location: NE not new england | Registered: October 15, 2008Reply With QuoteReport This Post
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Picture of cas
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I'm assuming it went down.... I made $11k less this year.


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Posts: 16404 | Location: 18th & Fairfax  | Registered: May 17, 2003Reply With QuoteReport This Post
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My taxes went up. By about 3K.

Prior deductions and exemptions were at 38K.

New tax plan eliminated exemptions and set standard cap at 24K. Had to pay Fed taxes on remaining 13K. Sucks.
 
Posts: 2333 | Registered: April 20, 2010Reply With QuoteReport This Post
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Maybe it is too late to change the poll, but it is obvious that a large number of folks do not understand the difference between marginal tax rate, effective tax rate and tax refunds. Maybe this poll should be shut down and a new poll started with the specific question being "did your effective tax rate go up or down this year". And a brief description of what this means. The results from this poll as it is currently running are likely erroneous and meaningless at best and misleading at worst.
 
Posts: 1635 | Location: DFW Texas | Registered: March 13, 2012Reply With QuoteReport This Post
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Picture of grumpy1
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I don't know yet but I expect they went up a bit living in Illinois. I am not sure how everyone is calculating if their taxes would have gone up or down compared to last year but about the only way I see that can be accurately done would be to run the numbers for 2018 through both a 2017 tax software and 2018 tax software and compare the results.

I have been reading articles where tax over payment refund amounts so far are down on average compared to last year and many believe that means they paid more taxes under President Trump's new tax plan but that does not account for less withholding a tax payer may have had on their paycheck compared to what it would have been otherwise. Most everyone I know only looks at the size of their tax over payment refund check.


“When the people find that they can vote themselves money that will herald the end of the republic.”
― Benjamin Franklin
"The problem with socialism is that eventually you run out of other people's money."
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Posts: 8726 | Location: Northern Illinois | Registered: March 20, 2009Reply With QuoteReport This Post
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Picture of Skull Leader
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I had the same effective tax rate of about 14.9%, but my refund is about $1000 dollars less than normal.
 
Posts: 10065 | Location: Big Sky Country | Registered: November 20, 2004Reply With QuoteReport This Post
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https://www.vox.com/policy-and...nd-withholding-trump


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Posts: 12551 | Location: Nomad | Registered: January 10, 2003Reply With QuoteReport This Post
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Rate down, but overall taxes up substantially due to the limit on overall state tax deduction ($10,000 if I remember correctly).

Still, I'll take that pain so the feds can get out of the business of subsidizing the high tax states.
 
Posts: 426 | Registered: March 08, 2006Reply With QuoteReport This Post
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quote:
Originally posted by straightshooter01:
Maybe it is too late to change the poll, but it is obvious that a large number of folks do not understand the difference between marginal tax rate, effective tax rate and tax refunds. Maybe this poll should be shut down and a new poll started with the specific question being "did your effective tax rate go up or down this year". And a brief description of what this means. The results from this poll as it is currently running are likely erroneous and meaningless at best and misleading at worst.



Same impression I have picked up. Maybe a simple percentage, bottom line total calculated taxes owed divided by total GROSS taxable income.
 
Posts: 215 | Location: South Texas | Registered: February 27, 2018Reply With QuoteReport This Post
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quote:
Originally posted by Skull Leader:
I had the same effective tax rate of about 14.9%, but my refund is about $1000 dollars less than normal.


Were you getting a little more in your paychecks? I haven't done my taxes yet, but once the cuts went into effect, I noticed about $70 less in taxes with held in each bi-weekly paycheck.

When I do them I'll take a look at my effective tax rate and see if is the same, a bit less, or a bit more. I'm OK with whatever it is as the biggest impact of the cuts was making the 21% corporate rate permanent. My bonus due to that will eclipse any personal tax rate changes.




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Posts: 4030 | Location: Oregon | Registered: October 02, 2005Reply With QuoteReport This Post
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quote:
Originally posted by wxl:
quote:
Originally posted by straightshooter01:
Maybe it is too late to change the poll, but it is obvious that a large number of folks do not understand the difference between marginal tax rate, effective tax rate and tax refunds. Maybe this poll should be shut down and a new poll started with the specific question being "did your effective tax rate go up or down this year". And a brief description of what this means. The results from this poll as it is currently running are likely erroneous and meaningless at best and misleading at worst.



Same impression I have picked up. Maybe a simple percentage, bottom line total calculated taxes owed divided by total GROSS taxable income.


That is what your "effective tax rate" is.
 
Posts: 1635 | Location: DFW Texas | Registered: March 13, 2012Reply With QuoteReport This Post
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Up. I had couple of software development contracts besides my regular job. Totally expected so no big deal. We stashed the money to pay the taxes.
 
Posts: 5542 | Registered: October 31, 2008Reply With QuoteReport This Post
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Picture of chellim1
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The ones crying are the ones without any dependents. The child tax credit was doubled this year to $2000 per child. This takes $2000 off of your tax owed dollar for dollar, per child.

For the first time in 30 years... all kids are out of my nest.
Our little tax credits grew up and moved out. Cool


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Posts: 15549 | Location: St. Louis, MO | Registered: April 03, 2009Reply With QuoteReport This Post
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Picture of Ironbutt
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My wife & I are both retired. Our income from SS, pensions, etc have stayed pretty much the same for the last four years. We usually get a small refund & this year is $3 more than last year. Next year though, we'll both be at the 70 1/2 year old mark where we'll both have to draw a certain percentage out of our retirement accounts each year. Since the money wasn't taxed when it went into the accounts, it'll be taxed when it's withdrawn. I'm going to have to research that some more, because I don't like to owe Uncle Sam at tax time.


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Posts: 636 | Location: PA | Registered: September 01, 2013Reply With QuoteReport This Post
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Picture of grumpy1
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quote:
Originally posted by chellim1:
The ones crying are the ones without any dependents. The child tax credit was doubled this year to $2000 per child. This takes $2000 off of your tax owed dollar for dollar, per child.

For the first time in 30 years... all kids are out of my nest.
Our little tax credits grew up and moved out. Cool


Which will further increase the numbers of those who do not pay any federal income taxes to probably over 50 percent which IMO is preposterous. I think that was done to get Rubio's vote on the tax bill. Millions of Americans get a federal income tax refund that is thousands of dollars higher than the amount of federal income taxes they paid. Yet the cries are the rich don't pay their fair share.


“When the people find that they can vote themselves money that will herald the end of the republic.”
― Benjamin Franklin
"The problem with socialism is that eventually you run out of other people's money."
― Margaret Thatcher
 
Posts: 8726 | Location: Northern Illinois | Registered: March 20, 2009Reply With QuoteReport This Post
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Picture of sigcrazy7
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quote:
Originally posted by frayedends:
quote:
Originally posted by konata88:
Kidding?

When have taxes paid ever come down? I must have missed it. Especially in a blue state. It's not a matter of going up. It's only a matter of how much this year.


You must have not done your taxes yet. Federal doesn’t matter what state you live in. As I said I saved 4K thanks to Trump.


The new Federal taxes limit deductions for taxes paid to states at $10,000 IIRC. If you live in a blue state, and were getting the deduction for the state taxes you paid over $10K, then you will see your Federal taxes increase. Therefore, the state you live in can impact your Federal return.



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Posts: 5913 | Location: Utah | Registered: December 18, 2008Reply With QuoteReport This Post
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Picture of Balzé Halzé
posted Hide Post
quote:
Originally posted by sigcrazy7:
quote:
Originally posted by frayedends:
quote:
Originally posted by konata88:
Kidding?

When have taxes paid ever come down? I must have missed it. Especially in a blue state. It's not a matter of going up. It's only a matter of how much this year.


You must have not done your taxes yet. Federal doesn’t matter what state you live in. As I said I saved 4K thanks to Trump.


The new Federal taxes limit deductions for taxes paid to states at $10,000 IIRC. If you live in a blue state, and were getting the deduction for the state taxes you paid over $10K, then you will see your Federal taxes increase. Therefore, the state you live in can impact your Federal return.


Yes, and which is why the new system is more fair.

Why should someone who lives in a high taxed blue state who makes exactly the same wage as someone who lives in a lower taxed state get to pay less to the federal?


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Posts: 21327 | Location: Ski Town, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
Alienator
Picture of SIG4EVA
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I made significantly less money, have about 13% less taxes taken out, and will have a larger refund this year by $500.


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Posts: 5497 | Location: NC | Registered: March 16, 2012Reply With QuoteReport This Post
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