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Member |
About the same. The increased standard deduction helped us this year. We did make more money in 2018. I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown ................................... When you have no future, you live in the past. " Sycamore Row" by John Grisham | |||
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Eschew Obfuscation |
First year of retirement so taxes will be way down. _____________________________________________________________________ “One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them.” – Thomas Sowell | |||
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Member |
Overall my tax burden was about 3.5% less than last year despite a modest rise in income. | |||
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"Member" |
I'm assuming it went down.... I made $11k less this year. _____________________________________________________ Sliced bread, the greatest thing since the 1911. | |||
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Member |
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. | |||
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Member |
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. | |||
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Member |
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. | |||
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Help! Help! I'm being repressed! |
I had the same effective tax rate of about 14.9%, but my refund is about $1000 dollars less than normal. | |||
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Armed and Gregarious |
https://www.vox.com/policy-and...nd-withholding-trump ___________________________________________ "He was never hindered by any dogma, except the Constitution." - Ty Ross speaking of his grandfather General Barry Goldwater "War is the remedy that our enemies have chosen, and I say let us give them all they want." - William Tecumseh Sherman | |||
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Member |
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. | |||
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Member |
Same impression I have picked up. Maybe a simple percentage, bottom line total calculated taxes owed divided by total GROSS taxable income. | |||
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Member |
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. “People have to really suffer before they can risk doing what they love.” –Chuck Palahnuik Be harder to kill: https://preparefit.ck.page | |||
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Member |
That is what your "effective tax rate" is. | |||
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Member |
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. | |||
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Lawyers, Guns and Money |
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. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Member |
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. ------------------------------------------------ "It's hard to imagine a more stupid or dangerous way of making decisions, than by putting those decisions in the hands of people who pay no price for being wrong." Thomas Sowell | |||
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Member |
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. | |||
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Member |
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. Demand not that events should happen as you wish; but wish them to happen as they do happen, and you will go on well. -Epictetus | |||
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Tinker Sailor Soldier Pie |
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? ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | |||
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Alienator |
I made significantly less money, have about 13% less taxes taken out, and will have a larger refund this year by $500. SIG556 Classic P220 Carry SAS Gen 2 SAO SP2022 9mm German Triple Serial P938 SAS P365 FDE P322 FDE Psalm 118:24 "This is the day which the Lord hath made; we will rejoice and be glad in it" | |||
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