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Deleted User 8570
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by Deleted User 8570 » Sun Feb 24, 2019 4:06 pm
bmw wrote: ↑Sun Feb 24, 2019 2:16 pm
Straight from NPR:
The reasons for these smaller refunds vary. For most people, it's because each paycheck has grown slightly, thanks to reduced withholding. On balance, they are likely to come out ahead.
Enough said.
Now what should be talked about and never is would be the other end of this... less revenue to the government causing reduced services from the government (including those that may be popular) or exploding deficits because everybody is scared to cut popular stuff out...
This latest round has already blown a hole in the budget...
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MWmetalhead
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by MWmetalhead » Sun Feb 24, 2019 5:05 pm
I was counting on my usual $1000 back and not $300 or so... so for my money this sucked. I haven’t seen a H*** bump in pay either so I don’t really feel good about all of this stuff...
What was your effective tax rate this year compared to last year?
Looking at refund size alone is foolish, which is the whole point of my OP.
Paul Woods reminds me a bit of the Swedish Chef from the Muppets when he speaks!
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TC Talks
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by TC Talks » Sun Feb 24, 2019 5:15 pm
This graph seems to make the most sense... We are all sort of right. But the reduction of deduction thresholds do have an impact.
“The more you can increase fear of drugs, crime, welfare mothers, immigrants and aliens, the more you control all of the people.”
― Noam Chomsky
Posting Content © 2024 TC Talks Holdings LP.
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Deleted User 8570
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by Deleted User 8570 » Sun Feb 24, 2019 5:57 pm
MWmetalhead wrote: ↑Sun Feb 24, 2019 5:05 pm
I was counting on my usual $1000 back and not $300 or so... so for my money this sucked. I haven’t seen a H*** bump in pay either so I don’t really feel good about all of this stuff...
What was your effective tax rate this year compared to last year?
Looking at refund size alone is foolish, which is the whole point of my OP.
Let me know how to come up with it (the math equation) and I’ll get back to you...
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craig11152
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by craig11152 » Mon Feb 25, 2019 8:29 am
If anyone really wants to know where they stand I would simply add up all the dollars the IRS makes you declare as income then find your actual federal tax obligation for that year and divide that by that "gross income" number you added up.
That bypasses all the changes in tax law year to year. It bypasses deductions, credits, exemptions etc.
The number you get is a raw percentage.
Compare it year to year and you know if you are paying a bigger percentage of your "income" or not. Its best to do it over several years to look for a pattern.
I no longer directly engage trolls
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MWmetalhead
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by MWmetalhead » Mon Feb 25, 2019 5:47 pm
Let me know how to come up with it (the math equation) and I’ll get back to you...
Divide line 15 on Form 1040 (Total Tax) by line 6 (Total Income). This formula is consistent with what Craig described, and it's also the equation I used for purposes of my OP.
This graph seems to make the most sense... We are all sort of right. But the reduction of deduction thresholds do have an impact.
The new tax brackets are certainly more taxpayer friendly than the old brackets, but let's face it - that illustration doesn't present the full picture. It serves as a good baseline for discussion.
Paul Woods reminds me a bit of the Swedish Chef from the Muppets when he speaks!
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Bryce
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by Bryce » Sat Mar 02, 2019 9:14 am
Lets see how much coverage this gets...
The IRS Now Says People Are Getting Bigger Tax Refunds in 2019. Here’s Why
https://finance.yahoo.com/news/irs-now- ... 38232.htmlNew York and Chicago were all in with respect to their sanctuary status — until they were hit with the challenge of actually providing sanctuary. In other words, typical liberal hypocrisy.
