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The dishonest national media's reporting on 2018 tax bills

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MWmetalhead
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The dishonest national media's reporting on 2018 tax bills

Post by MWmetalhead » Sat Feb 23, 2019 11:22 am

I love how the demagogues who masquerade as serious journalists have been framing their reporting on NBC, CNN, ABC and CBS regarding households' 2018 federal income tax bills.

Notice how the stories are ALWAYS focused on the size of the refund!

Funny how these scam artists deemphasize what truly matters:
- Total Income
- Adjusted Gross income
- Total Tax

Refunds (or tax bills) are based on the differential between (i) what was withheld by your employer (or other payor) or pre-paid by you in advance versus (ii) Total Tax due.

Part (i) of the above equation is nothing more than an ESTIMATE!

Personal circumstances can change from year to year. Medical bills, nature and extent of investment income, inheritance income, self-employment income, income or expense associated with real estate purchases or disposals, etc.

Yes, people who previously enjoyed a MASSIVE mortgage interest deduction because they owe $600,000 on their primary home are likely going to see their total tax bill increase this year since they probably won't be able to claim the full amount of that interest expense. I have no sympathy for such people.

I just filed my taxes for 2018 (thanks, TurboTax).

I received a $4,000 federal refund last year. I owed $300 this year. This is mainly because of two reasons:
- #1: My state & local tax deductions were capped at $10,000 this year whereas I was able to claim nearly $15,000 last year
- #2: I had over $7,000 in capital gains this year but almost none last year.

Know who gets hit the hardest by the $10,000 state & local tax deduction limitation? The upper middle class and the wealthy! Funny how the liars in the mainstream media often fail to mention that little fact.

Know who gets hit the hardest by the home mortgage interest deduction limitations? The upper middle class and the wealthy!!!

Hey, if anyone is dumb enough to spend $750,000 on a home in an outrageously expensive metro area such as Southern California, Seattle, or Denver - I have ZERO sympathy for you if your tax bill increased. Maybe you shouldn't be so reliant on a government subsidy to be able to afford a high priced home while still making "ends meet."

My effective tax rate - the number that probably matters most to me - actually improved from 18.0% in 2017 to 17.2% in 2018. So, despite the circumstance listed above, I did save some cash! For me, that savings is the equivalent of two months' worth of car payments + cable/internet payments!


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Re: The dishonest national media's reporting on 2018 tax bills

Post by stopnswop2 » Sat Feb 23, 2019 1:40 pm

With all these posts you guys made about fake news, you would think you guys would be smart enough to finally catch on to the bigger picture here....

Silly me to expect that from this board


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Re: The dishonest national media's reporting on 2018 tax bills

Post by bmw » Sat Feb 23, 2019 1:51 pm

I saw a story on this topic on the CBS Evening News 2 or 3 nights ago and I thought the SAME EXACT THING. They cited stats showing how the average tax refund is down something like 17 percent this year without once making reference to the amount initially taken out of peoples' paychecks. They also did a personal interest story on a family with a small business whereby they apparently had fewer deductions. But no mention of what their final actual tax bill actually ways.

The media has a long history of dishonest reporting when it comes to taxes and tax burdens.



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Re: The dishonest national media's reporting on 2018 tax bills

Post by MWmetalhead » Sat Feb 23, 2019 2:35 pm

Succinctly & very well put, bmw. Thanks for sharing that example of biased reporting! :)


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Re: The dishonest national media's reporting on 2018 tax bills

Post by tigerwings » Sat Feb 23, 2019 7:09 pm

One thing not being mentioned is not having the personal exemption. Rolling it into the standing deduction is keeping lots of filers from itemizing.

I figured my taxes using 2018 form vs 2017 form, I would have done better with last years rules. I didn't have enough to itemize this year. The SALT did effect me (by about $1100), but still wouldn't have had enough to itemize. I would have been able to itemize under 2017 rules.

By using a simple calculation on my W2's, my witholding was about %.5 less than last year, with a lot more OT in 2018 (usually taxed higher).

I live in NorCal. Housing cost about the same as Denver (my prior home). Property taxes are lower than my last home in Michigan (in 2007) that was worth 200k less. Income tax is about the same.

I can't compare my 2017 vs 2018 1040's, because I got all my federal back and then some, thanks the solar system that came with the new house. I've produced more electric than I've used every month.



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Re: The dishonest national media's reporting on 2018 tax bills

Post by zzand » Sun Feb 24, 2019 10:07 am

My refund was down slightly this year, but it was where I figured it would be because I also paid less into it this year because of the tax changes. Once had an accountant say the best possible outcome when doing your taxes is to get as close to zero as possible, little or no refund, little or nothing owed.



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Re: The dishonest national media's reporting on 2018 tax bills

Post by TC Talks » Sun Feb 24, 2019 11:05 am

So you are all happy with paying more tax (by your own admission) than last year?

Is this because it was a Republican idea? Because most of you would be losing your minds if the money gained by this tax bill went to fix healthcare or education rather than going to people who can get by with paying more taxes.

Got it, you're hypocrites.


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Re: The dishonest national media's reporting on 2018 tax bills

Post by MWmetalhead » Sun Feb 24, 2019 12:24 pm

The point some of us have attempted to make via this thread evidently flew right over your head, TC Talks.

Our REFUNDS were smaller. In most cases, our TAXES PAID were also smaller.
Once had an accountant say the best possible outcome when doing your taxes is to get as close to zero as possible, little or no refund, little or nothing owed.
That's exactly right. A refund means the Treasury has used your money for the past year interest free whereas if that same money were in your own pocket, you would've had the ability to invest it and earn a return on it.


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Re: The dishonest national media's reporting on 2018 tax bills

Post by Matt » Sun Feb 24, 2019 12:28 pm

TC Talks wrote:
Sun Feb 24, 2019 11:05 am
So you are all happy with paying more tax (by your own admission) than last year?

Is this because it was a Republican idea? Because most of you would be losing your minds if the money gained by this tax bill went to fix healthcare or education rather than going to people who can get by with paying more taxes.

Got it, you're hypocrites.
Your reading comprehension is dog shit. ONE person who lives in a high tax state said their taxes were higher this year.



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Re: The dishonest national media's reporting on 2018 tax bills

Post by Deleted User 8570 » Sun Feb 24, 2019 12:51 pm

MWmetalhead wrote:
Sun Feb 24, 2019 12:24 pm
The point some of us have attempted to make via this thread evidently flew right over your head, TC Talks.

Our REFUNDS were smaller. In most cases, our TAXES PAID were also smaller.
Once had an accountant say the best possible outcome when doing your taxes is to get as close to zero as possible, little or no refund, little or nothing owed.
That's exactly right. A refund means the Treasury has used your money for the past year interest free whereas if that same money were in your own pocket, you would've had the ability to invest it and earn a return on it.
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...



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Re: The dishonest national media's reporting on 2018 tax bills

Post by TC Talks » Sun Feb 24, 2019 1:06 pm

Matt wrote:
Sun Feb 24, 2019 12:28 pm
TC Talks wrote:
Sun Feb 24, 2019 11:05 am
So you are all happy with paying more tax (by your own admission) than last year?

Is this because it was a Republican idea? Because most of you would be losing your minds if the money gained by this tax bill went to fix healthcare or education rather than going to people who can get by with paying more taxes.

Got it, you're hypocrites.
Your reading comprehension is dog shit. ONE person who lives in a high tax state said their taxes were higher this year.
Um, how is the elimination of taxes deductions not an increase in taxes? Your net out of pocket goes up. I can read, can you comprehend?
- #1: My state & local tax deductions were capped at $10,000 this year whereas I was able to claim nearly $15,000 last year


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Re: The dishonest national media's reporting on 2018 tax bills

Post by craig11152 » Sun Feb 24, 2019 1:23 pm

If you want to know if you are paying more in taxes it has nothing to do with you refund

Find 2 numbers on your return.........

1. tax owed

2. gross income before any deductions or exemptions

divide tax owed by gross income.

That bypasses changes in deductions and exemption from year to year so you can tell if those changes screwed you or not.

But if you made a lot more this year than last it could bump you to a higher tax bracket.


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Re: The dishonest national media's reporting on 2018 tax bills

Post by TC Shuts Up » Sun Feb 24, 2019 1:36 pm

The Common Denominator is hatred of Trump, and promoting anything that they hope will shorten his tenure. It's pretty clear, jumping on Kavanaugh, jumping on the Sandmann kid for "smirking", now all the so called celebrities jumping on the imaginary MAGA attackers, blind support for Jussie Smollett, and who knows what next. But they have already overplayed their hand. Many Americans have a sense of fairness, and don't like piling on. It's even showing up in a slightly creeping up Trump approval rating. They only thing Socialists can do is lie and cheat and try to turn around HRC's crimes into Trump crimes with their boy, Mule Skinner Mueller.


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Re: The dishonest national media's reporting on 2018 tax bills

Post by zzand » Sun Feb 24, 2019 1:49 pm

Ok, I will type this slowly...I paid less taxes last year...my paychecks were larger by about 60 bucks a check so I kept more of the money I worked for and paid less to the government thus my refund was less. Simple math and anyone who doesn't understand it just doesn't want to because it gives them something else to bitch about. One last thing, when the new structure went into effect I saw it reported on both CNN and Fox that everyone should check withholding and make necessary adjustments. If you needed to and didn't that is on you as you were warned.



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Re: The dishonest national media's reporting on 2018 tax bills

Post by bmw » 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.



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