It’s gonna be “fun” when the middle class parts expire.
I expect the loss of the State and Local exemption is going to hurt badly. My first pass has us paying about $3K more than last year. I haven’t finished all the deduction work though, so hopefully it gets a bit better.
Thanks Mitch and Paul, much appreciated.
Just finished my taxes this weekend and I ended up owing $1500 rather than the small refunds I usually get. Guess I’m not getting that laptop I had my eye on.
My refund went from “I can afford a nice high-end video card” to “I can go to a movie by myself and buy a bucket of popcorn.”
Thanks, GOP. Those billionaires sure needed their taxes cut.
I’m with ya brother. The only reason I was prepared for this was I knew that the loss of the exemptions was going to cost me about $4k this year, so I proactively adjusted my monthly budget to compensate.
But it hurts. I usually pay car insurance and excise taxes with my tax refund and I had to do that with my savings.
The main tenet of modern Republican Party ideology is “Rich People are Not Rich Enough, and We’re Here to Change That.”
My prelim look makes me think we’ll actually be a little better off, thanks to the child tax credit changes. Still think the whole tax change is complete bullshit though.
Man, this thread has me fuckin’ terrified for our tax appointment this weekend.
I hope when people notice that their taxes are suddenly a little higher, despite all the Trump promises, that they’ll actually put the blame in the right place. I don’t have a lot of faith in this however.
Our refund went up a decent chunk, but I also switched jobs in the middle of the year, and I think that’s most of the cause. I haven’t done all the math, but I think we would have gotten an extra 1-2K under the previous rules, based on the fact that the state and local tax deduction was capped. We wound up taking the standard deduction, but without that change we would have been able to itemize a higher total.
I would imagine most people will ask their accountant what happened. The accountant will tell them. If they do their own taxes, they’re probably familiar with what they paid last year and what changed this year.
I don’t think blaming Obama/ Fake News/ Deep State or Aliens will work this time.
Did I wake up in a world this morning where facts started mattering again to this group because… if I didn’t I’m pretty sure they can still say whatever the hell they want.
I just talked to one of our guests who called because her credit card payment didn’t go through, and she blamed it on “that bitch Pelosi.”
So you work in a mental institution? :)
Some days, yes!
Don’t forget AOC!
Indeed, her retroactive Democratic Socialist superpowers are such that she can apparently be blamed for anything!
How quickly y’all forget her emails