Tax Refunds are less this year, must be Trumps fault

So many reports about how the average tax refund is down from last year. But the reports leave out the fact that the average household tax bill has been reduced by $1,400.

Mikek

Reply to
amdx
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My taxable income is up about 24k ,but my taxes are down about 3k.

Dan

Reply to
dcaster

Good for you, passing your savings along as debt to your heirs.

Also, you must be in a nice bracket. In my case, earnings were down, but my taxes went up (as a percentage). That's what's happening now for many in the blue states. Increase the longstanding, tax the blue states and give to the red.

--
 Thanks, 
    - Win
Reply to
Winfield Hill

Did your taxes go up because the property tax deduction was capped at $10k and your property taxes are much higher?

btw, my tax was 0.9% of my net income. I take advantage of many tax deductions that can be bought when you live under your income, plus a few that I got because of self employment. These would include, SEP, HSA, Savers Credit, and because of self employment, Qualified Business Income deduction, and half my SS payment is a deduction. Just to get your wheels turning. (not necessarily you Win, but others on the group)

Mikek

My beef was with the media, telling the story as propaganda rather than telling the whole story. Especially David Muir at ABC where I recently saw his report.

Reply to
amdx

If you ever call me decadent again I will thrash you with my gold sequined riding crop.

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John Larkin         Highland Technology, Inc 
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Reply to
John Larkin

In 2017 I itemized my deductions, but in 2018 the standard deduction was la rger than my 2017 itemized deductions. Another item that decreased my taxes was not having to pay AMT. The increase in income in 2018 was partly inc reased dividend payments and partly increases in the Minimum Required Distr ibution from IRA's.

Now do not get too mad at me, but I really think state and local taxes shou ld not be deductible. It isn't as if the state and local taxes reduce what the Federal Government has to spend. The state and local taxes should be used to make life more pleasant in your area.

Dan

Reply to
dcaster

AP FACT CHECK: Blue high-tax states fund red low-tax states

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BTW, that's from the FOX News Network. Example:

Massachusetts paid $13,582 per person, in federal taxes. Mississippi paid $5,740 per person.

Massachusetts received 83 cents in federal spending for tax every dollar the state sent to Washington, and Mississippi received $2.13 for every tax dollar. It's very clear who is subsidizing who.

We have a hard-working population that pays massive US taxes, and gets little back. Our tax $$ goes to others. These numbers were for 2015; they're much worse now.

--
 Thanks, 
    - Win
Reply to
Winfield Hill

I'm glad Florida has no income tax, but we do have 7% sales tax where I'm at. I will concede your point on state and local taxes. I don't think the top 20% should pay 87% of the tax burden though. I would like to see investors get 0% tax on dividends and capital gains at least up to a certain amount of income. I think that is the best chance that middle America has to create a nest egg. I wouldn't be disappointed if that certain income was $100k or under. Mikek

Reply to
amdx

That seems high since I see the 2015 average income was $61,032 (22.2%). Well maybe so, because you have so many high earners paying in the 37% bracket.

Those numbers aren't quite as bad as they look since the income of the average Person from Miss is 58% of that of the person from Mass. And isn't spreading the wealth what you lean toward?

Reply to
amdx

Correct, we supported the concept, and paid the big bucks. But we don't like being accused of, "red states forced to pay blue states' subsidies." And we didn't like being kicked by Trump. I'm not happy with higher taxes, as others claim lower taxes.

--
 Thanks, 
    - Win
Reply to
Winfield Hill

Rich folks in Mass are helping poor folks in Mississippi. That reduces poverty and income inequality. Isn't that good?

But why do the accounting by state? That's tribal. What matters is individuals and families wherever they are.

Or much better?

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John Larkin         Highland Technology, Inc 

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Reply to
John Larkin

You're obviously not paying enough tax!

Reply to
krw

Baloney! Tell your legislature to stop spending so much money.

Reply to
krw

We have both, as do most states.

...and the bottom 44%, nothing.

And 0% corporate tax. As long as we're dreaming, how about a Constitutional cap on all taxes?

Reply to
krw

Now apply the same reasoning in other cases.

Reply to
Tom Gardner

Also note that Mississippi is the only state so poor that on average when a person retires and starts collecting social security they get a raise of about $1000/year. It's not like there are a bunch of rich people there who are somehow getting away with paying unfairly low taxes, there really isn't that much income.

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Regards, 
Carl Ijames
Reply to
Carl

I agree, and in general don't mind the rich-to-poor state cash flow. But a little less demonizing of the blue states wouldn't hurt.

--
 Thanks, 
    - Win
Reply to
Winfield Hill

On Wednesday, April 10, 2019 at 11:15:06 PM UTC-4, snipped-for-privacy@notreal.com wrote

I think I pay enough tax. What do you think is enough tax?

Dan

Reply to
dcaster

I'm sure you will think I didn't pay enough! My wife and I paid $788.00 in Federal taxes. That is with a net income of about $80k including $4k of qualified dividends. I did have to pay the SS though of $8100. But as I always counter, don't tell me about poor people paying payroll taxes, when you mean they pay into a retirement/disability fund for their own future. Thank goodness for that! If not for SS we would have another 50M people living in despair.

Mikek PS I hope to pay less in 2019, but I also expect to live on about $40k. We will see, this will be my first full year in retirement.

Reply to
amdx

Not when it is inconvenient to their agenda.

Reply to
jurb6006

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