Jaybeaux
Well-Known Member
- Jan 3, 2016
- 2,059
- Boat Info
- 2006 Sea Ray 48
Naught On Call
- Engines
- Cummins QSC-540s with V-Drives
11 KW Onan Genset
Isn't that what I have?
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Not questioning your intent, just the choice of words. You refer to 'taxable income' which is different than total income. On the 1040, adjustments and deductions are done first, that generates 'taxable income'. Example...student loan interest deduction is an adjustment to total income(you don't have to itemize to get it), itemizing or standard deduction is a deduction from total income.Isn't that what I have?
It has nothing to do with the "refund." What was your taxes paid/income earned last year and this year?
I'd note that the goal is not to get a refund. Wouldn't you rather have the money now, than give the government a free loan? As long as you didn't have pay additional taxes, and you saw less taken out throughout the year, I'd call that a win.
Yes it does have to do with refund. What "tax benefit" did I gain if Trump took $2000 less per year out of my pay in federal taxes but eliminated the $2000 refund I used to get back in at the end of the year? It's a shell game, not a tax benefit. Least wise for me.
Yes it does have to do with refund. What "tax benefit" did I gain if Trump took $2000 less per year out of my pay in federal taxes but eliminated the $2000 refund I used to get back in at the end of the year? It's a shell game, not a tax benefit. Least wise for me.
So just got our tax papers back from the CPA today so I ran the calculations. 2017 our tax liability as a percentage of taxable income was 13.55% and we itemized. Last year we had about $17,000 in write offs. This year we took the standard deduction. Our income went up about $5000 and our taxable income went up about $6000 but our tax liability was about $700 less this year. Our tax liability this year was 11.45% of our taxable income so we were better off by just over 2% under the new tax structure.
2017: 13.55%
2018: 11.45%
Buckle up, going by last years numbers we'd need a 1.3 trillion swing to just hold even.This is all well and good....But, while I'm happy people's individual tax bit might be down, it's not really relevant when you don't pay your bills... My point is, when we have a massive deficit and national debt, don't be patting yourself on the back just yet.
Don't misunderstand, I'll be happy with a lower total tax rate...I really don't like even contributing to a fiscally irresponsible broken system...Seriously, if we are just going to kick our problems down the road for future generations, why not just reduce everyone's taxes by 10%? Why not a 20% reduction?....Congrats, right? Problem is spending is still out of control... The bill is going to come due.... In my opinion, our legislature has a fiscal fiduciary responsibility to provide sound fiscal decisions and start reducing our debt. I'd be happy to pay my share to make this country truly fiscally strong...Until then, I'm not sure what we are talking about.
If we had a system where our tax bills covered our annual budget and included paying down the debt and we were able to do that at a lower effective rate....Then I'll be high-fiving...
This is all well and good....But, while I'm happy people's individual tax bit might be down, it's not really relevant when you don't pay your bills... My point is, when we have a massive deficit and national debt, don't be patting yourself on the back just yet.
Don't misunderstand, I'll be happy with a lower total tax rate...I really don't like even contributing to a fiscally irresponsible broken system...Seriously, if we are just going to kick our problems down the road for future generations, why not just reduce everyone's taxes by 10%? Why not a 20% reduction?....Congrats, right? Problem is spending is still out of control... The bill is going to come due.... In my opinion, our legislature has a fiscal fiduciary responsibility to provide sound fiscal decisions and start reducing our debt. I'd be happy to pay my share to make this country truly fiscally strong...Until then, I'm not sure what we are talking about.
If we had a system where our tax bills covered our annual budget and included paying down the debt and we were able to do that at a lower effective rate....Then I'll be high-fiving...
As Boat Guy has said, Washington has been kicking the can, to the point we have more than a spending problem now. Snap your fingers so we had a balanced budget in 2018 and the National Debt still grew by .5 Trillion.Every time there has been a tax cut (from JFK in the 60's forward) the result was an increase in total revenue the government received from taxes.
Tax cut is a valid tool to increase revenue.
You are correct - we still have a spending problem.