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Liberty News ForumLNF Forums HerePolitical Opinion Page - The Hot Seat › Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
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Poll Question: Did the Trump 'tax cut' save you money in taxes this year?
bars   pie

Yes, it saved me money    
  14 (53.8%)
Was about the same    
  1 (3.8%)
No, I paid more in taxes this year    
  11 (42.3%)




Total votes: 26
« Created by: Freon_Bale on: Feb 5th, 2019 at 12:25pm »
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Very Hot Topic (More than 25 Replies) Fair Question - Did the Trump 'tax cut' save you money in taxes this year? (Read 2,479 times)
Freon_Bale
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Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Feb 5th, 2019 at 12:25pm
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These people say no.

https://www.rawstory.com/2019/02/trusted-trump-voters-seethe-realizing-theyre-ge...

I haven't done mine yet.

What about you?
  
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Seawolf
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #1 - Feb 5th, 2019 at 12:30pm
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Ask in March when everyone has finally filed their returns.
  


"Without morals a republic cannot subsist any length of time; they therefore who are decrying the Christian religion, whose morality is so sublime and pure (and) which insures to the good eternal happiness, are undermining the solid foundation of morals, the best security for the duration of free governments."

Charles Carroll, signer of the DOI
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Freon_Bale
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #2 - Feb 5th, 2019 at 12:31pm
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Seawolf wrote on Feb 5th, 2019 at 12:30pm:
Ask in March when everyone has finally filed their returns.


This is meant as a placeholder for that.
  
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Ulysses
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #3 - Feb 5th, 2019 at 12:38pm
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Yes, it's really too soon to say.

My withholding decreased by about $1300/yr. However I don't know how much of that I'll have to pay back in April.

One thing I think really sucks about the new tax law is that if you don't itemize, you cannot deduct charitable contributions. And I will not be itemizing for 2018 for the first time in 20 years because no more mortgage interest, combined with the doubling of personal exemption. This will undoubtedly hurt charitable organizations as donations drop off due to lack of tax incentive.
  

You may shoot me with your words,
You may cut me with your eyes,
You may kill me with your hatefulness,
But still, like air, I’ll rise.

- Maya Angelou, 1978
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Freon_Bale
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #4 - Feb 5th, 2019 at 1:17pm
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Ulysses wrote on Feb 5th, 2019 at 12:38pm:
Yes, it's really too soon to say.

My withholding decreased by about $1300/yr. However I don't know how much of that I'll have to pay back in April.

One thing I think really sucks about the new tax law is that if you don't itemize, you cannot deduct charitable contributions. And I will not be itemizing for 2018 for the first time in 20 years because no more mortgage interest, combined with the doubling of personal exemption. This will undoubtedly hurt charitable organizations as donations drop off due to lack of tax incentive.


Agreed on the charitable donations point. Our tax incentives are a vehicle to promote our values. If we value citizens buying homes, we incentivize by deducting mortgage insurance. If we value being charitable, we incentivize by deducting those contributions.

Trump's tax laws fundamentally change our values, and in the wrong direction. He leaves a legacy of greed.
  
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wyattstorch2004
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #5 - Feb 5th, 2019 at 2:37pm
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Ulysses wrote on Feb 5th, 2019 at 12:38pm:
Yes, it's really too soon to say.

My withholding decreased by about $1300/yr. However I don't know how much of that I'll have to pay back in April.

One thing I think really sucks about the new tax law is that if you don't itemize, you cannot deduct charitable contributions. And I will not be itemizing for 2018 for the first time in 20 years because no more mortgage interest, combined with the doubling of personal exemption. This will undoubtedly hurt charitable organizations as donations drop off due to lack of tax incentive.


I would re-look at the mortgage interest deduction.  Pretty sure it is still there, just lower, with mortgages started prior to passage being grandfathered.

I may be wrong.  There are, I think, more limits on deduct-ability of home equity loans, though.

As for the charitable contributions, there are ways of planning to maximize this.  If you are close to the standard deduction, you might consider altering your donation schedule to combine 2 years of donations into one to get over that itemization threshold.
  
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patrick2
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #6 - Feb 5th, 2019 at 2:38pm
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I'm waiting to find out, but it sure as hell helped my stock portfolio!  Wink
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #7 - Feb 5th, 2019 at 3:01pm
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Freon_Bale wrote on Feb 5th, 2019 at 12:25pm:
These people say no.

https://www.rawstory.com/2019/02/trusted-trump-voters-seethe-realizing-theyre-ge...

I haven't done mine yet.

What about you?

Republicans are screwed in 2020
  

PaleoCon wrote on Jul 17th, 2019 at 10:18am:
No blacks will buy that cap.  Look at the bill! It's all curved like normal people wear. The bill of the hat is supposed to be flat with a shiny goofy looking sticker in the middle of it.

No self respecting thug would be without his sticker!

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A Beryl of Laughs
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #8 - Feb 5th, 2019 at 3:09pm
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Wadsworth wrote on Feb 5th, 2019 at 3:01pm:
Republicans are screwed in 2020

And toast in 2016.
  

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Ulysses
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #9 - Feb 5th, 2019 at 3:42pm
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A Beryl of Laughs wrote on Feb 5th, 2019 at 3:09pm:
And toast in 2016.


You're gonna need a new unfunny line.
  

You may shoot me with your words,
You may cut me with your eyes,
You may kill me with your hatefulness,
But still, like air, I’ll rise.

- Maya Angelou, 1978
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