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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 2,990 times)
Jasmine
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #130 - Apr 16th, 2019 at 11:57pm
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Ulysses wrote on Apr 16th, 2019 at 11:54pm:
Do you use tax software to do your taxes?


Nopes. It's just me and my calculator.
  


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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 #131 - Apr 17th, 2019 at 12:04am
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Jasmine wrote on Apr 16th, 2019 at 11:57pm:
Nopes. It's just me and my calculator.


Well, you can still calculate what the tax was as percent of your taxable income. Do that for 2018 and 2017.  What is the result?

  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #132 - Apr 17th, 2019 at 12:19am
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Ulysses wrote on Apr 17th, 2019 at 12:04am:
Well, you can still calculate what the tax was as percent of your taxable income. Do that for 2018 and 2017.  What is the result?


Are you serious? I'm not about to do that! It's bad enough doing this year's taxes.

Bottom line, at least for me. is that I got a bigger paycheck (not huge, but enough) and a refund (less than $300 but I'll take it). Neither happened the last few years.
  


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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #133 - Apr 17th, 2019 at 12:43am
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Jasmine wrote on Apr 17th, 2019 at 12:19am:
Are you serious? I'm not about to do that! It's bad enough doing this year's taxes.

Bottom line, at least for me. is that I got a bigger paycheck (not huge, but enough) and a refund (less than $300 but I'll take it). Neither happened the last few years.


All that is very nice, but without percentages it's very difficult to say sufficient variables were eliminated from the comparison.
  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #134 - Apr 17th, 2019 at 12:46am
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Ulysses wrote on Apr 17th, 2019 at 12:43am:
All that is very nice, but without percentages it's very difficult to say sufficient variables were eliminated from the comparison.

I'm not sure what you mean, but you know more than I do. I just go by the final numbers I see.
  


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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #135 - Apr 17th, 2019 at 1:00am
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Jasmine wrote on Apr 17th, 2019 at 12:46am:
I'm not sure what you mean, but you know more than I do. I just go by the final numbers I see.


I mean there are variables year to year that need to be put aside in order to get a good idea of the effect of the tax bill.

Such variables as itemizing or not, and if itemizing, how much mortgage interest, state and local taxes, employee business expenses, IRA and/or 401k retirement contributions, medical expenses, charitable contributions one could deduct from taxable income. Then there may be differences in income: pay raises, stock/bond sales, investment losses, etc. In my case these varied substantially between 2017 and 2018, hence I rely upon percent of income that is taxed (effective tax rate) to compare year to year.

I know after my employer started withholding less in 2018, according to new withholding tables, my take home pay got slightly greater. But not all employers did that, as I understand it. I also got about 1/4 back as much as an income tax refund at filing in 2018 vs. 2017. Hence I look to the percent effective tax rate to judge the effect of the tax law on my overall income. And, as I have already stated, it was less than 0.2 percent less federal taxes year over year.

Not worth bankrupting the nation over.
  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #136 - Apr 17th, 2019 at 1:54am
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That’s way too complicated for me. Sorry.
  


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