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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 2,584 times)
Freon_Bale
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #40 - Feb 11th, 2019 at 12:04pm
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Just bumping this to see if we can get some numbers.

Again, I'm still in the process of filing, so I will vote when I have more info.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #41 - Feb 11th, 2019 at 12:16pm
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I still don't know. Haven't really fired up Turbotax yet. I have my W2 but the stock broker still needs to cough up its summary. I suspect that I will owe money unless I max out the IRA contribution, which might be the last one I make.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #42 - Feb 11th, 2019 at 1:12pm
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Yes, the tax cuts saved me a small amount throughout the year and my return is larger than it would have been.

That being said I would have preferred that government spending be addressed before anymore tinkering with the tax rates.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #43 - Feb 12th, 2019 at 12:47am
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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.



To get tax reductions last year for charitable donations they had to be more than $12,700 or more dollars’ worth to be worthwhile. That is for a married couple. However, I am still getting a break on taxes, and my accountant says I will be ok next year too when I file just for myself. I never let my wife pay any taxes on her incomes. I wanted her to be able to run around with her friends which she did. I am not into traveling myself. And she enjoyed her 2014 Honda motorcycle, and 2017 Cadillac, and also kept her 2002 Oldsmobile that she bought new at that time. She had two cars then too, so that Olds only has 76,000 miles on it now. I am keeping it just to remember the good old days.
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #44 - Feb 12th, 2019 at 4:00am
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Lomelis wrote on Feb 11th, 2019 at 1:12pm:
Yes, the tax cuts saved me a small amount throughout the year and my return is larger than it would have been.

That being said I would have preferred that government spending be addressed before anymore tinkering with the tax rates.



Quote:
Yes, the tax cuts saved me a small amount throughout the year and my return is larger than it would have been.



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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #45 - Feb 19th, 2019 at 9:50am
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Bump.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #46 - Feb 19th, 2019 at 10:36am
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We haven't filed our taxes yet.  However, when one looks at whether or not they receive a tax cut, you have to consider that payroll withholding went down immediately, so don't make the mistake of only comparing tax refunds.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #47 - Mar 8th, 2019 at 10:44am
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bump.
  
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EF
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #48 - Mar 8th, 2019 at 12:31pm
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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 have heard that, too, but I can't really understand the thinking behind that.  Even if the top marginal tax rate was 70%, which it was when I started in tax practice many years ago (and that was down from 91%), a guy who gives $10,000 to a charity just to save $7,000 in tax is still $3,000 in the hole.

I knew a guy who gave $100,000 to his alma mater many years ago.  His top marginal tax rate was 50%, so it saved him $50,000 in taxes.  But he was still $50,000 worse off.  But his motivation was not saving taxes.  It was donating to his alma mater.  The fact that Uncle Sugar contributed half and he contributed the other half was just lagniappe.  He was going to donate regardless.

And if one's total itemized deductions are less than the standard, one is still better off.  But c'est la vie.

I have a rather heavy involvement in tax business, and I have seen more winners than losers.  The losers I have seen are mostly in states where their state and local taxes are a lot more than the $10,000 cap that now exists, and/or where the sum of their deductions and exemptions in 2017 was a LOT more than the sum of the deductions (no exemptions) in 2018.  And I  have seen that a few times even where a taxpayer is getting a lot more child tax credit.

I think most taxpayers will pay less.  I do not think the tax cut is going to "pay for itself," though.  Such has never happened, anyway.

I did pay less than I would  have under the old law, but not by enough to change my lifestyle.  And that's going to be true for most taxpayers.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #49 - Mar 8th, 2019 at 12:32pm
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Lomelis wrote on Feb 11th, 2019 at 1:12pm:
Yes, the tax cuts saved me a small amount throughout the year and my return is larger than it would have been.

That being said I would have preferred that government spending be addressed before anymore tinkering with the tax rates.


I agree 110%.  But tax cuts are "sexy" and they sell.  Red meat for the "base."
  

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