How many of you were happy with your taxes this year after Trump's big tax cut?
I earned exactly the same amount this year as I did last year but paid about $200 more this year.
I can't believe I'm the only one with this experience, please share.
I got back about 3000 less this year than last. The tax cut favors someone with my income but the things I used to be able to claim as a contractor have changed.
We usually get back a grand or so. This year, had to pay in another 3600. Not the lump sum payment i was looking for. No surprise, America scammed by Don the Con. Meanwhile, corporate america - where the REAL wealth resides - paid little to nothing on their profits and did not raise their people's wages in exchange. Color me shocked.
My company paid less but I paid more due to the $10,000 state limit.
Be careful to check what you were LIABLE for, and not what you paid or got back in a refund.
When the tax act came out, I warned our employees that I was taking less out of their paychecks...that they were getting more NOW but might pay more or get less at tax filing time. Some listened, some didn't. In reality, most of them were LIABLE for less than last year, but because they got smaller refunds, they thought they got screwed...
The difference in our company is that those making more were proportionately better off...they got the bigger cut percentage wise...so yeah...the tax act still screwed the same people...most of the middle class...
I normally get back around $1000.00, this year got less than $600. I am retired, on fixed income, the only change was SS went up a Tiny bit, and they started Mandatory withholding on my retirement & annuity, so I have less every month as well as the income tax hit.....you would think if they are withholding quite a bit more, my refund would be higher, but noooooooooo
I tried to warn people about his new tax deal but all his supporters that I know told me I had no idea what I was talking about. every one of them is paying more now but they still hold out that it's not his fault. In fact, two of them blame Obama.