Tax Refunds

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Beebs52
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Tax Refunds

#1 Post by Beebs52 » Tue Feb 12, 2019 5:53 pm

If you make more money and withhold less, your refund is smaller. Eventually you're like us bazillionaires and fucking pay every year.

Math much?
Well, then

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jaybee
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Re: Tax Refunds

#2 Post by jaybee » Tue Feb 12, 2019 7:11 pm

I've been amazed at the large number of people who do not have any clue as to the direct relationship between how much money is withheld from their paychecks and the amount of refund that they may or may not get.

There's a tax thread running on a different forum that I am on. Based on taxes actually paid there is a small percentage who have come out better with the new tax rules, most seem to be paying about the same with some paying out more. This is all middle class incomes so the winners are those who didn't have many deductions and can take advantage of the higher standard deduction.

I'd be interested in seeing how much the Federal Government will take in from income taxes for FY 2018 vs FY 2017. That will be a better indicator as to how different our 'sweeping tax reform' will actually be. Based on what I'm seeing from the middle class, the new rules are pretty much a wash with the old.
Jaybee

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