Well, hold on to your britches, or maybe your ankles. Having received my final paycheck for 2018, I've done a quick pass at what I expect to owe. Federal Tax owed went up about 40% from last year, about half of that due to the $10K limit on state/local taxes. The rest was due to a unexpected bonus I received. I'm now able to deduct the full property tax, and less than 10% of the state income taxes (to 2 states) I paid. If you are single (or work out of state), this tax law is not good for you. Also, note that alimony is no longer deductible, either.
I was doing some reading and checking out some draft forms.. Some contractors may be getting screwed over a little bit. I know they said they were trying to "simplify" everything and make it easier, which I guess they did because it's pushing more people just to take standard deductions.
It's funny, the liberals I know who live in MA, NJ, NY, etc. (mostly people from the racing community), they were upset at the tax cuts but equally upset that they lost their deduction for state income tax. They got the higher taxes they say are needed so why are they complaining?
Okay, more accurate, most won't be able to use the charitable deduction unless their overall deductions are greater than the standard deductions. Based on a quick look we will be paying more in taxes this year than last year for the similar amount of income. We won't be deducting any charitable contributions this year. I'd bet donations go down next year when people realize they're not going to get the benefit of the deduction.
Some things were allowed as charitable deductions are no longer . This includes "required donations" to schools for the right to purchase season tickets. It's debatable this should have ever been allowed, but it isn't now and it can be a pretty significant amount of money.
For those millions of people who just don't feel like working or contributing to the herd...how can we support them?
But that's crazy...erbody knows the first killed by the lions are the herd stragglers. It's nature's Circle of Life. Don't mess with nature.
I pay everything I legally owe, and it comes to paying more than most, as I have no mortgage, no kids, and live & work in moderate to high tax locations. What's my fair share?
That is the problem with that silly idealistic "fair share" argument. Who gets to decide what is fair?
The mantra of the human garbage party has been "pay your fair share" for decades. Yet they are too fucking moronic to understand.
Can you be more specific? I have a hard time determining which party you're talking about, they both seem to fit that bill to me.
Could you imagine a 94% tax rate on your income?!? https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx