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Some snake-oil fans are in for a rude awakening. After the drunken stupor, the glaring light of day typically arrives. After all the smoke in mirrors clears — someone always has to pay the Bills ...
Always.
Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
Many workers who had always gotten a refund find out they now owe the IRS.
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The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.
The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.
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In addition, the changes complicated payroll withholding, so that not enough money was withheld by employers in many cases, meaning that people now owe more taxes. The new law also capped IRS deductions for paid state and local taxes, including real estate taxes, resulting in a nasty surprise for many filers. Several other deductions are no longer allowed.
The frustrations will likely continue to fuel support for plans to boost taxes on the ultra-wealthy. A poll last month found that nearly 60 percent of registered voters support a plan by Rep. Alexandria Ocasio-Cortez to impose a 70 percent marginal tax rate on the portion of annual income that exceeds $10 million a year.
Say Hello to your GOP Prosperity Promises, people ...
In their “Fine Print”:
PS. Prosperity is for the wealthy. Poor people need not apply.
"If I were to estimate, two-thirds will pay more than they thought and one-third will get more than they thought,” said one tax preparer.
by Martha C. White, NBC News — Feb 8, 2019
With filing season officially under way, a growing number of taxpayers are realizing that the Tax Cuts and Jobs Act might be a double-edged sword.
The White House said in October 2017 that the average family “would get a $4,000 raise” when it was pushing for passage of the law. Now that the new filing season has begun, some taxpayers are finding out that the tax man giveth — but also taketh away, especially as it pertains to their annual refund.
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While some people likely noticed an uptick in their take-home pay, the amount might have been small enough that people didn’t notice, especially those who get direct deposit and might not look at their pay stubs. What’s more, workers who had an increase in their health insurance premiums or other paycheck deductions might have missed the bump entirely.
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Taxpayers who live in states with high costs of living or who used to take a lot of real estate-, tax- or work-related deductions also should be prepared to have to break out their checkbooks come April, Charron said.
Ain’t that the truth!
Guess Trump’s tax breaks weren’t really for the middle class, afterall.
The first Tip-off should have been:
1) ‘Don the Con’ Trump is a Billionaire. And who do Billionaires care about?
— it ain’t the little people.
The second Tip-off should have been:
2) Nearly everything the showman says is a provable LIE. As in …
— This GOP Tax Plan is for the Middle Class. Umm, big fat Lie.
The third Tip-off should have been:
3) The main reason why the Republicans supported this conman WAS:
— They knew the money-obsessed dolt would sign whatever Tax Plan they put in front of him,
long as it didn’t require him to release his own Tax History to the public, for all the world to see — exactly where he’s been getting his million dollar loans, all these Deutsche-years.
Because then the people would know beyond a shadow of a doubt:
— Just how seriously they’ve be taken to the cleaners.
It is always a major kick in the ass, the day you wake up, and you realize:
— Hell, we were the rubes in this story — we are the ‘marks’ in this lying conman’s game.
Welcome to the Resistance, former snake-oil customers.
Reality has a funny way of sharpening the senses.
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#TrumpTaxScam — now they’re getting it, finally!
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