It’s Tax Time!

Closing thought–11Feb19

Remember those “great” tax cuts that the Idiots in Congress and the president championed before the 2018 midterms…..they made sure that they always included the Middle Class when they were selling then bragging about their accomplishment?

Remember?

Well now that it is tax time how did we poor SOBs in the Middle Class fair?

T o answer that question….YOU WERE SCREWED!

You Feel For A CON JOB!  (as usual)……

That’s right you slow individuals that believed the GOP about the tax cuts are screwed!

The new tax law does result in some people paying higher taxes (especially over the long term), but the specific issue here is tax refunds rather than total taxes paid. Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but also of how much tax is withheld from your paycheck by your employer on paydays. And the big story here is that as a result of the new tax law, the Treasury Department tweaked things so that on average taxpayers’ withholdings fell by more than their actual taxes owed.

https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump

No surprise to me…..tax cuts seldom help the Middle Class and yet the Middle Class buys the bullsh*t EVERY TIME!

The 2017 law was supposed to boost workers’ wages, create jobs, and drive more investment — and as we’ve known for awhile, it’s done none of that. But now we can add two more failures to the creatively-named Tax Cuts and Jobs Act (TCJA): It hasn’t encouraged corporations to return their profits from overseas, and it’s probably hiding a nasty surprise for many Americans come tax season.

Let’s start with the second idea. Lots of Americans work for an employer who sends them regular paychecks. Those employers rely on tables published by the Internal Revenue Service (IRS) to guesstimate how much their employees owe in taxes each year. Then they withhold the necessary increments from each paycheck. Come tax season, every worker settles up with the government. If their employer withheld too little, they pay the remainder. If the employer withheld too much, they get a refund from the IRS. As Matt Yglesias pointed out, the system has traditionally overdone withholding on purpose — roughly three-fourths of tax filers usually get a refund.

https://theweek.com/articles/822464/gops-tax-cut-just-keeps-getting-worse

Tax Cuts help NO ONE but the rich…..do not buy the lies and the manure about the Middle Class…..

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2 thoughts on “It’s Tax Time!

  1. Your tax laws fly over my head. But even knowing noting about them, I can come up with this equation.
    Rich people. Doing OK. (Thanks!)
    Poor people. Screwed as always. 😦
    Best wishes, Pete.

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