Tax Day=Pay Day

Today is when most Americans learn if they owe or get a trefund from the IRS…..the tax reforms of 2017 screwed many Americans out of their deductions…..but as usual corporations get a pay day…..

M-IC will be the big winners on Tax Day……

In tax season, most of us think more about getting our forms in on time—and getting our refunds—than about where our tax dollars actually go.

It’s probably no surprise that a significant portion—24 cents out of every dollar—of your taxes go to the military. But where those dollars go from there should be a national scandal.

Out of those 24 cents, just 5 cents go to our troops. But 12 cents go to corporate military contractors.

For a country that claims to celebrate our troops, with holidays and yellow ribbons and patriotic displays of the flag, we sure don’t put our money where our mouth is. Every year for tax day, my organization looks at where our tax dollars go. And every year, far more money goes to Pentagon contractors than to our troops.

All told, the average taxpayer handed over $1,704 to Pentagon contractors last year, compared to $683 for military pay, housing, and other benefits (except military health care, which has its own agency). Still, the taxes we pay for military contractors are more than twice as much as the average contribution for veterans’ health and benefits ($833).

 
Me?  I broke even this year….I was lucky…..most Americans will not be that fortunate.
 
Little do we know…..nothing good has come out of these tax cuts…….especially for the revenue of the nation…..
 
The_Score-IRS_img
 
 
And believe it or not……the Trump tax cuts are popular only with the uber rich….go figure……

Multiple polls show a majority of Americans don’t think they got a tax cut at all — even though independent analyses show they did. And only around a third of the country approves of the legislation itself, the Tax Cuts and Jobs Act, passed by Congress at the end of 2017.

So as Trump moves closer to full-time reelection mode later this year, he will have to battle a stark reality: While his personal rating on the economy remains high, his signature legislative achievement is widely viewed as a political dud, one that has drawn special anger in places with high state and local taxes and pricey housing markets where deductions were limited to reduce the overall cost of the tax plan.

https://www.politico.com/story/2019/04/15/donald-trump-tax-cuts-unpopular-1273469

Not to worry……this all comes around again next year.

 
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Closing Thought–21Feb19

More Economic Bad news.

Remember that tax cut thing a year or so ago?

You should! Thanx to that piece of political theater will see most of us with smaller tax refunds.

Remember refunds?

That cash that you get back from the IRS because unlike the rich you paid your taxes…..well yours may well be lower than you anticipated…..

The IRS is out with early numbers on tax refunds in 2019, and people hoping for a bump under the new tax changes are being unpleasantly surprised. In the first week of the filing season, the average refund was $1,865, down about 8% from last year’s average of $2,035, reports Politico. That has left many wondering what happened to the “$4,000 raise” the White House promised families would receive under the tax overhaul. Short answer: People are confusing their refunds with their tax burden. Details:

  • An example: The Washington Post highlights the example of a middle-class New Jersey couple whose income didn’t change but who received $3,000 less this year. “It totally feels like a scam,” says John Prugh. “I did still get a small refund, but compared to what I was expecting from previous years, it was shock.”
  • Feeling the same: NBC News notes that the hashtag #GOPTaxScam has surfaced, with people who have gotten decent refunds for years unhappy to discover that they’re getting far less or are even required to pay.

  • The Issue: Financial experts explain that what these people are overlooking is that their overall tax burden went down; they likely got bigger paychecks during the year, even if they didn’t notice. “There’s a difference between taxes and your refund,” a senior research associate at the Urban-Brookings Tax Policy Center at the Urban Institute tells the Post. “People generally got a piece of their tax cut last year gradually in the form of lower withholding on their paychecks.”
    Lost deductions: The tax law may have lowered tax rates and increased the standard deduction, but it also limited deductions for state and local taxes, per Yahoo Finance. In fact, the new tax code eliminates or modifies many long-used deductions, including those related to mortgage interest, student-loan interest, and moving expenses.
    It’s early: Tax-filing season runs through April 15, and it’s possible trends could change. In fact, people seem to be delaying filing, perhaps because of all the changes: The IRS received 16 million returns in the first week, which is down 12.4% from last year.
    They’re doing it wrong: Those who have traditionally gotten fat refund checks from the IRS may think it’s great, but it’s more likely a sign that they need to examine their withholdings. “A large refund from the IRS may seem like an advantage, but it isn’t the best or most effective use of your cash flow,” a rep from Robert W. Baird & Co. tells CNBC. “You’re basically giving the IRS an interest-free loan.”

Not to worry this is just another way of Making America Great Again.

Some things seldom change…..especially the lies about tax cuts……

Peace Out!

 

“It Costs How Much”?

I have spent most of the time here on this blog, IST, bitching about the waste of money by the government and the costs of all the wars we seem to want to fight.  My hope was people would see what I was saying and start demanding that their be my accountability by our elected governments, no matter which thief is elected….

A story is developing around the NDAA….that magic piece of legislation that makes our defense contractors rich by no amount of imagination….speaking of the cost of a pint of American blood or a pound of flesh…..

Congress wants every taxpayer to know just how much of their money went to wars over the last 15 years. Tucked into the annual defense authorization bill — expected to become law in coming days — is a provision requiring the Defense Secretary and Internal Revenue Service Commissioner  to post online all of the costs, “including the relevant legacy costs, to each American taxpayer of each of the wars in Afghanistan, Iraq, and Syria.” –Military Times 

There is more……..

How much has the US spent on war since 9/11? That’s been a matter of major debate, with no real official figures on the matter, and estimates varying wildly from low-end reports on the cost of the literal deployments to much larger all-in figures covering the war and aftermath.

We’re going to finally get an official figure at some point soon, however, as the 2017 National Defense Authorization Act (NDAA) has been revealed to include a provision requiring the Pentagon and the IRS to both figure out the overall cost of the wars and make that figure publicly available.

Like most NDAAs, the 3,000+ page 2017 version includes a massive number of requirements which were neither publicized before the fact, or indeed widely known once the bill had passed, with analysts still digging through it and finding new details.

Congressional estimates have put the Iraq and Afghan wars at $800 billion and $700 billion, respectively, while some analysts have suggested that once the costs for medical care for the massive number of wounded is factored in, the cost could be many trillions of dollars. The Pentagon and IRS may be in a better position to know for sure, and the pressure is certainly going to be on with this legislation for them to come clean about the matter.

(antiwar.com)

I will wait to see how far this goes…..I m not liking the chances that it will become known to us mere mortals anytime soon….that is unless we find another whistle-blower that will sack up and turn the info out.

One last thought…….

OpenSecrets.org’s Resources on Politically Active Tax-Exempt Groups – OpenSecrets Blog

Unless you are a hardcore stoner you are aware of the latest “scandal” making the rounds on the media outlets….the IRS targeting conserv non-profits……nothing new sports fans!  Nixon used the IRS to target “radical Left” organizations and I would bet he was not alone…

Anyway, how many people even know what the faux scandal is all about?  Answer–501(c)(4) or most commonly known as the social nonprofits.

I thought I would help my readers out and explain what the classification is all about……educate yourself and help defeat the misconceptions of the media and its ilk.

 

OpenSecrets.org’s Resources on Politically Active Tax-Exempt Groups – OpenSecrets Blog.