Poll of the Day > Got murdered in taxes this year

(+) Yeah! (+)

Now instead of looking forward to tax season I have to dread it
What happened to me:
-Went from head of household to single filer (dad passed away end of 2021, he was dependent living with me)
-State income tax 'standard' deduction reduced from 4000 to 2000
-800 less in EITC (this was due to the tax breaks and boosts last year from the pandemic I suppose)
-300 less in family tax credit

Went from getting 1107 to owing 473. FUCK.

Owing under $500 isn't what I'd consider "murdered" but I understand that it's disappointing. I don't do my taxes until April but I already know I'll be paying, not receiving.

One less dependent and EITC reduced does a lot.

Ever since they did away with the mortgage interest deduction, I have gone from getting $800 back on my taxes to owing $700. I am probably going to have to pay even more this year since I got a huge raise and my bonus doubled.

And this is why I will forever stay a part-time worker. I may make less than 30K/yr but I live in one of my parents' rentals for only $800/month and my other bills amount to about 200 to 300 a month. I will forever get refunds and never pay a cent to the government when tax time comes around.

You need some kids!

Arcturusisnow posted...

And this is why I will forever stay a part-time worker. I may make less than 30K/yr but I live in one of my parents' rentals for only $800/month and my other bills amount to about 200 to 300 a month. I will forever get refunds and never pay a cent to the government when tax time comes around.

Amen brother

OK like you I get upset when I see how much is being deducted on me in taxes but know this people like me and you and millions of other hard working Americans make up short falls when people like Trump as President issued a $2T dollar tax cut that only cuts the taxes for the wealthiest among us and we as US citizens and taxpayers keep allowing this trend because we keep voting for the very people who want to issue huge tax cuts that end up causing budget shortfalls that we then have make up for.

Every GOP president we have had going back to Nixon, Ford, Reagan, both Bush's and Trump all issued huge tax cuts to the corporations and wealthy individuals and this is all documented and can be vetted. Meanwhile the very same people who claim they are concerned with the country's rising debt, are the very ones adding to that because if you cut taxes, that adds to the debt.

It's akin to not having enough money to cover your bills so then you begin to pinch money off of other bills in an attempt to make up the shortfall.

https://m.youtube.com/watch?v=enHvjRUgdN0

BUMPED2002 posted...
Every GOP president we have had going back to Nixon, Ford, Reagan, both Bush's and Trump all issued huge tax cuts to the corporations and wealthy individuals and this is all documented and can be vetted.

And every Democrat from Carter, Clinton, Obama, and Biden all had the chance to repeal those tax cuts and never did. All of which had more then enough opportunity to do so. That mortgage interest deduction I was talking about? That was a Trump thing, I fully understand it. But the fact that Biden has had two years to repeal it and hasn't makes him just as bad in my eyes.

Like, yes, the GOP like fucking over the common citizen, but lets not pretend the Democrats aren't doing the same.

Dikitain posted...

Every GOP president we have had going back to Nixon, Ford, Reagan, both Bush's and Trump all issued huge tax cuts to the corporations and wealthy individuals and this is all documented and can be vetted.

And every Democrat from Carter, Clinton, Obama, and Biden all had the chance to repeal those tax cuts and never did. All of which had more then enough opportunity to do so. That mortgage interest deduction I was talking about? That was a Trump thing, I fully understand it. But the fact that Biden has had two years to repeal it and hasn't makes him just as bad in my eyes.

Like, yes, the GOP like fucking over the common citizen, but lets not pretend the Democrats aren't doing the same.

We don't have to pretend that since they aren't. I don't know what wacko fantasy world you live in but here in the real world the Democrats are trying very hard but then Rethuglicans are doing everything they can to prevent any progress except the progress to pushes us further toward destroying this planet.

Let's not kid ourselves, the Democrats have a serious corruption issue as well

They obviously do good things, but the way they get their funds makes them unable to do a lot of things they might even want to do. I mean it's not a tough sell to these people convincing them of things that are "just good", but they have to think of what their donors want first. It's just their donors aren't rich people hell-bent on keeping young people from having sex.

I imagine a lot of them justify and let the centrist ideology sink in for their own sanity, but I can't help but feel like a lot of them feel trapped and unable to do everything they want.

Joe Biden's wife herself even said in an interview, his medical policies might not be as good as the other guy's, but he's the best option you have right now.

Arcturusisnow posted...

And this is why I will forever stay a part-time worker. I may make less than 30K/yr but I live in one of my parents' rentals for only $800/month and my other bills amount to about 200 to 300 a month. I will forever get refunds and never pay a cent to the government when tax time comes around.

???

You're basically letting the government have free money until tax time comes. You're already paying the cents to them. This isn't how tax refunds work. You essentially want as close to 0 as possible. In fact paying taxes is generally better.

HOWEVER, I totally get a lot of people are laid back about their finances and don't care about nickel and diming everything to maximize how much money they make. How you choose to money manage makes a big impact later on. It's better to be using your money to make money than to just let it sit in government hands until they dole it back to you. Because guess what the government is doing with your money until you get your tax return? Making more money with it.

it's that time of year again, when people don't realize big refunds means they paid more in taxes than required

Arcturusisnow posted...

We don't have to pretend that since they aren't. I don't know what wacko fantasy world you live in but here in the real world the Democrats are trying very hard but then Rethuglicans are doing everything they can to prevent any progress except the progress to pushes us further toward destroying this planet.

none of the rich politicians want their money taken.
this applies to both sides

Don't forget that they're going to keep going up for the next few years thanks to the Trump tax increases. Can't wait to see people blame the democrats every year for Trump's tax increase

Krazy_Kirby posted...

it's that time of year again, when people don't realize big refunds means they paid more in taxes than required

That's technically true but misleading

Krazy_Kirby posted...

it's that time of year again, when people don't realize big refunds means they paid more in taxes than required

Depends on if they have any refundable credits.

Anyway, wife and I owed over $2000 this year, and that was with an education credit since I'm also in school. We cracked $100,000 this year, and don't have any kids. Honestly, I may adjust my withholdings again, since despite what we make, California is expensive and we don't always have a few thousand sitting around.

DeathMagnetic80 posted...

Depends on if they have any refundable credits.

Anyway, wife and I owed over $2000 this year, and that was with an education credit since I'm also in school. We cracked $100,000 this year, and don't have any kids. Honestly, I may adjust my withholdings again, since despite what we make, California is expensive and we don't always have a few thousand sitting around.

CA is so crazy, some people want to pass a bill where if you meet the threshold, you owe the state money if you sell some of your holdings.... even if you move to a different state

I get screwed every year. Never have to pay in, but I'll probably be lucky if I get $500 back between state and federal. Considering they robbed over $17,000 from me that's laughable. I wouldn't mind if they actually did something worth a damn with the money. Busted roads and homeless people everywhere, but they just pocket their chunk and send the rest overseas.