Pre-season schedule

Yeah that new tax cut for the rich cost me 2300 in extra taxes this year.............

 

That's terrible. I get refunds every year and this year the refund was $500 less than previous years.

 

What is this "refund" you speak of?

 

Wait...........someone was taking a leak on the Browns schedule on Twitter?

 

Me thinks your question was rhetorical but nonetheless, it's the amount withheld from paychecks vs what is owed at end of year. Mainly what changed is a more lenient withholding schedule. Hence, more money in the pocket each payday but less refund at end of the year. The biggest problem I saw this past year was the unavailability of most tax return forms and instructions until well after Jan 1, 2019 which made tax planning very difficult for 2018. Moving forward, it should be easier to brace and prepare for tax reduction strategies. Even so, I'm self employed with a home office and still plenty of write-offs. My equivalent tax liability decreased 40% from 2017. Who really took it in the shorts were those paying more than $10k in property taxes in high tax States like Cali and NY where the limitless local deductions on their Fed taxes is now capped. The "free-ride" ceased. The mantra saying it was only "Tax Cuts for the Wealthy" was and still is a MSM myth. Something like 50 million tax-filers don't pay a penny in Fed taxes and many of those receive earned income and child credit refunds above and beyond $0 net paid in Fed taxes. I really would though like to see Bezos and Amazon hit over the head with sizable Fed taxes to offset tax shelters that have been in place a lot longer than 2 years.

 

Thanks... I was going to reply, but you explained it well. I didn't change my W4, but still received less of a refund compared to 2017. If it wasn't for having a kid in college (education credit) and school loan interest, I would have received hardly any refund at all.

 

Of course it was. I'm just asking 'cause I haven't seen a refund in YEARS!