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Just completed my income taxes -
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Feb 14, 2019 12:27:22   #
Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM
 
tdekany wrote:
Hey, as long as the very wealthy don’t have to pay, all is good. As an FYI, Netflix made $845 million dollar profit and don’t have to pay a penny in taxes.

The issue isn’t that a politician promises tax cuts, the problem is that the people believe it.




Sorry, guys, but I ain’t buying all the whining it just because you said so. Yes, the Big-tax states are the ones likely to hav a small percentage of people paying more....the estimates are in the area of 6% of all taxpayers making about $260,000 year and living in one of six states (yes, Cali is one so I am more apt to lean your way)

This is a good summary....


“Middle-class families already have gotten a down payment on all these tax cuts. A year ago, the IRS announced revised wage tax withholding tables that gave higher paychecks to hundreds of millions of workers. The rest of the tax cut will likely be realized when these families calculate and file their taxes.0

What’s the bottom line for typical families? 

A median income family of four with two kids makes about $80,000 per year. Their income tax burden was reduced from about $4,600 to about $2,300, a 50 percent cut in income tax.

A single parent with two kids making $60,000 per year got an even bigger tax cut, seeing her taxes reduced from $3,000 to $800.

Even an individual making $35,000 got in on the fun — his taxes are cut from $3,200 to $2,600.


Let’s pause there to let that sink in. The prototypical family, mom and dad and two kids, got their income tax cut in half by the Tax Cuts and Jobs Act.”

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Feb 14, 2019 12:32:44   #
Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM
 
tdekany wrote:
Hey, as long as the very wealthy don’t have to pay, all is good. As an FYI, Netflix made $845 million dollar profit and don’t have to pay a penny in taxes.

The issue isn’t that a politician promises tax cuts, the problem is that the people believe it.



Tax laws are more complex than a meme or a platitude. Netflix actually paid $131m in foreign taxes during 2018 – which would be about 15.5% of its income and represent deferred tax assets. The new tax laws did nothing more than make U.S. companies on par with foreign companies.

Also note that looking at ANY corporation’s taxes intelligently requires looking at overlapping 5 years totals to be able to make any sense out of them as corporations get carryforwards and carry backs on income.

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Feb 14, 2019 12:53:40   #
davyboy Loc: Anoka Mn.
 
foathog wrote:
California contributes more the the federal treasury than ANY other state and gets back less than it puts in. And your so-called affordable states take in more than they pay out. How about that bud?


California is a cancerous tumor they need to leave the union and become their own country

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Feb 14, 2019 12:55:07   #
SteveR Loc: Michigan
 
I just read about Amazon. I need their tax attorneys. They made 16.5B and are actually receiving a refund of over 200M. We made 20K in capital gains that we'll have to pay on. Somehow, despite the fact that I'm for the lower corporate tax rates, the picture is wrong here. I actually thought that the new tax code meant fewer loopholes and that corporations would really pay the corporate tax rate. So...what's up? How can I find a loophole?

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Feb 14, 2019 12:59:15   #
bedouin Loc: Big Bend area, Texas
 
Thank you for your snarky remark. I have come to expect that from those of the left side of the political spectrum. Those who realize their arguments possess little sense or logic are reduced to name-calling and similar insults.

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Feb 14, 2019 13:08:08   #
IDguy Loc: Idaho
 
foathog wrote:
California contributes more the the federal treasury than ANY other state and gets back less than it puts in. And your so-called affordable states take in more than they pay out. How about that bud?


California GETS more from the feds than any other State by a wide margin. Texas is next, about 2/3 of CA.

https://en.m.wikipedia.org/wiki/Federal_taxation_and_spending_by_state

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Feb 14, 2019 13:14:02   #
al13
 
I pay every year as the government doesn’t Pay interest on your withholdings. Why do people think it’s so great to get their own money back with no interest paid at the end of the year.

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Feb 14, 2019 13:20:43   #
bedouin Loc: Big Bend area, Texas
 
My last reply was directed to foathog who believes that some incomes are obscene and that wealth inequality is immoral. I wonder if he possesses the degree of exophthalmos as AOS and Bernie?

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Feb 14, 2019 13:53:20   #
hj Loc: Florida
 
AND, in Florida one can buy a really nice house for about $200,000 that would sell for around $900,000 in California, judging from the prices we see on HGTV. Looks like some folks need to leave California especially considering things are getting worse there.

Largobob wrote:
Sounds to me like the California tax is your real problem. Florida has zero state income tax and generally nice weather.....

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Feb 14, 2019 13:55:17   #
hj Loc: Florida
 
bedouin wrote:
I recently read that the number of people leaving California for other places is rising every year. Unfortunately, many are coming to Texas. Anyone contemplating this should realize that we still tar and feather troublemakers.


- However I think many are moving to Colorado judging by the weird stuff happening in that state recently.

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Feb 14, 2019 14:02:33   #
hj Loc: Florida
 
Exactly! Take Colorado for example.


bob44044 wrote:
Your correct. They leave California because liberals have destroyed the state. The only problem is when they move somewhere to get away from the staggeringly high cost of living and taxes, they vote that same shit in again destroying yet another state. They're just stupid.

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Feb 14, 2019 14:08:13   #
hj Loc: Florida
 
You're smart. But don't whisper that too loudly. We don't want all the liberals moving this way from California.

Schwabo wrote:
That is why I moved to Florida.

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Feb 14, 2019 14:08:20   #
SteveR Loc: Michigan
 
bedouin wrote:
I recently read that the number of people leaving California for other places is rising every year. Unfortunately, many are coming to Texas. Anyone contemplating this should realize that we still tar and feather troublemakers.


The more Californians who come to Texas the more likely an idiot like Beto may actually win in Texas.

Californians should not come to Texas. It's a Bubba state, steeped in the Bible, the Constitution, low taxes and morality. Not a place conducive to Californians at all!!!

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Feb 14, 2019 14:12:04   #
hj Loc: Florida
 
bob44044 wrote:
Once again, everyone got more in each pay check through out the year and will pay far less in taxes over all compared to previous years. If you owe money at tax time it's because you failed to adjust your withholdings. When the new tax law went into effect the withholdings were reduced. It was up to you to adjust your withholdings. If you failed to do that you have no one else to blame but yourself.



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Feb 14, 2019 14:39:26   #
alby Loc: very eastern pa.
 
AND sssooo many bought HIS B.S. ..... like i have said before " if you voted for him, don't complain"

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