And who do we have to thank for the economic collapse of '08? Ah that's right, Democrats in congress during the early 00's pushing the banking industry to make irresponsible subprime and ARM loans to people who had no business owning houses they couldn't afford. I'm glad Obama did turn the economy around, because it was of the Democrats making.
Judging from your posts, you act like you're a purveyor of truth. But truth is, you don't really understand how taxes work based on your response here. To further that, you link to a news site but in doing do so reveal that you lack any true understanding of how withholdings work in relation to your personal exemptions on your W4.
Of course people are getting smaller federal returns back -- the tax break went into effect last January, a year ago. If your W4 is 0 or 1, you should have noticed a decrease in the amount of federal taxes you pay each week. People who have themselves set to 3, 4, or beyond likely wouldn't have noticed any change because they're already paying little in federal taxes by claiming exemptions. It's not a double dip scenario. You can't claim a high personal exemption and then also expect a nice tax break; doesn't work that way.
From that NBC article you linked:
"Early filers, who were expecting bigger refunds after the White House promised a $4,000 “raise” under the Trump tax plan, vented their frustrations on Twitter, using the hashtag #GOPTaxScam."
If people believed their refund was going to increase by $4,000, then that's pure ignorance. The standard and itemized deduction amounts were raised, but that does not directly translate to a refund.
By the way -- the ideal tax return (excluding adjustments to your gross income like loan interest and SALT) is zero. If people overpay on their taxes throughout the year then they're fools.
When you pay less in taxes during the course of the year and you don't change your witholdings you will get a smaller tax return. Pretty simple to understand. Completely ignoring the fact that if you are a person who gets back large sums of money in a tax return every year your'e not very intelligent with money management anyway. But yeah, that's Trumps fault.
I liked your post because it's exactly right. As an HR manager, it's really astounding to me how little people know about taxes, because it's not rocket science. Furthermore, it's become evident over the years that a lot of people simply don't look at their pay stubs.
Last edited:
