noblepa wrote: ↑Wed Mar 09, 2022 11:58 am
Frater I*I wrote: ↑Tue Mar 08, 2022 9:59 pm
RVInit wrote: ↑Tue Mar 08, 2022 9:50 pm
Someone should remind her the last tax bill that was passed was forced down our throats by Republicans, who had a huge party on the White House grounds after selling our country out to the 1%. If she wants to complain about the taxes paid by the rest of us, including her, she can go to the Senate side and ask for an audience with Moscow Mitch.
And the middle class idiots who cheer it, don't know those tax cuts expire in 2024, meanwhile those for the rich expire next never year...
Trump's "tax cuts" cost me a lot of money.
I just went through a simple exercise. I calculated my effective tax rate for the years 2015 - 2021. In the years 2015 - 2017, my effective tax rate (total tax liability divided by AGI) was 7.2-7.7 percent. In 2018 (the first year of Trump's "tax cuts"), it jumped to 9.4 percent and stayed there for the following years.
If I had the ambition, I would recalculate my 2021 taxes using the 2017 rules (or recalculate my 2017 taxes using the 2021 rules). That would be a more accurate comparison. I'm not sure that I want to know that badly.
Not trying to dig into your personal affairs, Noble.
My suspicions are that you had a sum of "miscellaneous itemized deductions," like investment fees, union dues, tax prep fees (if any) that are deductible under Section 212 subject to the dreaded 2% haircut. You may also have had deductible taxes capped at 10K if you pay enough state income tax and property tax. The Trumpian Tax Act eliminated the former. The standard deduction was increased to help offset these losses. In addition, the deduction for personal exemptions went adios as well.
I've seen this occurrence. People with modest incomes, not six figures mind you, actually did have slight income tax increases because their deductions from AGI and personal exemptions were greater under the old rules than the new! and improved! standard deduction under the new rules.
The IRS compiles a mountain of data each year regarding income taxes that is submitted to Congress. There is so much data provided. I am not clear on the granularity of said data. Suffice to say that this information helps the congresscritters forecast the effects of tweaking (yet again) the Code to raise tax revenue or keep it constant.
I think that it will be difficult to extend these provisions as they sunset over the next few years. They were originally passed under the Senate rules of "reconcilation," which meant that the bill could originate in the upper chamber, but had to have a time limit not to exceed ten years. Of course if the Rethuglicans regain control of the legislature and the White House in '25, they could be extended.
You can't wait until life isn't hard anymore before you decide to be happy.
