Shopsmith Forums

garys wrote:My numbers look like I'll be paying a decent amount less with the new rules. Thank you, Mr. Trump.
I get about a 40% cut in taxes this year just like they said would happen.

With the big Congressional move to the left that tax cut may become mute. The 2020 campaign is going to be entertaining and frustrating.

I am still waiting on a couple of documents. Ohio doesn't tax my military retirement but they sure tax the heck out of my Civil Service pay. I always get money back on my Federal taxes but it is almost offset by the money I have to pay back to the state. I sure wish the state would use that money on the potholes.

WileyCoyote wrote:I am still waiting on a couple of documents. Ohio doesn't tax my military retirement but they sure tax the heck out of my Civil Service pay. I always get money back on my Federal taxes but it is almost offset by the money I have to pay back to the state. I sure wish the state would use that money on the potholes.

I see where pot use is "somewhat" legal in Ohio, shouldn't that have been spelled A*sholes. And why would the state want to use money on them?

Dick

We finalized our taxes today. The Trump tax cut gives us a 34.4% tax cut. It worked out like they claimed it would.
Thank you, Republicans!

And,North Dakota calculates state income tax as a percentage of Federal tax liability so I get the same 34.4% savings there too.

I'm down to waiting for one more piece of mail, I'll give it another day or two then have to contact them if I don't get it.

I was able to do a trial run and things don't look much different then last year for me. Still getting a small refund which is how I like to go. Heard on the news the IRS is already way behind on refunds which is how it goes sometimes.

Ed

First pass of my taxes show I get a refund! Last year I had to pay.
THANK YOU PRESIDENT TRUMP!

Buy something nice for your grandkids. They're the ones who will be stuck with the extra $1T in debt caused by your tax cut.

Tax revenues are up 9% since the Trump tax plan took effect.

Gene Howe wrote:Tax revenues are up 9% since the Trump tax plan took effect.

I don't think that's true. By some accounting, there was an 8% (not 9%) increase in income tax revenue. But overall tax revenues have gone down.

And to get even that 7.9% increase for income taxes, you have to include revenue raised under the old tax code. Exclude that, and there's no increase.

davebodner wrote:

Gene Howe wrote:Tax revenues are up 9% since the Trump tax plan took effect.

I don't think that's true. By some accounting, there was an 8% (not 9%) increase in income tax revenue. But overall tax revenues have gone down.

And to get even that 7.9% increase for income taxes, you have to include revenue raised under the old tax code. Exclude that, and there's no increase.

Certainly...if you do not include the existing revenue there would be no increase. Maybe even an 80% decrease in revenue.