What is your personal story after the Trump tax rate reduction?
Last year, I had to pay $1628 after filing my taxes. This year I am getting a tax refund of $428. Looks like a good deal, doesn't?
- curtisports2Lv 71 year agoFavourite answer
On about the same income for 2018 as for 2017, my tax bill for 2018 is about $1,800 less.
- kelby7670Lv 71 year ago
For me, I got $3600 more refund this year on $130000 AGI
- STEVEN FLv 71 year ago
Comparing the amount that changes hands when you file is NEVER the correct evaluation. I can change YOUR refund for next year by $1000 simply by changing your W-4 to withhold $100 extra every month for the rest of the year.
The proper comparison is how much the IRS keeps as a % of your gross income.
- Max HooplaLv 71 year ago
Maybe. Your refund is irrelevant. How much tax did you owe each year?
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- A HunchLv 71 year ago
You can manipulate your refund by changing your W4.
You need to look at how much taxes you paid and compare it to your income.
- Coffee DrinkerLv 71 year ago
The size of my refund is irrelevant because my situation was different in 2018 than 2017. I had a different wage income, different pre-tax paycheck deductions, different taxable investment transactions, different business income, and different tax withholding amount.
But, to compare how I fared with the tax cut, I computed my tax situation for what I would have paid in 2018 IF the 2017 tax laws were still applicable. I came out several thousand dollars ahead because of the changes.
- MichaelLv 71 year ago
My favorite burger joint changed their prices. Last week I got back $1 in change, but this week I got back $9 in change. Is this enough information for you to know whether the price change was good for me or bad for me?
Or do you think you would need to know other pieces of information like whether or not I gave the cashier the same amount of money both times or if I even ordered the same thing?
- SlickterpLv 71 year ago
Only if that is the only information you go off of. Those two numbers in and of themselves tell us almost nothing about how your tax situation may have changed to make that not a good deal.
- Casey YLv 71 year ago
What was your actual tax liability for the year????????????
Was it more or less than the previous year? A change in your return can be due to a change in your withholdings or the withholdings schedule...but its your actual tax liability which may have changed.
Last year was actually better for you conceptually...you got to hold onto that $1628 until April rather than give the government a tax free loan of $428...
This has nothing to do with the politics of your question, this is all about understanding taxes...we can debate the politics later or under a different category.
- TomalochkLv 61 year ago
It looks like a good deal for you ....