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vt90

Joined: 12/12/98 Posts: 39755
Likes: 15016


It is fairly simple math - most (almost all) will have a lower total tax


amount than before the new tax law. Very few will pay more in taxes than in previous years and those will be the folks who live in high tax states that took huge deductions for mortgage interests and state/local taxes. The very wealthy will also pay more for the same reasons.

The reason people are surprised right now is because the government wanted people to see an immediate 'bump' (probably for political purposes) in their paychecks so the withholding amounts were adjusted last year. So everyone got a bit more in their paychecks and now, even though they will pay less overall, the April 15th reality may give them less of a refund than they were used to.

But for 80% or more of Americans, the percentage of taxes that you pay to the IRS for 2018 will be less than previous years.

(In response to this post by VTSnake)

Posted: 02/12/2019 at 1:25PM



+1

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Current Thread:
 
  
CPA: What % of your clients are actually paying more? -- VaAkita 02/12/2019 12:10PM
  Yes 80 percent paid less in taxes -- capitals1 02/12/2019 1:12PM
  You don't sound snarky. -- MP4VT2004 02/13/2019 12:50AM
  I understand your premise -- RTFC 02/13/2019 10:19AM
  That's not how I understood it -- RTFC 02/12/2019 4:26PM
  Sorry, I didn't explain it very well. -- MP4VT2004 02/13/2019 12:57AM
  Media spinning it ** -- DaveVT 02/12/2019 12:36PM

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