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Originally Posted by PNWFlyer
(Post 2758923)
I made way more money than I did in 2017, and my taxes went way down!
My taxes went way down for four reasons: -My wife make twice as much as I do -We make good money (so I don't care what my marginal tax is) -We didn't get hit with the AMT (Called the Awful Mean Tax for a reason) -I’m a pilot (lost union expenses, uniform cleaning, and per diem differential are nothing compared to the AMT) I’m obviously really annoyed with this GOP tax reform as it given me more money to waste on boats and horses. |
1 Attachment(s)
Originally Posted by JamesBond
(Post 2758931)
You obviously don't pay your fair share.
I wonder how many people actually look at the "Tax" line... what you paid, not what you owe or get back, but the total Tax. That is not fair, but as long as the stupid AMT isn't gouging me I am fine. |
Income taxes in this country are actually quite low if your income is not high. Just did my dads taxes and on 100,000 income he will pay 8200 in taxes. 8.2% effective rate. Married, joint, standard deduction.
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Originally Posted by PNWFlyer
(Post 2758943)
I am a Libertarian. I drive an All Terrain Vehicle so I don't need roads, open sewers are fine by me because I don't live in the city!
I wonder how many people actually look at the "Tax" line... what you paid, not what you owe or get back, but the total Tax. That is not fair, but as long as the stupid AMT isn't gouging me I am fine. |
Originally Posted by sailingfun
(Post 2758975)
Income taxes in this country are actually quite low if your income is not high. Just did my dads taxes and on 100,000 income he will pay 8200 in taxes. 8.2% effective rate. Married, joint, standard deduction.
2017 Effective rate 22.8 AMT paid 2018 Effective rate 21.5 AGI 115K higher, Deductions 19K lower. No AMT That AMT is what gets you. |
Originally Posted by Yuuuup
(Post 2754904)
Anyone do their taxes yet and see a significant difference from last year???? Asking for a friend....
Pay me 350k with a nice 15 percent PS and I have no issue paying Uncle Sam 15 years left to collect 5.5 mil plus 16% Will it last that long ? Probably not given the history the last 24 years |
Originally Posted by JamesBond
(Post 2758987)
Yep. I'll bet you if you ask 100 people on the street what they paid in taxes, that a great number will say "I got back $XXX". Most people have no idea what they paid in tax. That's why if we ever got rid of the withholding part of a paycheck there would be riots in the street.
I’ll disagree with your supposition that a “great number” (70%?) would think getting a tax refund means they paid no tax. Sent from my iPhone using Tapatalk |
Originally Posted by PNWFlyer
(Post 2759009)
Just did the math on mine... even though I hate it.
2017 Effective rate 22.8 AMT paid 2018 Effective rate 21.5 AGI 115K higher, Deductions 19K lower. No AMT That AMT is what gets you. There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT. |
Originally Posted by sailingfun
(Post 2759037)
The AMT killed me. Very happy with the change in my 2018 taxes. Every Delta pilot was going to be tossed into the AMT with a few years with Delta. They may think they are not saving anything now but they will have significant savings in future years.
There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT. Jail is possible, but only if you fly around telling your pilot friends how you evade taxes. |
With my $28,000. from the PBGC I'm in high cotton. I will be glad though when they get around to giving me little taste of your retirement booty.:D
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