Anyone do their taxes yet and see a significant difference from last year???? Asking for a friend....

 

Using turbo tax, I did a cursory "what if". I put 2017 w-2 num's into 2017 turbo tax and then used the same num's for the 2018 turbo tax.

The result was "just crumbs" of a saving. My effective tax rate was reduced by 3.6% which was a $19,000 savings. Obviously, AMT was a voracious beeotch,

I'll save everybody the trouble and self admit...."1st world problem"...."I'm paying my fair share", and am thankful to "all those people that helped me succeed" .....so I am contemplating sending that saving's to the government to help pay down the debt, achieve universal health care, establish free college for everyone(legals and "undocumented), rebuild the infrastructure, and...build a wall...I mean, uh... fence...er...barricade,.....uh,...slatted border?.....everyone can be placated

 

😂 well put sir/ma’am....(don’t want to offend)....just not sure how I went from substantial rebate to substantially owing. As you said first world problems. I’ve Never been very good at math

 

It's better to write a check than get a refund.

 

Well, I am officially "curious" now. I live in a tax free state, hit the AMT, have no interest expense, don't own any rental property, and did as clean of a comparison as I could...using the same w2 numbers and only changing the tax laws in effect...2017 to 2018

If you used changing w2 numbers(yoy)....I am not sure that how much you get back or owe is a valid comparison....if you figure it out please post back...thx

 

The veracity of this statement is undisputed, however...if you write a check for $1,000, that means the government gave you a free loan. That loan, accumulated over 12 months, so effectively it was a $500 loan for the year.....at .5% interest rate on passbook savings accounts you effectively saved yourself a whopping $2.50....for the year!.. Now, here's where perspective comes in....as you are writing that $1000 check and hoisting that free beer that uncle sugar bought you(if you drink bud light at happy hour prices), are you happier for the "free" beer or would you be more than $2.50 of upset if you were getting a $1000 refund.

As for me,....I'll take $1000 refund even though I know I gave the government a "free loan".....now if we get to "the Carter years" of a misery index, and interest rates are 16%......a whole nother story

 

Taxation is theft.

 

Ummmmm it was my money to begin with. The .gov didn't 'give' me anything. They just stole it later. We could argue this for some time, and believe me I love the debate, but I don't think I will change your mind, and you certainly won't change mine. I'll take that money and invest it and make significantly more than $2.50/$1000.

 

yep. And debt is slavery.

 

I am sure you are absolutely right about the mind changing. When you choose to live in the United States and work in the United States....surprise!...you are subject to the laws of the United States....including the taxes and tax code as written. So, when you acknowledge your tax liability and then try to recharacterize it as “theft”......well.....I have a pretty accurate view of your perspective.....motor on my good man...: