Trump/GOP Tax scam

[aggiesal]

12. Here is the tax scam everyone is about to find out ...

People got more money in their pay checks because their employers deducted less taxes.

That extra money you got in your paycheck? It is just a loan.
All that money IS your income tax.

For example, if you made $50,000 last year and paid $10,000 in taxes from your paycheck, your net pay reflected $40,000.
This year you got the same $50,000, but you only paid $5,000 in taxes from your paycheck. You got an extra $5,000 in net pay of $45,000. No doubt you’ve spent that money.

Your tax bill will still be $10,000, because the tax tables did not change, only the deduction algorithm was changed so you could get more money in your paycheck.
That $5,000 you got extra, you’ll have to pay that back on April 15th.
It’s just a loan.

Also for those living in those high rent district states?
You’ll only get to write off your mortgage interest on $750,000
and can only write off up to $10,000 in property taxes.
So if you have a $1,000,000 mortgage, you can’t write off all your mortgage interest.
And if you have that $15,000 in property taxes, you can only write off $10,000.

I mention this because that $5,000 tax bill mentioned above, turns into an $8k to $10k bill.

And if you voted for IQ45, this is what you voted for.
But you’re bringing the rest of us down with you.