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Blazesweetie

(42 posts)
32. My taxes for 2018 and going forward have nearly doubled
Thu Mar 29, 2018, 06:38 AM
Mar 2018

My accountant prepared a projected 2018 tax return to help figure my estimated taxes for 2018. Because of the changes in deductions, I am no longer able to itemize. This has added more than $15,000 back into my income and resulted in my tax liability nearly doubling from past years. What makes it worse is I am on a fixed income with pretty much no COLA's so I guess -- what, I'm supposed to now deplete my modest savings to pay my exorbitantly higher taxes? Thanks so much to the idiots in Washington who in their own self interest thought it was a good idea to pass this new tax law.

I'm happy that some people have benefited from this law. I know some people who still work saw small increases in their pay checks, and that's great. For people who never itemized, the higher standard deductions might be better, although honestly, with the removal of the personal exemption, I still think a lot of people won't do as well. However, I'm really tired of reading so many articles about how well people are doing under the new law. Most of the people I know are doing worse and I'd like to see more coverage reflecting that reality.

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Shocker. JDC Mar 2018 #1
And I suspect that that 12%.... TranssexualKaren Mar 2018 #4
They better get prepared because the only way that tax bill works is their taxes are going Eliot Rosewater Mar 2018 #2
So true! Wuddles440 Mar 2018 #12
the announced tariffs will increase the prices on a *lot* of items lapfog_1 Mar 2018 #26
And just wait tazkcmo Mar 2018 #3
Smells like PoorMonger Mar 2018 #5
My thought, too. CrispyQ Mar 2018 #19
It's actually 38 percent of the 32 percent whose paychecks have increased. subterranean Mar 2018 #27
The reason for this is that these tax cuts were pitiful for regular tax payers Gothmog Mar 2018 #6
Hoodwinked! Eyeball_Kid Mar 2018 #7
And many of those who are ... NanceGreggs Mar 2018 #8
When will they ever learn? C Moon Mar 2018 #9
Where Have All The Flowers Gone FreeStateDemocrat Mar 2018 #14
:) C Moon Mar 2018 #23
Curious that the survey numbers reflect the approximate numbers of people procon Mar 2018 #10
Aha. Thanks. I hadn't considered that. lamp_shade Mar 2018 #28
SUCKERS!!!!!!!!!!!!!!!!!!!! Bengus81 Mar 2018 #11
Property taxes increase - state income tax increase - gas tax increase..as well as cost asiliveandbreathe Mar 2018 #13
You are just not looking at th bright side. From VOX; justhanginon Mar 2018 #15
My tax guy said you may see a little more money but you should raise blueinredohio Mar 2018 #16
A lot of people understood that the Tax Bill was going to be bad BigmanPigman Mar 2018 #17
And yet Congress reports they had significantly fewer calls on the tax bill than the ACA. CrispyQ Mar 2018 #20
I call All of them all the time whether or not they are my rep. BigmanPigman Mar 2018 #21
Because getting rid of ACA would be taking something they already had away from them JI7 Mar 2018 #31
My tax preparer says I will pay more next year spinbaby Mar 2018 #18
Same with us. Our quarterly payments went up. Thanks, Don. Vinca Mar 2018 #29
haven't seen a change? yonder Mar 2018 #22
remind folks form 2106 is going bye bye non reimbursed employee expenses dembotoz Mar 2018 #24
Pence was in ND and today in MN touting the tax cuts. When people constantly hear this message, riversedge Mar 2018 #25
I've still yet to see an analysis of the % of the cuts by class and corporate entities. machoneman Mar 2018 #30
My taxes for 2018 and going forward have nearly doubled Blazesweetie Mar 2018 #32
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