New IRS rules passed Thursday, taxes to go up $133 billion for the middle class
 

Trump truly has fucked us

"But thanks to a rule change that the Internal Revenue Service made Thursday, a lot of Americans will reportedly be paying a bit more in taxes in 2019 than they thought they would--and even more in later years. Eventually, maybe a lot more."

Remember the Big Tax Cuts? The IRS Just Announced a Surprising Change That Will Probably Make Yours Smaller

Most Americans expect to pay less in federal taxes this year, after President Trump and Republicans in Congress passed a last-minute tax bill last December.

But thanks to a rule change that the Internal Revenue Service made Thursday, a lot of Americans will reportedly be paying a bit more in taxes in 2019 than they thought they would--and even more in later years. Eventually, maybe a lot more.

It all comes down to a simple math equation--or more accurately a series of simple math equations. Because the tax law uses particular dollar amounts to establish thresholds for different things--tax brackets, the amounts of deductions, etc.--the IRS has to adjust many of these numbers for inflation each year.

Traditionally, the IRS has used a calculation called CPI-U to compute inflation. (CPI stands for "consumer price index," and the U stands for "urban.") But besides cutting taxes, the law also required the IRS to change to a different calculation.

So, on Thursday, the IRS announced how it's making this big change, to something called "chained CPI." The difference between the two, as The Wall Street Journal explains, is that under chained CPI, inflation moves more slowly.

So, legal thresholds like the standard deduction that taxpayers are eligible to take, and the income needed to move into a higher tax bracket, will go up more slowly than they otherwise would.

"The result," the Journal's Richard Rubin writes, while noting that it's unusual for the IRS to issue guidance like this so late in the year: "More income gets taxed at all, or taxed at higher rates."

It's difficult to calculate exactly how much any individual taxpayer will see their taxes go up as a result of this change, since everyone's circumstances are different, and usually change from year to year.

But Congress's Joint Committee on Taxation says it will cost U.S. taxpayers $133.5 billion over a decade.

Outstanding.

http://rochardsbunnyranch.com/rock/emails.jpg

Do you really think Trumptards and Trumpublicans will read all this, worse understand it ... ?????

:1orglaugh:1orglaugh

so.... $94 a year?

I remember the tax cut was something like $130 a year for the average person and they said it was "better than nothing" :1orglaugh

The new IRS rules takes that tax cut away, while our inflation is higher now and wages and stock market stagnant.

Trump supporters don't care Trump could murder a white baby on 5th avenue and not lose a vote.

If you needed any evidence the IRS was really the collection agency for the Federal Reserve you just got it.

LOL @ $130 a year. That's like $10 a month. Not even enough for a pizza.

Tax cut my ass.

If the estimate of what it will cost is correct.

$133,000,000,000 divided by 10 years divided by 350,000,000 Americans comes to like $38 a year. So $130 minus $38 is still small but bigger than nothing.

And all of this is predicated on guesses of how inflation will go, which is dependent on unknown factors like how much the Fed raises interest rates and whether minimum wage goes up.

Math, people.

The 350K all file tax returns ??????

They need to take a cock up their ass

2015 number was 141.2 million
probably more now.

The question was rhetoric , to illustrate that her math is flawed .

350 million. Not thousand.

Obviously, not every American files a tax return. A taxpayer can save from cuts or lose on increases for more than just themselves because of children and other dependents.

Roughly 40% on average owe no Federal income tax. That number flexes a bit with changing regulations, but, if the point is that lower income earners don't save on most tax cuts and need different assistance, that is also obvious. Whether or not cuts are a good idea, the point of cuts is to help the middle.

Also, obviously $133 billion, over a DECADE, is basically a rounding error of tiny proportions, when (a) there are so many unpredictable factors at play over that timeline and (b) the size of what it costs to run the United States government.

To put that number in perspective, more than $300 billion has been returned to taxpayers so far THIS YEAR ALONE for typical rounding error overpayments.

You can view IRS statistics on filing at https://www.irs.gov/newsroom/2018-an...son-statistics

So much for Chumps huge tax cuts for the middle class that he shouted about just before the mid terms. More lies to get votes ?