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Old 01-11-2018, 11:06 AM   #136
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Just read that Trump is demanding the IRS to change the withholding tables so that employers will withhold less from employees' paychecks, giving them the illusion that they're getting paid more.

This will work until tax return time when they will likely owe quite a bit more.

Looking for some backup to this.
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Old 01-11-2018, 02:25 PM   #137
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Walmart made 12.9 billion and is giving many workers a $1k bonus.

It is also closing after the bonus announcement numerous Sam's Club stores and laying off thousands of workers. http://www.businessinsider.com/walma...-stores-2018-1

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Old 01-11-2018, 02:59 PM   #138
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Just read that Trump is demanding the IRS to change the withholding tables so that employers will withhold less from employees' paychecks, giving them the illusion that they're getting paid more.

This will work until tax return time when they will likely owe quite a bit more.

Looking for some backup to this.
https://www.irs.gov/newsroom/irs-wit...sked-questions.

To be honest most people overpay their taxes hence the refund. Me personally I'd rather not over estimate my withholding. Why over pay the government just to get it back. It's up to the employee to make sure they're withholding the correct amount.

~Dee~

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Old 01-11-2018, 03:32 PM   #139
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https://www.irs.gov/newsroom/irs-wit...sked-questions.

To be honest most people overpay their taxes hence the refund. Me personally I'd rather not over estimate my withholding. Why give the over pay the government just to get it back. It's up to the employee to make sure they're withholding the correct amount.

~Dee~
I pay an extra $5 to the state in every paycheck. It's kind of an insurance plan.

The day I have to write a check to the government on top of my withholding, is the day you see me in the news. I am insuring against that with my $5.
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Old 01-11-2018, 03:45 PM   #140
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Whenever someone tells me that they got back x thousands of dollars in from their tax return I say "The US government thanks you for the interest free loans last year".
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Old 01-11-2018, 03:47 PM   #141
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I pay an extra $5 to the state in every paycheck. It's kind of an insurance plan.

The day I have to write a check to the government on top of my withholding, is the day you see me in the news. I am insuring against that with my $5.

And you told them to withhold the extra $5.00 correct? You can choose how much or how little to withhold not the government, your employer, or the IRS.

I seriously see no difference between not withholding anything and putting into an account to pay later and having your withholding increased to insure you don't have to pay at the end of the year. It's your money you know what you owe to the IRS it's going to get paid regardless of when they get it.

~Dee~

---------- Post added at 03:47 PM ---------- Previous post was at 03:46 PM ----------

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Whenever someone tells me that they got back x thousands of dollars in from their tax return I say "The US government thanks you for the interest free loans last year".
Exactly

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Old 01-11-2018, 05:40 PM   #142
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And you told them to withhold the extra $5.00 correct? You can choose how much or how little to withhold not the government, your employer, or the IRS.

I seriously see no difference between not withholding anything and putting into an account to pay later and having your withholding increased to insure you don't have to pay at the end of the year. It's your money you know what you owe to the IRS it's going to get paid regardless of when they get it.

~Dee~[COLOR="Silver"]

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You're totally correct.

But it's not the money, it's the principle. If I have to write a check at tax time, I'm not doing it. I know me. I'll probably send them an envelope with a photo of my balls, and a note to come and get their fking check. I'll be waiting for you.

Thing is, I have a wife to worry about nowadays...so I can't do that.
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Old 01-11-2018, 06:08 PM   #143
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You're totally correct.

But it's not the money, it's the principle. If I have to write a check at tax time, I'm not doing it. I know me. I'll probably send them an envelope with a photo of my balls, and a note to come and get their fking check. I'll be waiting for you.

Thing is, I have a wife to worry about nowadays...so I can't do that.
Everyone is different me no way am I giving them anything until I absolutely have to

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Old 01-14-2018, 12:39 AM   #144
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Whenever someone tells me that they got back x thousands of dollars in from their tax return I say "The US government thanks you for the interest free loans last year".
I, too, say this. Not only are you lending them free money, you are also screwing yourself out of getting some interest on that money for yourself.

I see it as a lose, lose for people that get 1000's back.
DON'T USE THE ****ING FED/STATE GOVERNMENT AS A SAVINGS ACCT.

SMH at those that do.
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Old 02-07-2018, 05:31 PM   #145
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I was waiting for a couple of things to happen before I posted in this thread again and happen they did. Between my paycheck and retirement check, i'm taking in roughly $250 more a month. My wife's pay also went up too.

I'd say his tax plan is a success and is going to make a lot of people very happy.
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Old 02-07-2018, 07:23 PM   #146
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I wish I knew how much mine changed when it happens if it hasn't already. Instead of getting a 2% raise this year ($0.25), I got a $0.38 raise and I haven't had a regular paycheck this year yet. Have had holidays on every one so far also. Doesn't matter, the only thing I pay with my paycheck is my credit card, car payment, student loan, and food money when working. I almost always have some left over by next paycheck. Wish I could put as much back in savings as I used to, but a car payment five times what my last one was takes half of one of my monthly checks.
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Old 02-08-2018, 07:58 AM   #147
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Just a bit of non-partisan advice AK, project your actual tax return, if possible.

Changing the withholding tables doesn't really change anything about how much tax you will ultimately pay, it's an estimate.
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Old 02-08-2018, 08:44 AM   #148
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So far, I am getting mixed reviews from friends of mine.

The ones that are upper middle class, with kids, mortgages, and lots of deductions are taking a slight hit...not huge...but a hit, nonetheless.

The ones that are lower middle to upper middle class that do not have kids, or kids are moved out, and typically took standard deductions are benefitting a lot.

I think, in places like MA where the citizens are well above the national average in wealth and income, the new tax plan is going to largely be a wash....the lower income folks will benefit, the higher income folks will not....but there will be a lot more MA taxpayers takling a hit than, say...New Hampshire or Wisconson, or Arkansas....because MA residents are pretty wealthy, and will take a larger hit than most other states.

Just my impressions so far.

A couple of my "small business entrepreneur" friends couldn't really answer my questions....I'm not sure if it is because they legitimately don't know, or because they hate Trump and didn't want to answer. I wasn't asking details, mind you...just whether the new tax plan will help or hurt their bottom line.
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