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10 Feb 19
@metal-brain saidhow does Trump effect the amount of taxes one has withheld?
How much is he to blame?
https://www.huffingtonpost.com/entry/tax-refunds-down-84-percent-twitter-complaints_us_5c5e4576e4b0eec79b2379e4
@mott-the-hoople saidHis tax handout to corporations also included language to reduce the amount of withholding from most individuals' paychecks. It screwed with the formula for how much gets withheld based on deductions, just so that more Americans would have more take-home pay before the midterms. People are pissed off that their refunds are smaller, and those who spent years honing their deductions to take out just enough to cover taxes now have a tax bill come April 15th. He shot himself in the ass on this one.
how does Trump effect the amount of taxes one has withheld?
10 Feb 19
@mott-the-hoople saidTrump is the head of the Executive Branch.
how does Trump effect the amount of taxes one has withheld?
The Treasury Department is part of the Executive Branch
The Internal Revenue Service is part of the Treasury Department.
The IRS made changes to withholding in January 2018 when Trump was President:
To help businesses apply recent law changes to withholding, the Treasury Department and the Internal Revenue Service issued Notice 2018-14 and Publication 15, Employer's Tax Guide. These materials are designed to help employers and employees with a variety of withholding matters during and after the transition to new, reduced tax rates and updated withholding tables.
As a reminder, employers should be using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018.
https://www.irs.gov/newsroom/irs-statements-withholding-for-2018
Glad to help.
10 Feb 19
@mott-the-hoople saidHere's a more extensive analysis:
how does Trump effect the amount of taxes one has withheld?
But GOP operatives insisted that the “blue wave” on the horizon would crest long before November — because the Trump Tax Cuts were about to kick in. Once voters saw fatter paychecks, Republicans would see better poll numbers. And just to be sure that voters noticed all the good Paul Ryan had done for them, the Trump administration reportedly pressured the IRS to err on the side of withholding too little from Americans’ paychecks “so people will see big increases in their take-home pay ahead of this year’s midterm elections.”
This did not work out as planned. Even with (allegedly) light withholding, the the tax bill’s breaks for middle-class people weren’t large enough to attract much notice. Between changes in salaries, health-care premiums, and 401(k) contributions, most Americans didn’t detect much tax relief in their paychecks. The Trump Tax Cuts actually became less popular after they took effect. And, of course, Paul Ryan’s majority drowned in a blue wave.
Now, the bill for the GOP’s (reported) withholding shenanigans is coming due: The average American’s tax refund was 8.4 percent lower in the first week of 2019 than it was one year ago (under the pre-Trump tax code). And while Americans have trouble noticing tax changes when they’re dispersed across 12 to 24 separate paychecks, they do typically pay very close attention to the size of their refunds. About three-quarters of the country typically qualifies for a tax refund most years — and for many of those households, that check from the IRS is the largest lump sum they’ll receive all year.
"Ask people how much they paid in taxes, nobody knows. Ask them how much they got in their refund, people know,” Howard Gleckman , a senior fellow at the Tax Policy Center, told the Intercept’s David Dayen this week. “Everyone focuses on size of the refund, and it does affect perception.”
In other words: It looks as though the Republican Party implemented their signature tax bill in a manner that will lead many people who received tax cuts to believe that Donald Trump raised their taxes.
http://nymag.com/intelligencer/2019/02/heres-why-your-tax-refund-is-lower-this-year.html
10 Feb 19
@no1marauder saidRefunds are enjoyable, but depending on your tax burden they are not a good measure of how much tax you pay. You can setup your taxes to get a great refund, but that just means you have given the government free money *yours* until the time get a refund. If you setup your taxes so that you are spot on and get no refund that simply means you have kept your money all year long without letting the government have what they are not supposed to get. Refunds are down, next year people will play by the new rules and things will be different.
Here's a more extensive analysis:
But GOP operatives insisted that the “blue wave” on the horizon would crest long before November — because the Trump Tax Cuts were about to kick in. Once voters saw fatter paychecks, Republicans would see better poll numbers. And just to be sure that voters noticed all the good Paul Ryan had done for them, [b]the Trump administration r ...[text shortened]... r taxes.
http://nymag.com/intelligencer/2019/02/heres-why-your-tax-refund-is-lower-this-year.html
10 Feb 19
@kellyjay saidWell I agree with that and try to minimize my refund (or even pay a small amount).
Refunds are enjoyable, but depending on your tax burden they are not a good measure of how much tax you pay. You can setup your taxes to get a great refund, but that just means you have given the government free money *yours* until the time get a refund. If you setup your taxes so that you are spot on and get no refund that simply means you have kept your money all year long ...[text shortened]... to get. Refunds are down, next year people will play by the new rules and things will be different.
But it seems most people prefer to use their withholding options to insure a high refund at the end of the year. It might have been wise to more explicitly inform them that the tax and withholding changes would lead to a lower refund.
@no1marauder saidWhen the governing laws change questions need to asked about everything, this wasn't done in the dark. We are held accountable we need to stay informed. This is still better than when they raise taxes, and do it retroactively no matter what you are doing then it will still bite you.
Well I agree with that and try to minimize my refund (or even pay a small amount).
But it seems most people prefer to use their withholding options to insure a high refund at the end of the year. It might have been wise to more explicitly inform them that the tax and withholding changes would lead to a lower refund.
10 Feb 19
@kellyjay saidYou seem to be ignoring the fact that the present administration changed the withholding rules for political reasons i.e. to withhold less so it might help Republicans in the midterms. When the government changes things, they have an obligation to inform the people they are supposed to serve of the effects of such changes. This wasn't done here and if Trump and the Republicans pay a political price, that's on them.
When the governing laws change questions need to asked about everything, this wasn't done in the dark. We are held accountable we need to stay informed. This is still better than when they raise taxes, and do it retroactively no matter what you are doing then it will still bite you.
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@suzianne saidit is 100% up to the individual employee how much tax is withheld from their paychecks. When I worked I made changes according to my life situation. It is as simple as completing a W4 form. But you know that.
His tax handout to corporations also included language to reduce the amount of withholding from most individuals' paychecks. It screwed with the formula for how much gets withheld based on deductions, just so that more Americans would have more take-home pay before the midterms. People are pissed off that their refunds are smaller, and those who spent years honing their de ...[text shortened]... nough to cover taxes now have a tax bill come April 15th. He shot himself in the ass on this one.
And it was well publicized.
http://lmgtfy.com/?q=2018+tax+withholding+changes
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10 Feb 19
@no1marauder saidyes, that is how Trump effected businesses, now explain how Trump effected the employees?
Trump is the head of the Executive Branch.
The Treasury Department is part of the Executive Branch
The Internal Revenue Service is part of the Treasury Department.
The IRS made changes to withholding in January 2018 when Trump was President:
To help businesses apply recent law changes to withholding, the Treasury Department and the Internal Revenue Service iss ...[text shortened]... Feb. 15, 2018.
https://www.irs.gov/newsroom/irs-statements-withholding-for-2018
Glad to help.
10 Feb 19
@mott-the-hoople saidChanges in the withholding rules don't effect employees?
yes, that is how Trump effected businesses, now explain how Trump effected the employees?
10 Feb 19
@no1marauder saidThe past had lawmakers change tax law to raise taxes with some retroactive. Which is another reason I like a flat tax.
You seem to be ignoring the fact that the present administration changed the withholding rules for political reasons i.e. to withhold less so it might help Republicans in the midterms. When the government changes things, they have an obligation to inform the people they are supposed to serve of the effects of such changes. This wasn't done here and if Trump and the Republicans pay a political price, that's on them.
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10 Feb 19
@no1marauder saidno more than previously.
Changes in the withholding rules don't effect employees?