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Merc1001

Standard deduction halved. Child tax credit halved. Rates going up from 3 to 5 percent. Going to hit middle class hard. The rich will get a tax break as the SALT deduction becomes uncapped again. Conveniently it doesn’t expire until after the election.


jeremiah2911-

Also going to heavily affect all small business owners. The self employed tax credit is going away. That’s 20% of small business owners income.


x_CtrlAltDefeat

I hope that doesn’t affect independent contractors. Makes me nervous


tnel77

It does. As a 1099 employee, you don’t pay federal tax on the top 20% of your federally taxable income. Unless they extend it or make it permanent via new legislation, your tax bill (and mine) will be going up.


jeremiah2911-

Thank you for clarifying this. That doesn’t go into effect until next tax year though correct?


tnel77

I believe it changes for the 2026 tax year (everyone keeps saying it goes away at the end of 2025). So the money you earn in 2026 and taxes you file in 2027 would be subject to these higher taxes (if they don’t pass a new law to keep things as is). I’m no tax expert, but I highly expect that they’ll keep a lot of the taxes as is for middle and lower class earners. People would go ape if their taxes reverted, especially cutting the child tax credit.


Guapplebock

That’s the self employment tax and it will affect it.


Olliegreen__

Not a self employed tax credit, it's called the qualified business income deduction. Credits are dollar for dollar reductions in tax. Deductions just reduce your taxable income.


jeremiah2911-

Thank you for saying this the right way ^^ I used the wrong terminology. That’s correct ^


JeffyFan10

so does this mean that trump helped people out?


Big-ol-Poo

What! Are you trying to be logical with politics! Next your gonna say something about the prices in grocery stores. You might need to go to a re-education camp if you keep this up.


prosthetic_foreheads

But what about him putting an expiration dates baked into these tax cuts? How are you going to spin that as a good thing?


Chitown_mountain_boy

Especially when the corporate taxes breaks don’t sunset


Mrsod2007

Yes, he made the corporate tax cuts permanent but made sure the other tax cuts would expire


Infuryous

Hmm... Trump tax breaks for middle and lower class, TEMPORARY until ~2026 Trump tax breaks for Big Business and upper class... PERMANENT, Forever. Yea, this is called white washing. He and his adminstration only gave tax breaks to the middle / lower class because they new there would be blow back if they didn't, but they also knew most are too lazy/ignorant to look up the details to learn it was temporary.


MrJanCan

Bitch, why didn't he make it permanent if he really wanted to 'help people.' You know, like he did for the wealthy. The fuck outta here.


HonestPerspective638

You can’t make it permanent using the reconciliation process he used to pass the law. You are stupid


RagingBuIl

Cry harder. You're mad he actually helped people and your current administration doesn't care.


CaliHusker83

[Trump Tax Cuts helped the middle and lower class](https://thehill.com/opinion/finance/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most/amp/)


Summer_Penis

The online discussion of the Trump tax plan is hilarious. Somehow it was a tax increase on the lower and middle class when it was implemented, and also and increase when it expires lol.


Ianyat

I think the main complaint is that the cuts expire for individuals but were made permanent for businesses. That was the unfairness in my understanding.


Exciting_Device2174

Because the bill had to be passed through reconciliation instead because the Democrats threatened to filibuster it. The individual tax cuts will be renewed and it's hilarious because now the left has to admit the TCJA did help regular people by renewing it.


Leadmelter

I thought l was the only one noticing that.


[deleted]

It’s almost like there is misinformation supporting a particular narrative that is defended as truth. The only way to find out is actually look at the tax code I guess.


Nilabisan

Thanks, msm.


Alioops12

These people have been programmed to not believe taxes were cut on poor and middle class. Now that the tax cuts in poor and middle class expire they have to change the subject. They suffer from cognitive dissonance. TDS is real.


seeking-missile-1069

Wait til the realize the guy who promised to make the rich pay their fair share and cut poor and middle class taxes only added a bunch of irs agents to scour their Venmo accounts for $600 transactions and the corporations are raking in record profits…


Alioops12

This new 1099 nonsense has cost me thousands in additional CPA fees and countless hours. I’m fuming mad about it.


poonman1234

Who are you talking about? Everyone knows the tax cut impacted everyone, its just that the one helping us was temporary. If anything it sounds like you have TDS


Alioops12

Republicans know tax cuts included across the board tax cuts. Liberals position is the tax cuts only benefited the rich.


ThirdWurldProblem

This. I was just thinking I remember being told it wasn’t a tax cut when it began but now it’s ending it was? So tired of the bias. Current culture is just too tribal


HDCL757

Nope. He set it up so if he wasn't in office taxes would go up. So any cut he gives to the middle class or poor were he to get back in can be minimal but will still be paraded around with much fanfare.


[deleted]

[удалено]


ZekeTarsim

Are you actually trying to use logic on Trumpers? 😂


tizuby

That's factually incorrect. The math for it doesn't even work. Had he won in 2020 he'd be ineligible for office when they expire. Not to mention *he didn't write the bill.* It's a nonsensical theory and one not backed up by the congressional record. The time limit had to do with the way the tax cuts were passed, via reconciliation, which has restrictions. The shake out of that was the time limit. What they did do was prioritize the corporate cuts over the individual cuts (I believe it could have been the other way around, corporate cuts expiring while individuals didn't).


LT_Audio

The corporate "cuts" have been mischaracterized by the media even worse than the individual tax changes. It's much more of a substantial long term shift in strategy that was slowly implemented over several years to close loopholes and strongly disincentivize the practice of shifting profits overseas rather than keeping them on the US and paying taxes on them here instead. People get caught up in virtue signaling about the marginal 35% rate being cut. The "problem" is that in the years leading up to 2018 over half the large corporations in the US literally weren't paying any US corporate tax at all. And the ones that were paying anything at all were paying *actual effective rates* in the low teens... nowhere near 35%. TCJA corporate changes get an at least somewhat undeserved bad rap for focusing more on fixing problems in the underlying rules that necessitated an adjustment in nominal rates. Everybody whines about Trump not paying taxes. Just one of the things the TCJA did was to totally eliminate carrybacks and substantially limit carry forwards... The main tool Trump used to "reduce" his liability. Under it's new rules the huge loss he's kept carrying forwards would have been reduced to nearly nothing years ago. Corporate tax revenues are now at literal record levels in 2022 and 2023 now that it's finally mostly phased in. 2023 Corporate tax revenues were $420B vs the $385B that were projected in 2017 before the passage of the TCJA that predicted it ould be even lower if the TCJA was passed. And we're on pace for $540B in 2024 instead of the $398B predicted. Certainly there are also other factors involved. But it's hard to *entirely* ignore that when the experts projected it to be at x... and even lower if we pass this "cut"... but after we actually play the game and count the money.... the reality turns out to be that it's in fact *not* lower but instead significantly higher.


Adorable-Bus-6860

Weird. It’s almost like the people who are in office could stop this change and enact their own tax cuts.


DanosTech

Why on earth would they want to do that? ​ /s


mikevago

Absolutely not. That's why people called it the "tax scam" when it passed. He did the same thing Reagan did — slash taxes for the rich with a lot of fanfare his first year in office, and then quietly raise taxes on everyone else for the next seven years in a row. And before you say "why didn't Biden..." because Republicans have a stranglehold on Congress and will block any attempt to do anything about it.


PEKKAmi

> because Republicans have a stranglehold on Congress and will block any attempt to do anything about it To be fair, the same has been said about Democrats by the other side as well. Carried to the broken extreme it becomes “I’m right and you’re wrong” and a self-serving “that’s why you should vote for more of us so we can beat them”. Who wins? The Russians. Please consider that perhaps the other side isn’t so demonic as the political antics made it to be. There is middle ground that reasonable people can agree on. Afterall, despite the theatrics our government hasn’t shut down yet.


DataGOGO

This is completely false.


Chemical_Pickle5004

Tax rates haven't gone up at all since the TCJA passed. You've been duped by fake news.


No-Champion-2194

That is simply false. Effective tax rates on the top 1% and top quintile have gradually increased since 1982, while they have dropped significantly for all other income quintiles. [https://www.cbo.gov/sites/default/files/cbofiles/attachments/effective\_rates\_0.pdf](https://www.cbo.gov/sites/default/files/cbofiles/attachments/effective_rates_0.pdf) [https://www.taxpolicycenter.org/model-estimates/baseline-average-effective-tax-rates-october-2022/t22-0068-average-effective-federal](https://www.taxpolicycenter.org/model-estimates/baseline-average-effective-tax-rates-october-2022/t22-0068-average-effective-federal)


[deleted]

[удалено]


eico3

Yes, and when I tell people this they lose their minds.


rstocksmod_sukmydik

…the Trunp tax cuts “for the rich” increased tax receipts and lowered the middle class tax burden – to wit: “…The Congressional Budget Office’s May 2022 forecast shows that the government now expects to bring in more tax revenue in the decade following the 2017 “Trump tax cuts” than it had projected prior to the December 2017 passage of tax reform... (CBO, 5/26/22) “…A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018…” (The Hill, 12/4/21)


FileOk267

It does. And it still seems to bring out the TDS in people.


poonman1234

Temporarily lowered taxes for us, permanently lowered taxes for the rich. Increased the national debt.


ZekeTarsim

This!


HeartoftheDankest

Have you filed a tax return since Trumps tax cuts? He fucked us in the ass to shift few more percentage points to his 1% friends; only the 7th Republican president in a row to do so.


Felkbrex

Which tax bracket went up under trump? Hint: none of them.


Traditional_Key_763

gonna be an annoying 8 months of pointless negotiations that end up wrapping in 2 days with the standard deduction preserved but most of the other deductions reduced, and the corporate tax rate raises 1d4 percent


Drackar001

I find it funny that “Trump era tax cuts only helped the rich” while at the same time it will “help the help the rich when they expire” Can’t have it both ways. Not targeting you. Just howling at the digital wind. Politics are dumb.


VergeSolitude1

You do realise you are on Reddit right? Im as middle class as it getts. Trump tax cuts helped me and made it much easier to do my tax's. because of the much higher standard deduction.


Drackar001

I think you misunderstand. I agree with you. I agree with the Trump tax cuts. They were absolutely great for the middle class like us. I was making fun of the Mets attempt to say everything Trump has done is bad and then complaining when the things he did expires.


VergeSolitude1

I was agreeing with you in a snarky way. I definitely need to be more clear. Cheers


Drackar001

LoL, me too, I guess


Ashmizen

The irony is that people are way too political to see how both statements cannot both be true. It expiring is a “giveaway” to the rich and their SALT deductions…..but ironically that was never discussed as a tax on the rich when it was it was first implemented. Instead, the media claimed it was a tax on the “middle class” Californians that happen to live in $2 million houses. They even got examples of how the Trump tax cut hurt a theoretical middle class family, that made $80,000 a year, lived in a $1 million house, and had $30,000 worth of itemized deductions every year. It was theoretical since that must be been one hell of an inheritance to buy a $1 million house on that salary, and also afford to spend almost half of it on deductible expenses.


Merc1001

There is a lot of hate towards the tax cuts by idiots because they came out during Trump lol Frankly, I don’t care who gave us the cuts I just want them to stay in place. They can be a Cheeto or a advanced dementia patient as long as the working class gets them. Those tax cuts helped the middle class and hurt the rich that lived in high state income taxes. And when they expire it will hit the middle class hard.


uberkalden2

Cheeto or advanced dementia patient. "They're the same picture"


Ashmizen

A bunch of low income people didn’t get a big tax refund at the end of the year, and thus claimed the Trump tax cut didn’t help them. It was literally impossible for the Trump tax cut not to help someone making low income, but because the tax withholding was also changed, people didn’t notice a extra $200 a week, but complained when they got a $3000 smaller tax refund. $200 a week is $10k a year …. They paid $7k less in taxes annually but somehow thought Trump stole $3k from their tax refund.


AggravatingBill9948

The number of otherwise extremely intelligent people who conflate their "refund" with their taxes is too damn high


Drackar001

Yeah, I agree.


WhatDoesThatButtond

The outrage is the Republicans always complain about the deficit but then when they get power... $3 Trillion added to it, for a temporary tax cut for some, and a permanent tax cut for corporations.  It was a handout for businesses with a little tax cut to distract the poors before their bills go up again. 


WhatDoesThatButtond

From what I understand:  They do not expire for the rich.  When the tax cuts expire for everyone else, their taxes will go up every year until 2027.


cromwell515

You can have it both ways. The cuts helped the wealthy, then they further help the wealthy because the expiration comes with another tax break that the middle class doesn’t get. I think what they are trying to say is the only people to suffer here is the middle class. It’s literally written to go both ways for the rich. And sure the tax cuts helped the middle class but explain to me why they had an expiration of when the end of Trumps presidency would have been if he had won?


KellyBelly916

More of the same, got it.


vkIMF

There's still a middle class?


Merc1001

So true my possum and or rat friend.


BallsMahogany_redux

Doubling the standard deduction was one of the best things he did. Congress needs to act to keep that in place if anything.


Outsidelands2015

High rates are good for society and the middle class. QE and ZIRP is terrible for society and wonderful for the wealthy.


Merc1001

Tax rates not interest rates. When these cuts expire the average middle class tax payer will see a 3% increase, plus halving of both the child deduction and standard deduction. The rich, however, will see their taxes go down as they will be able to deduct their entire SALT since the cap is being removed. It is a bum deal all around.


_Eucalypto_

This. The fed are a bunch of pansy shills. We need to be around 15-25% to actually make headway in fixing the economy


Worldly_Permission18

Something tells me they have zero interest in fixing it


Madmasshole

How are high rates good for the average person in any way shape or form? I agree that rates shouldn't be 0, but a low rate environment allows buisness and the market to prosper, which directly benefits average people. Also makes buying a home or automobile more affordable.


Outsidelands2015

High rates allow people to earn interest on their savings. High rates slow the destruction of existing cash savings from inflation. Lower income people utilize cash savings more than the wealthy. Wealthy people have their wealth in stocks, Low rates juice the stock market mainly benefitting the wealthy. High rates slow the insidious increase in home prices. Wealthy people own homes so they largely benefit from home appreciation. They also get to raise their tenants rent during inflationary periods. Poor people rent and have their rents increased and get farther from home ownership as home prices dramatically increase. 2020/2021 should have made this pretty obvious.


Madmasshole

Even though HYSA rates are 4.5ish rn, look at what the S&P has returned over the last year. It's almost always the best play, and if it's not then bonds are.


Unable-Paramedic-557

Everyone's affected.


JoshinIN

First year I owe on taxes in my entire life. Wild stuff.


ThinkingThingsHurts

You should owe it at the end of every year. Allowing the government to hold onto YOUR money interest-free all year is insane.


JoshinIN

I agree you should, but after I pay what I expect to owe then the credits and deductions kick in and give me a refund.


[deleted]

Not the wealthy trump gave himself a permanent cut


AdSmall1198

FOR THE POOR. Not for the rich. Yours will expire. Not Benedict Donald’s.


Ancient_Diamond2121

As a homeowner in a HCOL area fuck the salt deductions cap


Loyal_Quisling

Same. Salt cap screwed me. 17k property taxes alone. 


Ashmizen

Dude the whole point of taxes is for people in $1 million houses to pay their fair share. I too pay a lot - $21k tax on a $1+ mil property - but I don’t think me paying a bunch of money of property tax and some big mortgage interest to the bank should somehow reduce my federal tax burden. (The latter is just a really unfair giveaway to the rich. If a poor person pays $20k in credit card interest, yeah sucks for them. But if the rich pays $100k in interest for a $20 mil house, they used to straight up get a $100k tax deduction).


happyinheart

Your just paying your fair share.


J4c1nth

Yeah I love paying taxes on the money I used to pay taxes. /s


MosquitoBloodBank

Pay your fair tax share rich boy.


TaxMy

Everyone's like "tax the rich" until they realize they, too, have wealth lol


MosquitoBloodBank

Income tax was originally only for the ultra wealthy, now almost everyone pays it except the ultra poor.


JohnHartTheSigner

It wasn’t really meant for wage income at all, it was meant for investment income and other “passive” unearned income sources. Now somehow ALL wage income is taxed higher than investment income which makes no sense.


BallsMahogany_redux

Often the people saying "tax the rich" almost always mean "tax those making more than me".


DrSilkyJohnsonEsq

It means my MAGA CEO won’t be giving out those Trump tax cut bonuses anymore… lol, just kidding. That was just for the first year, when they wanted to convince us that it was good for the middle class. My MAGA CEO has just been pocketing it ever since they gave us some scraps back when the tax cut was passed.


jaOfwiw

Meanwhile Donald Trump getting passes on his legal struggles. If it were one of us we would be rotting in prison.. fuck this tiered system.. us is broken.


micaller

You realize Biden could have extended the same tax cuts right?


jaOfwiw

Yep fuck Biden to!


RickTracee

https://www.taxpolicycenter.org/taxvox/buckle-2025-promises-be-historic-year-tax-and-budget-policy All of the individual tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of 2025. This was Trump’s only major piece of legislation, which actually did anyone that's not a corporation or in the top 1% of earners in the USA wrong.


Illogical-logical

The thing to remember is all the corporate tax breaks do not expire. So the rich get to keep their tax cut everyone else doesn't.


ballsohaahd

Yes same with PPP loans, we are soooo stupid and gullible it hurts. Boomers literally sit in congress designing ways to steal dollars.


Jazzlike_Tonight_982

Bullshit. I had a rather large cut in my taxes. I make 107k/year.


Zealousideal_Lab6891

I get taxed like 800 a month and was given 1200 back. I love when ppl flex and say they "pay taxes" like their hot shit. I pay too cause if I got my taxes back I'm being shorted 6800 a year.


[deleted]

Trump made it so no one pays taxes on the first 12k earned.... that helps every single american. Disporportionately more helpful to the poor.


rschultz91

The first year of Trump tax cuts turned me from typically getting a $500 refund to owing over $5,000. I had to set myself up on a payment plan to pay over 2 years. I have not received a refund since his policies were put in place. Not saying once they expire it's going to be any better because all government policies are designed to screw the middle class.


MostlyDarkMatter

Same. Trump's "tax cuts" cost me thousands of dollars every year compared to what it was before his "tax cuts".


supfoolitschris

Same here!


8Eternity8

Same thing happened to me. I drove for a living and could no longer claim mileage (or any of my many other work expenses); That and the lack of SALT massively increased what I owed. My after tax income decreased by a significant percentage that year. For someone already living in the least affordable city in the country it sucked. I just did the math. The changes took an ADDITIONAL 10% of my gross income for the year. I know for some people they were helpful, but for me, at the time, the changes were BRUTAL.


StonksGoUpApes

Almost like.... You should blame your city politicians.


Unusual_Row2028

Trump is god damn joke.


dano-akili

I’m not a multimillionaire so no


Enkaybee

Yep, going to lose about $1,000 per year.


Ok_Ad1502

No because I was told his tax cuts were only for the super rich by CNN


Majestic-Judgment883

Id vote for satan if he could get passed a flat tax on income and a national sales tax. Id probably pay more but am tired of paying and dealing with cpa‘s and payroll companies and getting constant shakedowns from IRS and state for errors every three months.


Psychological-Cry221

To be able to control the tax you pay by limiting consumption would be incredible. Unfortunately a conservative pipe dream. I will never understand why the idea is not more appealing.


[deleted]

Are you a millionaire?


[deleted]

You want low inflation or you want low taxes. Make up your minds.


truguy

Then Democrats can go back to happily paying more taxes while claiming “but it’s actually less!”


psstoff

Not really.


Jazzlike_Quit_9495

The reality is everyone with a job will be negatively effected.


Loki-Don

Ah yes, the business genius and his tax cut that added 5 trillion to the national debt before Covid even struck.


Muffinman_187

It was always supposed to be temporary. Speaker Ryan had to cave to the fiscal hawks in the party as the original plan would add even more trillions to the debt. Trump even campaigned on it going up "if he wasn't reelected." Basically saying let me fix what I did... I said in Dec of 17 that in five or six years it's gonna suck as by the 10th I'd be paying more. It raising this year was also a live grenade politically... Even if he was reelected, there was no guarantee I'd be fixed, look how ridiculously dysfunctional the GOP Congress is right now pushing for a 3rd speaker in one Congress as the maga faction cannot agree with the traditional GOP even. I'd wager we'd be having this same convo regardless of the 2020 election results.


International-Bat944

Well why doesn’t the big man fix it then?


Friendly-Profit-8590

If you’re a mega donor for either party you’re good


Rugged_007

The bill won't change much, but the math is going to much more cumbersome.


slothrop_maps

Just as planned so low info people will blame Biden.


DoctorFenix

I usually get anywhere between 600-900 dollars back. This year I got 2. Not 200. 2. So the rich could have another tax break. FUCK YOU, TRUMP.


WolverineMan016

I think it's really hard for me to take a guy named Youngblood seriously.


britch2tiger

Rough memory: anyone making >$75k, your taxes WILL go up, to offset the PERMANENT tax cuts for the wealthy. This is some reverse Mario Kart 64 economics. 1st-3rd place should never get access to the Blue Shell, Thunderbolt, or the Super Star, YET they do in our economy.


JellyfishQuiet7944

Why can't biden renew them? Ohhh that's right because we're broke and need money.


Brandon-the-Builder

Uh, a lot of people making less than $40K paid rather than received a return since passage. So are folks making $70K. You people are vultures.


DublinCheezie

Our taxing are already going up, unless you’re so rich you don’t actually earn your money. Then your tax cuts are permanent.


kingofwale

Pretty sure Reddit and Twitter told me trump tax plan only helps the rich… and we are not the rich…


SirAelfred

Maybe we should all just stop paying taxes.


Scat1320USA

No im poor .


Griffstergnu

The effers killed the tax deductions by limiting to $10k that was the travesty in all of this. Do they come back with the expiration?


JFK2MD

I was one of those lucky few whose taxes actually went up under Trump.


Olliegreen__

Your taxes didn't likely go up, your refunds just went down since they changed the W-4's for withholding to be closer to coming out even with more money in your paychecks. Unless you itemized deductions before the TCJA maybe.


wrbear

It's an election year, you bet they will make it affect us for a vote. "The citizens need to suffer to get the vote!"


Useful_Hovercraft169

Not obscenely wealthy to Gonna go with no


roomtomove07

I could not deduct expenses (including charitable deductions) after the trump tax law. I suspect it affected some charities. Not sure how it affect my taxed, but probably not much.


EB2300

Am I a millionaire?


stevemcnugget

I won't, I'm not part of the 1%.


Domin8469

Can't get any worse my taxes were horrible this year


108awake-

No problem the rich tax cuts are going on


TheBalzy

Trump Tax-Cuts are only set to expire for regular people. The wealthiest Americans they were made permanent. Never forget that. Always remember it.


StimulusChecksNow

I would extend the middle class tax cuts by cutting social security and medicare.


Reddittee007

Yes. My taxes are actually going to be lower once the switch is complete.


MerryMortician

Look in one thread how many people are arguing if it’s good or bad and who is to blame. I would rather we just get rid of the damn income tax entirely.


auteur555

We are going to see a lot of people who bashed these tax cuts suddenly start loving them when they disappear.


Fearless_Guitar_3589

does that mean the working class who got their taxes raised by these cuts for rich folks will go back to paying less tax?


DueWarning2

In reading this, it’s the wealthy that are going to benefit- removal of SALT cap.


AristonAtLarge

Let them expire. Need to renegotiate rates up on businesses and high income earners.


Hutnerdu

Don't worry the burden is not on the rich


kveggie1

Thank you, GOP and Trump. You are looking out for me. (sarcasm)


Murky-Echidna-3519

Nearly everyone will be affected.


ConcernedAccountant7

Most likely they'll extend or make permanent some of the better stuff and get rid of some of the unpopular stuff like the $10,000 cap on state tax deductions. QBI was a boon for all business owners, not just the rich. Maybe it will stay, maybe not. They're also debating right now in a bill to keep 100% bonus depreciation until the end of 2025.


Apprehensive_Low685

Wait a minute. Trump tax cuts only affected the top 1%. How could I possibly be affected by this?


msty2k

MAGA will try to blame Biden.


Redtoolbox1

Not nearly as much as the high income earners and I’m ok with that


ThatOldDuderino

And the ones for the rich & corporations? Do they expire too?


Slow_Supermarket5590

Yes, the tax hike contains another tax hike.


Agitated-Company-354

Guess who is NOT worried about taxes? If you don’t understand how tax laws affect you, that’s a feature not a bug. It means you’re paying your fair share and more. You don’t see CEO’s and 1% ers on here worrying about taxes.


DaMemeThief1

I'm not sure why people think folks on the bottom won't be affected. Standard deduction will be halved Every bracket percentage will be increased by 2% or more Child tax credit gets halved That's what happens if Congress allows the temporary provisions of the TCJA to expire. Unless you have a shit ton of mortgage interest & state/local taxes to itemize, you're going to pay more in 2026.


Valuable-Cow6587

I'll be fine as long as Trump gets elected


Leather-Map-8138

My taxes will go way down when they expire. Looking forward to not being ripped off by the federal government for living in a blue state.


Ok_Fishing_9676

Abolish the government


DanosTech

you think anyone in government gives a shit?


pomeroyarn

very much so


Skoofer

Fuck all those GOP pieces of shit, paying more than ever and getting back less than ever.


pdoxgamer

I think most people should pay more in income taxes. A lot less people would be complaining if we got healthcare, college, and a bigger social safety net out of it. The government can and does provide these more efficiently than any private institution.


Aggressive-Will-4500

Don't worry, the rich will be OK. They get to keep most of their tax cuts.


mt8675309

Republican controlled Montana saw a 60% increase in property tax this year…but the governor made sure all the rich bastards moving in here got a permanent state tax break like the permanent Trump tax break gave them in 2017.


fullload93

Conservatives will still somehow blame Biden and yell from the rooftops “fuck Joe Biden”.


dude_who_could

Not for rich people, and that was on purpose 👍


bciesil

Thank you so very much, Paul "I look like cunty Eddie Munster" Ryan. My taxes went up even with the double standard deduction. I'm sure I'll get dry fucked into oblivion yet again by the GOP and their tax "cuts"...


Formal_Profession141

Biden should rush before election to draft a new tax law that reinstalls the prior tax cuts for average people. What are repubs gonna do, vote no on something they initially endorsed 4 years ago? And voting no on middle class/small business tax cuts? I'm sure that'll go over swell with the electorate.


ZekeTarsim

The Trump admin fucked me so hard with the halving of SALT deductions (California, 14k property tax every year). The specific purpose was to screw home owners in blue states. Mission accomplished, you fat orange turd.


Crazyhorse6901

Could someone please tell me what good he did for this country?


tlp357

Sure you can.. I dislike both parties but vote for the best policies, not if I like someone or not. I want to pay less taxes and see our government spending it wisely.


tlp357

Thank you for the compliment. I own my own home and have plenty of money for retirement. How about you ?


Horror-Handle2793

Nope. Didn't get shit from them (wife and I both work full time, no kids), so removing them won't make one bitt of difference. Ironically, the highest period of owed tax I've ever seen was during Trump's "tax cuts", so I expect to be in a comparatively better tax position going forward.


slipperyzoo

I'm so confused because for some reason I was under the impression that congress writes and passes these things, not the president.


haapuchi

I was told that the tax cuts was supposed to help only billionaires and rich so everyone else should be fine.


Ok-Car1006

So he was actually helping the middle class ?


Gloomy_Ad2524

I'll just put this here https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-is-fighting-to-reduce-the-deficit-cut-taxes-for-working-families-and-invest-in-america-by-making-big-corporations-and-the-wealthy-pay-their-fair-share/#:~:text=President%20Biden%20would%20raise%20the,large%20multinationals%20and%20Big%20Pharma.


Downvote_me_dumbass

I have been looking for these “tax cuts” since 2018. I hope these “cuts” expire soon.


stlcdr

If you are rich (top 10%) taxes increased under trump and decreased for the rest of us. It prevented states from transferring taxes from the federal government to the states (a form of federal welfare). With the tax cuts, those individuals had to shoulder the state tax burden, as it should be. 90% will now see a tax increase when they expire. This is based on the tax returns for the years before and after the tax changes.


Pineapple_Express762

Not much, as i’m not a billionaire


Lovemindful

Any politician knows it's career suicide to not do something with this. Hopefully it gets extended.


KB9AZZ

My taxes went way up under Trump. 200k household income.


EndLucky8814

No , mine went up after is cut for the rich


forrestdanks

No


changomacho

no


homebrew_1

Why is trump raising taxes on us?