No it is not. Take home pay is one’s net earnings, what one has left after taxes. When one likes at their W2, one sees their take home pay.
Your idea would assume that everyone gets a refund. That is nonsense. The refund st the end of the year is irrelevant, other than it being part of one’s take home pay.
Which ones?
Correct. Taxes are based on the marginal tax rate and deductions.
I posted a link which shows the different tax brackets. It lists an instance where this is the case. You may have fallen into that category, but the fact is that most taxpayers are seeing a tax cut.
Good luck. If you’re having to Pay more taxes, that’s too bad. I personally would like to see the income tax repealed.No. It’s not the bracket—it’s the deductions. And you’d have to talk to my CPA—it’s more complicated than I can explain.
Then the Republicans couldn’t campaign on any more tax cuts.
I see. We are talking about two different kinds of “take home pay.” I am talking about the pay that you see on your paycheck each week or month. That is the only “early evidence” of the tax cut that was available at the time Trump was being praised for his huge tax cut. If you don’t want to call it “take-home pay” then let’s call it “pay check pay”. So the math goes like this:LeafByNiggle:
No it is not. Take home pay is one’s net earnings, what one has left after taxes. When one likes at their W2, one sees their take home pay.
No, it does not. But what happens to people who do get a refund is an indicator of what happens to people who end up owing taxes. If the huge tax cut was absent for those getting a refund it was also missing for those who owe taxes, which by the way is mostly the very rich.
Do your own homework. Isn’t that what you tell your students?
Nice deflection from the fact the Trump’s tax cut may not have been much of a tax cut.JulianN:
Good luck. If you’re having to Pay more taxes, that’s too bad. I personally would like to see the income tax repealed.No. It’s not the bracket—it’s the deductions. And you’d have to talk to my CPA—it’s more complicated than I can explain.
And the Democrats couldn’t lie about the wealthy not paying their fair share.JonNC:
Then the Republicans couldn’t campaign on any more tax cuts.
Did the marginal rates go down? Look at the chart I posted.
If they’re the one making the claim.
Then progressives should be happy since they value high taxes.JonNC:
Nice deflection from the fact the Trump’s tax cut may not have been much of a tax cut.JulianN:
Good luck. If you’re having to Pay more taxes, that’s too bad. I personally would like to see the income tax repealed.No. It’s not the bracket—it’s the deductions. And you’d have to talk to my CPA—it’s more complicated than I can explain.
Perhaps a compromise where those earning less than $100k pay no income tax at all? Or even not filing those stupid postcard returns?
I think a sales tax, like the Fair Tax is the best system.JonNC:
Perhaps a compromise where those earning less than $100k pay no income tax at all? Or even not filing those stupid postcard returns?
.Then, unless you had a major life change, it’s hard to imagine how you’re taxes could have gone up. The standard deduction was doubled, all the tax rates dropped, and the main deductions that were eliminated impact upper income earners in high income tax states. If you’re complaint is that your tax refund was smaller, that’s really on you for not adjusting your exemptions on your W-4. It was well advertised that withholding would change to accommodate the rates and that there could be impacts to refunds, but the size of your refund is not really relevant to the amount of income taxes you have to pay.
Except that exemptions are no longer part of the tax code. We’re discussing the default situation which appears to have deceived the taxpayer for temporary political gain. I haven’t seen the new W4, though, so I can’t comment further on this.