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You have to laugh so you donít cry. Are people really that stupid???

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You have to laugh so you donít cry. Are people really that stupid???

Old 02-11-2019, 08:14 AM
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Originally Posted by limey940 View Post
Wife and I just took a first look at our taxes. Between us we made a little less than we did last year, about $45 less, but our federal taxes have increased by about $20k. Primarily due to the 10k cap on state and local deductions.
How?
You live in SC.
You have jumbo interest? Property taxes in primary residences in SC are loooooooooow
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Old 02-11-2019, 08:39 AM
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Originally Posted by olyveoil View Post
How?
You live in SC.
You have jumbo interest? Property taxes in primary residences in SC are loooooooooow
Came to post that as well. How is that possible?
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Old 02-11-2019, 08:50 AM
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Originally Posted by NCSUboater View Post
No one should ever be happy to get a tax refund. Last year we owed I think $100. That was about right.
We get back about $6,000 each year. I know its not smart money but it forces me to save that money over the year. Its a mind game but I really hate having to pay more at the end of the year.
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Old 02-11-2019, 09:08 AM
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Originally Posted by limey940 View Post
Wife and I just took a first look at our taxes. Between us we made a little less than we did last year, about $45 less, but our federal taxes have increased by about $20k. Primarily due to the 10k cap on state and local deductions.
I would have to see your last 2 returns before I would be able to understand why.
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Old 02-11-2019, 09:18 AM
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We just had ours done. The Blue State tax made us pay more too but I guess that was the point lol

Ya just roll with these things.......
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Old 02-11-2019, 10:21 AM
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Originally Posted by fishingfun View Post
We get back about $6,000 each year. I know its not smart money but it forces me to save that money over the year. Its a mind game but I really hate having to pay more at the end of the year.
It's neither smart or dumb, it's a calculated use of assets. So long as you understand the upside and downside of it.

Honestly, how much do people think you're going to make on that money over the course of the year? And you can fund an IRA up until tax day for the previous year, so you can file early and put the money right in.
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Old 02-11-2019, 12:11 PM
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Originally Posted by joe.giuliano View Post
The real rich don't pay w2 type income tax. It is sheltered in some way or it is cap gains ans dividends, 20% max.
yes, but we used to treat the top 1%, .1 and .001% differently. There is a lot of difference between earning $500k and $50m but to the IRS it is the same, no difference in marginal rate.
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Old 02-11-2019, 01:55 PM
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Originally Posted by MattGoose View Post
Post the article Pete.

I call BS that people who knew enough to change the withholding amounts from one year to the next don't understand the relationship to the refund they receive.
Why don't you Google it. If you can't find it -- then I'll post it -- this way I can have a laugh.
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Old 02-11-2019, 02:16 PM
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Originally Posted by limey940 View Post


yes, but we used to treat the top 1%, .1 and .001% differently. There is a lot of difference between earning $500k and $50m but to the IRS it is the same, no difference in marginal rate.
Why should there be a difference? Should be 1 flat rate from 0 to infinity.

And no more earned income credit and reverse incomet tax bs.
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Old 02-11-2019, 02:30 PM
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Originally Posted by olyveoil View Post
How?
You live in SC.
You have jumbo interest? Property taxes in primary residences in SC are loooooooooow
Yeah, jumbo 15 Yr mortgage, plus our S&L income taxes are usually about $40k, plus boat and car tax,so we essentially lost >20k in deductions. Think we are looking at an additional $22k in taxes on $45k less income.

Last edited by limey940; 02-11-2019 at 02:41 PM.
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Old 02-11-2019, 02:36 PM
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Originally Posted by mikefloyd View Post
I would have to see your last 2 returns before I would be able to understand why.
Our taxes are very simple, W2 income, tiny amount of dividends.Very little room to be at all creative. max 401k etc
I thought that something must be wrong but Ive gone through it three times, only difference is the limit on S&L deductions.

In the general scheme of things I know a lot of people would like to have this problem, but we fall into that income category where most people would say stop whining, but we arent wealthy .meaning cant live of investments etc.


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Old 02-11-2019, 03:20 PM
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Originally Posted by anonymous_coward View Post
Are you a business owner autobaun70? If so and you are one of the ones low-balling your income to avoid your federal tax obligation, I can certainly understand your concerns with the likes of me bringing this fraud to light. If you are not a business owner, then you need to quit kissing these guys butts and join the movement. South Carolina Fair Tax ? Fixing Tax Collection
I highly suggest you back off on insinuating other members here are "cheating" on their taxes.

You may have an issue in your line of work but you can stop bringing it up here against other members.
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Old 02-11-2019, 05:22 PM
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No one ever went broke underestimating the intelligence of the American public.”
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Old 02-12-2019, 05:54 AM
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Originally Posted by OldPete View Post
Why don't you Google it. If you can't find it -- then I'll post it -- this way I can have a laugh.
Sure you will Pete. Just like the other times I've asked you for a source on your bs.

Far more likely you'll find something equally inane to post about tomorrow.
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Old 02-12-2019, 06:48 AM
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Originally Posted by limey940 View Post
Yeah, jumbo 15 Yr mortgage, plus our S&L income taxes are usually about $40k, plus boat and car tax,so we essentially lost >20k in deductions. Think we are looking at an additional $22k in taxes on $45k less income.
So. As a taxpayer, do you think taxpayers should subsidize McMansions / jumbo mortgages? Your state and local income taxes...assume they are not SC? Nevertheless, why should all taxpayers subsidize out of control state and local income and/or out of control property taxes?
Losing $20k in in deductions does not equate to $22k in federal income taxes - does it?
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Old 02-12-2019, 07:54 AM
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The change in the tax code as said above signals a shift from oh , well we can raise state and local taxes and our voters will just write it off their federal return , to oh, crap as state and local representatives we are now on the hook for all of our crappy tax policies.

To me the changes in the code helps force states to get their crap in order. It's been too easy for NY and NJ to pass the tax buck onto the rest of the country. I don't live in either, I don't vote there but I have subsidised their tax base through the federal system. Another way to look at it, is those residents because they have ridiculous high local taxes don't support the union, aka Federal Treasury, as much as everyone else. Either way, for those who might complain about it this year maybe you start voting for more fiscally responsive government going forward in your state?
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Old 02-12-2019, 08:36 AM
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Everyone needs to create an LLC for their personal residence(s) and change the name on the mortgages and HELOC's. Then you can deduct all taxes and interest as a business expense. I am sure this is easier said then done, but its an idea.

I do this with my office mortgage, rent is paid through my company (also a business expense).

…..waiting on A.Coward to blast me for not paying my fair share......
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Old 02-12-2019, 09:07 AM
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Originally Posted by pmichael View Post
Everyone needs to create an LLC for their personal residence(s) and change the name on the mortgages and HELOC's. Then you can deduct all taxes and interest as a business expense. I am sure this is easier said then done, but its an idea.

I do this with my office mortgage, rent is paid through my company (also a business expense).

Ö..waiting on A.Coward to blast me for not paying my fair share......
I'm all for raising taxes on the rich and all that liberal, leftist nonsense.

I still think anyone who whines about not paying something above and beyond what you are legally required to is an idiot.
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Old 02-12-2019, 09:10 AM
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For everyone who is losing out on deductions and seeing a much higher tax liability at the end of the day, remember, you all got extra $ in your paycheck each month which Paul Ryan noted was enough to pay for an annual membership to Costco.
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Old 02-12-2019, 09:24 AM
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Originally Posted by GaryDoug View Post
Absolutely, yes! One place where we can begin is to get rid of the proposed needless spending of about $5.7 billion which would only cover about 11% of the total needed to finish the project.
Or we could get rid of the 22M illegal immigrants and save $116B per year. You could build a really nice wall for that.
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