Taxes (GOP 2017 edition)

[K-S-U-Wildcats!]

did kdub give his #'s?  i don't remember

https://goEMAW.com/forum/index.php?topic=39773.msg1891223#msg1891223

[star seed 7]

Thx 

[8manpick]

Great Tapatalk image preview there

[sys]

Total FIT / AGI = Effective (aka “Average”) FIT.

12.2% for 2017.  i don't really like that formula, though.

[sys]

also, i just realized i'm gonna owe a fuckload unless ron johnson raped the crap out of the irs for me this year.  i better get a paycheck soon.

[catastrophe]

17.7% last year for the cat household.  Would like to report back soon for this year but betterment isn't getting my tax docs until mid-February

[gatoveintisiete]

2017: 11.75
2018: TBD

I don't think doubling the 11.75 in 2017 would be unreasonable either chum 

[steve dave]

A half a percentage point increase is in the neighborhood of four figures for us. That's not a brag

 

[Kat Kid]

A half a percentage point increase is in the neighborhood of four figures for us. That's not a brag

 

I don't want to brag that I pay less taxes than everyone here because I think you all make a lot more and have fewer kids.

[sys]

I don't want to brag that I pay less taxes than everyone here because I think you all make a lot more and have fewer kids.

that's a big part of why i don't like using the agi/fit % that _w suggested.  like the money i derive economic benefit from bears only a weak relationship with the agi number.

i do recognize that deferred income is not yet taxed, so it is consistent to not include it.  but still.  and there's no rationale for not using a number that's pre exemptions/deductions, child bribes or whatever they're called now.

[wetwillie]

Everyone has their fetish and effective tax rate is _w’s

[sys]

haha.

https://twitter.com/TheStalwart/status/1091368021829058560

[chum1]

I don't want to brag that I pay less taxes than everyone here because I think you all make a lot more and have fewer kids.

that's a big part of why i don't like using the agi/fit % that _w suggested.  like the money i derive economic benefit from bears only a weak relationship with the agi number.

i do recognize that deferred income is not yet taxed, so it is consistent to not include it.  but still.  and there's no rationale for not using a number that's pre exemptions/deductions, child bribes or whatever they're called now.

And even if you do get a number you like, there's still a weak relationship between it and your fun money. Though there's no criminal penalty for not doing things like having a place to live, a car to drive, electricity, groceries, etc., in what real sense can you choose not to pay bills for these things?

[catastrophe]

Still waiting on some tax docs but it’s not looking good you guys.

[turnbull]

Well did my taxes....Got screwed on Federal Taxes but Virginia was surprisingly positive. Paid more into taxes, bought a house, and maxed out my contribution into my 401K. Somehow I get less back...thanks GOP for the damn near trillion dollar deficit annually for me to pay more in! I only hope our betters (Kochs, Bezos, the Waltons...etc) enjoy the hard earned tax break for us to get screwed. They needed another Yacht so we should definitely pay more, give up public benefits, cut infrastructure, cut Social Security and Medicare so they may enjoy it!

[Phil Titola]

Doesn't appear my tax form is postcard sized. I think Donald Trump may be kind of a liar.

[star seed 7]

2016: 13%
2017: 13%
2018: 11%

[michigancat]

I was like 15% this year. Agree AGI is kinda dumb

[steve dave]

16.15% this year with KSU-Dubs formula and I have several dozen kids 

Haven't done last year's formula yet so that may actually be better than last year though

[K-S-U-Wildcats!]

16.15% this year with KSU-Dubs formula and I have several dozen kids 

No you don't.

Haven't done last year's formula yet so that may actually be better than last year though

That's the whole point.

Btw - Effective (aka Average) Rate is not "my" formula. It's a very common, simple measurement of income tax burden utilized by many writers, economists, and the US Government. AGI doesn't capture all income but I use it because it's such a common formula. https://www.investopedia.com/terms/e/effectivetaxrate.asp

[K-S-U-Wildcats!]

2016: 13%
2017: 13%
2018: 11%

 

[K-S-U-Wildcats!]

Well did my taxes....Got screwed on Federal Taxes but Virginia was surprisingly positive. Paid more into taxes, bought a house, and maxed out my contribution into my 401K. Somehow I get less back...thanks GOP for the damn near trillion dollar deficit annually for me to pay more in! I only hope our betters (Kochs, Bezos, the Waltons...etc) enjoy the hard earned tax break for us to get screwed. They needed another Yacht so we should definitely pay more, give up public benefits, cut infrastructure, cut Social Security and Medicare so they may enjoy it!

"Got less back" is a function of your withholding. Not a measure of the taxes you paid. On your new postcard-sized 1040, divide Line 15 ("Total Tax") by Line 7 ("AGI").

[star seed 7]

Also this was my third year doing s-2 withholding and each time it's been less than $100 refund. Take that government!

[Phil Titola]

Limiting the SALT deduction to own the lib states was a poor way to try and pay for this tax cut IMO.  Not to mention the timing of it in our economic cycle.  kdub we all knew it was lowering people's taxes before they started posting their EFT rates for you, so not sure the point of it?

[K-S-U-Wildcats!]

Limiting the SALT deduction to own the lib states was a poor way to try and pay for this tax cut IMO.  Not to mention the timing of it in our economic cycle.  kdub we all knew it was lowering people's taxes before they started posting their EFT rates for you, so not sure the point of it?

The point is to PARTY.

And shrinking the SALT deduction applies to ALL states. That reduction is hitting heavily-taxed states harder, which apparently means many lib states (plus Nebraska?! ), but I'd suggest that people who are upset about this might direct their ire at the high SALT they're paying....