- Oct 27, 2000
- 9,950
- 569
- 136
So I got an early start on my taxes this year and it isn't good. Effective tax rate went up a little over 1%. I thought this was a middle class tax cut? Even claiming 0 and having kids, I still owe a good amount.
How did others fare? I'm thinking a lot more middle class will be hurt than they were expecting. or correction, we were told should be expecting.... Shocking I know.... We all know this is going to hurt blue states more than red because that's how it was designed with the SALT cap. Upside is I save myself a couple hundred in not needing a tax guy. Of course that was more than offset in my taxes going up far more than he cost me.
Update for clarification - Income = W2 Box 1 Income (Taxable)
Edit: For more clarification this is talking effective tax rates because that is the only portion you can compare directly. Owe or Refund is meaningless without knowing what was paid in etc...
How did others fare? I'm thinking a lot more middle class will be hurt than they were expecting. or correction, we were told should be expecting.... Shocking I know.... We all know this is going to hurt blue states more than red because that's how it was designed with the SALT cap. Upside is I save myself a couple hundred in not needing a tax guy. Of course that was more than offset in my taxes going up far more than he cost me.
Update for clarification - Income = W2 Box 1 Income (Taxable)
Edit: For more clarification this is talking effective tax rates because that is the only portion you can compare directly. Owe or Refund is meaningless without knowing what was paid in etc...
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