When Lower Tax RATES Produce Higher Tax Revenue
POSTED BY: JEWELSTAITEFAN
UPDATED: Thursday, July 4, 2019 03:19
VIEWED: 9588
PAGE 5 of 8
I thought it was strange that most of the tax reform bill starts in 2018, but the tax on individuals for not having health insurance isn't dropped until 2019.
There are going to be a LOT of people who were misinformed that do not have health insurance today that are looking at a $695 or 2% pillaging of their income in April of 2019, whichever is greater.
Most people I've talked to about this are only even vaguely aware of the tax in the first place, even though it's been instituted for years now. Of those that knew what I was talking about, most of them were under the impression that it wasn't a thing anymore and were surprised to hear that it will still be effecting people on their income taxes next year.
Do Right, Be Right. :)
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Quote:That Tax still only applies if you are owed a Refund. If you owe a payment and only pay the amount less the Obamacare Tax, they are not allowed to chase after it. If you have a refund, they will confiscate the Tax from the refund.
Originally posted by 6IXSTRINGJACK:
I thought it was strange that most of the tax reform bill starts in 2018, but the tax on individuals for not having health insurance isn't dropped until 2019.
There are going to be a LOT of people who were misinformed that do not have health insurance today that are looking at a $695 or 2% pillaging of their income in April of 2019, whichever is greater.
Most people I've talked to about this are only even vaguely aware of the tax in the first place, even though it's been instituted for years now. Of those that knew what I was talking about, most of them were under the impression that it wasn't a thing anymore and were surprised to hear that it will still be effecting people on their income taxes next year.
Do Right, Be Right. :)
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Quote:The first IKEA store in WI just opened in Oak Creek (burb of Milwaukee). To handle the massive traffic, they had to develop a shuttle system to nearby parking.
Originally posted by JEWELSTAITEFAN:Quote:we just got a new Meijer last year, seems they opened several in the region. Took years of wrangling with our idiot city council.
Originally posted by 6IXSTRINGJACK:
The local Ultra Food grocery store closed down about 5 months ago. I just went to the Family Dollar that was located to the side of it today to pick up a few things and it was shuttered up. That's not good.
Do Right, Be Right. :)
I asked the other day why a business moved s few doors away, but in the same building. They said that 2 units were needed, for a new Dominoes.
While some places are breaking new ground, other places are trying to Go out of business.
Winnebago's Lakewood Golf Course got sold for the new huge Oshkosh Corp HQ.
FOXCONN making a huge campus in Racine.
Haribo building the its first American facility near Racine.
Green Bay is urgently rebuilding it's docks for the new Cruise Ships making port in a few months. And their baseball team Bullfrogs building a huge new stadium after the city dragged their feet for too many years.
I heard Aldi's is building several new stores around here, but I don't recall the specifics.
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:That Tax still only applies if you are owed a Refund. If you owe a payment and only pay the amount less the Obamacare Tax, they are not allowed to chase after it. If you have a refund, they will confiscate the Tax from the refund.
Originally posted by 6IXSTRINGJACK:
I thought it was strange that most of the tax reform bill starts in 2018, but the tax on individuals for not having health insurance isn't dropped until 2019.
There are going to be a LOT of people who were misinformed that do not have health insurance today that are looking at a $695 or 2% pillaging of their income in April of 2019, whichever is greater.
Most people I've talked to about this are only even vaguely aware of the tax in the first place, even though it's been instituted for years now. Of those that knew what I was talking about, most of them were under the impression that it wasn't a thing anymore and were surprised to hear that it will still be effecting people on their income taxes next year.
Do Right, Be Right. :)
Do you have a legitimate link that says this. Anything I've read says that you still owe the full amount when you do taxes next year.
My usual payment back from FED is around $100 to $200 since I claim two dependents up front so they don't get a free loan of $1,000 all year. The only reason it's that high even is because of the EIC. I might up that to 5 dependents just to not pay anymore taxes if this is actually the case.
Either way, I'm not getting my EIC credit next for the year, so this doesn't really help me out much at all.
Do Right, Be Right. :)
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Quote:This has been the case since the Mandate was established under Obamacare.
Originally posted by 6IXSTRINGJACK:Quote:Do you have a legitimate link that says this. Anything I've read says that you still owe the full amount when you do taxes next year.
Originally posted by JEWELSTAITEFAN:Quote:That Tax still only applies if you are owed a Refund. If you owe a payment and only pay the amount less the Obamacare Tax, they are not allowed to chase after it. If you have a refund, they will confiscate the Tax from the refund.
Originally posted by 6IXSTRINGJACK:
I thought it was strange that most of the tax reform bill starts in 2018, but the tax on individuals for not having health insurance isn't dropped until 2019.
There are going to be a LOT of people who were misinformed that do not have health insurance today that are looking at a $695 or 2% pillaging of their income in April of 2019, whichever is greater.
Most people I've talked to about this are only even vaguely aware of the tax in the first place, even though it's been instituted for years now. Of those that knew what I was talking about, most of them were under the impression that it wasn't a thing anymore and were surprised to hear that it will still be effecting people on their income taxes next year.
Do Right, Be Right. :)
My usual payment back from FED is around $100 to $200 since I claim two dependents up front so they don't get a free loan of $1,000 all year. The only reason it's that high even is because of the EIC. I might up that to 5 dependents just to not pay anymore taxes if this is actually the case.
Either way, I'm not getting my EIC credit next for the year, so this doesn't really help me out much at all.
Do Right, Be Right. :)
I'll look for another link again.
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This will be the first year I'm not insured since it went into effect, so I never knew this was the case. Shame I already paid some federal taxes since they'd just take them out of my EIC then anyways. If I see that is the law though, then I'll immediately up my w2 info to 5 dependents so I don't pay anymore. I'll end up owing state and local taxes at the end of the year that way, but my checks will be bigger for the rest of the year.
Do Right, Be Right. :)
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Quote:You can't file a separate status for State vs. Federal? I'm always forced to fill out 2 forms.
Originally posted by 6IXSTRINGJACK:
This will be the first year I'm not insured since it went into effect, so I never knew this was the case. Shame I already paid some federal taxes since they'd just take them out of my EIC then anyways. If I see that is the law though, then I'll immediately up my w2 info to 5 dependents so I don't pay anymore. I'll end up owing state and local taxes at the end of the year that way, but my checks will be bigger for the rest of the year.
Do Right, Be Right. :)
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:You can't file a separate status for State vs. Federal? I'm always forced to fill out 2 forms.
Originally posted by 6IXSTRINGJACK:
This will be the first year I'm not insured since it went into effect, so I never knew this was the case. Shame I already paid some federal taxes since they'd just take them out of my EIC then anyways. If I see that is the law though, then I'll immediately up my w2 info to 5 dependents so I don't pay anymore. I'll end up owing state and local taxes at the end of the year that way, but my checks will be bigger for the rest of the year.
Do Right, Be Right. :)
I've never been able to, unless you can do that on your own without work somehow. Any job I've had gives you one form. You can alter it any time you want, but it effects all taxes taken out of your check.
With how little I make now, it's really not a big deal. If I were to change it today the amount of taxes I didn't pay the state for the rest of the year would be a few hundred bucks and wouldn't go into the penalty range.
BTW. I lost my essentially free health insurance because I make too much money. It doesn't matter that I can still barely pay the bills I already have and I don't even have any access to helathcare at work with my part time status.
So, right there I'm technically making about 3k less a year now.
Do Right, Be Right. :)
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:You can't file a separate status for State vs. Federal? I'm always forced to fill out 2 forms.
Originally posted by 6IXSTRINGJACK:
This will be the first year I'm not insured since it went into effect, so I never knew this was the case. Shame I already paid some federal taxes since they'd just take them out of my EIC then anyways. If I see that is the law though, then I'll immediately up my w2 info to 5 dependents so I don't pay anymore. I'll end up owing state and local taxes at the end of the year that way, but my checks will be bigger for the rest of the year.
Do Right, Be Right. :)
I've never been able to, unless you can do that on your own without work somehow. Any job I've had gives you one form. You can alter it any time you want, but it effects all taxes taken out of your check.
With how little I make now, it's really not a big deal. If I were to change it today the amount of taxes I didn't pay the state for the rest of the year would be a few hundred bucks and wouldn't go into the penalty range.
BTW. I lost my essentially free health insurance because I make too much money. It doesn't matter that I can still barely pay the bills I already have and I don't even have any access to helathcare at work with my part time status.
So, right there I'm technically making about 3k less a year now.
Do Right, Be Right. :)
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:You can't file a separate status for State vs. Federal? I'm always forced to fill out 2 forms.
Originally posted by 6IXSTRINGJACK:
This will be the first year I'm not insured since it went into effect, so I never knew this was the case. Shame I already paid some federal taxes since they'd just take them out of my EIC then anyways. If I see that is the law though, then I'll immediately up my w2 info to 5 dependents so I don't pay anymore. I'll end up owing state and local taxes at the end of the year that way, but my checks will be bigger for the rest of the year.
Do Right, Be Right. :)
I've never been able to, unless you can do that on your own without work somehow. Any job I've had gives you one form. You can alter it any time you want, but it effects all taxes taken out of your check.
With how little I make now, it's really not a big deal. If I were to change it today the amount of taxes I didn't pay the state for the rest of the year would be a few hundred bucks and wouldn't go into the penalty range.
BTW. I lost my essentially free health insurance because I make too much money. It doesn't matter that I can still barely pay the bills I already have and I don't even have any access to helathcare at work with my part time status.
So, right there I'm technically making about 3k less a year now, which is about 1/4 of my pay.
Do Right, Be Right. :)
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