CLEVELAND, Ohio -- Roses are red, violets are blue, so are the faces of taxpayers finding they're getting big tax bills instead of refunds under the new Trump tax plan. XOXO HAPPY VALENTINE'S !!! from The Donald. WINNING !!! Trump had hyped a middle class tax cut, not a refund cut. The White House had promised a $4,000 raise for the middle class, instead some are getting tax bills for that much instead of the refund they were counting on. According the IRS, refund amounts will be down 8.4% for those getting them. The New York Times reports that last year of 100 million people got refunds last year averaging 2,800. Far fewer will get refunds this year. #GOPTAXSCAMS Social media has become the venting ground for taxpayers feeling cut up by Trump's fake tax cut act. Among the angriest appear to be Trump voters. Tweets streams from Trump voters feeling betrayed and scammed have gone viral. They describe the same scenario: They voted for … [Read more...] about Trump tax plan isn’t all roses and refunds: Darcy cartoon
Donald trumps tax plan
U.S. Donald Trump 2018 Midterms Democrats will use their new House majority to demand President Donald Trump’s tax returns as they subject the administration to a tough new regime of oversight. MSNBC’s Ari Melber first reported Tuesday night plans by Representative Richard Neal, ranking member of the House Ways and Means Committee, to use his powers as committee chairman to see the returns. Massachusetts Democrat Neal, who is expected to lead the committee after Democrats took hold the of House in Tuesday's midterms, told CNN in October that he first plans to ask Trump for the tax returns, and if the president refuses, Neal will use an obscure 1924 IRS code law to formally request them. "I think we would all be comfortable if this was done on a voluntary basis," Neal said. "If they would resist the overture then I think you could probably see a long and grinding court case." Trump broke with decades of precedent when he launched his bid for the … [Read more...] about Donald Trump Tax Returns: Democrats Will Demand President’s Records With House Majority
opinion Joann M. Weiner Opinion contributor Published 4:00 AM EDT Oct 15, 2018 In the waning days of the 2016 presidential election, we learned that Donald Trump lost nearly $1 billion in a single year. This peek into his tax situation led his opponent Hillary Clinton to charge that Trump was refusing to release his tax returns because they’d show he didn’t pay any federal income taxes. Trump retorted, “That makes me smart!” At a later campaign rally, he said that he used the tax code “brilliantly.” Does paying no federal taxes make Trump the smartest tax guy in the room? That depends on what being smart about taxes implies. If it’s legal tax avoidance, that’s OK, but if it’s illegal tax evasion, that’s not OK. We recently got a glimpse into the tax avoidance/tax evasion conflict when The New York Times charged in an investigative repor that Trump has engaged in suspect tax schemes, some of which were … [Read more...] about Donald Trump, tax genius or tax con man? We need to see his returns.
U.S. Tax Bill When Congress passed a sweeping tax reform bill in late 2017, little was said about how nonprofit organizations like churches, colleges and hospitals would be affected. But the tax-code rewrite could cost some of these groups tens of thousands of dollars by forcing historically tax-exempt organizations to begin paying a 21 percent tax on employee fringe benefits, according to a report by Politico. One organization, the Jewish Federations of North America, told the news outlet it is already expecting a new $75,000 tax bill in 2018 due to the change.These fringe benefits often include things like providing company vehicles for employee commutes or, in the case of a college or university, providing a free shuttle between campus locations. Other common benefits involve things like health insurance, childcare reimbursement, and other medical accommodations. Recommended Slideshows5150 Highest Paying Jobs in the United States5150 Best-Selling … [Read more...] about Donald Trump’s Tax Plan Could Have Churches Paying Thousands of Dollars More
By Marilyn Kalfus | [email protected] | Orange County Register PUBLISHED: May 21, 2017 at 10:14 am | UPDATED: May 23, 2017 at 7:51 am It’s little more than bullet points on a single page. But the effect of President Donald Trump’s plan to overhaul the U.S. tax system is being hotly debated in real estate circles. The National Association of Realtors, citing Trump’s proposals to double the standard deduction while scrapping write-offs for expenses like state and local property taxes, warns that such a plan would hurt a wide swath of homeowners and the residential real estate market. “It’s going to continue to make California a renter’s state vs. a homeowner’s state,” said Tammy Newland-Shishido, Orange County Association of Realtors president-elect, who was in Washington D.C., with the national advocacy group last week. Not every real estate expert foresees dire consequences. Some say if the plan prevails in Congress, it could spread the … [Read more...] about Own a home or renting? 5 questions about what Trump’s tax plan could mean to you