Trump tax cuts: Refunds will be much bigger for millions of Americans
Video Overview & Insights
FOX Business' Gerri Willis discusses the impact of President Donald Trump's tax cuts on 'Varney & Co.' #foxbusiness #varneyco
Trump family gets rich off presidency 😮
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All BS property taxes are going through the roof in North Carolina because of this. Pecker heads in Washington will give you more. Tax money just to take it from you in other tax increases.
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Somewhere around 1980, I realized the idealism of both major political parties (U.S) were leading away from the economic balance that is needed to maintain liberty and prosperity. At that time, how much more extreme the parties would eventually become was not clear to me but the first three aspects of a way to both simplify the tax code and make it more “fair” occurred to me in the early 1980s:
1: A standard allowance for each adult citizen,
2: A flat tax RATE (because of the standard allowance, it’s not a flat tax plan) and
3: counting the allowance as income, not for tax purposes but for the purpose of determining eligibility for all government welfare programs.
Since then, I have decided there are several other things that probably should be done when we implement this plan but I started by asking people how much they thought the standard allowance should be and what they thought the tax RATE would need to be to balance the budget at that level of standard allowance.
At one point, state legislators of both parties seemed interested in my plan but told me they thought it sould be implemented at the federal level before being adopted by whatever states wanted to follow suit.
Over the years since then, I suppose I have encountered every conceivable objection to my plan. Each has a possible answer - ways to mitigate the disadvantages people have mentioned. But the most discouraging thing I’ve found is that, even among my friends, hardly anyone is willing to do the hard work of actually thinking about the advantages and disadvantages of my plan. Most people seem satisfied to leave it to the politicians to “figure it out”.
So far in the twenty-first century, federal tax plans have run from not much more than 100 pages to over a thousand. If we were to include a reasonable number of other things (things it would be better to include when we implement this plan) I think the goal of simplifying the tax code could easily keep the bill, as introduced in Congress, to less than 100 pages and maybe as few as 10. (The longest version I’ve written out so far was about three pages, even including definitions and explanations.)
I wouldn’t be doing my civic duty if I were to give up on this. It may be a few days before I’ll have time to respond but, if anyone would really like to solve this problem (instead of just urging more and more ideologically-driven tax plans), please give me your input or/and request more information. Or at least discuss this among your friends who are sufficiently patriotic to realize that political extremism will mean the end of our constitutional republic if we fail to do anything to mitigate the extremism.
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Where is 300 come from Donald Trump you told us we will get a $1,000 tax refund and more all I got back is 500
More User Perspectives
President Pedophile paid $750 in taxes in 2016 and 2017. In 2018, the New York Times investigation into the finances of Fred and Donald Trump revealed that despite the claims of the latter to be a self-made billionaire, he had actually received more than $400 million (in 2018 dollars) from his father, most of it in ways that avoided paying gift or inheritance tax.
@coloradoken3159A maga told me families received an average increase of $375 more in refund this year. I guess he thinks thats a lot. What did the average family do with it in the 15 minutes they had it?
@IluthraMy son whose filing status never changed , still single , no dependants , got a refund last yr. This year he made $4,000 more and owes federal $667? Wtf??
@Skipper58Made $1200 more this year then last year and paid $135 more this year then last year..
@Griggs-s2nPaid in more than got less back. Not buying it.
@kleiner4148Trump is a LIAR
@minnesotaflats8584I have been all for Bush's and Trump's tax cuts, but now I don't care about more tax cuts. I just want the tax code to be less complicated and more fair.
Cutting rates is not address the problems.
Liar,liar, liar. Retired facilities maintenance for a public school district. First time in 60 years I am not getting a return but I owe. Asked my accountant WTF. He said thank the new tax laws. TUCK FRUMP, IMPEACH THE ORANGE SLOB
@MikeDeaton-n3tIt's a lie! If you work you were not included!!!!!
@Dreamweaver1980Well this didn’t age well only billionaires get a refund. My overtime was still taxed I don’t make more than 50k and I barely got anything back so screw trump this was a lie
@Rickybobby427xyz"How stupid is he actually, flying to China so soon after that announcement and treating THE major trading partner like that? Especially when they AND the rest of the world realize he’s living in his own bubble and losing ground at home—even within his own party—faster than he can think (which is very, very slow). Is he looking for a civil war? Or does he have some kind of exit strategy?
Realistically speaking, the US is already so deeply in debt to China, the EU, Asia, and Africa that they should really hit the brakes before they starve at the end of the world's longest arm. I can't stand him and I hope those hillbilly MAGA rednecks finally open their eyes..."🍊💀🐘
What we are witnessing now is a fundamental break between the Republican Party and its traditionally most important ally: the business community. This means that Trump is essentially at war with American business. It’s absolutely wild. When the Supreme Court rules that the tariffs were illegal, companies are left with the feeling of having been 'robbed' by their own government. When the Treasury Secretary additionally suggests that they might never see the money, the administration is signaling that they do not care about the legal rights of private companies if they stand in the way of Trump's political agenda.
@paraphrase100More money of less value for you, said Karolyn Levitt. (not)
@williammiller-p3o😂😂 but his tariffs have taxed them more than he’s giving back 😂😂😂😂 , no wonder he’s cutting education funding he needs more uneducated lemmings to keep him in power . Meanwhile trump doesn’t even pay taxes while bragging how rich he is 😂😂 it’s just comical that people are so dumb that they support this draft dodging pedophile con man
@Secularworld60Trump and the IRS are stealing your money if you file single.
@Orion-xq8otWow trump this was the worst refund I ever received,I claim 0 100 bucks back federal,30 bucks back state.i made 50k.where's all the tariff money.americans need to stop paying taxes.once again our government and president lied, shocker..
@bassfishing8481He is suing the irs isn't he? For 10 billion dollars. That money, if he wins the lawsuit will.come from us😅
@HellohaterZIFk u d trump 348.00 i have to pay in taxes ....im moving to china
@Adelp-pro-seWhat a big lie. There just stealing from you and making it look like you're getting more. Worst Tax returns EVER.
@Tytytyty-o6qStill owe like i do every year, just middle class family here
@RaymondTucker-w7mMore lies
Chomo can't tell the truth
Extra $3000 back this year as I was able to deduct the $25000 over time deduction.
@mickeyd7045I didn't see my tax refund increase at all. Lies..
@stephen9024If you mean federal income tax after credits, say that. Low-income workers still pay federal payroll taxes on every paycheck. Calling that “not paying federal taxes” is just wordplay. These people are so out of touch with reality.
@empathyman3436Wow, the government is finally allowing me to retain a larger portion of my earnings! They deducted money without my consent, and every time I receive my paycheck, I compare my net pay to my gross pay, feeling as though I’m being unjustly shortchanged. Subsequently, I observe Congress performing their duties and wonder if this is the value I’m paying them for.
@empathyman3436Lies
@donovansosa-manzo7079Got $200 more than last year. Biggest ever?
@CFH1992Only getting $300 back. Thanks🙃
@MissDimples_yoHonestly I am disappointed. I worked a lot of OT. But tax credit is only applicable to 1.5x OT. Majority of my OT is 2x (7th consecutive and on) and these double time pays are excluded.
@mlawiltj923rLies, mine was significantly smaller than last year
@Bcgibson-i2eJust wanted to post to every pos saying his tax cuts are for the "working American" bs. I even paid an extra 2k into federal this year and I STILL owe! I just barely move in to the 22% bracket so NOW I get to live off 60k a year vs 110k a year whilst you yack offs make 65k paying 10% and get to STILL live off 60k a year. Love how the "working American" is punished for their sacrifices just because some of us have a decent paying career.
@ThePowerOfTheDCan’t believe yall fell for Trump fake promises 🤡🤡🤡 he is a clown that only helps his rich friends
@JohndofThrew a fit over 2% in tea tax, now we bow down to 22% as thank you for not charging more.
At least we can fight each other over left versus right and any other arbituary b.s. to keep us busy.
fake news
@8MunchenBayern8Even without tax refunds, Trump and his administration done a lot for those who work. Trump and his administration removed the heavy tax burden imposed by previous government that made people work not for themselves but for those who don't work. Trump changed that and people who work can keep their earnings to themselves not to be forced to pay for other people expenses. Trump deserves a huge thanks and the same goes to his administration! Wonderful job!!! YES to Trump!!! Freedom till 2028 but those who opposing freedom will try to change the freedom Trump returned and will try to enslave freedom loving people again so they instead of living for themselves will have to support others and provide for them! Trump election is the next great thing after the war for independence with the Great Britain that's like the previous government before Trump, tried to enslave people! YES to Trump and people who represent his administration! Three beautiful years!
@alexsidletskiy5923I only made 50 thousand and I owe them a grand 🤷♂️🙄
@FredmurphhLies.
@milolazich6923I had more additional fed taxes coming out my tax check last year and still owed . The only people I know who got refunds are people with multiple kids.
@keithirby2401You might want to give back Donald Gibson Trump you liar
@bonniegeesey4508I don't want a bigger return dude, I want affordable living.
@roguedoge2479LIES!!! I owe money now 🖕🏽
@RheaGilbert-fc5uoDid mine already and accepted. No change from last year.
@jasonludwick3504Coming from the same guy who falsely claimed Americans would be given $2000 tariff rebate checks 😂
@MrSlandererFunny I am retired and my insurance payments went from $1,800 a month to $27,000 a year.
@JevhmWhat a joke
@scarvello