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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsI Paid Less Income Tax Under Obama
I own a business. In order to make ends meet, I make less then 15 dollars at a second job. I work at a unionized retail chain as this second job. Looking at my tax with holding, I found this interesting detail:
I looked at my paychecks a few months ago, and realized that even though I was only making about .25 cents more an hour, I was payed less income tax under Obama then under Trump. The difference in my taxes is about 20 bucks. That makes 1,040 dollars per year in taxes. Also my company health insurance plan costs went up 25 percent this year.
MyOwnPeace
(16,888 posts)You should own a bigger business and have much more income.
THEN you would be able to take advantage of IQ45's gracious tax cut!
Lee-Lee
(6,324 posts)Whats withheld and what you end up paying at the end of the year often dont correlate.
What you are seeing withheld from your check is not the rate you are paying, its just how much your employer is sending to the IRS toward what you will owe. You cant really tell anything from it.
Now, odds are you will owe more under the rip-off tax plan- but you wont know until January.
Freddie
(9,232 posts)[link:https://www.irs.gov/individuals/irs-withholding-calculator|
If I didn't change my paycheck back to the "old way" (ask your friendly payroll manager) I would end up owing next year. MANY will be unpleasantly surprised.
Cicada
(4,533 posts)All spending is eventually paid with tax. The current tax rates just determine who pays when. Trump has increased spending so he has increased tax.
He just delays when it is paid, increasing the deficit. The interest is additional tax.
Most of us will get a delay. Most of us will pay more ultimately.