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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUgh . . . I feel dirty.
Just did my daughter's taxes . . . she gets a little over $500 more back because of the no-tax-on-overtime. Then I went to price check a medication I needed to order. Costco wasn't better than Part D, so I ran over to GoodRx. It suggested that the brand name medication might be cheaper. It was (about half price of the generic) . . . and it was branded TrumpRx. Yuck.
And I know when I finish my taxes tomorrow (well, now today) that we'll get a similar benefit from the old geezer's additional deduction.
Lifeafter70
(1,113 posts)When we got the deduction on my SS.
I retired last October and we usually owe about 2k because of my earnings and SS. This year we got a refund around 1,800.
JBTaurus83
(1,518 posts)And you can use some for a good cause. Certainly more effective than anything this fascist regime would spend it on.
PeaceWave
(3,548 posts)Just kidding. But, seriously, I have been telling folks for a while now that we Democrats missed several opportunities over the last couple of decades to fix the tax code on behalf of American taxpayers. Then, Trump came along and (1) doubled the standard tax deduction, (2) created a senior tax deduction, (3) made up to $25,000 in tips tax deductible and (4) provided some degree of tax deduction for overtime pay. As Joe Biden would say, these are "big fucking deals." So, why wasn't it us who did these things? Focus on helping the average American taxpayer keep more money in their pocketbook and you'll always have their attention.
Ms. Toad
(38,704 posts)One-off fixes take the loudest voices for reform off the table, since they already got theirs.
Breast cancer - with its mandatory insurance coverage for reconstructive surgery leaves others with disfigurement paying for it out of pocket (I've got a very visible scar that started out at 5" across and 1/2" deep on my forearm. Because my forearm isn't my breast - I can live with it - or pay out of pocket to have cosmetic surgery. And the big lobby for breast cancer certainly isn't rocking the boat because their cosmetic surgery is already covered - and my second cancer is one of the most disfiguring and only represents about 2% of all cancers. Not a very loud voice. (My first cancer is breast cancer, so I know both sides of this story)
$35 cap on insulin per month. Again - lots of people with diabetes, a couple of very vocal advocacy groups who are now silent on the cost of other expensive drugs like those my daughter takes. Her health care is billed at $200,000/year - most of that for drugs. But there are only about 30,000 folks with her disease in the US. Again - not much clout.
As for tips and overtime - there are a lot of minimum wage folks who don't benefit from either change. Tipped employees already have ways to hide income from the IRS. (My sister is still working AND cleaning house on the side because she never reported her tips to the IRS - so she can't afford to retire because her SS income will be so low; I also did taxes for a number of years and not a single person ever reported tips to me to include on their returns . . . except for my daughter because I made her.) Minimum wage jobs are also infamous for keeping people below the number of hours at which they have to pay benefits. Lots cheaper to have a bunch of part time workers - no benefits, no overtime.
Not to mention eliminating tax on tips just perpetuates a system we ought to be getting rid of. Employers should be paying traditionally tipped workers an appropriate wage and including the cost of that wage in the cost of the food - just as they do the cost of their rent, ingredients, tools and equipment, etc.
So no, I don't think Democrats should have done these things. I think they make the system less fair, rather than more. Keep all the struggling folks fighting for scraps amongst ourselves, rather than uniting our voices for a system that is fairer for all.
PeaceWave
(3,548 posts)Presuming that you don't itemize your taxes, that's a big help - each and every year. And, quite frankly, I think Democrats should consider doubling it yet again - PERMANENTLY and with an annual COLA. Coupled, of course, with much higher taxes on the wealthy. PLUS, I'd love to see renouncing of one's citizenship treated as a taxable event triggering existing estate tax rules. That way, any multimillionaire/billionaire who tried to dodge new higher taxes by fleeing the country and renouncing U.S. citizenship would get nailed with a hefty exit fee. The point is, there are numerous ways we can use the tax code to show average American taxpayers that we are working on their behalf.
Ms. Toad
(38,704 posts)The change in the standard deduction was in 2018 (not recent), nor is it a one-off gimmick which takes influential voices out of the pool demanding change - like those I specifically addressed. It was an across the board benefit, which disproportionately benefited those on the lower end of the taxable income scale (a good thing)
The only negative is the disincentive for charitable contributions it created in those on the borderline between itemizing and not, since in that income bracket charitable donations now cost full dollar, rather than the discounted dollars they cost when they were deductible.
cayugafalls
(5,963 posts)Funding this gov at this time is not something I want to do, but I also do not need a crosshair on my back for not paying taxes as a protest, which I absolutely would have done if I was not married with a family.
I actually told my wife I was not going to pay taxes and I got overruled in a most abrupt manner.
LeftInTX
(34,533 posts)progressoid
(53,234 posts)Polybius
(21,956 posts)I don't care who gives it to me, I'm poor so I'll take it.
Cosmocat
(15,438 posts)That you won't have to.worry about these feelings too much longer in that a lot if them sunset in a few years unlike the big cuts to the wealthy and corporations.
I dont post that taking a dig at you, just relaying it in a cynical manner.