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In reply to the discussion: Why Many Americans Are Shocked by Their Trump Tax Refund [View all]Honeycombe8
(37,648 posts)7. "Drop in withholdings"? Oh, you mean the amt the employer withheld from paycheck.
I don't understand how the employers got the withholding percentage wrong, and I hope they correct that.
One of those women in the video said the property tax thing hit her. That property tax cap is a direct hit to the middle class. The Repubs have been trying to eliminate it for years. Even though the wealthy have high property taxes, it doesn't hit them nearly as hard. For the middle class, the prop tax is often the biggest deduction they have.
I read that student loan interest is treated the same, and the max credit for it is the same as before.
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Also, there are people whose situations didn't change at all but they're paying now.
forgotmylogin
Apr 2019
#12
"Drop in withholdings"? Oh, you mean the amt the employer withheld from paycheck.
Honeycombe8
Apr 2019
#7
Even the lower earnings categories got a small tax cut, in the bracket rate.
Honeycombe8
Apr 2019
#23
True. The property tax cap hit upper middle class, or those in high-tax states.
Honeycombe8
Apr 2019
#33
Yes. The Repubs have been after mortgage interest & prop tax deductions for YEARS...
Honeycombe8
Apr 2019
#37
I was beginning to wonder if that was the plan. If the withholding was intentionally too little.nt
Honeycombe8
Apr 2019
#24
You were correct. He was able to deduct t $800 of $6000 in interest payments.
sinkingfeeling
May 2019
#38