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Discussion and Debate
Discussion and Debate
Politics
American Politics
Tax-cut Boom -- Trump & GOP were right, Democrats and media flat wrong
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<blockquote data-quote="jayem" data-source="post: 74586233" data-attributes="member: 8344"><p>What especially complicates a tax return is receiving income from multiple sources—like a side business, interest, dividends, and capital gains. Being retired, my wife and I get a fair amount from the last three. So I have to file a schedule B reporting interest, and a schedule D for capital gains along with several 8949 forms which specify long and short term gains and losses. In the old days, I also filed schedule A for itemized deductions (with a few more forms to support them.) Trumptax did simplify that. But it did so by eliminating about half of what I was able to deduct. Resulting in about a 40% higher tax liability for me. So I’m looking forward to 2021 when the new President and Congress will revise the tax code again.</p></blockquote><p></p>
[QUOTE="jayem, post: 74586233, member: 8344"] What especially complicates a tax return is receiving income from multiple sources—like a side business, interest, dividends, and capital gains. Being retired, my wife and I get a fair amount from the last three. So I have to file a schedule B reporting interest, and a schedule D for capital gains along with several 8949 forms which specify long and short term gains and losses. In the old days, I also filed schedule A for itemized deductions (with a few more forms to support them.) Trumptax did simplify that. But it did so by eliminating about half of what I was able to deduct. Resulting in about a 40% higher tax liability for me. So I’m looking forward to 2021 when the new President and Congress will revise the tax code again. [/QUOTE]
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Tax-cut Boom -- Trump & GOP were right, Democrats and media flat wrong
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