Discover and read the best of Twitter Threads about #TaxDay

Most recents (6)

Ten #MMT tips to remember on #TaxDay:
1. Federal #taxes don't fund federal spending, so let's #decouple these two important tools.
2. Taxes offset #Government spending.
3. It's a matter of #logic: #dollars must be spent into existence (by the Gov) first, in order for us to use some of those $ to pay taxes
4. #Taxing for #revenue is for local states/municipalities, not the #sovereign issuer of the #currency.
5. Taxing excessive wealth protects #democracy from #Oligarchy and protects us from abusive market power
6. Taxing #pollution & #speculation to reduce such activities, not to "fund" #healthcare and #education.
Read 6 tweets
Lots (LOTS) of responses to my #TaxDay story with @jimtankersley today. A few thoughts to follow.
nytimes.com/2019/04/14/bus…
Responses mostly fell into one of 3 buckets:
1. You morons are wrong. I totally got a tax increase!
2. You liars in the media are the reason no one thinks they got a tax cut.
3. So what if I got a few bucks extra? The law was still terrible!
Going to take these in reverse order.
On #3: Stipulated! There were plenty of reasons to hate this law even if you got a cut. The cuts were small for most Americans. They were skewed toward corps/the rich. They added hundreds of billions to the deficit. The individual benefits expire in a few years. Etc etc.
Read 23 tweets
REMINDER: this year is the first year Americans file their taxes after Republicans in complete control of Washington rammed through the #GOPTaxScam.

Since then, several things have happened. #TaxDay
đźš« Manufacturers closed plants to ship jobs overseas.

đźš« Big corporations paid zero in taxes while ordinary, hard-working people got slapped with a tax hike.

🚫 Trump is actively pushing to gut of over $2 trillion from Medicare, Medicaid and Social Security.
Meanwhile, Trump can't seem to get his story straight about why he refuses to release his taxes. Show us the tax returns. #WhatsInYourReturn?
Read 3 tweets
All 50 states & DC saw their avg. tax liability fall from 18.0% to 29.1%. D.C. saw the least decrease, and largest decline in avg. tax refund at 6.1%, while North Dakota saw the largest increase at 6.7% on average.

Also, UPDATE/ASSESS W-4s!
#TaxDay #TCJA
Tax liability in real dollars is down nearly $1,200 on avg. (as promised), but tax refunds were up avg. $43. That’s BC an average of $1,156 went into paychecks during the year, or about $50 for a biweekly paycheck starting in March of 2018.

So...
peoplespunditdaily.com/policy/2019/04… #TaxDay
So... everyone should make sure they reassess and update W-4s if need be, because w/ all 12 months impact, some could see refunds decline by $200 or more next year as less is taken from their paychecks.

But overall, #TCJA was a big net positive.
peoplespunditdaily.com/policy/2019/04… #TaxDay
Read 4 tweets
Happy Tax Day! How are you feeling about Republicans’ big tax cut for the rich? Seeing a big boost in your bank account? Yeah, we didn’t think so. #TaxDay #GOPTaxScam
Your fellow voters hate the new tax law, too. vox.com/policy-and-pol…
But wealthy political donors love it — and last year they turned around and funneled some of their savings back into GOP candidates’ coffers. #GOPTaxScam #TaxDay
nytimes.com/2018/08/18/us/…
Read 12 tweets
THREAD: It's almost #taxday, so I want to remind everyone that tax prep software products like TurboTax and H&R Block are vampires that thrive on overly complicated taxes and filing procedures to extract money from people who just want to pay their taxes vox.com/2014/4/11/5603…
These companies and others like them stand to lose billions if filing taxes were ever to become easier, which is why they devote a lot of time and money fighting any measure at the state or federal level that would make filing your taxes less complicated
propublica.org/article/how-th…
They build astroturf campaigns designed to make communities think that saving time and money filing their taxes would be a bad thing propublica.org/article/turbot…
Read 7 tweets

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