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.…
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.

#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...… #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.… #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.…
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…
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…
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…
They build astroturf campaigns designed to make communities think that saving time and money filing their taxes would be a bad thing…
Read 7 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!