J1988

@WCpper @unusual_whales Tomato tomato

@John702Money @unusual_whales Again, Bessent acts like it’s free money instead of explaining the nuances like you’ve done above.

Bessent: I want to encourage everyone out there watching today to change their withholding ... you will get an automatic real wage increase on a weekly or a monthly basis.

@tlark8 @unusual_whales @grok The instruction here is for lower/middle income people living paycheck to paycheck and only have w2 income. This advice is not people who have capital gains taxes The instruction is for modifying your withholding from w2 income, not capital gains.

@John702Money @unusual_whales @grok This is my point if you owe over $1k in taxes from cap gains you are supposed to pay estimated taxes quarterly. They’ll fine you if you don’t. Got hit with a $2k fine a few years ago due to this. It’s not a pro tip unless you’re good at handling this.

@WCpper @unusual_whales It's very easy to do: 1. Use a tax calculator to determine how much you will owe at time of filing 2. Adjust dependents so your withholding puts you on track to hit that amount 3. Monitor it over time Really simple and not unreasonable to expect people to do this correctly.

@John702Money @unusual_whales It’s intended to help people not get a huge tax bill in April. Most people that are affected by this, and the ones he’s speaking to live paycheck to paycheck. If he explained the nuances to those people instead of acting like it’s free money, then perhaps you’d have a point.

@tlark8 @unusual_whales A dollar today is worth more than a dollar 1 month, 3 months, a year from now. This is known as "Time Value of Money" or "Net Present Value" @grok explain "Time Value of Money"

@John702Money @unusual_whales If you invest that money you will owe. What’s the point of having the money in like a checking account?

@NoRoomForNuance @unusual_whales 1. Use a tax calculator to determine what the total amount you will owe at time of filing will be 2. Adjust dependents so your paycheck withholding is on track to hit that amount 3. Monitor how much you have paid over time Is this difficult?

@John702Money @unusual_whales No, neither is setting yourself to get smacked by an unexpected tax bill and penalties when you can't afford it. Good luck.

@zerodarkwokey @unusual_whales Sad you think the average person is so retarded they can't do this simple basic process. Should be ashamed of yourself.

@John702Money @unusual_whales Yes, many people are too stupid to do that without given explicit instructions on how to do it, especially when Bessent is lying and claiming it is a real wage increase. Are you finally getting the point that his statement is irresponsible?

@zerodarkwokey @unusual_whales But you think people who live paycheck to paycheck are too stupid to do this correctly. Guess I have more faith in them than you. SAD!

@John702Money @unusual_whales I'm aware how to do it, you illiterate clown It is irresponsible for Bessent to be telling people this without further context GD, you are dumb

@zerodarkwokey @unusual_whales 1. Use a tax calculator to find out your total required payment at the end of the year 2. Adjust dependents so the amount withheld form your paycheck puts you on track to hit that amount 3. Monitor it over time Is this too difficult for people who live paycheck to paycheck?

@John702Money @unusual_whales Are you fucking stupid or something? Changing dependents is easy. Managing money throughout the tax year for those who live paycheck to paycheck is not so easy. Owing money to IRS is even more difficult if not planned. It's shit advice without additional context.

@IrishTsmith @unusual_whales I guess you think lower and middle income people are stupid then, because it's not a complicated concept.

@John702Money @unusual_whales I’ll spell it out for you one last time…ppl changing their withholding without understanding the ramifications of it is stupid…the fact that you don’t get that while actually proving my point is hilarious…Way to go guy who clearly flips burgers

@DropSiteNews LOL

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@IrishTsmith @unusual_whales Ill spell it out for you one last time since you're having trouble: Set up your withholding so you owe nothing or pay a small amount when you file taxes This way, you don't give the government an interest-free loan Giving the government an interest-free loan is bad

@John702Money @unusual_whales

@rewollofrettiwt @Weeniehuahuaxd @TheRealBirnbaum @unusual_whales One person gets it

@John702Money @Weeniehuahuaxd @TheRealBirnbaum @unusual_whales Bessent says it is a “real” wage increase by changing your withholding. That is not true. The is not a new concept. Good advice, agreed but you can’t call it a wage increase. That paints a false picture of what is happening.

@JohnAmMe547 @honeyoatsfella @unusual_whales 98% of the people in this thread aren't arguing about the wage increase comment. They are arguing that it's not smart to set up your withholding so you get a bigger paycheck and get a smaller refund at filing.

@honeyoatsfella @John702Money @unusual_whales No shit, dumb ass. That's not what the motherfucker said, though. He said real wage increase.

@tlark8 @unusual_whales W2 earners don't pay quarterly taxes

@John702Money @unusual_whales You do know about quarterly estimated taxes right? You keep that money and invest it you could owe money quarterly.

@IrishTsmith @unusual_whales Keep on giving the federal government and the Trump administration an interest-free loan every year Einstein!

@John702Money @unusual_whales Way to miss the point of the entire thread jackass…keep flexing those muscles though Einstein

@IrishTsmith @unusual_whales The point of the thread was that changing your dependents so your withholding is on track to where you get no refund or pay a small amount at time of filing is smart so you don't give the government an interest free loan. Resulting to insults after you lost, love it.

@itsDanfi @unusual_whales There is not some penalty for w2 earners that adds up every quarter if their withholding is set up so they are on track to owe no payment or a small payment of $100-$300 at time of filing in the next year. What are you talking about?

@John702Money @unusual_whales Penalties are added every quarter and are not just if you end up owing more than $1000. There’s also a lot of personal situations that affect these decisions. It’s grossly over simplified

@chopooter @unusual_whales People are too stupid to do this basic thing? 1. Use a free tax calculator to see how much you will owe in total for the year 2. Adjust dependents accordingly 3. Now you don't give the government an interest free loan 4. Profit!!

@John702Money @unusual_whales Do you think the average American is aware of the larger tax obligations they will incur in April if they do this?

@CaesarLibroti @unusual_whales Which is exactly the point, then you aren't giving the government an interest free loan

@John702Money @unusual_whales It will lead to a smaller refund or end with you owing money next year

@rewollofrettiwt @Weeniehuahuaxd @TheRealBirnbaum @unusual_whales This prevents people from giving the government an interest free loan. A dollar today is worth more than a dollar months from now. If that person invests the extea money they get in their paycheck then it is generating dollars for them

@Weeniehuahuaxd @TheRealBirnbaum @John702Money @unusual_whales The tax you have to pay is what it is. You can reduce your withholding and increase your tax due or reduce your refund. I’m in favor it but it’s just shifting money around not generating new money.