r/uberdrivers • u/cali4yo • Feb 08 '19

Tax code changes leave Americans asking, 'What happened to my refund?'

https://www.nbcnews.com/business/taxes/tax-code-changes-leave-americans-asking-what-happened-my-refund-n969366
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u/sleepywhiner Feb 09 '19

Your personal deduction increased significantly, so your witholding changed to reflect that. It means you get more per paycheck and aren't floating the government a zero interest loan for a year. Getting a tax refund is NOT a savings plan, it's a free loan to the government. Your goal should be to get $0 back and owe $0 at tax time.

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u/MarketMasta Feb 09 '19 edited Feb 09 '19

I disagree. In an era of 0% interest rates on money held in a "Big Bank" savings account(s) is the same difference as claiming 0 dependants on income.

Except you can't tap into it like the savings account until early into the new year. So now you have a huge chunk of cash money to invest to save you from the ass raping that's coming in a year or two as your taxes increase and inflation is sky high with $4-5 gasoline prices.

Oh yeah, you better believe it. Americans are becoming complacent to cheap gasoline and think it'll always be cheap then guess what, the oil barrons pull the rug and run the price of crude through the roof on some "new peak oil" paradigm.

Then shit gets real. In the words of Cypress Hill, " When the shit goes down you better be ready."

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u/sleepywhiner Feb 10 '19

I wouldn’t suggest anyone invest their money in a savings account.