'Historic' Tax Refunds Will Extend Retail Boom into 2019

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Professor Fate
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'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Professor Fate » Sat Dec 15, 2018 8:11 pm

Remember those "crumbs" Nancy Pelosi was talking about?
Polling shows that many Americans don’t like the landmark tax overhaul passed a year ago, but maybe that’s because they haven’t received a bulk of the benefits yet.

The law cut tax rates for some individuals, but lots of Americans haven’t seen all those savings flow through to their paychecks, according to Wells Fargo & Co. That will be made up during a “historic” refund season early next year, with, for example, a household earning $45,000 a year realizing 70 percent of its tax benefit, the bank said Friday in a research note.

...Home Depot Inc. called out the potential for a robust refund season last month when it reported earnings. The home-improvement chain analyzed the paychecks for 300,000 of its store employees and found that only 1 percent had altered their withholding rate.

“People, when they file their taxes next year, are going to get a nice surprise,” said Carol Tome, Home Depot’s chief financial officer. “It’s good for the economy because they’ll do something with that money.”

https://www.msn.com/en-us/money/taxes/h ... li=BBnb7Kz


Well, obviously we have giant butterflies in CA. They's climbin' in your windows, They's snatchin' your people up, tryin' to steal 'em. So y'all need to hide your kids, hide your stars, and hide your coaches cause they're grabin' everybody out here.

Credo ut intelligam
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Credo ut intelligam » Tue Dec 18, 2018 12:24 am

Thanks for the post. Like any other positive news that could possibly reflect well on President Trump or the GOP, this is getting about as much attention on this board as such things do in the mainstream media.

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Omar Bongo » Tue Dec 18, 2018 1:37 am

Is life good these days in Rancho Santa Margarita?
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Wabash » Tue Dec 18, 2018 6:04 am

Credo ut intelligam wrote:Source of the post ike any other positive news that could possibly reflect well on President Trump or the GOP, this is getting about as much attention on this board as such things do in the mainstream media.

It's speculation. ICYMI, all market indexes are down.

That is not a good sign.

Couple that with the booming deficit Trump has caused.

Those are not good signs for the future.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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John Q. Public
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby John Q. Public » Tue Dec 18, 2018 11:13 am

I hope this happens. So far, I haven't seen anything that even resembles a "retail boom". Not even for Christmas. A week to go and my parking lot survey says it's June.
Don't look at me, I just work here.

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Credo ut intelligam » Tue Dec 25, 2018 9:07 pm

John Q. Public wrote:Source of the post I hope this happens. So far, I haven't seen anything that even resembles a "retail boom". Not even for Christmas. A week to go and my parking lot survey says it's June.

Your hopes have been realized.

Parking lot surveys - 0
Actual data - 1

U.S. Holiday Retail Sales Are Strongest in Years, Early Data Show
Shoppers delivered the strongest holiday sales increase for U.S. retailers in six years, according to early data.

Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in-store spending with all forms of payment. Overall, U.S. consumers spent over $850 billion this holiday season, according to Mastercard....
https://www.wsj.com/articles/u-s-holida ... counts-wsj

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Dave » Tue Dec 25, 2018 9:36 pm

There is a company called Market Vane in Pasadena that publishes The Bullish Consensus. It is a service that basically is if to much positive or negative belief is present that the market is due to go in the opposite direction. If they are dancing in the streets it’s time to sell. If there is panic in the streets it’s time to buy. I knew the editor a long time ago who use to drive by select stock trading companies in LA and counted the number of cars in the parking lot as a confirming factor. He made some good calls.

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby John Q. Public » Tue Dec 25, 2018 9:42 pm

Credo ut intelligam wrote:Source of the post both online and in-store

The OP said retail. It was light.
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby MDDad » Wed Dec 26, 2018 8:39 am

John, I must be especially dense this morning. If retail sales were up 5.1%, the biggest increase in six years, how were they "light"?

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby John Q. Public » Wed Dec 26, 2018 9:37 am

The survey included online sales. I'm talking about retail - brick-and-mortar retail. It was pretty slow, from what I saw. Maybe online sales were up bigly, but brick-and-mortar retail was obviously down. Matter of fact, from what I saw as of Friday, I'll predict a good year for markdowns - starting with the seasonal departments. They were full, where ordinarily there would have been empty shelves (and back rooms) by then.
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby MDDad » Wed Dec 26, 2018 10:22 am

But retail sales include online purchases, and if mall sales were "light", online sales must have been up by a much greater amount to cause the 5.1% increase. A retail buck is a retail buck, regardless of where it's spent.

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Professor Fate
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Professor Fate » Wed Dec 26, 2018 1:13 pm

Dow finishes up by 1086.25 today. The largest single day gain in history. I'm thinking the 5.1% retail sales increase has something to do with that.
Well, obviously we have giant butterflies in CA. They's climbin' in your windows, They's snatchin' your people up, tryin' to steal 'em. So y'all need to hide your kids, hide your stars, and hide your coaches cause they're grabin' everybody out here.

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby Dave » Wed Dec 26, 2018 1:35 pm

Brick and mortar only is filled with to many companies. Some will remain but most are going away. No more Fast Times At Ridgemont movies. Market was way oversold.


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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby John Q. Public » Thu Feb 07, 2019 8:55 am

Uh oh. Early returns are saying that people's refunds aren't what they were expecting and that in many cases people are having to pay. Seems the IRS reduced withholdings when the law took effect so the savings would be reflected in people's paychecks instead of in bigger refunds. Here's hoping the reports aren't representative.
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby RPW » Thu Feb 07, 2019 10:08 am

Credo

Who is this "forgotten Men and Women" you speak of?
I am The Voice of Reason

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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby RPW » Fri Feb 08, 2019 8:43 am

wow... interesting.
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby RPW » Fri Feb 08, 2019 8:48 am

We're only in the second week of tax season — and some filers are already in for a nasty surprise from the IRS.

This spring marks the first time taxpayers are submitting returns under the Tax Cuts and Jobs Act, which went into effect in last year.

Though the 2018 filing season only started on Jan. 28, some early filers are discovering that they either owe the IRS or they'll be getting a smaller-than-expected refund from the taxman.


Your 2018 Tax Refund
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby seeinred » Fri Feb 08, 2019 10:09 am

I actually read the new tax law when it was first approved. I was, and always had been a itemized deductions filer in the past. I knew that when that itemized deductions were dissolved under the new tax law, that I had to increase my withholdings from my employer. Most had no idea that they needed to do the same when I would have discussions about this matter with my colleagues. I suspect that a VAST MAJORITY of Americans will be in the same boat and OWE thousands of dollars this year.
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Re: 'Historic' Tax Refunds Will Extend Retail Boom into 2019

Postby John Q. Public » Fri Feb 08, 2019 10:17 am

I don't know what they were thinking on that. They wanted people's tax savings to be reflected immediately and apparently nobody noticed. I know I didn't. I haven't gotten a physical check in years, so there's no reason for me to have. Now, come that time that all us average folks have been waiting for to buy those new TV's/cars/lawn tractors and the money isn't there. I'm wondering if it's another case of out-of-touch rich people who don't understand average folks' financing being in charge.

Do your taxes early, I guess. You might have some saving to do before you file.
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