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Massive Tax Refunds???

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In LOS we have a response for this: 555. I ran the numbers with my CPA (he has done my tax returns for 35 years) and this years returns for both Federal and State will be about the same as last year.

The statement of "massive refunds" has been said many times by one guy: Scott Bessent, Treasury Secretary

My income consists of a state pension, SSA and several divident payments. Also, I am not 65, I do not make overtime pay and I do not own an American car that I am financing. I think many taxpayers will be disappointed.

When I see Bessent speak one word comes to mind: Arrogant.

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11 hours ago, sqwakvfr said:

When I see Bessent speak one word comes to mind: Arrogant.

Mega Hedge Fund Launches Are Rare — and Don’t Ensure Lasting Success

Treasury Secretary Scott Bessent’s Key Square is one of a handful of supersize launches that has stumbled.

When hedge fund manager Scott Bessent, President Donald Trump’s Treasury secretary, left Soros Investment Management in 2015, he was able to raise $4.5 billion to make his new firm, Key Square Capital, one of the biggest hedge fund launches ever.

Markets have applauded the choice of Bessent for the cabinet post, but it’s not because Key Square has been a resounding success. By all accounts, Bessent had a stellar run as the Soros CIO for years, but by the end of 2023, his hedge fund had lost almost 90 percent of its assets from the peak: Assets had fallen to $577 million after reaching a height of around $5 billion, according to news reports and regulatory disclosures.

https://www.institutionalinvestor.com/article/2ecmicwuohsikc5e2oiyo/hedge-funds/mega-hedge-fund-launches-are-rare-and-dont-ensure-lasting-success

On 1/20/2026 at 8:38 PM, sqwakvfr said:

I ran the numbers with my CPA (he has done my tax returns for 35 years) and this years returns for both Federal and State will be about the same as last year.

Well, if filing single, are under age 65, and are in the 10% tax bracket -- Trump's bill gave you an added $750 to your standard deduction. Thus, your taxable income is reduced by $750, with a tax savings of $75. If that's a small percentage of last year's tax bill, then, yes, I guess you could say "about the same as last year."

If over age 65, married filing jointly, and in the 22% tax bracket -- you've got an additional $13,500 ($1500+$12000) in deductions from Trump's bill. If at least $13,500 is the amount you're into the 22% tax bracket, then you've got nearly $3000 ($2970) more with Trump's bill. Maybe not "massive" by some people's reckoning. But a nice hunk of change by most standards.

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9 hours ago, JimGant said:

Well, if filing single, are under age 65, and are in the 10% tax bracket -- Trump's bill gave you an added $750 to your standard deduction. Thus, your taxable income is reduced by $750, with a tax savings of $75. If that's a small percentage of last year's tax bill, then, yes, I guess you could say "about the same as last year."

If over age 65, married filing jointly, and in the 22% tax bracket -- you've got an additional $13,500 ($1500+$12000) in deductions from Trump's bill. If at least $13,500 is the amount you're into the 22% tax bracket, then you've got nearly $3000 ($2970) more with Trump's bill. Maybe not "massive" by some people's reckoning. But a nice hunk of change by most standards.

I am in the 12 % bracket and I itemize.

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