DC – Depends on who's speaking about taxes today on April 15th, 2019 as to whether the Trump Administration's Tax Cut was good or totally irrelevant.While some are complaining their tax refunds are less than last year, many of those complainers are not realizing less was taken out of their checks every pay period throughout the year – allowing them to deposit more into their bank accounts all year long, while keeping their refunds low.
The point is – Uncle Sam got less from each American worker all in all.
Here's what the Republicans are saying today:
The Facts:
- 82% of middle-class Americans saw a tax cut in 2018, the average savings was more than $1,260.
- Thanks to the Tax Cuts and Jobs Act, 90% of workers saw an increase in take-home pay after the IRS adjusted withholding tables to reflect the new law.
- These gains were reflected in the 3.3% wage growth during 2018, the best in a decade.
- As promised, the Tax Cuts and Jobs Act accelerated job growth by nearly 25%, pushed unemployment to historic lows, and kickstarted stellar GDP growth.
- Opportunity Zones incentivized investors to put their money into distressed communities.
- A “hidden gem” in the tax bill, the more than 8,000 Opportunity Zones across the country are set to create thousands of jobs and spur investment into communities left behind by the economic recovery
- The Tax Cuts and Jobs Act doubled the Child Tax Credit, the $1,000 increase saved working families more than $100 billion.
- The bill also expanded the refundable portion of the credit, a provision that helps primarily low-income families.
The full briefing HERE
So, did you get a tax cut?
While some are complaining their tax refunds are less than last year, many of those complainers are not realizing less was taken out of their checks every pay period throughout the year – allowing them to deposit more into their bank accounts all year long, while keeping their refunds low.
The italicized portion above demonstrates once again the total failure of the public education system. It really is shocking and disconcerting.
Did you get deeper in debt when the Federal Deficit
(borrowed money) went from 21 Trillion Dollars to 22
Trillion Dollars since Donald Trump became President?
This is a failure of the administration’s messaging … they intentionally lowered withholdings to put money in people wallets but never told them and many didn’t notice until after they realized the fed underwithheld too much. This is about lack of transparency and explanation from the administration.. if they had a win they blew it. perception is the tax cut only went to wealthy folks.
Yes, If had the same income as last year I would have paid $7500 more.
The real reason is very simple. I am married and the married tax penalty was eliminated.
Yes, If had the same income as last year I would have paid $7500 more.
The real reason is very simple. I am married and the married tax penalty was eliminated.
My effective tax rate went down.