Comment by orthecreedence
8 days ago
> Did Trumps tax cuts put money if your pocket?
Yes, the standard deduction effectively doubled. That helped lower my federal income tax, and probably the taxes of anyone who didn't own multiple properties. I'm not a fan of Trump at all, but he did cut income taxes in his first term.
Yes, the standard deduction doubled, but that was offset by the reduction in the personal exceptions per dependent and dropping the individualized deductions, so for families with children (like us), unless they were higher income (which we are not), the tax cuts just about broke even. Maybe you're higher income or don't have kids.
Here's a summary of the impact[0]
> The average tax refund was $90 higher in 2018 than 2017, according to 2019 IRS data. (This statistic covers tax filers who used a version of Form 1040.) However, more detailed IRS data, released February 2020, shows that the refunds were not equally distributed across the population.
> Taxpayers with an AGI of less than $10,000 received 11.5% fewer refunds in 2018 than 2017, and the total value of their refunds was 17% less. (A 2018 analysis from the Government Accountability Office (GAO) found single filers who earned minimum wage and had no children were least likely to save on their income taxes in 2018.) Across tax returns with an AGI between $1 and $50,000, taxpayers received 4.5% fewer refunds in 2018 and their refunds were worth 2.7% less.
> Taxpayers with AGI between $50,000 and $100,000 received 2.5% more refunds but those refunds were worth 1.8% less than in 2017. Those with an AGI of more than $200,000 received 45% more refunds in 2018 and the value of those refunds was 203.4% higher. Taxpayers with an AGI of $1 million or more received 216% more refunds than in 2017 and those refunds were worth 394.3% more.
[0] https://www.policygenius.com/taxes/who-benefited-most-from-t...