5 ms·

> In addition to the no-surprise explanation of the "tax cut" not being an actual cut at all for most people Justify that statement please. Every single study

> In addition to the no-surprise explanation of the "tax cut" not being an actual cut at all for most people Justify that statement please. Every single study of the 2017 tax cuts has shown that the vast majority of Americans did in fact get a tax cut. Every. Single. One. Even the New York Times admits as much. Either you haven't really looked in to this at all, or you've bought some policital rally baloney that is completey ungrounded in truth. [1] https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html https://www.nytimes.com/2019/04/14/business/economy/income-t...

empath75 8y ago
Most people did not save a meaningful amount of money while the wealthy got a massive benefit in comparison.
- eanzenberg 8y ago
  Because most people likely spent the extra they got from the tax cut?
- djrogers 8y ago
  Not supported by facts in evidence.
- fuzz4lyfe 8y ago
  Taking that view further most people pay a meaningless amount of money in taxes while the wealthy pay the vast majority. The tax cut helped my family, if it didn't help yours perhaps consider if the state taxes you pay match up with the services rendered.
toomuchtodo 8y ago
From your link: > The middle fifth of earners got about a $780 tax cut last year on average, according to the Tax Policy Center. > The top 20 percent of earners received more than 60 percent of the total tax savings, according to the Tax Policy Center; the top 1 percent received nearly 17 percent of the total benefit, and got an average tax cut of more than $30,000. And that’s not even factoring in the law’s huge cut to corporate taxes, which disproportionately benefit the wealthy households that own the most stock. Hence (rightfully so) pitchforks. The average American taxpayer was bamboozled.
- WarDores 8y ago
  But since the top 20% of taxpayers pay 87% of income tax[1] and the top 1% pay 37%[2], this makes total sense. 1: https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001 https://www.wsj.com/articles/top-20-of-americans-will-pay-87... 2: https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/ https://taxfoundation.org/summary-latest-federal-income-tax-...
  - toomuchtodo 8y ago
    But it’s not how it was sold. The absolute number is not the issue, but the optics. I have seen this first hand with Trump supporters (extended family) who are having an unpleasant tax filing season (owing when they have never owed before) and feel lied to. I have delivered the bad news that their tax burden was already so low, how would they expect their tax cut to be generous? Like I said, optics. EDIT: I know how tax refunds and liability work, but I am not the general public.
    - taxlawthrowaway 8y ago
      If you have to pay more or your refund is lower, that's a good thing. That means you paid less money in taxes. The government holding onto your money until the end of the year is not a good thing. You'd be better off saving that money and investing it.
  - munk-a 8y ago
    Progressive taxation makes sense, the fact that this tax law did nothing about the cap on the payroll tax should be the ultimate indicator.
- nostromo 8y ago
  > the top 1 percent received nearly 17 percent of the total benefit Given that the top 1 percent pay more in taxes than the bottom 90% combined, that doesn't seem entirely unfair.
  - 8y ago
Frost1x 8y ago
I know for an undeniable fact I paid more in federal taxes (if you account for inflation) but I'm one measly anecdotal data point. I suspect most who don't believe it are like me or saw modest cuts. Perhaps if I saw the data and analyzed it myself I might believe it, otherwise, I suspect the majority got small tax cuts while the very few ultra wealthy enjoyed significant cuts.
- s_y_n_t_a_x 8y ago
  It was an across the board tax cut, yes wealthier people get larger tax cuts because they paid more taxes in the first place. I received a $2,500 tax cut. If your taxes did happen to increase, it was most likely because you used one of the deductions that was removed.
- tdhoot 8y ago
  A lot of the people who paid more in federal taxes are the wealthy in high tax states (CA, NY, etc.).
deleted 8y ago
[deleted]
derekp7 8y ago
The biggest problem with the new tax plan is that the withholding tables changed to be more accurate. This is because a large number of people's standard deduction went up enough to almost match, or exceed, their mortgage interest and SALT deductions. And since payroll withholding doesn't account for the mortgage interest deduction, but does count the standard deduction, they ended up taking out less taxes (basically giving everyone a couple hundred dollar "raise") during the year, which made the year-end refund much smaller. And too many people budget big items based on that year-end overpayment refund, instead of setting aside that extra pay every month. So lots of people feel like their taxes went up. Now what would have been nice is if there was an information campaign that would have business encourage employees (via auto payroll deposit) to divide their paycheck into checking and savings accounts, having that "extra" money go into savings automatically.
munk-a 8y ago
I didn't get a tax cut, my bill went up. This is just anecdotal but I have no regrets about being anecdotal in response to bald hyperbole > Every. Single. One. I also object that a number of arts programs that interest me have gotten budget cuts that seem (though the government is large and opaque) to outweigh the money saved by the tax cuts I've seen other people get. I really don't care about what portion of my out-of-pocket expenses go to the government, I care about the size of my take home - so when taxes go slightly down and cost of living goes up I'm unhappy. And for me, everything went up (and my salary isn't stupid high either)

empath75 8y ago

Most people did not save a meaningful amount of money while the wealthy got a massive benefit in comparison.

eanzenberg 8y ago
Because most people likely spent the extra they got from the tax cut?
djrogers 8y ago
Not supported by facts in evidence.
fuzz4lyfe 8y ago
Taking that view further most people pay a meaningless amount of money in taxes while the wealthy pay the vast majority. The tax cut helped my family, if it didn't help yours perhaps consider if the state taxes you pay match up with the services rendered.

toomuchtodo 8y ago

From your link: > The middle fifth of earners got about a $780 tax cut last year on average, according to the Tax Policy Center. > The top 20 percent of earners received more than 60 percent of the total tax savings, according to the Tax Policy Center; the top 1 percent received nearly 17 percent of the total benefit, and got an average tax cut of more than $30,000. And that’s not even factoring in the law’s huge cut to corporate taxes, which disproportionately benefit the wealthy households that own the most stock. Hence (rightfully so) pitchforks. The average American taxpayer was bamboozled.

WarDores 8y ago
But since the top 20% of taxpayers pay 87% of income tax[1] and the top 1% pay 37%[2], this makes total sense. 1: https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001 https://www.wsj.com/articles/top-20-of-americans-will-pay-87... 2: https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/ https://taxfoundation.org/summary-latest-federal-income-tax-...
- toomuchtodo 8y ago
  But it’s not how it was sold. The absolute number is not the issue, but the optics. I have seen this first hand with Trump supporters (extended family) who are having an unpleasant tax filing season (owing when they have never owed before) and feel lied to. I have delivered the bad news that their tax burden was already so low, how would they expect their tax cut to be generous? Like I said, optics. EDIT: I know how tax refunds and liability work, but I am not the general public.
  - taxlawthrowaway 8y ago
    If you have to pay more or your refund is lower, that's a good thing. That means you paid less money in taxes. The government holding onto your money until the end of the year is not a good thing. You'd be better off saving that money and investing it.
- munk-a 8y ago
  Progressive taxation makes sense, the fact that this tax law did nothing about the cap on the payroll tax should be the ultimate indicator.
nostromo 8y ago
> the top 1 percent received nearly 17 percent of the total benefit Given that the top 1 percent pay more in taxes than the bottom 90% combined, that doesn't seem entirely unfair.
- 8y ago

Frost1x 8y ago

I know for an undeniable fact I paid more in federal taxes (if you account for inflation) but I'm one measly anecdotal data point. I suspect most who don't believe it are like me or saw modest cuts. Perhaps if I saw the data and analyzed it myself I might believe it, otherwise, I suspect the majority got small tax cuts while the very few ultra wealthy enjoyed significant cuts.

s_y_n_t_a_x 8y ago
It was an across the board tax cut, yes wealthier people get larger tax cuts because they paid more taxes in the first place. I received a $2,500 tax cut. If your taxes did happen to increase, it was most likely because you used one of the deductions that was removed.
tdhoot 8y ago
A lot of the people who paid more in federal taxes are the wealthy in high tax states (CA, NY, etc.).

deleted 8y ago

[deleted]

derekp7 8y ago

The biggest problem with the new tax plan is that the withholding tables changed to be more accurate. This is because a large number of people's standard deduction went up enough to almost match, or exceed, their mortgage interest and SALT deductions. And since payroll withholding doesn't account for the mortgage interest deduction, but does count the standard deduction, they ended up taking out less taxes (basically giving everyone a couple hundred dollar "raise") during the year, which made the year-end refund much smaller. And too many people budget big items based on that year-end overpayment refund, instead of setting aside that extra pay every month. So lots of people feel like their taxes went up. Now what would have been nice is if there was an information campaign that would have business encourage employees (via auto payroll deposit) to divide their paycheck into checking and savings accounts, having that "extra" money go into savings automatically.

munk-a 8y ago

I didn't get a tax cut, my bill went up. This is just anecdotal but I have no regrets about being anecdotal in response to bald hyperbole > Every. Single. One. I also object that a number of arts programs that interest me have gotten budget cuts that seem (though the government is large and opaque) to outweigh the money saved by the tax cuts I've seen other people get. I really don't care about what portion of my out-of-pocket expenses go to the government, I care about the size of my take home - so when taxes go slightly down and cost of living goes up I'm unhappy. And for me, everything went up (and my salary isn't stupid high either)