American taxpayers paid over $90 billion more under Trump tax law

Mar 2019
3,285
1,687
"US" of A
#11
Mr. Macduff,

I'm still trying to figure out what she is complaining about. Wasn't just a couple of weeks ago she posted a complaint that the tax cuts weren't bringing in enough money? Now she's complaining they are bringing in too much?

It may be the continued wealth redistribution and subsidizing our aristocracy.
 
Likes: Friday13
Apr 2015
15,414
2,895
Katmandu
#12
Despite the majority of Americans receiving a tax cut, the IRS pulled in an additional $93 billion for 2018 from taxpayers on individual income taxes than it did for 2017, according to new data from the IRS. This is in part thanks to the Treasury Department processing 1.5% more individual returns for 2018 than 2017.

After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few did. More than halfway through 2018, after the law took effect, the Government Accountability Office (GAO) warned that more Americans would owe money to the IRS under the new law while those receiving refunds would decrease. In the end, many Americans saw modest increases in their paychecks throughout the year, but didn’t notice

And after refunds, the IRS collected about $93 billion more from individual American taxpayers than it did in 2017. Interestingly, that number stands close to the tax break amount that corporations received from the TCJA in 2018. Last year, big businesses paid $91 billion less in taxes than they had in 2017, prior to the new law’s passage.

The center noted: “The lowest income households (those making less than about $25,000) got an average tax cut of about $40. Middle-income households (who made between about $48,000 and $86,000) paid about $800 less. Those in the top 1%, who made $733,000 or more, got an average tax cut of about $33,000.

American taxpayers paid over $90 billion more under Trump tax law

So just as expert's predicted, the tax burden was shifted from big corps and rich people to the average Joe. And now our deficit/debt is exploding.

So much "winning" right?
If tax collections went up because of Trump's tax reform, that lowers the deficit, don't you understand how math works?
 
Likes: orangecat
Jan 2014
18,193
5,183
California
#14
It may be the continued wealth redistribution and subsidizing our aristocracy.
Mr. Lum,

No, that's not it. Otherwise, she would have been complaining about how much income inequity increased about that during the Obama and Clinton administrations, where the greatest wealth inequity and subsidizing of our aristocracy in the past 50 years occurred.
 

HayJenn

Moderator
Jul 2014
70,245
60,296
CA
#18
We brought in more in tax collections, no reason to cut SS or Medicare, so much winning!
Sure thing, by sticking it to the little people

So I guess you are ok with that - versus corps, who were already rolling in the dough, and now they get to pay nothing?

Including, you know, Bezo?
 

Nicnam

Former Staff
Dec 2013
14,926
4,011
*
#19
"After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few did."

A shame so few updated their withholdings, after being encourage to do so.

You can give someone an opportunity but not force them to take it.
 
Sep 2013
45,612
36,708
On a hill
#20
We brought in more in tax collections, no reason to cut SS or Medicare, so much winning!
The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected to rebound sharply this year, but so far they’ve only continued to fall, down by almost 9 percent or $11 billion.

snip

In April 2018, less than four months after the cuts were signed into law, the nonpartisan CBO predicted corporate receipts would drop that year to $243 billion, which would have been an 18 percent decline from 2017. But payments ended up coming in at $205 billion, a nearly one-third decline from the previous year.

Big businesses paying even less than expected under GOP tax law


How is the deficit doing? Has the grow our way out of debt started working yet?
 
Likes: OldGaffer