The Trump Tax Cut: Even Worse Than You’ve Heard

[Jim in CT]

Originally Posted by Pete F.

Based on prior history our government does not cut waste.
Unless you think the current funding situation will continue indefinitely it will never happen.

Your taxes withheld or owed went down?
Have you done your taxes yet?

"Based on prior history our government does not cut waste."

Then perhaps we need to demand it from our elected officials, or else vote for people who will cut waste.

"Your taxes withheld or owed went down?"

On Feb 1, when my company adopted the new tax rates, my withholding went down $200 a month. Every cent of that was because of the tax cut.

I then spoke to a CPA. I usually break even at the end of the year, sometimes I owe as much as $500, or get back as much as $500, I like to keep it as neutral as possible. I wanted to make sure I wasn't going to owe that much more at the end of the year. CPA says my reduced withholdings will not impact my return in a real way, even with the new limitation of deducting state and local taxes at 10k. If not for that, I would have seen an even bigger bump from the tax cuts.

The tax rate in my income bracket decreased. On top of that, I have 3 dependent children, and there were big increases to child tax credits. I benefitted from those two shifts, as did everyone else like me.

Pete, I do feel the cuts gave too much to business, not enough to regular folks. But you cannot accurately say that regular folks are not benefitting. Almost everyone will see an increase in take home pay, that's just fact.

And if you think that companies, by and large, will not share the windfall of the lower corporate tax rates, I don't agree. I can't prove it. But in my experience, the companies I have worked for have always shared some portion of profits, with cubicle dwellers like me. They have to, or we will all go someplace else that does.