Not only didn't get a bonus or raise from the corporate tax cut, but my pay stub shows I actually get paid less per check because of an increase in how much they take out for benefits.
Me too. Big jump in my Escrow this year with home owners insurance jumping up (hurricanes & fires of course), and jump in property taxes due to housing bubble here in TX. Of course higher health insurance costs as well. So I'm taking a hit this year in my total take-home, and didn't get a bonus since my company is Mid-Market. I work at the Director level so I'm in no way someone that is at the bottom of the barrel living in a "Nanny State". I'm still very fortunate, and live a great life. But its harder and harder every year and frustrating that my largest year in earnings was 3 years ago. It seems like the only way to really increase your income in this economy is to switch jobs which is a major risk that I've felt the negative benefits of before. If I have to switch jobs to get a raise I'd rather have a economy that is pumping out new innovative industries to get excited about with a future than have an economy that just rewards the same old fat cat corporations hanging on like its 1985. So far I'm rather un-impressed with Trumponomics. People like me at my level are the ones who are really getting squeezed more and more year over year. No way someone at my skill, and education level should be feeling the need to switch jobs, or refi his home just to maintain a normal middle class lifestyle in a good Texas economy.
You would be bringing home even less without the tax cut. The tax cut has no impact of the cost of your benefits and unless your company has some really strange timelines on when the benefit year started, your paycheck was even less in January before the tax cuts kicked in and went up in February.
That's because supply side economics don't work. You can't create demand by increasing supply. This is a tax cut for the rich
The one you received along with everyone else. I realize you are a leftist propaganda guy but it is okay to admit you received a tax cut. Admitting you received the tax cut doesn't automatically make you a Trump supporter.
I gave already posted I haven't done my taxes so as of yet I have don't know what my tax return or any cut would be. At my income and family status I believe I will get under $1,000 tax break if article are correct. But my lower pay check with higher cost if benefits will eat into that.
Doing your taxes now has nothing to do with tax cut at this time unless you are self employed. The tax cuts take place starting THIS year. The tax cut was not retroactive to 2017. Since you stated about benefits, I assume you work for a company and are not self employed? Companies changed the tax withholding starting in February 2018 meaning you would have less taxes taken out and more take home pay on your paychecks. So if your paycheck did not change then your company did not adjust the withholding rate in February however that will only mean you would receive more back in 2019 when you do your 2018 taxes. Yes you received a tax cut just as everyone else did.
No, not everyone got a tax cut. The vast majority did in 2019. By 2025 the vast majority will see their overall taxes increase. Except me, my taxes will still be lower because in the top 3%. Trump took care of me.
As you stated yourself most get a tax cut THIS year(not 2019) and it stays that way through 2025. Yes the tax cuts expire after 2025 but it will not take much to change that. It was all they could do at the time without 60 votes. You should complain to the Democrats for not supporting the bill and making it permanent now like the Republicans wanted to. Looks like Trump took care of more than just you.
Why would I blame the Democrats? The vast majority of the tax cuts benefit the wealthy. Indeed I will still be receiving a tax cut years after the working and middle class are paying a tax increase. The way interest is calculated has been changed as well.
So again, according to what I read I will receive $1,000. And as I also have found, I actually get less in take home pay due to increased costs of benefits. So I guess all told, I will get somewhere south of $1,000. Unfortunately I don't make enough to enjoy the real benefits of trump's tax cut.
Where is the tax cut.... evidence below: For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, America’s richest billionaires paid a lower effective tax rate than the working class. “The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley, presents a first-of-its kind analysis of Americans’ effective tax rates since the 1960s. It finds that in 2018 the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households. In 1980, by contrast, the 400 richest had an effective tax rate of 47 percent. In 1960, their tax rate was as high as 56 percent. The effective tax rate paid by the bottom 50 percent, by contrast, has changed little over time. The analysis differs from many other published estimates of tax burdens by encompassing the totality of taxes Americans pay: not just federal income taxes but also corporate taxes, as well as taxes paid at the state and local levels. It also includes the burden of about $250 billion of what Saez and Zucman call “indirect taxes,” such as licenses for motor vehicles and businesses. The analysis, which was the subject of a column in the New York Times on Monday, is also notable for the detailed breakdown of the tax burden of not just the top 1 percent but also the top 0.1 percent, the top 0.01 percent and the 400 richest households. The focus on the ultrarich is necessary, Saez and Zucman write, because those households control a disproportionate share of national wealth: The top 400 families have more wealth than the bottom 60 percent of households, while the top 0.1 percent own as much as the bottom 80 percent. The top 400 families are a “natural reference point,” Zucman says, because the IRS publishes information on the top 400 taxpayers as a group, and other sources, such as Forbes, track the fortunes of the 400 wealthiest Americans. The relatively small tax burden of the super-rich is the product of decades of choices made by American lawmakers, some deliberate, others the result of indecisiveness or inertia, Saez and Zucman say. Congress has repeatedly slashed top income tax rates, for instance, and cut taxes on capital gains and estates. Lawmakers have also failed to provide adequate funding for IRS enforcement efforts and allowed multinational companies to shelter their profits in low-tax countries. But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. That bill, championed by President Trump and then-House Speaker Paul D. Ryan, was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate. By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points. The benefits the bill’s supporters promised — higher rates of growth and business investment and a shrinking deficit — have largely failed to materialize.
