crockett

Congrats Trailer park Republicans.. we told you so..

While corporate tax collection dropped drastically due to the tax cuts for the 1% personal taxes skyrocketed to the tune that individual tax payers paid $90 billion more in taxes in 2018 than they paid in 2017.

Meanwhile corporations paid roughly $91 billion less in 2018 vs 2017..

https://finance.yahoo.com/news/ameri...194900782.html

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.

Instead, as people filed, many bemoaned getting smaller-than-anticipated refunds or even being hit with a “surprise” tax bill.

The IRS collected $1.97 trillion in gross collections (the amount before refunds) for 2018. That figure stood at roughly $1.87 trillion for 2017. Refunds did increase this year — but not by much. The IRS refunded about $398 billion to taxpayers for 2018. For 2017, it was roughly $386 billion.

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.

A bumpy ride
As Americans were being surprised about their tax bills, approximately 40 Democrats in the Senate criticized the Treasury Department for manipulating withholding tables to make it appear as if Americans had received a windfall.

“It looks like the Trump Treasury Department spent 2018, an election year, goosing people’s paychecks by under-withholding, and it should have been obvious that the bill would come due eventually,” Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) said in a statement.

Senate Majority Leader Chuck Schumer (D-N.Y.) also slammed the administration over its tax policy: “Many Americans depend on their tax refund to pay bills and make ends meet – but this tax season, working families will see smaller than expected returns and surprise tax bills because the Trump administration used smoke and mirrors in a shallow attempt to exaggerate the impact of their tax law on middle class families for political reasons.

At first, refunds on average were down a staggering 17%, before slowly creeping upward and remaining relatively flat. According to the most recent statistics from the IRS, by the beginning of May, individual income tax returns on average were down 1.6% when compared to the year prior. (And as always, some states are better than others for taxpayers.)

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Bladewire

And thanks to Trump's tariff taxes we're all paying 25% more for anything made of steel and anything coming from China, and next week anything from Mexico (cars, fruits, Vegetables, etc).

Paul Markham

All Americans should be paying more in taxes.

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pimpmaster9000

says the guy who moved to a cheap country to pay models 8 euros/shoot

and stayed in the cheap country even though he does not speak the language

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The Truth Hurts

the answer is right in the first paragraph.
more people working, so more returns were processed, so more taxes were collected.

onwebcam

Morons be moroning

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thommy

this is only half true.

1.st - that more people are in work have nothing to do with trump



here you see that from 2010 to end of 2017 20 million more people have been in work.
this is an average of 2.500.000 per year

since trump around 4 million people more got a job. this is an average of 1,6 million per year.

so if this effect you are talking about would take place it would have taken place since 2010 and even much more significant.

2. even if there are 1,5% more individuals in work paying tax i can not see how this can create a more of 90 billion.

the total tax income in 2017 (including tax from corporate) was 1.97 trillion. now i do not know how much from that is from individuals and how much from companies but even if we assume that ALL THAT MONEY came from individuals and i count 1,5% out - we are at 29.5 billion that it COULD increase.

I see your point and you are right in the logic but not in the result.

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Acepimp

Crockett, what do you think happens when we have record-low unemployment among blacks, hispanics, and women? There are more job openings than there are workers to fill them.

Answer: more people working means more tax collected.

Seriously Crockett, why are you so dumb and full of hate for the president? Un-American much?

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Rochard

So taxpayers paid a lot more, big companies got a huge tax break, and the deficit went through the roof.

How is this good for anyone?

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beerptrol

Supreme leader Chump and his friends received their tax cuts and that's all that matters. So what if the working man has to pay for those cuts.

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Paul Markham

The level of wages has more to do with it than the number of people in work.

The problem with Government spending and tax revenue is the fine balance that's needed to balance the two amounts. If citizens demand more spending they should pay for those demands. Such as buying goods manufactured overseas instead of the US. This makes the level of spending rise and tax revenues fall.

Then there's the huge problem of illegal immigrants stealing jobs from Americans.

Next is the wars the US gets involved in and the huge military spending.

I'm not saying cut the above, but if you vote for governments that you want to do these things. You have to pay for it. And in a democracy claiming you don't need to because your side lost doesn't count you out.

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Busty2

Red Hats on average don't earn enough to pay tax and most are on disability !

RedFred

Shouldn't you be more concerned with the unemployment rate in Russia? I mean how long do you seriously think you're going to keep getting paid for pretending to be an American and trolling for Trump??

Bladewire

↑↑↑ Truth

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beerptrol

Just saw a story where truckers(owner/operators) aren't allowed to deduct food and other expenses because Trump removed those deductions in the tax bill. One saying that cost him near 8k dollars in taxes because he couldn't deduct those. MAGA

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“If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other.”
-- Ulysses S. Grant