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Jun 11 - US taxpayers paid over $90 billion more under Trump tax law


 


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 6 days ago '05        #1
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phantomnation 3292 heat pts3292
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Jun 11 - US taxpayers paid over $90 billion more under Trump tax law
 

 
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 Minority 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.)


Alaska is the best state for American taxpayers.

image
‘Those in the top 1%... got an average tax cut of about $33,000’
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31 comments for "Jun 11 - US taxpayers paid over $90 billion more under Trump tax law"

 5 days ago '17        #2
Jdog168 14 heat pts14
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Looks like a lot of the Midwest and East coast paying to take care of some of those other states.
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 5 days ago '16        #3
ruddiger 3 heat pts
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Trump and his cronies continue to line their pockets with the blood, sweat, and tears of the American people, and his ignorant followers continue to believe his lies.
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 5 days ago '16        #4
Aztlan 133 heat pts133
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Connecticut taxes way too much for a state that literally only has Yale and UCONN to offer the world.
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 5 days ago '17        #5
Tom Herman 375 heat pts375
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Im not buying that picture. But yeah taxes are def up when you include the tariffs
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 5 days ago '05        #6
Rockstar718 71 heat pts71
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I never owed taxes before always had a refund

This year my wife and I owe over 6gs

Smh
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 5 days ago '17        #7
Ymmot 18 heat pts18
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To be fair they were the GOP tax cuts, but trump definitely lied about his tax reform plan.
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 5 days ago '04        #8
erickonasis 24 heat pts24
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I know my income tax check was cut in over half this year ...
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 5 days ago '07        #9
Ham Rove 3539 heat pts3539
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[tweet - click to view]

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 5 days ago '09        #10
messy marv stan 5343 heat pts5343
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 Ham Rove said

thats $184 billion the american economy will never see ever again


people got extorted for $93 billion and irs boogeyman dodging regimes like amazon comcast ect stole another $91 billion smh


and who knows how much more the toupees economic hijacking of china and india will cost the american people




The US wants American firms to be able to bypass India's strict price controls on healthcare products, imposed to keep the cost down for poorer citizens. It also wants businesses to be able to sell cheeses from animals which have been raised on feed containing bovine extracts - a proposition that the Indian government says would offend the religious and cultural sensitivities of many of its citizens. (Hindus, who make up about 80% of the Indian population, consider cows to be sacred and many do not consume beef or its by-products.)

The Coalition for GSP, a US-based campaign group, say the Trump administration's retaliatory decision will ultimately prove counterproductive, and cost American businesses over $300m in additional tariffs each year.


Last edited by messy marv stan; 06-11-2019 at 05:25 PM..
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 5 days ago '12        #11
OldBusiness 180 heat pts180
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 erickonasis said
I know my income tax check was cut in over half this year ...
Wife and i usually pay cause of our multiple streams of income.

Paid an extra $3900 this year lol

#maga
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 5 days ago '18        #12
DUCEDUCE 11 heat pts11
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But I was told I didnt do my deductions right..


 5 days ago '05        #13
bi0 7 heat pts
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Had to come out of the pocket $1700 when I usually get that much back
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 5 days ago '15        #14
Kdub31 10 heat pts10
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And yall thought mexico was gonna pay for the wall
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 5 days ago '06        #15
ehizzy3 3 heat pts
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Bump

 5 days ago '16        #16
OWPE 102 heat pts102
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I thought u guys said the tax cut was a scam and the government was losing money? They made more money despite people paying less

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 5 days ago '06        #17
philly337 27 heat pts27
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 OWPE said
I thought u guys said the tax cut was a scam and the government was losing money? They made more money despite people paying less

Can you read you fu*kin moron...American tax payers paid in 93 billion MORE. Corporations (mainly the rich) paid 91 billion less). So taxes were about the same paid in but the average American paid in more you stupid fu*king idiot. We always said this was a cash grab for the top (they were supposed to trickle down) and just a second wave of the Reagan tax cuts thatbfu*ked the middle class over the past few decades
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 5 days ago '13        #18
Taree 9 heat pts
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Let's ask @ what he thinks about this






















Oh wait...
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 5 days ago '17        #19
Naga Sadow 43 heat pts43
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 Taree said
Let's ask @ what he thinks about this
























Oh wait...
Did that racist finally get banned?

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 5 days ago '13        #20
Taree 9 heat pts
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 Naga Sadow said
Did that racist finally get banned?

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 5 days ago '07        #21
sleep23rd 8 heat pts
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yall ...... ppl that cosigned trump and voted for him...yall did this...don't complain now..

 5 days ago '19        #22
Hotep11 3 heat pts
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 erickonasis said
I know my income tax check was cut in over half this year ...
haha well obviously, when you pay less taxes throughout the year your return is going to be less
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 5 days ago '19        #23
Hotep11 3 heat pts
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first line of the OP

Despite the majority of Americans receiving a tax cut


 4 days ago '17        #24
Naga Sadow 43 heat pts43
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 Taree said
+2   

 4 days ago '17        #25
Naga Sadow 43 heat pts43
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 Taree said
What did the supremacist say to get the ban hammer dropped on him?
+2   

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