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How is Trump’s tax act affecting you?

On Saturday afternoon, I mailed in my income taxes for 2018. Instead of getting a refund of around $1,000 like I do most years, my refund was $170.

The TurboTax representative I spoke to said deductions that were helpful to me in the past, such as for my small business and charitable donations, have been eliminated.

So while Trump’s tax revisions are helping the rich, they have no benefit for me. That huge corporations pay little or nothing in income taxes and I’m paying more is discouraging. I don’t mind paying my fair share of taxes. I support good schools, roads, and bridges. But Trump’s tax law is making the rich even richer.

And, while consumers are being pressed due to reductions in consumer and environmental protections, Trump’s 2020 budget proposes slashing important services because the rich are paying less. Trump wants to cut healthcare, education, housing, nutrition, Social Security disability benefits, college aid, environmental protection, and additional services working families need.

For more information on Trump’s tax law, see Americans for Tax Fairness’ “Why the Wealthy Are Having a Better Tax Day Than Most Americans.”

Update:

These corporations paid no taxes in 2018, according to the Institute on Taxation and Economic Policy:

Amazon.com, Delta Air Lines, Chevron, General Motors, EOG Resources, Occidental Petroleum, Honeywell Industries, Deere, American Electric Power, Principal Financial, FirstEnergy, Prudential Financial, Xcel Energy, Devon Energy, DTE Energy, Halliburton, Netflix, Whirlpool, Eli Lilly, IBM, Goodyear Tire & Rubber, Penske Automotive Group Aramark, AECOM Technology, Performance Food Group, and Arrow Electronics.

This is outrageous. You think they’d pay a little something so they wouldn’t get on this list.

Comments

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Karen

I saw an almost 2,000 decrease in what I have gotten back from the Feds for about at least the past 6 years.Another lie from the idiot in the White House.

Rita

Hi Karen,

The American people are experiencing all kinds of slashing of government rules and services, some of which like tariffs hit us in the pocketbook. However, Trump's tax changes are a direct, visible hit to American's pocketbook.

I hope more voters will now see Trump for what he is, the tool of corporations who lied about wanting to help the average American.

Rita

Tom Sightings

How is Trump's tax affecting me? I honestly don't know b/c taxes are so incredibly complicated you can't possibly know unless you undertake an exhaustive and time-consuming analysis. My guess, for me, is that it's about the same ... fewer deductions, lower rate. What I do know is that Medicare cost me more this year b/c I sold a property last year which temporarily bumped up my income into a higher bracket and the IRS is counting me among the "wealthy" even though my income is back down again this year. I know, I know, I'm fortunate to have Medicare. But still I complain.

Rita

Hi Tom,

Yes, taxes are complicated. I dread doing them every year.

I'll need to get some tax advice for next year. If I can no longer deduct my expenses from my business, why keep track of my expenses and mileage? I wonder why they have a schedule C if the exemptions aren't allowed anymore?

Rita

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