Post by cliffs on Feb 7, 2019 16:39:07 GMT -5
I copy and paste this more for our overseas friends, who may not get some of these stories.
It’s February which means it’s officially everyone’s favorite time of year: tax season! And while most of us will be putting off tracking down our W-2’s until early April, some people have already managed to file their taxes. And among those early birds, many in the middle class have been shocked to find that instead of the nice little chunk of change they were expecting with their return, they actually owe money to Uncle Sam.
What’s the reason for this financial switcheroo? It stems from President Trump’s tax reform, which was passed in 2017 and was touted by Trump and the GOP as a win for the middle class. However, with the new tax system now in place, Americans are discovering that most of the tax relief from the bill is actually being experienced by corporations.
Meanwhile, many people are seeing an increase in taxes due to the bill eliminating many of the deductions that were used by middle-class families in order to lower the amount of taxes they were required to pay. Most notably, the tax reform placed a cap on deductions for taxes on both state and local levels.
Unsurprisingly, people have not been happy to discover that what they expected to be a decrease in taxes paid is actually an increase. Those who had been supporters of Trump are especially infuriated, as many were under the assumption that he would provide financial relief for middle-class families, something that he consistently promised during his Presidential campaign. Many have even taken their anger online, with #GOPTaxSCAMStories trending on Twitter as more and more members of the middle-class express their feelings of betrayal towards Trump and Republicans.
It’s February which means it’s officially everyone’s favorite time of year: tax season! And while most of us will be putting off tracking down our W-2’s until early April, some people have already managed to file their taxes. And among those early birds, many in the middle class have been shocked to find that instead of the nice little chunk of change they were expecting with their return, they actually owe money to Uncle Sam.
What’s the reason for this financial switcheroo? It stems from President Trump’s tax reform, which was passed in 2017 and was touted by Trump and the GOP as a win for the middle class. However, with the new tax system now in place, Americans are discovering that most of the tax relief from the bill is actually being experienced by corporations.
Meanwhile, many people are seeing an increase in taxes due to the bill eliminating many of the deductions that were used by middle-class families in order to lower the amount of taxes they were required to pay. Most notably, the tax reform placed a cap on deductions for taxes on both state and local levels.
Unsurprisingly, people have not been happy to discover that what they expected to be a decrease in taxes paid is actually an increase. Those who had been supporters of Trump are especially infuriated, as many were under the assumption that he would provide financial relief for middle-class families, something that he consistently promised during his Presidential campaign. Many have even taken their anger online, with #GOPTaxSCAMStories trending on Twitter as more and more members of the middle-class express their feelings of betrayal towards Trump and Republicans.
