For the first round of tax cuts, the vast majority of people benefited from it. But there definitely were some that didn't see the benefit that would be considered the middle class. You are correct that the standard deduction was doubled and rates were cut. But personal exemptions were cut. So, if a married couple has 3 kids, the total personal exemption was $20,250 in 2017. In 2018, that was reduced to $0. That was a big hit to certain families as doubling the standard deduction wasn't enough to cover the personal exemption that they lost. Especially since they capped the SALT to $10,000.By %, your tax cut should have been more than mine. Doubled the standard deduction and the child tax credit. Lowered rates up and down the brackets. SALT cap significantly penalized taxpayers like me as an offset to lower bracket rates.
As I’ve said, go after the billionaires if you want. But that’s not what any of the proposals have done. Income tax increases on families making $400k. SS tax increases on people making $185k. These aren’t billionaires or anywhere close to it.
I’ve even suggested adding an additional 40% tax bracket at $5/$10 million in income. Then you guys can stop bitching that the top rate was cut for the billionaires.
The tariffs were a cluster **** along with a lot of what this administration has done.
Again, the VAST majority of people benefited from the first round of tax cuts. But some definitely got dinged as I saw it first hand while preparing their taxes.
