US Politics in Trump era Public date: 03.10.2019 13:07:34

4 Jun 2019

American taxpayers paid over $90 billion more under Trump tax law

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.
After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few...
30 May 2019

Corporations paid $91 billion less in taxes in 2018 under Trump’s tax law

Trump’s tax cut for corporations and the wealthy didn’t just reduce the top corporate tax rate from 35% to 21%. It also retained a boatload of corporate tax credits and loopholes, making the actual tax rate just 7 percent – the lowest in 71 years.
Trump’s tax cut for corporations and the wealthy didn’t just reduce the top corporate tax rate from 35% to 21%. It...

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