Out With The Old, In With The New: Tax Cuts And Reforms That Look Out For Hardworking Taxpayers

“When we began our push for tax cuts, I promised that our bill would result in more jobs, higher wages, and tremendous relief for middle-class families, and that is exactly what we have delivered.”

 

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Andy H.
Andy H.
4 years ago

Keep pushing ! Millions of us behind you Mr. President !! Thank you ??

C. L.
C. L.
4 years ago

I have a small tax business; and, I found that about 75% of my clients will get relief under the new tax law. The others will either not get major increases or I was unable to apply the business tax rule regarding small businesses getting the 20% break – will have to wait to see what their net business income is before we will see results.

Judy Carey
Judy Carey
4 years ago

thank you for keeping the taxes down

Stan Wrotniewski
Stan Wrotniewski
4 years ago

And no more deductions for mileage driven on behalf of a company. I drive 20,000 miles a year with wear and tear on my vehicle is a mental health provider and I can no longer deduct it this sucks.

Carol
Carol
4 years ago

It didn’t help me this year but am looking forward to next year when the double deduction takes place. I was hurt so badly by the WEP they passed during Regan administration because I only taught for 17 years and got only $1100 pension. When my husband died in 2011 and I do not get spousal benefits and they took 2/3 of the small Social Security of my own I ended up with $62 a month until this year. Now with the increase in SS I not only lost my $62 but have to pay into SS for part B and D each month. I was forced to take a reverse mortgage to survive but I didn’t get but $80,000 and I have now lived on that for 7 years and trying to keep the house up and pay taxes here in CA plus all kinds of insurances is very difficult. WEP Should not have applied to people who did not have a pension one could live on. I should not be struggling like this. My husband worked until 70 thinking I would get more. He didn’t believe WEP.

Former Actuary
Former Actuary
4 years ago
Reply to  Carol

Your post leaves out some information. How many years did you pay into Social Security, and is the $62 per month based on your own record? Did your spouse have a Social Security benefit when he died? If your $1100 is from a State that didn’t collect FICA taxes from you while you were teaching, then you are still entitled to your deceased spouse’s benefit less about $740 for the GPO (Government Pension Offset). If I understand correctly, you should re-apply for widow’s benefits based on your spouse’s record.

Scrivner
Scrivner
4 years ago

Apparently simplification was not a goal. Nor giving an equal break to skilled workers who own their own business. I am referring to the new Section 199 that is supposed to equalize the rates on C-Corporations and partnerships, S-Corporations & the self-employed. In essence, if you are in a skilled profession (doctor, accountant, consultant, attorney, etc – except for architects who must have a great lobbyist) and have ownership in your organization you are disallowed from having a reduced rate to match the butcher, the baker and the candlestick maker.
Also, trying to work the formula is enough to cause brain bleed, a very sneaky result that you can not blame on the Russians!

PAT W.
PAT W.
4 years ago

HOW ABOUT NEW YORK STATE.HIGH TAX IN THIS STATE.KILLING PEOPLE HERE.NO END.

randy
randy
4 years ago
Reply to  PAT W.

that’s you DeBlasio for ya……

Ted
Ted
4 years ago

Excellent! Now if we could just keep Congress “budget writers” from finding so many ways to spend excessively, things would be a lot better.

Mrs;. Marlene Bedwell
Mrs;. Marlene Bedwell
4 years ago

Social Security recipients don’t pay any taxes anyway so we never felt anything. The raise in 2018 was 2% and after Medicare got their cut I had $13.00 more in my check. PRAY TELL ME. , when do older people get a tax cut. We are actually hurting without this help.

Michael Johnson
Michael Johnson
4 years ago

Appreciate our President and all he has done to make America Great again, however the new tax cuts have not helped my family much. In fact, my taxes are going up considerably because certain deductions are not in the new tax plan. Oh well, I am still hopeful.

Henry E Meguess
Henry E Meguess
4 years ago

Bragging about the tax cuts is one thing but the truth seems to be tax cuts cause higher prices. Gas in SE Georgia jumped .20 cents overnight recently. Our government cannot control all the spending and so when something good happens Whiskey, Cigarettes, and gas always gets pries hacked to cover the loss of money. Our government wants more and more money.

Jack Joiner
Jack Joiner
4 years ago

I won’t know how the tax cut will affect me until next year but I believe the increase in the standard deduction will help since I am unable to itemize. Thank you President Trump for trying to do what you promised during your campaign.

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