OPINION: There’s a disconnect between who actually benefited from the Tax Cuts and Jobs Act and who thinks they benefited.
With tax filing season now underway, we have two full years of the Tax Cuts and Jobs Act changes in the rearview mirror: 2018 and 2019. Are you better off than before? Is the country better off than before? Good questions. Not surprisingly, the answers depend on your specific situation and, just as importantly, your perceptions.An online survey conducted for The New York Times and published in April of 2019 found that only 40% of Americans believed they had received a tax cut under the TCJA.
Why the big disconnect? One reason for the large disconnect between tax cut perceptions and tax cut reality for the 2018 tax year: The updated federal income tax withholding tables used by employers in 2018. TCJA winners and losers Regardless of perceptions, the TCJA changes clearly resulted in winners and losers.
If you were an alternative minimum tax victim before the TCJA, you are probably now AMT exempt. If you still owe the AMT, you probably owe quite a bit less than before. Folks who were AMT victims before the TCJA are clear winners. Impact on the economy There is some evidence suggesting that the TCJA may have given a jolt to the economy and led to more job creation. The TCJA cut the maximum corporate federal income tax rate from 35% to 21% and greatly expanded first-year depreciation write-offs for business equipment additions.
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