Good article in the Wall Street Journal today, summarizing data from the IRS, using 2018 tax return data.
https://www.wsj.com/articles/you-fi...x-law-is-working-11562059803?mod=hp_lead_pos5
66% of all American households saw their effective taxes decline year-over-year. 6% saw increases. As it pertains to percentage reductions in taxes, the decreases were almost identical across income levels. Which means they weren't slanted to any one income group. Many of the political narratives thrown around going in were that the cuts were slanted towards the rich. In an utterly shocking turn of events, turns out they weren't.
One piece of data stood out to me. Only 14% of Americans "thought" their taxes went down from 2017 to 2018, even though evidence shows that over 2/3 of Americans saw tax declines. Which tells me one thing.........we have a whole lot of financially illiterate people in this country who have no clue what's going on with their finances. A couple of them even post on this board.
https://www.wsj.com/articles/you-fi...x-law-is-working-11562059803?mod=hp_lead_pos5
66% of all American households saw their effective taxes decline year-over-year. 6% saw increases. As it pertains to percentage reductions in taxes, the decreases were almost identical across income levels. Which means they weren't slanted to any one income group. Many of the political narratives thrown around going in were that the cuts were slanted towards the rich. In an utterly shocking turn of events, turns out they weren't.
One piece of data stood out to me. Only 14% of Americans "thought" their taxes went down from 2017 to 2018, even though evidence shows that over 2/3 of Americans saw tax declines. Which tells me one thing.........we have a whole lot of financially illiterate people in this country who have no clue what's going on with their finances. A couple of them even post on this board.
