Tax Day 2019 📈
Show me the money!
Tax Day 2019 – the deadline to file your taxes for 2018 and also assess the impact of Trump’s Tax Cuts and Job Act (TCJA). So far the verdict does not bode well for President Trump as the tax cuts remain unpopular amongst most Americans.
A confusing tax experience
American tax law is notoriously confusing and difficult to comprehend. As such, it is no surprise that many faced a "confusing tax experience" when trying to understand the impact of Trump’s tax cuts. Taxes were reduced by 25%, but refunds remained essentially unchanged, resulting in many believing they did not receive a tax cut. However, in many cases the impact of the tax cuts was realized in lower paycheck withholdings, rather than in tax refunds. A tax cut does not necessarily mean an increase in refunds.
The Daily Caller: WILFORD: Media praises itself for misleading Americans on Tax Cuts
The right presents a twofold narrative regarding the impact of the 2017 TCJA. They quote President Trump (in Minnesota praising the TCJA), who claimed the tax cuts were “rocket fuel for the economy.” Furthermore, the right claims that the reason many Americans feel like they did not benefit from the tax cuts is a “factually-bankrupt campaign” propagated by the media.
The left goes on the offensive, attacking the premise that the tax cuts were aimed at primarily benefiting the average American. While the left acknowledges that most Americans did receive a tax cut, they contend that the cuts disproportionately benefited corporations. They cite two tweets to make their case – one listing the tax breaks for Big Pharmaand the other claiming workers received, on average, a one penny increase in bonuses as a result of the tax cuts.
Where's the common ground?
Taxes – one of the oldest, most complicated, and most polarizing political topics. While there isn’t much common ground regarding whether the TCJA is good for the average American and nation as a whole, both sides do agree on two things. First, most Americans did receive a tax cut, and second, most Americans felt like the tax cuts did not benefit them.
Another GOT meme? Groundbreaking
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