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May 18, 2019

Reflections on Taxes 2018 and looking forward to 2019

I read last week that “polls” indicate folks were unhappy with the 2018 tax experience. Every single tax return touched over here (+ 25), had a response of lower taxes than in 2017.  Why does the media insists that folks were unhappy with Tax Reforms in 2017 when the majority of responses were positive? Could it be a basic misunderstanding that the tax reforms adjusted payroll tax withholding which immediately increased tax home pay? This was not designed to deliver bigger refunds. 

Note too that US Gov revenues are also up overall…which indicates the economic outcome intended – generating greater revenues despite lower tax rates on corporations and individuals is working as promoted.