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SQUEEKY2's avatar

How have you benefitted from Trump's taxes cuts?

Asked by SQUEEKY2 (15782points) September 9th, 2018

This is about you, not corporations, the wealthy top 10%, just you and how his wonderful tax cuts have made your life better.
Been able to pay down the mortgage, buy a new car, put your child through university?
The trickle down must have reached you by now, right?

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27 Answers

SQUEEKY2's avatar

I mean Trump’s son inlaw is saving 14million , I don’t expect the average person to save that much, but it must be pretty good for the average person as well, right?

stanleybmanly's avatar

I’m not sure.

SQUEEKY2's avatar

Let us know when you get the full idea of how much you benefitted, won’t you @stanleybmanly ?

elbanditoroso's avatar

Too early to tell. My monthly paycheck did go up by several hundred dollars in February. However, until we get to December and start seeing our W-2 forms and the actual taxes that will be owed, we won’t know for sure.

I have this nasty feeling that in January/February, when it is tax collection time, a lot of people are going to end up paying BIG BUCKS because their tax withheld was too small.

kritiper's avatar

As a business owner, I file estimated tax payments all year so won’t know if there are any benefits until I get the 2018 tax forms and figure my taxes. But they will have to show up as reduced Self Employment taxes, since I haven’t been able to make enough to pay regular income taxes to get the Standard or Personal exemptions.

Zaku's avatar

It doesn’t look like I will see any benefit.

SQUEEKY2's avatar

Really @Zaku I am shocked they painted that everybody would see benefits from the top right down to the poor.

JLeslie's avatar

You gotta wait until end of April when people really know. Your Q is too early.

I think I will benefit, but I’m sure I don’t completely understand everything that is going to happen at tax time. Even if I benefit, I’m pretty sure there will be others who will be hurt, and my tax situation will likely be very different in 2019, so it might be me next year who is affected very differently than this year.

stanleybmanly's avatar

Things are so convoluted with the tax codes, that it might well be next to impossible to discern any net benefit or loss from Trump’s tax initiatives. I just don’t know.

ucme's avatar

No, no I haven’t.

flutherother's avatar

I haven’t benefited at all but Trump will save at least $11,000,000 per year.

Love_my_doggie's avatar

I’m self-employed, so I benefit from the 20% deduction under I.R.C. Sec. 199A.

Not that I wanted this break, in any way or manner. I’m trying to decide how to give back the net effect, through a civic or (worthy) charitable donation. (Why did I add “worthy” parenthetically? Because most charities aren’t worthy of contributions. But, that’s another discussion for another time.)

seawulf575's avatar

When the tax cuts first started my take-home pay went up a couple hundred bucks per month.

SQUEEKY2's avatar

Is your take home pay still up a couple of hundred now, @seawulf575 ?

JLeslie's avatar

Let’s see how that pans out at the end of the year. Take home pay doesn’t necessarily mean anything. What will matter is what you actually pay the government in the end. You might wind up better, you might not. I feel like none of us know for sure yet, unless you are really versed in tax law.

Maybe the new 1040 and tables are already published? That would be the way to figure it out if you can put in accurate estimates for everything.

SQUEEKY2's avatar

You are right @JLeslie ,it is strange between our two countries the taxes very quite a bit.
A lot of your icome taxes are less than ours, but a lot of your property taxes are a quite a bit more.

notnotnotnot's avatar

About $26/month.

Tax cuts are designed to redistribute money upwards to those who don’t need shit, and this one is no exception. The Republicans temporarily stopped their “but how are we going to pay for it?” mantra long enough to pass a bill that will hurt our kids while making themselves even more obscenely-rich.

Taxes are not bad, people. There are legitimate reasons why we pool our resources to pay for things we feel are necessary for a functioning society.

JLeslie's avatar

@SQUEEKY2 I’m not even talking about property taxes. Property taxes are done at the local level and have nothing to do with Trump tax law changes, except that the property taxes for some people could be deducted from federal income tax. His change makes this deduction less likely for most people.

filmfann's avatar

Hard to tell until tax season.
I really don’t care. The cuts he made will damage the country’s future. He raged about the deficit, and now it’s growing faster.

JLeslie's avatar

@SQUEEKY2 Just to add, people, both Democrats and Republicans, will talk about federal income tax in one sentence, and then all taxes total in another, and not clarify, and that’s a huge problem. This Q seems to be about federal income tax, but all the taxes we wind up paying.

People will say they pay 50% in taxes, no they don’t! Not to the federal government. Maybe if they are counting all taxes they pay, but that varies a lot depending on what state someone lives in. That’s why I like to just stick to the conversation of federal income tax when talking about Trump tax changes, he doesn’t affect my property taxes or sales tax that I pay.

seawulf575's avatar

@SQUEEKY2 Actually, to be perfectly honest, it isn’t. But the reason has nothing to do with the tax cuts. As of August 1 I asked for and got a lesser job. I got tired of the supervisor thing…I couldn’t swallow all the bullshit coming from the corporate world. I am now a technician and perfectly happy. But up until August 1, yes, my pay was still up. It wasn’t a one time thing or some increase with a twilight clause. And, my pay now is almost what I was making before Trump’s tax cuts raised my pay.

rojo's avatar

I saw no change in last years tax return that could not be attributed to making less. I am not really expecting a windfall this coming April.

On the local front, my property taxes have risen tremendously over the past two years. (We do not have a state income tax) Not blaming Trump for this though. It is an ongoing problem and is all the unfunded mandates the Texas Republican legislature have issued over the past decade. They insist schools, civic governments, etc. do certain things and attain certain levels without providing the funds to do so. Usually, they actually cut budgets to various state agencies to finance tax cuts and the local government have to pick up the slack.

Looks good on them Republicans: Mr. Right hand says “Look we lowered the tax rate and taxes”. and Mr. Left hand (local government) says: “Um, we have to raise your taxes to pay for services”.

Guess what. To me it doesn’t matter. It still comes out of my wallet either way.

Being recently retired it doesn’t make a difference. I don’t get a pay raise. Can’t collect SS yet and feel sorry for those who have to live on it. Yearly adjustments can’t keep up with rising prices and Congress is presently trying to do away with it. All my income comes from property and savings. Savings hasn’t seen a substantial increase in the rate of return in decades. What little I have in the stock market has fluctuated up and down and recently is declining again. As I said my property taxes have gone up as has my insurance costs but I am not able to increase the rents I ask on my properties. I tried to make a minor adjustment this August and increased my rents on vacant units only to have to lower them back to where they were to actually rent them so I have to absorb the increase costs. Utilities are up, groceries are up, gasoline is up, insurance is up. Income has declined.

rojo's avatar

You know, as fast and as high as our property taxes have gone, I am pretty sure that I would be paying less if we did have a state income tax instead of financing schools etc through property taxes..

rojo's avatar

Hey kids, just like to throw This out there for your enjoyment. relevant

MrGrimm888's avatar

Of course not….

Mariah's avatar

The damage to the health insurance market that was included as part of that bill will far outweigh any tax benefit for me.

MrGrimm888's avatar

^Fake news. You’re doing “great!”

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