Some middle-income households are finding the benefits are smaller than they anticipated because of how certain tax cuts are structured, according to interviews with workers, accountants and tax policy analysts. Large groups, including many railroad workers and truck drivers, are excluded from the overtime tax savings. The Social Security deduction excludes both very low and higher earners. And the tips deduction is capped at $25,000 — even for couples like Cummings and her husband who both earn a big share of their wages from tips.
Meanwhile, the highest-income households are reaping the biggest gains, with about 60% of the tax savings from Trump’s law projected to go to the top fifth of households earning more than $217,000, according to the Tax Policy Center, which does research and analysis on tax legislation. In some cases, the highest-income households will see smaller tax savings as a share of their overall income, as compared with middle-income households, but the total dollar amount in their refund check will be much more: The wealthiest households could see millions of dollars in savings with bigger tax benefits on everything from private jets to multimillion-dollar inheritances.
This should labeled “No shit Sherlock “
It really truly isn’t a complex formula. Tax breaks for the ultra wealthy, not even close to being covered by the tax and costs increases for your average American citizen. America is broke. Financially, morally and every other civilized way. They have simultaneously perverted their historical manuscripts and the Bible
I knew it was a billionaire owned news source from the start, bc it says that he left behind “some” workers he promised to help instead of “all”
“This just in, the tax laws Trump promised to help Americans only seem to help the rich and the social safely next that was cut to pay for the tax cuts were there for a reason apparently. Again trickle down economics proven wrong for the umtheenth time.”
corporate news sewers out here like “How the sun is bright” because trumps in office, they once again had everything to do with helping him and nothing to do with bringing him down.
Surprised.
Pikachu.Under changes in the tax law, private jet buyers can deduct the full cost of the aircraft from their taxes in the year it is purchased if it is used at least half of the time for business.
So if you buy the jet in December and take a single business trip (and no personal trips), you would have 100% of the jet flights for business in the year you purchased the jet? It looks like you would then get a tax deductible jet for whatever use you want going forward?
“We, along with the whole industry, definitely saw a pretty significant uptick in demand in the back half last year, which we’re attributing to the 100% bonus depreciation,” Shevlin said. “We expect the same thing to happen at the end of this year.”
This looks like it confirms my suspicion.
Some workers? Are we sure it isn’t all?
Are there still any lower-class people out there that think trump’s tax laws (from 6+ years ago) are going to help them?
