*rubs head*
I really wish taxes were less complicated.
The standard deduction doubled, but the exemptions were taken away. A lot of tax law that would impact "normal" people have stayed relatively the same beyond this and the child tax credit. Who this "hurts" are families with a lot of children, particularly families with only one parent and children. Who this "benefits" the most are couples with no kids. This is generally speaking, of course, and assuming more people are taking the much larger standard deduction as opposed to the itemized deductions (which were becoming a joke anyway - particularly medical with the changes from the ACA).
The child tax care credit doubled as well from 1k to 2k a child. However, you could take the exemption AND credit previously, so this means families are, generally, being taxed more with the exception of, I believe, a married couple with one child (the two higher standard deductions and child credit would be higher than the previous lower two standard deductions and 3 exemptions and 1 childcare credit) but barely.
To put it bluntly, your average "boomer" couple with no children benefits the most from the tax cuts that impact the most Americans. The younger "childless" couples also do benefit from this, but... it is hardly a secret the "boomers" are Trump's favorite.
As far as the rich, percentage wise, the brackets went down around the same for most brackets (no change to 3% difference). The thresholds increased, which means more Americans fit into lower tax brakets. As far as actual money, that is simply a matter of volume. 2% of 1 million will always be more than 2% of 100 in terms of actual dollars.
So I am not sure what exactly what is meant in some of these discussions, but I thought I'd say something. Please research and audit my findings as I specialize in other areas (like data analytics), but this is my understanding of the 2019 tax year changes.
And I swear I'm not going to let her know all the pain I have known
07-Feb-2020 03:47:51
- Last edited on
07-Feb-2020 04:19:35
by
Averia Light