I just filled my taxes. I’ve been hearing about lots of politicians slapping themselves on the back over the new “tax cut.” I’ve also noticed the news media referring to the “tax cut.” It’s not a “tax cut” unless it’s for everyone. It may be “tax reform,” “tax restructuring,” “tax change,” but not “tax cut.”
I have a fixed income so my income was the same this year as last. My taxes were higher. The standard deduction is higher but the rate on the remaining amount is greater thus raising what you owe. If you were lucky enough to actually have reduced taxes, remember this came at a cost to low income people.
The new tax system was not done for the American people; it was done to the American people.