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Opinions » Poll

How have the federal income tax law changes affected your 2018 return?

The new tax law, effective since Jan. 1, 2018, nearly doubles the standard deduction amount. But, it also changed itemized deductions, producing a range of outcomes, depending upon one’s situation. Taxpayers must file returns or apply for extensions by April 15.

Disclaimer: This poll represents an unscientific sampling of users.
Select one of the following options, then click the "vote" button.
  I’ve filed and will get a bigger return this year.
  I’ve filed and will get a smaller return.
  I’ve filed and owe taxes — a change for me.
  I’ve filed and owe taxes — as usual.
  I’ve filed for an extension.
  I don’t know.
(223 Votes)
Member Comments (5)
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Tony Bentley
April 19, 2019 at 8:07 pm
Our Federal taxes went up 1% from 2017 to 2018.
jdobbins
April 16, 2019 at 3:15 pm
Last year I owed money. This year I got $7K back.
Truepat
April 16, 2019 at 5:22 am
I lost $13k in deductions with the new system.....
Mark House
April 15, 2019 at 3:32 pm
55.6% of Americans pay Federal Income Taxes that cover 100% of Americans. A thank you from the 44.4% that do not pay would be wonderful (but will never happen).

But CBS News polling from mid-November found that a majority -- 59 percent of Americans -- oppose building a wall along the U.S.-Mexico border. Let's see 55.6% are the only ones paying Federal Income Taxes and 59% of Americans oppose the building the wall. No brainer, yet the current administration is the Tin Man, so no brains sounds about right.
Mark House
April 15, 2019 at 3:23 pm
"Approximately 76.4 million or 44.4% of Americans won’t pay any federal income tax in 2018, up from 72.6 million people or 43.2% in 2016 before President Trump’s Tax Cuts and Jobs Act, according to estimates from the Tax Policy Center, a nonprofit joint venture by the Urban Institute and Brookings Institution, which are both Washington, D.C.-based think tanks. That’s below the 50% peak during the Great Recession. They still obviously pay sales tax, property taxes and other taxes.

“The large percentage of people who don’t owe federal income tax is a feature, not a bug, of the revenue code,” according to the Tax Policy Center. “By design, the federal income tax always has excluded a significant fraction of households through a combination of personal exemptions, the standard deduction, zero bracket amounts, and more recently, tax credits.”

These workers who won’t owe any federal income tax include single people, married couples filing jointly and married individuals not filing jointly, said Gary Burtless, a senior fellow at the Brookings Institution. For the most part, they don’t earn enough money. However, many people who work and who don’t owe any federal income taxes still give money to Uncle Sam, because money comes out of their paychecks for Social Security and Medicare, he said.

“Many low- and below-average-income families pay more in payroll taxes every year than they pay in federal income taxes,” Burtless said. “This means you have to be careful describing the federal tax liabilities of U.S. families. The U.S. individual income tax is quite progressive, with much heavier tax liabilities as we move up the income distribution and very low or even negative income tax liabilities at the bottom of the income distribution.”

“Either their taxable incomes are below the threshold at which the tax unit’s ’taxable income’ exceeds zero,” he said, “or the taxpayer qualifies for refundable tax credits — such as the Earned Income Credit and/or the Child Tax Credit — that are greater than the amount federal income tax owed, in which case the tax filer receives a tax refund or owes no federal income tax liability. Much more rarely, high-income taxpayers have adopted tax strategies that occasionally eliminate their federal income tax liability.”
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