Has Trump's tax cuts helped you or hurt you?
According to my accountant, she said people have to end up paying more at the end of the year where they didn't before.
- 2 years agoFavorite Answer
It hurt badly. I live in a state with high property values. It's a market propped up because taxes were deductible under SALT. But because Trump wanted to give tax cuts to the people who voted for him, he eliminated most SALT deductions to give the Midwest and South with very low property values a tax cut.
The East and West as a whole already paid more into federal coffers than they get back, but after Trump, he added about 4% more to the imbalance per person.
Oh, and this is an added bonus for Trump, which is that the SALT deduction only started phasing out at $10,000, but resumed at about $30,000. So those multimillionaire friends of his will still get massive deductions. It's people whose values are between $750K to $2 million that will hurt.
- JamesLv 72 years ago
Neither. Nothing changed for me.
- ?Lv 42 years ago
Who??? Who is Trump?
- EdWinterLv 72 years ago
"According to my accountant"
Thanks, hon, I needed that!!!
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- ?Lv 72 years ago
The only people who got hurt are the wealthy people who can no longer deduct all their property tax and state and local income taxes. 99% of lower and middle class people got a tax cut and many got bonuses or raises. They also helped everyone who has benefited from the booming economy.
- TrumpDumped!Lv 72 years ago
It hurt a lot of regular folks. Their paychecks didn’t go up but their taxes did.
- 2 years ago
This year was the first time I have ever owed money to the IRS.
- Uncle PennybagsLv 72 years ago
Saved me $1,200 in 2018 vs. 2017. It was the expanded child tax credit and near double standard deduction. It let me just take the standard deduction vs. itemizing. The Standard Deduction was about $6k better than itemizing.
- Godless GazooLv 72 years ago
They helped everyone. It's impossible that a tax cut would hurt you.