Perspective: Tax Day is over -- and Trump’s tax bill is even less popular after people see their returns
"This is going to be one of the great gifts to the middle-income people of this country that they've ever gotten for Christmas," Trump said in December 2017, just before the Tax Cuts and Jobs Act was passed. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist April 17 at 3:58 PM Tax Day is now over, and many Americans say they didn't notice the"tremendous" tax break President Trump promised.
"My income decreased by 30 percent during the last six months of 2018," one reader wrote."The value of my taxable assets also decreased in the last part of 2018. In 2017, we owed approximately $130. We have been 'itemizers' for years. For 2018, we took the standard deduction, and we owe $1,180. So yeah, the tax changes that took effect in 2018 negatively impacted my family.
Not surprisingly, people's political affiliation impacted the results. Only 16 percent of Democrats approve of the law, compared with 78 percent of Republicans. The approval rating for Independents is 32 percent. "When people get their paychecks, other things are going on besides taxes," said Howard Gleckman, a senior fellow at the Tax Policy Center."They may have had higher health insurance premiums that easily wiped out all or some of the tax cut."
“I’m happy about the tax changes,” wrote Jan R. from Vienna, Virginia, when I asked readers how they felt about the GOP tax bill. “I did my taxes both ways -- itemized deductions and standard deduction. Got about the same refund as last year when using itemized deductions and almost $900 more using the new standard deduction. I did change my withholding last year to adjust for the new tax law, so I wasn’t surprised this year.
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