The math behind Trump’s tax law
In the Feb. 15 “sound off” section of the Tribune Chronicle, it was asserted that people are going to be deeply disappointed when they file their income taxes as a result of President Trump’s tax law. They say people will get little or no return and may have to write the IRS a check due to Trump’s new tax law. That may be true in some cases, but no two taxpayers are in the same tax situation. Considering that half the people in the country don’t even pay federal income tax, many get an earned tax credit and the top 10 percent of taxpayers pay 90 percent of all taxes, it can seem unfair and confusing.
I, for one, have been brought to my senses after filing my federal taxes for 2018. Remember though no two peoples income tax situation is the same though. For instance I earned $7,500 more in 2018 than 2017 and confusingly had $77 less federal withholding deducted even though I had $75 additional withheld each week for half the year. Seriously, what’s going on here?
After filing my federal taxes it became crystal clear to me. I paid 4.3 percent less federal taxes in 2018 than 2017 before President Trump’s tax law, even though I made significantly more money. If many people aren’t going to get the big return they expect for 2018, it’s because their withholding rate went down, not because the rich are paying less.
There’s only one explanation for this: Trump’s plan worked for me. Considering so many people struggle doing the math to figure their gas mileage, I’m not surprised that someone would call that a bad deal. Some are so entrenched in their hate for President Trump that reason escapes them. I pity them; hate is a very deep hole to crawl out of. Remember, it is refreshing to come to your senses; more people should make that leap.
ALAN T. MASAITIS