Winners & Losers Under Trump’s Tax Law
Tax day is just a couple days away and we have already seen some surprises for people filing their first income tax returns under President Donald Trump’s 2017 law.
Most Americans are paying less in taxes overall and have been startled to find that their refunds have barely changed or are down — making them feel like they lost even though they’re still coming out ahead.
Below are some ways to look at who’s winning and losing under the law.
- Most US taxpayers
- Most Wealthy People
- Some Business Owners
- Red state filers who depend on refunds
- People taking the standard deduction
- Blue state filers who depend on refunds
- People who thought a tax cut would mean a bigger refund
- People who thought they were getting a refund
- The US Treasury
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