Published: Wed, April 17, 2019
Markets | By Otis Pena

Trump Visits Truck Dealer in Minnesota to Tout Tax Cuts

Trump Visits Truck Dealer in Minnesota to Tout Tax Cuts

That may explain why most Americans feel they haven't received a tax cut - it's too small for people to notice. "For middle income earners, the average tax cut amounted to "$1,090 - about $20 per biweekly paycheck".

"I think at the end of the day you've got a very prosperous America with low unemployment, blue collar workers are doing actually higher wages than we've had in years and the blue collar workers are doing better than the white collar workers although everybody's sharing in the prosperity", Kudlow said.

Today is the deadline for filing federal income taxes under the first year of the tax cut enacted by a Republican-led Congress in 2017 and signed by President Trump. Yet recent polls show the public isn't so sure. According to Mother Jones, a campaign aide for the New Jersey Democrat said reforms to the federal estate and inheritance tax could fund Booker's plan to provide every newborn in the USA with a $1,000 savings account until they turn 18 with more money going toward lower-income families.

More than 6 in 10 Americans told CBS News they think large corporations and wealthy people benefited from the tax overhaul.

The returns show that Walz and his wife Gwen, a school administrator, appear to have benefited from Trump's tax cut. Bonuses for workers rose only one penny a year ago, according to Lawrence Mishel, distinguished fellow at the left-leaning Economic Policy Center.

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"This is not what the tax cutters promised, or bragged about soon after the tax bill passed", wrote Mishel. However, Romans claimed that most taxpayers are actually "winners". Especially if they found themselves having to send the IRS money instead of getting the refund they anticipated and had gotten previous years.

This #TaxDay2019 remember even if you paid just a dollar in income tax in 2019, you paid MORE in taxes than Amazon who made a record profit of $11 BILLION this year.

To check, you'll need to calculate your effective tax rate for 2017.

The SMART Act establishes a flat income tax of 17 percent on all income. Do the same calculation to determine your effective tax rate under the new law. Almost one-third of the tax returns expected to be filed this year had not been filed by April 6 (the most recent date for which IRS data are available).

While the trip was billed as a chance to meet with local business leaders on Tax Day, Minnesota likely will play a crucial role in deciding Trump's chances of winning reelection next fall as well. In that case, taxpayers may want to consider an extension, which can typically be done in a few minutes, tax experts say.

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