tigerred59
Gold Member
- Mar 17, 2015
- 21,276
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Americans Haven’t Noticed Trump’s Tax Cut in Their Paychecks. That’s Probably Because There Isn’t Much to Notice.
For a lot of people, the tax cut is just way too small to pick up on, especially if you break it down into bi-weekly chunks. The Tax Policy Center estimated that Americans in the middle 20 percent of the income distribution who received any tax cut at all could expect their IRS tab to drop by $1,090 on average. If all of that money arrived at once, it would be easy to notice. But divide it by 26, and it comes out to $41 per paycheck. That adds up to real money for many families over time, but it might not jump out from a bank statement—very few of us have the eagle-eyed financial awareness of the public school secretary in Pennsylvania who noticed her paycheck go up by $1.50 a week. It’s going to be especially tough for people to pick up on the small changes in their tax withholding if their pay has changed for other reasons. According to the Federal Reserve Bank of Atlanta, which tracks pay growth for individuals over time, the median worker saw their wages rise 3 percent over the past year. Not many people are going to sit down and try to disentangle the effect of those annual raises on their paychecks from the effect of Trump’s tax cut, because why would they?
I have yet to meet or speak to one person, who has seen their paycheck worthy of this trillion dollar tax cut the GOP imposed...not one.
Once again, the American stupid, got fucked over
For a lot of people, the tax cut is just way too small to pick up on, especially if you break it down into bi-weekly chunks. The Tax Policy Center estimated that Americans in the middle 20 percent of the income distribution who received any tax cut at all could expect their IRS tab to drop by $1,090 on average. If all of that money arrived at once, it would be easy to notice. But divide it by 26, and it comes out to $41 per paycheck. That adds up to real money for many families over time, but it might not jump out from a bank statement—very few of us have the eagle-eyed financial awareness of the public school secretary in Pennsylvania who noticed her paycheck go up by $1.50 a week. It’s going to be especially tough for people to pick up on the small changes in their tax withholding if their pay has changed for other reasons. According to the Federal Reserve Bank of Atlanta, which tracks pay growth for individuals over time, the median worker saw their wages rise 3 percent over the past year. Not many people are going to sit down and try to disentangle the effect of those annual raises on their paychecks from the effect of Trump’s tax cut, because why would they?
I have yet to meet or speak to one person, who has seen their paycheck worthy of this trillion dollar tax cut the GOP imposed...not one.
Once again, the American stupid, got fucked over