Trump’s Tax Reform Act

In May of 2019, I wrote a commentary detailing how the Tax Reform Act of 2017 impacted my income.

I did so because there was a lot of talk from the news media stating the Act didn’t do much and people were complaining their refunds were less than in prior years. First of all, your refund isn’t the correct measuring stick. If you want a bigger refund, simply have more withheld from each paycheck. The only true measure is the actual tax due.

In my commentary back then, I explained I have always prepared my own taxes using the HR Block software. So, after completing my 2018 tax return, I opened the 2017 software program and input all of my 2018 income tax data. The result was, that without the tax reform act of 2017 (the act wasn’t applicable until the tax year 2018), I would have owed / paid $3,115 more on my 2018 income than I actually did because of the tax act.

That was when I was working full time and my wife had a part-time job. We have since both retired, so our income is much less. Therefore, with this being an election year, I thought it would be beneficial to do another comparison based on my 2019 income and remind people what President Trump has done for the middle class.

The result was the same. Without the Tax Reform Act, my tax bill for 2019 would have been $1,939 more than it is. So, don’t believe what the liberal press and liberal politicians are selling. Democrats will take more of your money and spend it on whatever they what. I’d rather spend my money on what I want.

I strongly urge anyone that prepares their own taxes to prove this to themselves.

Vote Republican to keep the economy strong and growing, and keep more of your money in your pocket.