Doubled the standard deduction but eliminated exemptions but doubled the child tax credit (with much higher phase-out).

But didn't make the child tax credit fully refundable which hurts middle class families. I on the other hand am going to make out like a bandit with an approximate $6k tax cut, but I don't really need it. I'm going to dump it into the market and forget about it for 20 years.

Ish, this really benefits renters and penalizes property owners.

Not property owners, people with a mortgage.

People with a mortgage in expensive markets California, Massachusetts, New York...

With the new tax reform the top 20% of income earners will still pay more than 87% of income taxes.

https://www.wsj.com/articles/top-20-of-americans-will-pay-87...

Yeah, not nearly enough for that top few percentage points.

Could be lying, or maybe they contribute 12% to their 401k, or pay for daycare with pretax dollars, or have an HSA and an IRA, etc. There's lots of causes for taxable income ≠ salary- there's no need to make baseless accusations

daycare max is only $5000

Yeah. Although when I looked at the math[1] it's a moot point since if you make $100k/year you're only paying 15% _without_ any of those mitigations.

[1] https://www.forbes.com/sites/kellyphillipserb/2018/03/07/new...

>You are lying.

No, I'm not. Do the calculations yourself.

https://www.calcxml.com/calculators/trump-tax-reform-calcula...

I get that it's hard to believe at first how insane this new bill is. I was in absolute disbelief when I first did the numbers.

A single person earning $100,000, claiming the standard deduction, will have a total federal tax liability of $15,410 for 2018, or an effective rate of 15.4%.

So send a check to the Treasury. Nobody is stopping you. You could even organize a bunch of like minded people to send checks to the Treasury.

I needed the tax cut. If you don’t, you don’t have to keep it. I am a better steward of my money than the government, especially when it comes to saving and investing for my family’s future.

If you needed the tax cut, you likely didn't get much of a tax cut.

How can you expect him to afford to keep his ferraris going without the tax cut? Heartless.

> I am a better steward of my money than the government,

Really, ok what have you done with your money? How many buses do you run? How many schools, roads, armies?

This argument is so lazy and seems to crop up every time income tax is discussed. It's perfectly fair to criticize tax policy while also acknowledging that you (and others like you) are paying a lot less than what you should be paying.

Why would that person necessarily acknowledge that? I suspect they don't agree with you.

It's not as if there is an objectively correct amount of taxation, the matter is up for debate. To the founders of the country, for example, the federal tax rate in the US as it is today would constitute an obscene violation of their expectations.

Only if you instantly revived them and never provided them with the details of why we have an income tax. They would also be shocked by the lack of tariffs and other taxes.

"In 1794, when Congress appropriated $15,000 for relief of French refugees who fled from insurrection in San Domingo to Baltimore and Philadelphia. James Madison wrote disapprovingly, 'I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.'"

Unless you're taxing them federally for provisions outlined in the constitution, I'm inclined to disagree that they wouldn't have a problem with it.

Maybe you did, maybe you're just a greedy asshole who doesn't want to pay for society. Who knows.

I certainly didn't need a tax cut. You say you needed a cut, so maybe you did and maybe we should cut your taxes, leave mine alone, and tax raise taxes on people making a lot more.