As today, April 15, is the last day of the normal federal individual income tax filing period in the United States, today is Tax Day in the United States, and, on this Tax Day, the tax reform bill championed by President Donald Trump and the Republican Party is not popular among American voters.
CNBC contributor and Former U.S. Senator Heidi Heitkamp, wrote this about the Republican tax bill, which is officially called the Tax Cuts and Jobs Act (TCJA), for CNBC’s website:
Results from a recent NBC News/Wall Street Journal Poll said just 17% believe their own taxes will go down. By contrast, 28% believe they’ll pay more, 27% expect to pay about the same, and 28% don’t know enough to say.
Unfortunately for (U.S. Senate Majority Leader Mitch) McConnell, Americans did not rejoice at the small incremental change in their monthly take-home pay, made possible by the changes in withholding tables.
A Morning Consult/Politico poll taken in December 2018 reported that, of those polled, only 23% saw an increase in their take-home pay, and 60% did not. Now, as Americans file their returns, they similarly are not seeing anything that will improve their opinion of the TCJA.
As of the end of March, the IRS paid out $6 billion less in total refunds this year compared with last, and the average tax refund amount is $20 less than last year. This does not look like the huge tax reduction promised to middle-class America.Source
I encourage everyone to read the entire Heitkamp piece that I’ve linked to above, but, long story short, the Republican tax scam, as I like to call the TCJA, has resulted in giant tax breaks for the wealthiest individuals and the largest corporations, while doing virtually nothing to create jobs or provide any significant benefit to poor and middle-class Americans and doing more to aggravate an already serious problem of significant wealth inequality in America than anything else.