You Probably Got a Tax Cut, Even if It Doesn't Feel Like It

Nicole Dieker just a moment. 0 comments
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Did you get a tax cut this year? According to new data from the Tax Policy Center, the majority of Americans did in fact pay fewer taxes under the Tax Cuts and Jobs Act—but since many of us are getting smaller refunds (or no refunds at all), it might not feel like it.

As The New York Times reports:

The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.)

[...]

“Most people didn’t recognize the increase in take-home pay, or at least didn’t attribute it to the tax cut,” [H&R Block analyst Nathan Rigney] said. Some of them might realize it now that they’re filing their taxes, he said, but “it’s little consolation to discover that you received a couple thousand dollars during the year but you already spent it.”

Unfortunately, despite the above quote, a lot of us didn’t receive “a couple thousand dollars.” If you’re in the middle fifth of American earners—that’s households with incomes between $47,110 and $77,552, according to the U.S. Census—your average tax cut was only $780. Higher earners got higher tax cuts, with the top 1% of Americans receiving tax cuts that topped $30,000.

So. Did you pay fewer taxes this year? Did those tax savings show up in your paychecks, or did you end up with a refund? If you did receive slightly higher paychecks in 2018, did it feel like you were getting a tax benefit—or do you still feel like you missed out on that tax cut you were promised?

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