In late 2017, the Republican Congress passed and President Donald Trump signed a tax cut for the American people. Ever since, Democratic politicians have criticized the measure very loudly, arguing that the only people who have really profited are high earners and corporations. They say middle and low earners have gotten squat.
So I looked at the 2015 tax bill under President Barack Obama for a family of four (two parents with two children) with a household income of $75,000 and compared it to the same family making $75,000 in 2019 under President Donald Trump.
In the 2015 tax year, our family paid $4,481 in federal income taxes. The same family will pay $1,680 on 2019 earnings. That’s a savings of $2,761. I don’t think this is squat.