Poll: Majority of Americans say they are not seeing change in paychecks due to tax cuts

[DonViejo]

Source: The Hill




BY REBECCA SAVRANSKY - 03/28/18 07:50 AM EDT

-snip-

A CNBC All-America Economic Survey finds 52 percent of respondents say they haven't seen a change.

Just 32 percent of respondents report taking home more money due to the tax cuts, which Trump signed into law late last year.

Of those saying they are taking home more money, 38 percent say the extra pay they receive helps them a "great deal" or a "fair amount."

Forty percent say the extra pay helps "some" or "just a little," and 22 percent report that the extra pay "does not help much at all."

Read more: http://thehill.com/policy/finance/380598-poll-majority-of-americans-not-seeing-change-in-paychecks-due-to-tax-cuts

[JDC]

1. Shocker.

38% of 32% is not many

[TranssexualKaren]

4. And I suspect that that 12%....

Were already going to vote Republican anyway.

[Eliot Rosewater]

2. They better get prepared because the only way that tax bill works is their taxes are going

up very very soon.

[Wuddles440]

12. So true!

Most of the suckers will not realized that they've been scammed until filing their tax returns next year. The loss of the personal exemption and implementation of the SALT caps will be significant. Also, many states and municipalities have been increasing their taxes to replace revenue losses from reductions in Federal subsidies.

[lapfog_1]

26. the announced tariffs will increase the prices on a *lot* of items

which will eat up most peoples tax savings.

In addition, interest rates will need to increase significantly to allow the government to borrow at least $1.5 T more dollars over the next few years to pay for the tax cuts... those interest rates will affect anything bought with credit (car loans, house loans, credit cards), thus putting almost ALL consumers underwater again compared to the tax savings.

The only people that are likely to see a net positive are the 1% or even the .1% of top income earners and anyone that stands to inherit more than $10M in an estate.

[tazkcmo]

3. And just wait

Until the true cost of the cut comes due. No infrastructure upgrades, social program cuts, etc.

Yay trickle down!

[PoorMonger]

5. Smells like

The same 38% that love Dump are just responding positively to the poll because they think that’s what they are supposed to say.

[CrispyQ]

19. My thought, too.

They are like him in that they won't admit they made a mistake. They will stick with him to the end.

[subterranean]

27. It's actually 38 percent of the 32 percent whose paychecks have increased.

So more like 12 percent of all respondents said it helps "a great deal."

[Gothmog]

6. The reason for this is that these tax cuts were pitiful for regular tax payers

[Eyeball_Kid]

7. Hoodwinked!

Who would have guessed??

Does anyone expect GOPers to be honest?

The long term effects of the tax cuts will be devastating for the 99%. It’s a slow but inevitable roll to the bottom.

[NanceGreggs]

8. And many of those who are ...

... taking home more money will realize they actually got no benefit at all when they file their taxes next April, and realize how many deductions are no longer allowed.

[C Moon]

9. When will they ever learn?

[FreeStateDemocrat]

14. Where Have All The Flowers Gone

[C Moon]

23. :)

[procon]

10. Curious that the survey numbers reflect the approximate numbers of people

who maintain that they like Trump. If "32 percent of respondents report taking home more money due to the tax cuts", it might be suggested that they are exaggerating that claim just to give Trump boost.

[lamp_shade]

28. Aha. Thanks. I hadn't considered that.

[Bengus81]

11. SUCKERS!!!!!!!!!!!!!!!!!!!!

Want to see a BIG change? Go look at the National debt chart. Half a TRILLION added since Jan 2nd. That asshat could easily add 2-3 TRILLION to the ND in 2018.

[asiliveandbreathe]

13. Property taxes increase - state income tax increase - gas tax increase..as well as cost

of gas...fees increase from registration of MV, or Drivers licensing, or marriage licensing, or Natl park entrance, that already increased significantly (what's left of Natl Parks) - Medicare increases, price of food (trade war) - but, but - I found ya' a dollar...

I just don't handle stupid very well.....

[justhanginon]

15. You are just not looking at th bright side. From VOX;

Feb 24, 2018 - “A large portion of our gain did not come from anything we accomplished at Berkshire,” Buffett, 87, wrote. Of the $65 billion the company made last year, $36 billion was from its operations. The rest was thanks to the GOP tax cut, passed in December, which dropped the corporate income tax rate to 21%.
See, don't you feel better now?

[blueinredohio]

16. My tax guy said you may see a little more money but you should raise

your withholding otherwise next year you'll be paying. So whatever extra you got raise it by that much to break even.

[BigmanPigman]

17. A lot of people understood that the Tax Bill was going to be bad

for them but benefits the richest citizens at their expense, and these were people from both parties and were middle to low income earners. I was surprised that so many people understand the current and long term problems with the plan. They were at Town Halls and protesting in Congress before the vote. A lot of them had voted for the moron and weren't very happy with their choice. They had the same feeling when they saw their ACA getting taken apart by their elected reps.

[CrispyQ]

20. And yet Congress reports they had significantly fewer calls on the tax bill than the ACA.

My non-political friends hardly ever call their reps. My political friends have their reps in their contact list.

[BigmanPigman]

21. I call All of them all the time whether or not they are my rep.

So I call almost all of the congressmen and senators who are easy to flip before a vote like the ACA and the Tax Scam and the phones were very, very busy for both. The problem is that most people aren't aware of issues since the MSM doesn't cover the story and spread the word before it is too late to make a difference. Maybe the high school kids who do social media so well will be able to get to more people in less time. April 7th is 10 days away. I only heard of it yesterday when I read April 7th as a future date the students have planned (there is a nationwide school walkout on April 20th). I googled "March for our lives April 7th" and got the info. I am sure I will be getting gmails from the activist groups who send me info.

[JI7]

31. Because getting rid of ACA would be taking something they already had away from them

[spinbaby]

18. My tax preparer says I will pay more next year

I itemize because I pay a lot in property taxes and medical expenses. I won’t be able to do that next year.

[Vinca]

29. Same with us. Our quarterly payments went up. Thanks, Don.

(Disclaimer: we're definitely NOT rich.)

[yonder]

22. haven't seen a change?

Just wait a year or so or eight, and as post #13 suggests above, we'll be seeing some changes eventually. Boy howdy. We'll be seeing downward changes to the buying power of that paycheck as a result of increased user fees, local taxes and bonds for necessary funding. Shit trickles down all right, just not the same shit that was sold to those conservative voting redhats. You see, they confuse gravy with gravity and there will soon be more of all of us at the bottom end of that 24" sewer main, experiencing the flow. Gravity rules.

[dembotoz]

24. remind folks form 2106 is going bye bye non reimbursed employee expenses

before i hung out my own shingle i used that form to deduct all kinds of stuff i needed to get for my outside sales job but was not reimbursed for.

it was always a love hate thing with the realization that after expense my employer paid me shit.....

maybe employers will step up and pay for this sort of stuff



don't hold your breath
was at a networking function where a cpa was explaining this stuff....
the mood went sour. the cpa was asked if he was sure.......

[riversedge]

25. Pence was in ND and today in MN touting the tax cuts. When people constantly hear this message,

the start to believe it.

[machoneman]

30. I've still yet to see an analysis of the % of the cuts by class and corporate entities.

Simply, if one takes the entire $ value of all the cuts, what percentage applies to these two groups?

I believe that the republiscums so badly skewed it that approx. 90% to 95% of the actual dollars went to wage earners over $1,000,000 (or so) and corporations. That's why even though millions of Americans did get a cut, the sum total for the poor, middle class and even most of the upper class pale in comparison to the aforementioned groups.

The 'scums totally blew this one as if the splits were say more 80/20 (the Pareto Principle in effect) many more would have received enough of a cut to make the polls numbers much better in terms of a noticeable or real effect. But, oh no, they just had to leverage the cuts so heavily in favor of the high earners and corporations that the end result is what the polls now reflect. A paltry or no increase in take-home pay for most.

They will pay heavily in November as virtually all American's pay stubs have already reflected the tiny gains that may only get them a latte at a coffee shop!

[Blazesweetie]

32. My taxes for 2018 and going forward have nearly doubled

My accountant prepared a projected 2018 tax return to help figure my estimated taxes for 2018. Because of the changes in deductions, I am no longer able to itemize. This has added more than $15,000 back into my income and resulted in my tax liability nearly doubling from past years. What makes it worse is I am on a fixed income with pretty much no COLA's so I guess -- what, I'm supposed to now deplete my modest savings to pay my exorbitantly higher taxes? Thanks so much to the idiots in Washington who in their own self interest thought it was a good idea to pass this new tax law.

I'm happy that some people have benefited from this law. I know some people who still work saw small increases in their pay checks, and that's great. For people who never itemized, the higher standard deductions might be better, although honestly, with the removal of the personal exemption, I still think a lot of people won't do as well. However, I'm really tired of reading so many articles about how well people are doing under the new law. Most of the people I know are doing worse and I'd like to see more coverage reflecting that reality.