CNN Breaks Down the ‘Winners and Losers’ This Tax Day — Trump’s Cuts Are Helping ‘Most US Taxpayers’

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CNN’s chief business correspondent Christine Romans kicked off Tax Day 2019 by explaining the effects of President Donald Trump’s tax cuts — and it looks like most Americans are benefitting.

The 2017 tax legislation was criticized by some on the left as hurting Americans due to smaller refunds. However, Romans claimed that most taxpayers are actually “winners.”

“Winning? Well, most U.S. taxpayers,” she said. “Data from the congressional joint committee on taxation showed that more than 65% of tax filers will see their overall tax burden fall at least a hundred bucks.”

Carlos Barria/Reuters

On the losing side, she pointed to those who were expecting a bigger refund and were shocked to find out that wasn’t the case.

“Losing? People who thought that getting a tax cut would mean a bigger tax refund,” Romans explained. “That’s not happening. New figures from the Treasury show the IRS issues about $6 billion less in refunds this year, with refunds down an average of 20 bucks.”

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However, Romans explained that those Americans likely still benefited from the tax cuts because a lower refund could mean larger paychecks throughout the year as people kept more of their income:

“For many, it means those workers took home more money in their paychecks during the year because employers began using the new IRS income tax withholding tables. In other words, you paid less in taxes, but you still got a smaller refund.”

Companies were also winners in the scenario as a result of slashing the corporate tax rate to make the U.S. more competitive with other countries.

“The tax law slashed their corporate tax rate from 35% to 21%,” said Romans, pointing out that many companies do not pay the full corporate tax rate even when it was at the higher rate.

As IJR Red reported, Democrats like Senator Kamala Harris (D-Calif.) and Rep. Ted Lieu (D-Calif.) have criticized the tax cuts, claiming that a lower refund was a “scam” that hurt Americans. However, as CNN’s Romans pointed out, this does not seem to be the case for the majority of taxpayers this year.

What do you think?

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WellHungChad
Member

What has pissed me off is after owing a large shortage last year, I increased my withholding this year in January. THEN the IRS released their recommendations for withholding. My company followed those guidelines with the results negating my changes and once again, my withholding was underestimated, so I owed a significant amount, AGAIN. To ice the cake, they want to PENALIZE me…for their f*king mistake!!

James
Member

Barry #44 must be so proud of himself and his outstanding economic policies that the American workers are able to take home more money. After all, he has claimed credit for nearly everything else Trump has done, why not the tax cuts, too? Not even in his wildest dream!

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