Few Americans see savings from Trump's tax reform, according Reuters/Ipsos poll
Few Americans see savings from Trump's tax reform, according Reuters/Ipsos poll
Only one in five U.S. taxpayers expect to pay less income tax this year as a result of the tax reform law passed in 2017 by Republicans who promised big savings for everyday Americans, according to a Reuters/Ipsos opinion poll released on Friday.
The poll suggested that the tax overhaul, mostly geared to helping businesses, may not be as strong a 2020 campaign talking point as Republicans and President Donald Trump had hoped. The U.S. Treasury Department insisted that most Americans were paying lower taxes under the new law.
Just prior to approval of the tax reform by the Republican-controlled Congress, Trump said, “This is going to be one of the great gifts to the middle-income people of this country that they’ve ever gotten for Christmas.”
The tax overhaul lowered federal income tax rates for individuals as well as for corporations, but it also capped certain deductions, such as for state and local taxes, which could mean that some people will wind up paying more.
The survey found about 21 percent of adults who had either filed their taxes or planned to said “the new tax plan that Congress recently passed” would let them pay less this year; about 29 percent said they would pay more; 27 percent said there would be no impact; 24 percent said they were not sure.
Only one in five U.S. taxpayers expect to pay less income tax this year as a result of the tax reform law passed in 2017 by Republicans who promised big savings for everyday Americans, according to a Reuters/Ipsos opinion poll released on Friday.
The poll suggested that the tax overhaul, mostly geared to helping businesses, may not be as strong a 2020 campaign talking point as Republicans and President Donald Trump had hoped. The U.S. Treasury Department insisted that most Americans were paying lower taxes under the new law.
Just prior to approval of the tax reform by the Republican-controlled Congress, Trump said, “This is going to be one of the great gifts to the middle-income people of this country that they’ve ever gotten for Christmas.”
The tax overhaul lowered federal income tax rates for individuals as well as for corporations, but it also capped certain deductions, such as for state and local taxes, which could mean that some people will wind up paying more.
The survey found about 21 percent of adults who had either filed their taxes or planned to said “the new tax plan that Congress recently passed” would let them pay less this year; about 29 percent said they would pay more; 27 percent said there would be no impact; 24 percent said they were not sure.
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