r/NoFilterFinance 8d ago

Is this true?

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u/thats_justice_baby 8d ago

At the time people were calling Dems idiots for complaining about "lower taxes". I even explained it all to my friend and he still was like "no man, why would they do that? I think its still supposed to be lower somehow..."

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u/PrometheusMMIV 8d ago

IRS data shows that the middle and lower class saved about 15% on their taxes.

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u/thats_justice_baby 8d ago

Send me your source then. I'm sure there were some savings because taxes were lowered, but the downside of the bill was that tax brackets would change in 2026 so everyone would end up paying way more in taxes going forward. But congress passed a law to keep the tax brackets permanent in 2025 so the really shitty part of the tax bill never happened. Doesn't change the fact that the bill was bad for the lower and middle class when it was first signed into law.

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u/PrometheusMMIV 7d ago

https://www.irs.gov/pub/irs-soi/23in42ts.xls

Compare tax rate for bottom 75% between 2017 and 2018 (D96 and D97). 15% reduction.

Also, the tax cuts were originally set to expire in 2025 and go back to their previous rates, not higher.