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Spankie raised everyone's taxes--particularly on the non-wealthy.

This shows how little you know.

Having done over 100 returns under the TCJA....

All retirees, MFJ or S without dependents who took the standard deduction in 2017 and 2018, which represents most retired households, BY DEFINITION, saw a reduction in their Fed income tax.

Moderate income households in non-high SALT states with dependent children under 17 generally saw a reduction in their tax bill. Virtually all of this group who took the standard deduction in 2017 saw a tax reduction under TCJA.

High income households saw a mix, depending on their state of residence and how many children under 17 are in the household.

High SALT states households of moderate to moderate-high income with children 17 and older or other non-child dependents generally saw an increase in their tax bill under TCJA. Households subject to AMT prior to TCJA generally saw a reduction in their tax bill.

Very high income households in low/no state tax states generally saw a decrease in their tax bill. Such households in High-SALT states saw a mix depending on the size of their SALT relative to their AGI.

This is anecdotal and based only on my experience. We'll know the specifics when the IRS releases the SOI spreadsheets for 2018 in 2020.

BruceM
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