This is the truth about “Tax Cuts & Job Act” of 2017. I am a tax CPA in Spokane. This is my 52nd year in public accounting. I have read the new laws many times and our CPA firm has written and issued a 138-page book/seminar on the TCJA.
We have spent more than 400 hours reading and studying the new laws.
I am an independent voter, a Certified Public Accountant with clients of every persuasion, creed and political affiliation. When I deal with taxes my interest is truth, not politics.
The tax cuts benefit about 95 percent of all taxpayers. The cuts take a bell-shaped curve that concentrates the biggest percentages of cuts in the middle class.
We took 30 samples of three groups of 10 each with annual incomes from $10,000 to $3,200,000 and computed their Form 1040 taxes for 2017 and 2018 using the new tax laws.
Our three groups were: 1) Single taxpayer, no dependents; 2) Head of household, one dependent; 3) Married couple, two dependents. There were 29 of 30 with lower taxes and one with no change in tax.
This tax cut benefits middle America most.